Bao Viet tops Vietnam insurance market

09:21 | 24/07/2018 Companies

The Bao Viet Group ranked first among the insurance companies in Vietnam with a revenue of more than VND9.9 trillion (nearly US$423.7 million) in the first half of 2018.

According to the Vietnam Insurance Association, the firm’s revenue from new insurance contracts in the said period of time reached VND2.42 trillion (US$105.7 million).

The total revenue of the 18 life insurance firms operating in Vietnam hit VND36 trillion (US$1.57 billion) in the first six months of this year, while their insurance premiums from new contracts reached VND12.5 trillion (US$546.3 million), up 128 percent and 125 percent, respectively, against the same period last year.

The top five insurance market leaders are Bao Viet, Daiichi, Prudential, Manulife and AIA.

With the positive revenue growth, representatives of many businesses are optimistic about the development of the life insurance sector in Vietnam.

They said that Vietnamese people are becoming more aware of the role of life insurance in preventing risks and protecting their lives.

Theo NDO/VNA