The Hanoitimes - Vietnam’s market has 18 life insurers, of which only Bao Viet Life Insurance is Vietnamese while the rest are wholly foreign-owned companies or joint ventures. The domestic fast-growing insurance market has prompted many foreign companies to step up their presence in Vietnam in the past years. Foreign insurers have launched many special products to attract customers Vietnam’s insurance sector has targeted revenue of VND129.24 trillion (US$5.52 billion) this year, up 22.38 percent against 2017. If it hits the target, it would be the fifth consecutive year the insurance industry has posted annual growth of more than 20 percent. The industry’s total revenue surged by 21.2 per cent to VND105.61 trillion in 2017. Phung Ngoc Khanh, general director of the Ministry of Finance’s Insurance Supervisory Authority, said that Vietnam’s insurance market had high potential as the number of customers remained low while incomes and awareness … [Read more...] about Foreign firms dominate Vietnam’s life insurance market
Joint life insurance policy
Foreign life insurers stepping up game in Vietnam
The consecutive launching of a slew of new products helps foreign-invested life insurers, new and old alike, to strengthen their dominance in the Vietnamese insurance market. Foreign insurance companies are ramping up activities in Vietnam Foreign-invested life insurers launch a series of new products Many foreign life insurance companies have launched new and impressive products in the recent past. By the end of August 2018, Sun Life Vietnam launched its “SUN—Huu tri thanh nhan” (Leisure retirement) product, which is known as Sun Life’s trademark product due to the company’s strength in voluntary retirement programme. By the last day of July 2018, the total assets of Sun Life Vietnam’s pension funds reached VND1.3 trillion ($5.75 billion), serving over 60 businesses with about 30,000 labourers. Meanwhile, a big company from Italy, Generali Vietnam, focuses on health protection products. Its new product launched in September 2018, … [Read more...] about Foreign life insurers stepping up game in Vietnam
Life sentence upheld for banker who embezzled $51m
The Supreme People’s Procuracy on Friday upheld the life sentence given two years ago to Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the HCM City branch of VietinBank, for swindling customers out of nearly VND1.085 trillion (US$51 million). — VNA/VNS Photo Hoang Hai The Supreme People’s Procuracy on Friday upheld the life sentence given two years ago to Huynh Thi Huyen Nhu, former deputy chief of the Risk Management Department of the HCM City branch of VietinBank, for swindling customers out of nearly VND1.085 trillion (US$51 million). The five companies affected include ORS Securities, SaigonBank - Berjara, Global Insurance Corporation, An Loc, and Hung Yen. The Procuracy said the charge of "swindling to appropriate assets", and not the proposed “assets embezzlement” charges, was correct. Nhu was asked to compensate the five companies for all of their losses. The court also accused Vo Anh Tuan, deputy director of … [Read more...] about Life sentence upheld for banker who embezzled $51m
VN insurance benefits from foreigners
The participation of foreign investors in Viet Nam’s insurance market will develop the market while enriching domestic insurers with experience and governance. According to a report of Bao Viet Securities Company (BVSC) on Viet Nam’s insurance industry, the number of life insurance products in Viet Nam rose from 100 in 2009 to 350 by the end of 2016. The number of non-life insurance products also surged from 200 in 1999 to more than 1,000 today. BVSC also predicts that new products will continue to increase in the domestic insurance market. Meanwhile, modern distribution models of the local insurance industry have also been gradually developing, thanks to the participation of foreign investors. A survey of Swiss Re shows that Viet Nam’s non-life insurance market is trending to enlarge direct distribution channels, such as online or telesales, while the local life insurance market’s distribution is still mainly through intermediate agents. Bancassurance was … [Read more...] about VN insurance benefits from foreigners
MIC sets efforts to make rapid growth in 2017
The Military Insurance Company (MIC), a member company of the Military Commercial Joint Stock Bank (MB), has just held its annual shareholders’ meeting in 2017. Under the theme “Observing law, rapid growth, quality and efficiency,” the shareholders elected a five-member board of directors and a three-member controlling board for the 2017-2022 term. Important landmark The meeting was participated by nearly 50 shareholders with 80 million shares - 100% of the shares. Colonel Nguyen Quang Hien, Director General of MIC, reported that last year the Company earned VND 2,000 billion, or 102% of the set plan, up by 19.7%, with the compensation rate under 32%. The reserve fund reached nearly VND 1,000 billion, up by 67.6%, while the profit was VND 88 billion, or 122% of the set plan, an increase of 75.6%. The dividend rate is expected to reach 8%. The revenue structure of MIC has been shifting in a sustainable manner, gradually decreasing the rate of vehicle insurance while … [Read more...] about MIC sets efforts to make rapid growth in 2017