Vietnam’s Insurance Market Grows 21% in Jan-Jun

Tuan Minh

17:08 16/07/2017

BizLIVE - The fast-growing insurance market has prompted a number of foreign companies to step up their presence in Vietnam.

Vietnam’s Insurance Market Grows 21% in Jan-Jun

Vietnam's rapidly-growing insurance market is attractive to foreign insurers. Photo: Internet

Total premiums collected by insurance companies in Vietnam reached 47.17 trillion dong ($2.07 billion) in the first half of this year, representing an increase of 20.77% from a year earlier, according to the Insurance Supervisory Authority under the Ministry of Finance.
Of the sum, non-life premiums were 19.34 trillion dong ($852 million) and life insurance premiums stood at 27.83 trillion dong ($1.22 billion).
Their total assets grew 19.11% year-on-year to 264.64 trillion dong ($11.66 billion), of which life insurers accounted for 73.4%.
Notably, insurance companies invested 217.59 trillion dong ($9.6 billion) backed into the economy, rising 17.88% year-on-year.
Life insurers have purchased 15 trillion dong ($661 million) worth of government bonds having terms of 15 to 30 years.
Due to the fast growth of the insurance market, a number of foreign companies such as the UK’s Aviva Plc and Canada’s Sun Life have stepped up their presence in Vietnam through mergers and acquisition or joint ventures.

TUAN MINH

Từ khóa: Aviva, Vietnam