Vietnam’s life sector posts record-high growthMarch 16 2017 by InsuranceAsia News Staff
Life insurance players in Vietnam pulled off impressive showing in 2016 with growth rate reaching 37%, the highest in a decade.
Total life insurance premiums in the first 10 months of last year reached VND38.84 trillion (US$1.7 billion) or 30.62% more than the amount in the same period the previous year.
Vietnam’s insurance industry remains dominated by Bao Viet Nhan Tho and Prudential.
Prudential leads the market in terms of total insurance premiums, while Bao Viet has the strongest book of new business.
While Bao Viet is gaining momentum in terms of a more stabilised workforce, renewed robust growth, while maintaining its niche on the top, Prudential and its new leader in 2017 have to contend with some challenges, particularly on how to compete within the stiff insurance market in Vietnam.
Two other players, Dai-ichi Life Vietnam and AIA Vietnam, have also been outdoing each other in recent years.
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Growth is attributed to an uptake in both single and annual premium products in the first six months of the year.
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