According to a report of Insurance Administration and Supervision Department (Ministry of Finance), by the end of September 2019, the total premium revenue of life insurance companies was estimated at 74.477 trillion dong, up by 24.5 percent compared to the same period of 2018.
This is the fifth consecutive year the life insurance market has maintained a high growth rate of 25-30 percent per annum.
The insurance products have been diversified with 450 products of all categories, meeting the insurance needs of more than 9.8 million people participating in insurance with a total insurance amount of more than 2,100 trillion dong.
By the end of September 2019, the total assets of life insurance companies were estimated to reach 353.428 trillion dong, up by 22.18 percent over the same period of last year, accounting for 80 percent of the total assets of the market.
The total amount life insurers reinvested in the economy was 327.916 trillion dong, up by 24%, accounting for 88.6 percent of the total capital reinvested into the economy of the insurance market.
The total technical reserves of life insurance companies was expected at 247.888 trillion dong, up by 17.3 percent compare to the same period of 2018, and accounting for 89.7 percent of the total technical reserves of the entire market.
In the first nine months of 2019, life insurance companies also paid more than 14.4 trillion dong for compensation and insurance payment, helping organisations and individuals participating in insurance develop and carry out financial, thrift and financial protection plans against risks in life, contributing to creating a favourable environment for socio-economic development.
Currently, the Vietnam’s life insurance market has 18 insurance companies, including the presence of many lading insurance companies in the world and the developed region, committing to operate in a long-term in Vietnam.
