ANTD.VN - For the first time, new life insurance premium revenue has returned to positive growth after 5 consecutive negative quarters, showing positive prospects for the insurance market.
The latest report on the Vietnamese life insurance market shows positive prospects for the market in the final months of 2024 when new business revenue has returned to positive growth.
According to the Insurance Association of Vietnam (IAV), in the third quarter of 2024, new revenue from life insurance (BHNT) reached more than VND 5,934 billion, a slight increase compared to the same period in 2023 (VND 5,874 billion).
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New premium revenue increased again in Q3/2024 |
This is the first time that insurance premium revenue has returned to positive growth after 5 consecutive quarters of negative growth. IAV believes that the increase in the third quarter is still modest, but this is considered a positive signal for the financial and insurance market in the context of the global economy and Vietnam still facing many difficulties.
“The positive growth index shows that confidence and optimism have gradually returned to the life insurance market, although there are still many difficulties ahead to maintain this growth momentum,” said Mr. Ngo Trung Dung, Deputy General Secretary of IAV.
According to IAV leaders, this result was achieved thanks to businesses continuously implementing customer-oriented activities, such as simplifying processes, introducing diverse products suitable for different segments, improving protection benefits, customer care, etc.
“In the context that the economy has not yet fully recovered and consumers are still cautious in spending, insurance companies must make more efforts to improve customer experience at every touchpoint, aiming for even better results in the fourth quarter of 2024 and the following years,” Mr. Dung emphasized.
In the first 9 months of 2024, the total revenue from new insurance premiums in the whole market reached 17,998 billion VND. In which, the leaders in new insurance premium revenue were Bao Viet Life with 2,927 billion VND, Prudential with 2,785 billion VND, Dai-ichi Life with 2,772 billion VND, Manulife with 1,889 billion VND and FWD with 1,120 billion VND.
Although the third quarter of 2024 saw positive growth, combined with the decline from the previous two quarters, the overall premium revenue for the first three quarters of the year still decreased. Total premium revenue for the entire market is estimated at VND 106,504 billion, down 6.7% over the same period last year.
Of which, general insurance products account for 56.4%; mixed insurance products account for 16.3%; unit-linked insurance products account for 12.7%; and bundled products account for 12.4%.
The remaining insurance products (whole life insurance products, death insurance products, periodic payment insurance products, retirement insurance products, health insurance products, endowment insurance products) account for 2.2%.
As of the end of September 2024, the number of contracts in effect at the end of the period (main product) was 11,699,249 contracts, down 11% compared to the same period last year. In terms of the structure of the number of contracts by product, the most popular products with the highest proportion include joint insurance products (56.9%) and mixed insurance products (24.3%).
In the first 9 months of the year, more than 40 trillion VND was paid by insurance companies to customers, including insurance maturity benefits, insurance compensation and other expenses.
Source: https://www.anninhthudo.vn/thi-truong-bao-hiem-khoi-sac-doanh-thu-khai-thac-moi-tang-tro-lai-post595322.antd
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