The total insurance premium revenue for the entire market in the first 6 months of 2023 is estimated to reach VND 112,741 billion, a decrease of 4.6% compared to the same period

(DTCK) According to the data from the Insurance Association of Vietnam in June 2023, the total insurance premium revenue for the first 6 months of the year is estimated to be VND 112,741 billion, a decrease of 4.6% compared to the same period in 2022.

Of which, whereas non-life insurance premium revenue is estimated to be VND 34,910 billion, a growth of 3.3%, and life insurance premium revenue is anticipated to be VND 77,831 billion, reflecting a 7.9% decline.

Regarding insurance payments in the first 6 months of 2023, insurance companies have paid out an estimated VND 25,850 billion, a rise of 37.1% compared to the same period last year.

For the life insurance sector: The total premium revenue for new business activities in the entire market for the first 6 months of 2023 is estimated to be VND 15,508 billion, a decrease of 38.2% compared to the same period last year. The total premium revenue for the entire market is estimated to be VND 77,831 billion, a decrease of 7.9% compared to the same period last year.

In which, universal life insurance products account for 55.2%, followed by miscellaneous insurance products (16%), unit-linked insurance products (16.2%), and by-products (10.9%).

The remaining insurance products account for 1.78% of the total insurance products, including whole life insurance products at 0.3%, term life insurance products at 0.7%, annuity insurance products at 0.05%, pension insurance products at 0.2%, health insurance products at 0.46%, and pure endowment insurance products at 0.0004%.

In the past 6 months, the total insurance premium revenue and market share of the top 5 leading insurance companies in the market have not witnessed significant fluctuations. Specifically: Bao Viet Life (revenue of VND 16,036 billion and market share of 20.6%), Manulife (VND 13,357 billion and market share of 17.2%), Prudential (VND 12,842 billion and market share of 16.5%), Dai-ichi Life (VND 9,737 billion and market share of 12.5%), AIA (VND 7,874 billion and market share of 10.1%)…

Source: tinnhanhchungkhoan.vn