Bao Viet Life continued to hold the leading position with 20.6% market share with total insurance premium of VND 16,036 billion, down 1.1% over the same period last year. Manulife is one of the two companies that saw the sharpest decrease in market share but still holds the runner-up position with VND 13,357 billion.
According to a report by the Insurance Association of Vietnam (IAV), in the first half of 2023, the life insurance segment witnessed a sharp decline in the number and value of insurance policies. The industry is also in turmoil.
Bao Viet Life continued to hold the leading position with 20.6% market share with total premium of VND 16,036 billion, down 1.1% over the same period last year.
Although its insurance premium decreased by 13% and its market share decreased by nearly 1% compared to the same period last year, Manulife still held the runner-up position with VND 13,357 billion. Prudential followed behind with revenue of VND 12,842 billion.
Top 10 life insurance companies with the largest market share as announced by IAV, besides the three companies mentioned above, are Dai-ichi Life, AIA, FWD, Sun Life, MB Ageas Life, Chubb Life and Generali.
Of the 14 life insurers with the largest market share, 6 companies recorded a decline in market share in the first half of the year. Manulife and MB Ageas Life are the two businesses with the highest reduction (%) in premium among the businesses announced by IAV.
In the first 6 months, MB Ageas Life recorded VND 2,357 billion in revenue, down 30.6% over the same period last year, pulling the market share down by approximately 1 percentage point from 4.02% to 3.03%.
Manulife's fee revenue decreased 13% over the same period last year to VND 13,357 billion, while its market share decreased from 18.17% to 17.2%.
Source: Insurance Association of Vietnam, vietnambiz
Compiled by VietnamCredit
