(NLDO) – The sharp increase in profits from the insurance sales segment through banks has prompted many banks to contribute capital and establish non-life insurance companies.
The third quarter 2024 financial reports of many commercial banks show that revenue from insurance service fees increased sharply compared to the previous quarter. This is a positive signal for the cross-selling channel of insurance through banks (bancassurance) after a difficult period.
Techcombank said that in the first 9 months of 2024, the bank's net interest income reached 26,900 billion VND, a positive growth of 33.9% over the same period last year. Of which, the positive increase from insurance service fees reached nearly 600 billion VND, an increase of 29.8% over the same period.
The insurance sales segment through banking channels at many commercial banks is recovering positively.
"This growth rate reflects the difference in "tailored" products for customer needs as the market witnesses consumer confidence gradually returning, although still at a fairly low level," said a Techcombank representative.
VPBank's Q3/2024 financial report shows that net profit from service activities reached more than VND 4,500 billion. In particular, the insurance cross-selling segment has recovered significantly when in the first 9 months of this year, insurance revenue brought VPBank VND 2,820 billion, an increase of nearly 52%.
Kienlongbank is also one of the banks with high revenue growth in the insurance service fee segment. In the financial report for the third quarter of 2024, the insurance segment brought KienlongBank nearly 40 billion VND in revenue, an increase of nearly 73% over the same period.
In the context of the insurance market showing positive signs, many banks have also made new moves. VPBank has just become a shareholder holding more than 99% of shares in OPES Insurance Joint Stock Company (non-life insurance), after this company increased its charter capital to more than 1,200 billion VND.
Techcombank expands its financial ecosystem by contributing capital to establish Techcom Non-Life Insurance Company. This move comes after Techcombank and Manulife Vietnam announced their decision to end their exclusive partnership from October 2024.
According to Techcombank, the launch of Techcom non-life insurance company marks an important step in the process of perfecting a comprehensive financial ecosystem, contributing to the dynamic development of the non-life insurance industry in Vietnam.
Bancassurance used to be a service that was considered the "golden goose" of many commercial banks. However, this segment has encountered many difficulties in recent times and has only recently recovered. Currently, regulations in the bancassurance sector are also more stringent and tight.
Source: https://nld.com.vn/ngan-hang-bat-ngo-lai-dam-tu-ban-bao-hiem-dieu-gi-dang-xay-ra-196241126142218471.htm
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