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Top 5 largest life insurance companies in Vietnam

Top 5 largest life insurance companies in Vietnam

Monday 10, 10 2022
As of the end of January 2022, there were 17 life insurance enterprises doing business in Vietnam. In 2022, the market share of life insurance companies in Vietnam was expected to see a certain change.

Market share of life insurance premium revenue

According to statistics from the Insurance Supervision and Administration Department, the total insurance premium of the whole market in the first 10 months of 2021 was estimated at VND 170,837 billion, up 15.68% over the same period in 2020.

In terms of total life insurance premium, according to statistics, the number of valid policies (main contracts) was estimated at 13,179,589 policies, up 14.1% over the same period in 2020. Total life insurance premium was estimated at VND 123,592 billion, up 21.8% over the same period in 2020.

The market share of life insurance premium is as follows:

Vietnamcredit - life insurance

Top life insurance companies in Vietnam


Baoviet Life Corporation (Baoviet Life) is a wholly owned subsidiary of Baoviet Finance and Insurance Group. It has a charter capital VND 5000 billion.

As the first Vietnamese life insurance company, Baoviet Life pioneered in providing and planning preeminent financial solutions for customers to bring a healthy and happy life.

Currently, Baoviet Life is providing customers with 50 products of all kinds to best meet the needs of financial protection and investment of Vietnamese people. It has a network of 75 member companies with a team of more than 2,000 highly specialized staff and more than 100,000 professional consultants.

Baoviet Life Corporation

As of December 31, 2021, Baoviet Life had achieved impressive figures in business performance. Its total revenue reached over VND 37,848 billion, up 4.6% compared to 2020. In particular, revenue from insurance activities reached VND 30,562 billion, up 9.0% over the same period in 2020. It also continued to hold the first position in market share of premium revenue in 2021.

At the end of the second quarter of 2022, BaoViet Life recorded a positive growth of 9.5% with a total revenue of VND 20,174 billion. It has still maintained its leading position in total life insurance premium. Profit after tax reached VND 480 billion, up 18.9% over the same period in 2021.


Prudential Vietnam Assurance Private Ltd. (Prudential Vietnam) is a member of Prudential Group, the world's leading financial group established in 1848, headquartered in the United Kingdom.

Present in Vietnam since 1995 and officially put into operation in 1999, Prudential is providing effective investment and financial protection solutions to increase assets for more than 1.5 million people in Vietnam. Prudential currently offers Protection, Accumulation and Investment life insurance products through a team of 176,000 professional advisors, 350 General Agent offices, transaction offices and customer service centers located at 63 provinces and cities across the country. Along with that, it has a network of 6 reputable partner banks and a guarantee system for hospital fees at more than 128 hospitals and clinics.

According to the financial report for 2021, Prudential grew steadily despite the impacts of social distancing, with specific key financial indicators:

  • Total revenue reached VND 39,152 billion, up 15.2%;
  • Net revenue from insurance business reached VND 28,276 billion, up 14.4%;

Prudential Vietnam

The financial statements for 2021 also showed Prudential's strong financial potential in business and investment activities with increased indexes compared to 2020:

  • Total asset value reached VND 148,152 billion, up 19.2%;
  • Total investment in the economy was 129,498 billion VND, up 15.4%;

In particular, in 2021, Prudential paid more than VND 8,610 billion of insurance benefits to customers, up 37.6% compared to the previous year, accounting for about 26% of the total payment of the whole market.


As a member of Manulife Financial, Manulife Vietnam is among the first foreign life insurance companies to be present in Vietnam (in 1999). The company has its own headquarters building with an investment value of more than USD 10 million.

Manulife Vietnam is currently providing a diversified product portfolio from traditional insurance products to health insurance, education, investment linkage, retirement, etc. to more than 800,000 customers through a team of professional agents in 61 offices in 45 provinces and cities nationwide.

In addition to the distribution through agents, Manulife Vietnam has diversified its business activities by working with banking partners to deploy a bancassurance distribution channel to meet the daily needs of customers. Besides, Manulife Vietnam is the only life insurance company that cooperates with the Central Committee of the Vietnam Women's Union to launch a micro-insurance program for low-income women.

Manulife Vietnam

In 2021, Manulife Vietnam continued to lead the market in terms of first-year premiums with a growth of 39%. Manulife's sustainable growth is also reflected in its total revenue of VND 30,739 billion; in which net premium reached VND 24,145 billion, up 22.4% and 22.6% respectively compared to 2020.

The total value of assets being managed by Manulife Investment Fund Management Company (Vietnam) is VND 95,300 billion, an increase of 57% compared to 2020. With the approval of the Ministry of Finance, in 2021, Manulife Vietnam Nam also increased its charter capital to VND 22,220 billion. Besides, Manulife Vietnam always maintains a strong financial source with solvency margin far exceeding the statutory requirements.


Established in January 2007 with 100% Japanese capital, Dai-ichi Vietnam Life Insurance Company Limited (Dai-ichi Life Vietnam) is a member of Dai-ichi Life Group - the largest life insurance company in Japan and is one of the world's leading insurance groups with strong financial strength and nearly 120 years of experience.

Dai-ichi Life Vietnam is currently ranked 3rd in terms of business network with more than 290 offices and general agents covering in 63 provinces and cities nationwide, with a team of 1,800 employees and 120,000 financial consultants (as of December 31, 2021).

Vietnamcredit - Dai-ichi Life Vietnam

After 15 years of establishment and development, Dai-ichi Life Vietnam has continuously grown when reaching VND 18,650 billion in total insurance premium in 2021, an increase of 19.4% compared to 2020. As of December 31, 2021, the total assets managed by Dai-ichi Life Vietnam reached nearly VND 46,400 billion.


AIA Vietnam, etablished in 2000, is a member of AIA Group - the world's largest listed independent life insurance group with Asian origin.  

By the end of October 2012, AIA Vietnam had nearly 1000 premier agents. In August 2014, a record of more than VND 111 billion of new annual premiums was set, making AIA Vietnam one of the three life insurance companies to achieve this level of revenue in its development history.

In recent years, AIA Vietnam has continued its sustainable business growth with impressive financial results.

AIA Vietnam

Regarding the financial situation in 2021, AIA had a charter capital of VND 3,224.42 billion. Total assets reached VND 39,622 billion, up 30.4% compared to 2020. The current solvency margin ratio reached 156%, exceeding the statutory requirement.

In terms of business results, the growth rate of new insurance premiums reached VND 4,089 billion; Total original insurance premium reached VND 16,558 billion; Profit before tax was VND 1,100 billion.

Henry Tran - VietnamCredit

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