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Top 5 non-life insurance companies in Vietnam

Top 5 non-life insurance companies in Vietnam

Thursday 13, 10 2022
According to the latest data from the Ministry of Finance, there are 64 insurance companies in Vietnam, 30 of which are non-life insurers.

Below is detailed information about the top 5 largest non-life insurance companies in Vietnam compiled and ranked by VietnamCredit based on size, market share and insurance premium.

VietnamCredit - non life insurance

Source: AVI

1. BAOVIET INSURANCE CORPORATION

Baoviet Insurance Corporation (Baoviet Insurance) is a member company with 100% capital investment by Baoviet Finance - Insurance Group.

After more than half a century of establishment and development (from January 15, 1965 to present), Baoviet Insurance is considered the oldest insurance enterprise in Vietnam, leading the market in terms of market share, the original premium and the charter capital.

The company has an extensive network system including 79 member companies, more than 350 sales departments, more than 3500 highly qualified employees, and over 50,000 agents.

In recent years, Baoviet Insurance has implemented a centralized management-oriented business model, diversified products and distribution channels, promoted risk management and built an advanced information technology system to provide customers with perfect services and lasting value.

Vietnamcredit - Baoviet Insurance

Total revenue of Baoviet Insurance in 2021 reached VND 10,588 billion, of which the original premium reached VND 8,949 billion, continuing to affirm its first position in Vietnam's non-life insurance industry. Profit after tax reached VND 207 billion, a sharp increase compared to 2020.

By the end of the second quarter of 2022, Baoviet Insurance  total revenue reached VND 5,547 billion, up 3.7%; and profit after tax reached VND 131 billion, up 57.5% over the same period in 2021.

2. PVI INSURANCE CORPORATION

Formerly the Vietnam Oil and Gas Insurance Company, established in 1996, in 2006, PVI was one of the first enterprises in Vietnam to be equitized. At this point, it became Vietnam Oil and Gas Insurance Corporation. In August 2011, PVI continued to carry out restructuring under the model of parent – subsidiary company. In particular, the parent company PVI Holdings performs the following functions: capital management, investment, strategy - planning, organization and personnel, brand and information technology; member units perform business functions in the following fields:

- PVI Insurance Corporation deals in non-life insurance;

- PVI Reinsurance Joint Stock Corporation does reinsurance business;

- PVI Fund Management Joint Stock Company operates in the field of asset management and financial investment.

Currently, the international rating agency A.M Best rates the financial strength of PVI Insurance at B++ (Good) and PVI Reinsurance at B+ (Good).

At the end of 2021, PVI Insurance surpassed the assigned targets and exceeded the total revenue of VND 10,000 billion for the first time. Specifically, total revenue reached VND 10,200 billion, completing 106.4 percent of the plan. Profit before tax reached VND 790 billion, completing 122.4% of the plan.

PVI

PVI Insurance continued to be the leading enterprise in the non-life insurance market on the following criteria: charter capital, total assets, total revenue, profit from insurance business, profit before tax and profit/equity ratio.

In 2021, PVI Insurance signed cooperation agreements with many domestic and foreign partners such as Zurich, FLC Biscom, Viettel Store, Hyundai Thanh Cong Vietnam, TC Advisors, VETC, etc.

3. POST - TELECOMMUNICATION JOINT STOCK INSURANCE CORPORATION

Post - Telecommunications Joint Stock Insurance Corporation (PTI) was established on August 1, 1998 with founding shareholders: Vietnam Posts and Telecommunications Group (later assigned to Vietnam Post Corporation to manage); Vietnam National Reinsurance Corporation and large domestic economic groups.

By December 2021, Vietnam Post Corporation had completed the auction to divest all shares it owned, accounting for 22.67% of the charter capital at PTI. Currently, PTI has two largest groups of shareholders, which are VNDirect Securities Joint Stock Company and authorized shareholders (42.33%) and DB Insurance Company - Korea (37.32%).

PTI is a non-life insurance enterprise with the largest sales and customer service network in the market with 47 member companies, more than 100 transaction offices and 10,800 post offices nationwide. Currently, PTI has more than 2,000 employees working at the head office and member companies.

In 2021, PTI's total insurance revenue reached VND 5,945 billion, completing 90.1% of the business plan, up -1.7% compared to 2020, of which the original insurance revenue reached VND 5,836 billion, up -2.1% compared to 2020. Revenue from motor vehicle insurance of PTI reached VND 2,498 billion, accounting for about 43% of total revenue.

VietnamCredit - Post Telecommunications Joint Stock Insurance Corporation

Profit from investment and other activities reached VND 162 billion, completing 136.2% of the plan. Profit after tax reached VND 262 billion, completing 126.1% of the plan.

In 2022, PTI targets insurance premium of VND 6,350 billion and still focuses on two key retail businesses, motor vehicle insurance and personal insurance. To achieve these important goals, PTI intends to continue to invest heavily in information technology, apply modern management technology in all business activities, improve and launch new products to meet the diverse needs of customers. In addition, PTI also seeks and expands cooperation with Fintech and Insurtech companies.

4. BAO MINH INSURANCE CORPORATION

The company was formerly known as Ho Chi Minh City Insurance Company established and put into operation in 1994. In 2004, the company was transformed into a joint stock company with the official trading name of Bao Minh Insurance Corporation.

Over nearly 30 years of establishment and development, Bao Minh Insurance is now operating with a nationwide network of 62 member companies, 01 training center, 02 training centers, 24 function centers, 1,700 employees and 3,895 professional agents. Regarding the market share of non-life insurance business, by the end of 2018, Bao Minh accounted for 7.65%, ranking 4th out of 30 non-life insurance enterprises in Vietnam.

Bao Minh Insurance Corporation

In 2021, Bao Minh Insurance’s total revenue reached VND 5,347 billion, up 6.41% over the previous year, equaling 106.4 percent of the plan. In particular, the original insurance premium revenue reached VND 4,496 billion, in which, reinsurance revenue was VND 524.4 billion, and financial and investment income was VND 326.3 billion. Profit before tax reached VND 306.2 billion, equaling 110.58% of the plan. ROE was at 11%, exceeding at least 10% of the plan, equaling 128.8% compared to 2020.

5. PETROLIMEX INSURANCE CORPORATION

Petrolimex Insurance Corporation, formerly Petrolimex Insurance Joint Stock Company, was established on June 15, 1995 by 7 founding shareholders who were large state-owned economic organizations. In July 2011, the company's shares were listed on HOSE with the stock code PGI.

Since its establishment, Petrolimex Insurance has always strived to become one of the top 5 leading companies in the Vietnamese market for non-life insurance.

Vietnamcredit - Petrolimex Insurance Corporation

In 2021, the company achieved total revenue of VND 3,833 billion, of which, original insurance premium was estimated at VND 3,231 billion. Total profit before tax in 2021 was estimated at VND 350 billion, completing 173% of the plan. This is the highest profit in the company’s development history.

Despite experiencing a slowing growth in 2021, like some other non-life insurance companies, Petrolimex Insurance's profit still grew strongly thanks to improved net profit from insurance business.

Henry Tran – VietnamCredit

 

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