Vietnam's top 5 life insurance giants

Baoviet Life, Dai-ichi, Prudential, Manulife and AIA were the top life insurers in Vietnam in terms of premiums from 2015-2022, according to the companies' reports.

In 2022, Baoviet Life ranked first with VND41.68 trillion ($1.78 billion) in insurance premiums, up 10.1% year-on-year. The company's after-tax profit reached VND975 billion ($41.59 million), up 10%.

Prudential Vietnam followed with more than VND30.56 trillion ($1.3 billion) in 2022, up 8.1% year-on-year. The firm earned after-tax profit of VND3.64 trillion ($155.2 million), a 7.7-fold increase.

Manulife, the first foreign-invested life insurer in the country, recorded insurance premiums of VND26.84 trillion ($1.14 billion), up 9.5%, and after-tax profit of VND2.56 trillion ($109.3 million) after making a loss of VND4.74 trillion ($202.3 million) in 2021.

Dai-ichi Life ranked fourth with premiums of VND21.83 trillion ($931.05 million), up 17.2%. However, its after-tax profit fell to VND2.65 trillion ($112.88 million), down 5%.

AIA ranked fifth with VND18.49 trillion ($788.78 million) in premiums, up 12.3%, and after-tax profit of VND1.11 trillion ($47.35 million), up 24%.

Nguyen Xuan Viet, chairman of the Vietnam Insurance Association, said that in 2022, the insurance market involved 78 businesses, including 31 non-life, two reinsurance, 19 life insurance, and 26 insurance brokerage firms.

As of December 12, 2022, total insurance premium revenue was estimated at VND251.31 trillion ($10.72 billion), up 15.09% year-on-year. Non-life insurance premium was estimated at VND68.2 trillion ($2.9 billion), and life insurance at VND183.11 trillion ($7.8 billion), he said.

Indemnity payments were estimated at VND64.02 trillion ($2.73 billion), up 23.29%, of which non-life insurance was estimated at VND23.42 trillion ($999 million), and life insurance hit VND40.6 trillion ($1.73 billion).