Bao Viet Group has remained the strongest insurer in Vietnam with a revenue of more than $423.7 mn – recorded during the first half of 2018.
During the same period, the revenue that the group received from new insurance contracts alone hit $105.7 mn—according to the Vietnam Insurance Association.
Furthermore, Data from the association also showed that the total revenue of the country’s 18 life insurance firms reached a total of $1.57 bn in the first six months of the year itself.
Premiums from new contracts reached $546.3 mn this year. Representing an overall increase of 128 % against the same period in 2017.
Bao Viet is among the major players in the Vietnam insurance sector. It was ranked by Forbes as one of the 50 top listed countries in 2018 for the country – ones that account for 70.8% of total market capitalisation on the HCM and Hà Nội stock exchanges. Its competitors, and other major players include – Daiichi, Prudential ,Manulife and AIA.
Its 2018 numbers come under succession of its 2017 performance. Where it was notable for posting a revenue of $1.5 bn –which was a 21% increase from its revenue in 2016 and 8% above its targets.
As per the strong growth in revenues, insurers continue to maintain a bullish outlook on Vietnam’s insurance sector.