Dai-ichi Life Vietnam posts profit of $113 mln in 2022

Life insurer Dai-ichi Life Vietnam earned a post-tax profit of VND2.65 trillion ($113 million) in 2022, down 5.1% year-on-year, according to the firm’s audited report.

Dai-ichi Life Vietnam’s insurance business revenue increased by 19.19% year-on-year to VND21.36 trillion ($910.8 million) last year.

The company recorded revenue of VND2.48 trillion ($105.7 million) from its financial activities, and VND6.44 billion ($274,600) from other sources.

Last year, Dai-ichi Life Vietnam paid insurance indemnification of VND10.27 trillion ($437.88 million), up 25.9% year-on-year.

The Japanese-backed insurer’s total assets rose 25.45% year-on-year to VND58.04 trillion ($2.48 billion) last year. Its liabilities went up 21.4% to VND39.88 trillion ($1.7 billion), while its equity climbed 35.4% to VND18.161 trillion ($774.5 million).

Dai-ichi is one of the biggest life insurers in Vietnam. In terms of insurance premium, Baoviet Life ranked first in 2022 with VND41.68 trillion ($1.78 billion), up 10.1% year-on-year, followed by Prudential Vietnam, Manulife, and Dai-ichi Life.

The company recorded an insurance premium of VND21.83 trillion ($931.05 million) last year, up 17.2% year-on-year. However, its after-tax profit fell to VND2.65 trillion ($112.88 million), down 5%.

Insurance premiums in Vietnam grew 6.8% year-on-year to VND59.46 trillion ($2.53 billion) in the first quarter of 2023, according to the General Statistics Office. Of this, the figure for life insurance increased slightly by 3.1% year-on-year to VND39.59 trillion ($1.69 billion), versus growth of 15% in Q1/2022.

Manulife Vietnam, also a top life insurer in the country, made a post-tax profit of VND2.56 trillion ($109.26 million) in 2022, in contrast to a loss of VND4.74 trillion ($202.2 million) in 2021.

Prudential Vietnam recorded an after-tax profit of VND3.64 trillion ($155 million) in 2022, up 7.7-fold year-on-year, according to the firm’s latest report for the year.