In 2019, life insurance premium in Vietnam was estimated at VND 107.79 trillion, growing by 23% compared to previous year (Vietnam Insurance Supervisory Authority). The industry witnessed 18% y-o-y increase in the total reserves with the value of VND 279,976 billion.
The growth of life insurance premiums is resulted from the increase of the country’s young population and the rapid rate of urbanization. Besides, saving rates in Vietnam is among the highest in the world and the social security system is lacking for comprehensive protection could also be key drivers for the increase of life insurance premiums.
According to the Vietnam Ministry of Finance, the population who own life insurance in Vietnam are targeted to increase from the current level of 8.5% to 11% in 2020, reaching 15% in 2025. Currently, the life-insurance sector in Vietnam has 18 operating companies and more than one thousand representative offices and general insurers. Half of them has claimed for losses although the premiums have the tendency to rise due to the decrease in government bond interest rates and the adjustments of minimum reserves in Insurance Law.
Regarding the distribution channel, insurance agents are still considered the most effective channel to distribute insurance products in Vietnam while bancassurance is becoming a potential sales channel.
In general, there’s a lot of room for the development of insurance in Vietnam. The market size has the potential to expand y-o-y which brings more opportunities for the development of life insurance segment, which currently accounts for the larger part of the market share.
Top 10 life-insurance companies in Vietnam
Established in 1996, Bao Viet Life Corporation (BVL) was the company that issued the first insurance policy in Vietnam. Since 2010, BVL has maintained its market share of premium income around 27-28%, while Prudential plunged from 38% to 27%. BVL is also the only domestic player in the life insurance market that is able to expand market share due to the development of voluntary pension insurance.
Contact information:
Address: 37th Floor, Keangnam Ha Noi Landmark Tower, Pham Hung Street, Me Tri Ward, Nam Tu Liem District, Ha Noi
Telephone number: (84-24) 6251 7777
Fax: (84-24) 3577 0958
Email: [email protected]
Website: https://www.baovietnhantho.com.vn/
https://vietnamcredit.com.vn/products/companies/baoviet-life-corporation_12388
After 21 years of establishment and development, Prudential Vietnam Assurance Private Limited Company, a member of Prudential Group, has served millions of customers in Vietnam. The total investment of Prudential in 2019 reach nearly VND 94 thousand billion, increasing more than 15% y-o-y. The value of total assets was estimated at VND 104 thousand billion, up 15.2% compared to 2018.
Contact information:
Address: Sai Gon Trade Center, 25th Floor, No. 37 Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City
Telephone number: (84-28) 39101660 - 39100999
Fax: (84-28) 391008999
Email: [email protected]
Website: https://www.prudential.com.vn/
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Dai-ichi Life Vietnam was established by Japanese investors in 2007 as a 100% foreign capital company. As of 2019, the company has owned more than 290 offices and general agencies nationwide. Dai-ichi Life Vietnam's gross written premium growth is always higher than the average of the life insurance market.
Contact information:
Address: Dai-ichi Life Building, No. 149-151, Nguyen Van Troi Street, Ward 11, Phu Nhuan District, Ho Chi Minh City
Telephone number: (84-28) 3810 0888
Fax: (84-28) 3997 3000
Email: [email protected]
Website: https://www.dai-ichi-life.com.vn
https://vietnamcredit.com.vn/products/companies/dai-ichi-vietnam-life-insurance-company-limited_31056?keyword=Dai-ichi+Life+Insurance+Company+of+Vietnam%2c+Ltd.
Manulife Vietnam was the first life insurance company in Vietnam with 100% foreign capital investment. The products of Manulife are diverse, covering numerous aspects from health, education, pension to investment, etc. The company’s agencies are now located in 25 provinces/cities across Vietnam.
Contact information:
Address: Manulife Plaza, No. 75, Hoang Van Thai Street, Tan Phu Ward, District 7, Ho Chi Minh City
Telephone number: (84-28) 5416 6888 - 5416 0708
Fax: (84-28) 5416 1818
Email: [email protected]
Website: http://manulifeam.com/
https://vietnamcredit.com.vn/products/companies/manulife-vietnam-company-limited_66248
Chubb Life Vietnam is a member of Chubb Life – a life insurance division of Chubb. The company offers a wide range of life insurance products. Chubb Life is the first company in Vietnam introduced the product of Universal Life plan in 2006, which offers the suitable plans for the financial situation of different group of ages. The distribution networks of Chubb include 46,000 agencies and several select banks.
