Similar to non-insurance firms, the life insurance providers have showed confidence with business results for the first nine months of this year. The statistics released by Department of Insurance Supervisory Authority, under ministry of finance showed that the accumulative revenue from life insurance premium in the first nine months was estimated at 11.273 trillion dong, increasing by 15.6 percent year-on-year, of which insurance premium for major insurance products counted for 10.618 trillion dong, up 14.3 percent against the same period last year.
The total insurance premium for new contracts was posted at 3.141 trillion dong, surging by 26.81 percent.
In the first three quarters of 2011, Dai-ichi Life Vietnam Co retained its strong growth rates with annual insurance premium for the new contracts of 335.5 billion dong, increasing by 47 percent in comparison with the same period last year. The company’s total insurance premium and investment revenue was over 798 billion dong, up 23 percent, of which revenue from investment deals counted for 281 billion dong, up 34 percent year-on-year.
Takashi Fujii, chair cum general director of Dai-ichi Life Vietnam strongly believed that his company would maintain the development growth rate until the end of this year.
Since its establishment, ACE has had over 200,000 insurance contracts. In the first nine months of 2011, the company reported having 45,000 new contracts, bringing in total insurance premium of 319 billion dong, a year-on-year increase of 129 percent. By the end of September, the company’s total insurance premium was posted at 621 billion dong, up 135 percent.
Prudential has held the largest market shares in the life insurance market now with 37.4 percent, followed by Bao Viet Life Insurance of 29 percent, Manulife 11.28 percent, AIA Vietnam 7.54 percent, Dai-ichi Life Vietnam 6.64 percent and ACE Life 5.48 percent. As for market shares in terms of newly signed insurance contracts, there hasn’t been much change. Prudential took the leading position with 27.12 percent, and Bao Viet Life Insurer was ranked at second place with 23.7 percent. The following firms included Manulife (12.24 percent), ACE Life (10.44 percent), AIA Vietnam (9.91 percent) and Dai-ichi Vietnam (9.69 percent).
As for the small-sized insurance firms, Cathay Life has maintained its current market shares of 3.19 percent, Korea Life of 1.9 percent and other companies of 1 percent.