Baoviet, Manulife, Prudential top life insurers in Vietnam

Baoviet Life, Manulife, and Prudential were the top life insurers in Vietnam in terms of insurance premiums in the first nine months of the year.

The Vietnamese market's total life insurance premium reached VND127,511 billion ($5.13 billion) in the period, up 16.2% year-on-year, according to the Insurance Association of Vietnam (IAV).

Baoviet Life took the biggest portion of VND24,457 billion ($984.6 million), or 19.25% of the total; followed by Manulife Vietnam - the first foreign-invested life insurer in the country with VND22,790 billion, or 17.94%, and Prudential Vietnam with VND21,484 billion, or 16.91%.

Other top players were Dai-ichi Life with VND15,694 billion ($631.8 million), or 12.35%; AIA with VND13,678 billion, or 10.76%; MB Ageas, a joint venture between Military Bank (MBB), Belgium’s life insurer Ageas, and Thailand’s Muang Thai, with VND4,795 billion, or 3.77%.

Universal life policies and unit linked assurance accounted for the biggest parts with 51.5% and 20% of the market, respectively.

In January-September, the market recorded 2.39 million new insurance policies, down 5.2% year-on-year, with an insurance premium of VND37,677 billion ($1.52 billion), up 6.35%.

In the period, firms paid insurance indemnification of VND34,552 billion ($1.39 billion), up 57.35% over the same period last year.