Insurer Dai-ichi Life Vietnam posts $73 mln profit in Apr-Dec 2022

Japanese-backed insurer Dai-ichi Life Vietnam recorded a post-tax profit of VND1.72 trillion ($73 million) in April-December 2022, according to its parent firm’s financial statement for the first three quarters of fiscal year 2022.

In the period, Dai-ichi Vietnam reported a revenue of VND17.77 trillion ($756.17 million), up 25.38%.

As a result, Dai-ichi Life Vietnam reaped a post-tax profit of VND2.503 trillion ($106.51 million) in 2022 on a revenue of VND24.46 trillion ($1.04 billion).

After its establishment in 2007, Dai-ichi Life Vietnam now has about 1.36 million insurance policies in force, the parent firm’s Integrated Report 2022 shows.

According to the Insurance Association of Vietnam (IAV), the top three life insurers in Vietnam are Baoviet Life, Manulife, and Prudential, followed by Dai-ichi.

Insurance premiums in Vietnam increased 15.1% year-on-year to VND251.31 trillion ($10.69 billion) in 2022. The revenue included VND68.2 trillion ($2.88 billion) from non-life insurers and VND183.11 trillion ($7.72 billion) from life insurers.

Vietnam currently has 78 insurance firms - including 31 non-life insurers, two reinsurers, 19 life insurers, and 26 insurance brokers, according to the Ministry of Finance. The ministry expects the sector to grow 15% in 2023 in terms of assets, investment, and revenues.