Update news Bancassurance
Insurers have reported a sharp fall in premiums in recent months, after man scandals related to bancassurance have been revealed.
Millions of insurance policies have been sold via banks, but it is unclear how many people took out the policies on a voluntary basis and understood the real nature of the products.
Prudential and Manulife saw sudden increases in profits in 2022, while Dai-ichi, AIA and Bao Viet Life reported multi-trillion dong in profits last year.
The Ministry of Finance has announced strict measures will be taken against bank employees and credit institutions that force customers to buy insurance packages to get bank loans.
Local credit institutions are enjoying a rise in bancassurance activities with more exclusive deals coming, according to industry insiders.
Bancassurance income is set to have much potential to grow both at sector-wide and individual bank level, according to a brokerage.