ANTD.VN - New life insurance contracts and premium revenue decreased sharply in the first 6 months of this year, and the market share of many large insurance companies also decreased.
According to data from the Vietnam Insurance Association, in the first 6 months of 2023, total insurance premium revenue in the whole market is estimated at VND 112,741 billion, down 5% over the same period in 2022. Of which, non-life insurance premium revenue is estimated at VND 34,910 billion, up 1.3% over the same period in 2022; life insurance premium revenue is estimated at VND 77,831 billion, down 7.9% over the same period in 2022.
New contracts and mining revenue fall sharply
Specifically, for the life insurance sector, the number of new contracts in the first 6 months of 2023 reached 1,028,402 contracts (main product), down 31.3% over the same period last year.
Of which, investment-linked insurance products accounted for 61.2%, down 34.4% compared to the same period last year; Term insurance products accounted for 30.7%, down 17.6% compared to the same period last year; Mixed insurance products accounted for 0.7%, down 48.9% compared to the same period last year;
The remaining insurance products accounted for 7.4%, down 44.9% over the same period last year, of which health insurance products accounted for 6.5%; retirement insurance products accounted for 0.05%; and whole life insurance products accounted for 0.77%.
The number of effective contracts at the end of the period (main product) was 13,354,376 contracts, up 0.2% over the same period last year.
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New life insurance exploitation decreased sharply in the first 6 months of the year |
Total new insurance premium revenue in the whole market in the first 6 months of 2023 is estimated at VND 15,508 billion, down 38.2% over the same period last year.
Leading in new insurance premium revenue are Prudential with VND2,741 billion, Dai-ichi Life with VND2,046 billion, Manulife with VND1,976 billion, Bao Viet Life with VND1,912 billion and Sun Life with VND1,183 billion.
Total insurance premium revenue of the whole market is estimated at 77,831 billion VND, down 7.9% over the same period last year.
Total premium revenue and market share of insurance companies in the market are as follows: Bao Viet Life (VND 16,036 billion and 20.6%), Manulife (VND 13,357 billion and 17.2%), Prudential (VND 12,842 billion and 16.5%), Dai-ichi Life (VND 9,737 billion and 12.5%), AIA (VND 7,874 billion and 10.1%), FWD (VND 2,611 billion and 3.4%), Sun Life (VND 2,361 billion and 3.03%), MB Ageas (VND 2,357 billion and 3.03%), Generali (VND 2,122 billion and 2.7%), Chubb Life (VND 2,092 billion and 2.7%), Hanwha Life (VND 1,908 billion and 2.5%), Cathay Life (VND 1,408 billion and 1.8%), MVI (1,133 billion and 2.7%), billion VND and 1.46%), BIDV Metlife (792 billion VND and 1.02%), insurance companies: FWD Assurance, Mirae Asset Prevoir, Phu Hung Life, Fubon Life, Shinhan Life (1,199 billion VND and 1.5%).
Thus, Manulife and MB Ageas are the two businesses with the sharpest decline in market share compared to the same period in 2022. Besides, AIA, Prudential, Generali and MVI are also the units with narrowed market share.
Regarding insurance payments in the first 6 months of 2023, insurance companies have paid an estimated VND 25,850 billion, an increase of 37.1% over the same period last year.
Non-life insurance growth is slight.
In the first 6 months, the non-life insurance sector had an estimated premium revenue of VND 34,910 billion, an increase of 1.3% over the same period in 2022; original insurance compensation was estimated at VND 11,246 billion, with a compensation rate of 32.2% (excluding compensation reserves).
However, many types of insurance have decreased, such as: health insurance (including personal accident insurance and health care insurance) reached 10,946 billion VND, accounting for 31.4%, down 1.7% over the same period, compensation was 3,788 billion VND, compensation rate was 34.6%.
Motor vehicle insurance revenue reached VND 8,823 billion, accounting for 25.3% of total market revenue, down 5.8% over the same period, compensation was VND 4,678 billion, compensation rate was 53%.
Revenue from compulsory civil liability insurance for motor vehicle owners reached VND2,200 billion, accounting for 6.3%, down 6.6% over the same period, compensation was VND461 billion, compensation rate was 21%.
Voluntary motor vehicle insurance revenue reached VND 6,622 billion, down 5.5% over the same period, accounting for 19.0%, compensation was VND 4,217 billion, compensation rate was 63.7%.
In contrast, property and casualty insurance revenue reached VND10,119 billion, accounting for 29%, up 10.9% over the same period, compensation was VND1,509 billion, compensation rate was 14.9%.
Other insurance services include liability insurance reaching VND879 billion, up 9.6%, aviation insurance VND575 billion, up 15.6%, credit and financial risk insurance VND514 billion, up 18.6%, agricultural insurance reaching VND25 billion, down 13.8% over the same period, guarantee insurance VND17 billion, up 12.7% over the same period.
The total original insurance compensation amount of the non-life insurance market in the first 6 months of 2023 is about 11,246 billion VND, the compensation rate of 32.2% (excluding compensation reserves) is higher than the original insurance compensation rate in the same period in 2022 (28.1%).
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