Life insurance premium grows 15.93pct in H1

In the first six months of this year, the growth rate of non-life insurance premium remained stagnant. Meanwhile, the life insurance premium posted a growth of 15.93 percent in the first half of this year, up 14.39 percent from the same period last year.

Prudential and Bao Viet Life still maintained the leading positions in terms of premium and revenue from new insurance contracts.

Of which, Prudential accounted for 28.3 percent of revenue from new insurance contracts and 37.6 percent of the total market’s premium and Bao Viet Life accounted for 24.5 percent and 29.7 percent respectively.

Other insurers such as Manulife, ACE Life, Dai-ichi Life Vietnam and AIA Vietnam reached market shares from new insurance contracts of 7.9-12.6 percent. Prevoir and newly-established insurance firms accounted for negligible market share.

According to the business report in H1 of AIA Group after restructuring, its new insurance contract value increased 32 percent to reach $399 million. In Vietnam, AIA’s premium from new insurance fee increased 40 percent, total insurance fee increased 21 percent and new contract value increased 55 percent on year.

Dai-ichi Life Vietnam’s revenue from new insurance contracts in Jan-Jun also reached over 201 billion dong, up 65 percent year-on-year-two-fold increase against the average growth of the whole insurance sector. Its total insurance revenue and investment reached over 678 billion dong, up 28 percent, of which, revenue from investment was over 180 billion dong, a year-on-year increase of 35 percent.

Also in the first six months of this year, Great Eastern Vietnam’s revenue from insurance gained growth 120 percent year-on-year, of which, its revenue from insurance fee in Q2 was equal to 300 percent of its revenue in Q1, 2011.

The aforementioned figures show life-insurance sector was not affected too much by inflationary factor, an entirely different outcome from situation in 2008. – DTCK

Tags: Vietnam insurance, Vietnam insurance industry, Vietnam insurance market, Vietnam Life insurance

Posted by VBN on Aug 17 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry