Vietnamese non-life insurers post 11% increase in revenue

January 25 2018 by InsuranceAsia News Staff

Non-life insurance companies in Vietnam recorded an estimated revenue of Vnd40.5 trillion (US$1.78 billion) in 2017, an 11% year-on-year increase, according to the latest data from the finance ministry’s Insurance Supervisory Authority.

The data showed that the insurer’s total assets were valued at Vnd73.6 trillion last year, while Vnd38.8 trillion was re-invested into the economy.

The data further revealed that insurers paid Vnd14.95 trillion for customers.

Most players in the industry reported favourable results of operations for last year.

BaoViet Insurance Corporation, for instance, said it exceeded its set target with insurance premium revenue of more than Vnd8.5 trillion, which was higher than the market’s average growth.

BIDV Insurance said its total revenue from insurance premium in 2017 was forecast to be at Vnd1.82 trillion, a 9.2% increase from the previous year.

Its pre-tax integrated profit stood at Vnd179 billion.

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