Viet Nam’s insurance industry achieved high year-on-year growth of 24 per cent in 2018, the fifth consecutive year the industry posted annual growth of more than 20 per cent. — Photo baobinhdinh.vn Viet Nam’s insurance industry achieved high year-on-year growth of 24 per cent in 2018, the fifth consecutive year the industry posted annual growth of more than 20 per cent. According to the Insurance Association of Vietnam (IAV), total revenue of the country’s insurance companies this year is expected to reach VND133 trillion (US$5.68 billion), higher than the industry’s annual target of VND129.24 trillion set early this year. Of the total, life insurers contributed VND87 trillion in revenue, up 33.8 per cent year-on-year, while non-life insurers made up VND45 trillion, up 12 per cent. The financial status of local insurers has also continued to improve this year, with total assets surging by 21 per cent year-on-year to VND384 trillion, VND302 trillion of … [Read more...] about Strong year for insurance industry
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Non-life insurers plan to increase premiums from bancassurance
BMI expects premium revenue from bancassurance to account for 35 per cent of its total premium revenue in 2018. — Photo BMI Many large non-life insurance companies plan to increase the contribution bancassurance makes to their total premium revenue this year. According to a report released recently by Bao Viet Securities Company (BVSC), insurers Bao Minh Insurance Corporation (BMI), BIDV Insurance Corporation (BIC), Post Insurance Corporation (PTI) and Petrolimex Insurance Company (PGI) all expect to increase their premium incomes through bancassurance. After recording 15 per cent growth rate in the first half of this year, BMI expects to further boost its premium income from the bancassuarance channel in the second half of the year, targeting it to account for about 35 per cent of its total premium revenue. In the first half of the year, BMI posted post-tax profits of VND133.8 billion (US$5.69 million), rising by 47 per cent year-on-year and meeting 78 per cent of its annual … [Read more...] about Non-life insurers plan to increase premiums from bancassurance
Insurance industry hits growth of 24pc in H1
Vietnam’s insurance industry achieved high year-on-year growth of 24.35 per cent in the first half of 2018, helping total revenue to reach more than VND58.65 trillion (US$2.55 billion). Investors make transactions at Bao Viet Life’s Nam Dinh branch.-VNA/VNS Photo Tran Viet Deputy general director of the Ministry of Finance’s Insurance Supervisory Authority (ISA), Doan Thanh Tuan, said besides maintaining a high growth rate, the financial status of insurance firms also improved in the first six months. Their total assets rose an estimated 27.33 per cent on-year to VND336.997 trillion. During the period, insurance companies re-invested VND277.38 trillion into the economy, marking an on-year rise of 27.47 per cent, Tuan said, adding that insurers also paid out VND16.32 trillion to customers, up 22.43 per cent compared with the same period last year. He said that ISA would step up its efforts to restructure the insurance market in the remaining months of the … [Read more...] about Insurance industry hits growth of 24pc in H1
Insurance industry hits growth of 24% in H1
Viet Nam’s insurance industry achieved high year-on-year growth of 24.35 per cent in the first half of 2018, helping total revenue to reach more than VND58.65 trillion (US$2.55 billion). Deputy general director of the Ministry of Finance’s Insurance Supervisory Authority (ISA), Doan Thanh Tuan, said besides maintaining a high growth rate, the financial status of insurance firms also improved in the first six months. Their total assets rose an estimated 27.33 per cent on-year to VND336.997 trillion. During the period, insurance companies re-invested VND277.38 trillion into the economy, marking an on-year rise of 27.47 per cent, Tuan said, adding that insurers also paid out VND16.32 trillion to customers, up 22.43 per cent compared with the same period last year. He said that ISA would step up its efforts to restructure the insurance market in the remaining months of the year, aiming at transparency, safety and efficiency. This year, the insurance sector has targeted revenue … [Read more...] about Insurance industry hits growth of 24% in H1
Firms are teaming up to excel in insurance world
Firms are teaming up to excel in insurance world The firm’s CEO Khamsaya Soukhavong spoke to VIR about the company’s vision to grow sustainably in the Vietnamese market. Could you tell us about the development strategy of Mirae Asset Prévoir? Khamsaya Soukhavong Vietnam’s economy achieved a high growth rate and generally stable macro-economic environment in 2017. The insurance market has itself maintained a high growth rate of around 20 per cent with great potential to develop, as Vietnamese people have increasingly better incomes and a growing awareness of the necessity of insurance. Given these circumstances, Mirae Asset Prévoir (formerly known as Prévoir Vietnam) aims to increase its investment in key resources like professionals, technology, distribution, products, and services, to capture the growth opportunities of the market and anticipate its needs as well as those of the target customers. Shopping behaviours of consumers have been … [Read more...] about Firms are teaming up to excel in insurance world