Contact information:
Address: 21st Floor, Sun Wah Building, No. 115, Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh City
Telephone number: (84 28) 3827 8989
Fax: (84 28) 3821 9000
Email: [email protected]
Website: https://www.chubb.com/
https://vietnamcredit.com.vn/products/companies/chubb-life-insurance-vietnam-company-limited_31729
Generali Vietnam, a member of Italian insurance group, is one of the leading companies in Vietnam’s life insurance sector although the company has just come to Vietnam for 8 years. Currently, the company owned 60 agency offices – GenCasa and customer service centers, which support Generali Vietnam to distribute their products to over 300,000 customers throughout the country.
Contact information:
Address: AB Building, No. 76, Le Lai Street, District 1, Ho Chi Minh City
Telephone number: (84-28) 6288 6888
Fax: (84-28) 6291 6308
Email: [email protected]
Website: https://www.generali-life.com.vn/
https://vietnamcredit.com.vn/products/companies/life-insurance-generali-viet-nam-limited-company_64843
Hanwha Life Vietnam was established in 2008, under the license No. 51GP / KDBH, and officially introduced their products to Vietnam’s market one year later. With a stable financial status that can ensure the responsibility of pay-outs, the company has served over 600 thousand customers in Vietnam.
Contact information:
Address: 14th Floor, Fideco Tower, No. 81-85, Ham Nghi Street, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City
Telephone number: (84-28) 3914 9100
Fax: (84-28) 3914 9101
Email: [email protected]
Website: http://www.hanwhalife.com.vn/
https://vietnamcredit.com.vn/products/companies/hanwha-life-insurance-company-limited-vietnam-_61726?keyword=7.Hanwha+Life+Insurance+Company+Limited
Avia Vietnam Life Insurance Company entered the market in 2011, as a joint-venture companies with VietinBank, under the name VietinBank Aviva Insurance Company. In 2017, Aviva Vietnam was established after Aviva Life Insurance group acquired VietinBank's shares. The company’s charter capital was then raised to over 2,800 billion VND.
Contact information:
Address: 10th Floor, Tower 10, Handi Resco, No. 521, Kim Ma Street, Ba Dinh District, Ha Noi
Telephone number: (84) 24 3771 5577
Fax: (84) 24 3724 6446
Email: [email protected]
Website: https://www.aviva.com.vn/
https://vietnamcredit.com.vn/products/companies/vietinbank-aviva-life-insurance-company_60121
MB Ageas Life was established in 2015 after the agreement between Ageas and Muang Thai Life Assurance with MB Bank was signed. MB Ageas Life is currently a leading insurance company affiliated with banks in Vietnam. The company’s distribution channels are 290 bank branches, traditional agencies and online channel.
Contact information:
Address: Vinaconex Building, No. 34, Lang Ha Street, Lang Ha Ward, Dong Da District, Ha Noi
Telephone number: (84-24) 2229 8888
Fax: +84 (24) 2229 8888
Email: [email protected]
Website: https://www.mbageas.life/
https://vietnamcredit.com.vn/products/companies/mb-ageas-life-insurance-company-limited_79204?keyword=9.MB+Ageas+Life+Insurance+Company+Limited
BIDV Metlife Life Insurance Company was founded as a joint venture between MetLife Limited and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). The products of BIDV MetLife ranges from innovative financial, life insurance to benefit solutions. Taking the advantage of BIDV bank branches, the BIDV MetLife’s products are current distributed in over 800 distribution points throughout Vietnam.
Contact information:
Address: 10th Floor, Tower A, Vincom City Tower, No. 191, Ba Trieu Street, Le Dai Hanh Ward, Hai Ba Trung District, Ha Noi
Telephone number: (84-24) 6282 0808
Fax: (84-24) 6299 0808
Email: [email protected]
Website: https://www.bidvmetlife.com.vn/
https://vietnamcredit.com.vn/products/companies/bidv-metlife-life-insurance-limited-liability-company_105096
