As of now, most life insurers have published Q2 2025 results, except MVI Life and MB Ageas.

Accordingly, 11 companies posted a year-on-year decline in pre-tax profit for the first six months.

Among them, Generali Vietnam saw the sharpest drop, plunging 118 percent to a pre-tax loss of nearly VND 22 billion (about USD 0.9 million) in H1.

Chubb Life Vietnam also fared poorly, with profit down 98 percent year-on-year to just VND 2.5 billion (about USD 0.1 million).

Even giant AIA suffered a heavy hit, with pre-tax profit falling 92 percent to VND 45 billion (about USD 1.8 million).

Manulife Vietnam lost its market-leading position by profit after a 65 percent drop year-on-year, recording VND 737 billion (about USD 30.1 million) in pre-tax profit over the first two quarters.

A positive note in Manulife’s report is that insurance premium revenue slipped only 3 percent year-on-year to VND 8,391 billion (about USD 342.3 million).

Manulife said it paid out nearly VND 4,000 billion (about USD 163.3 million) in benefits to customers in H1. Most recently, in the Ha Long boat-sinking incident, the company paid more than VND 9.2 billion (about USD 0.38 million) to the families of six affected policyholders.

Having surrendered the top spot by profit, Manulife now ranks fifth in pre-tax profit, behind Bao Viet Life, Dai-Ichi Life, Cathay Life and Prudential Vietnam.

Meanwhile, alongside surging to No.1 in life-insurance profits, Bao Viet Life surpassed the VND 1,000 billion threshold for the first half, reaching VND 1,204 billion (about USD 49.1 million). That equals about 70 percent of its full-year 2024 pre-tax profit and marks a robust 55 percent increase year-on-year.

The company also led the market in premium revenue in the first six months, hitting VND 16,650 billion (about USD 679.6 million), nearly double that of its two closest chasers, Prudential and Manulife.

Beyond Bao Viet Life, Dai-Ichi Life also crossed the trillion-dong mark, posting VND 1,203 billion (about USD 49.1 million) in the first half, though that figure was down more than 11 percent year-on-year.

Rounding out the top three by profit, Cathay Life reported VND 820 billion (about USD 33.5 million), a drop of more than 21 percent year-on-year.

Prudential ranked fourth with VND 811 billion (about USD 33.1 million) in pre-tax profit, down a steep 25 percent year-on-year.

By growth rate, BIDV Met Life accelerated the most, with profit jumping 329 percent year-on-year to VND 92 billion (about USD 3.8 million), mainly thanks to premium revenue rising 55 percent to VND 918 billion (about USD 37.5 million).

FWD also delivered very strong profit growth, up 96 percent year-on-year to VND 36.57 billion (about USD 1.5 million). However, net revenue from insurance business and financial activities fell 34 percent and 12 percent, respectively.

The main reason behind FWD’s profit surge was “other income,” which soared more than 5,000 percent year-on-year to VND 1,170 billion (about USD 47.8 million). In addition, selling, administrative, and insurance operating expenses were sharply reduced.

FWD Vietnam currently distributes via three major partner banks: Vietcombank, Agribank and HDBank.

Within the broader profit picture, three companies reported losses: Sun Life, Fubon and Generali.

Notably, Sun Life continued to post a loss of VND 608 billion (about USD 24.8 million), equivalent to 70 percent of its 2024 loss. As of December 31, 2024, Sun Life’s accumulated losses had exceeded VND 6,300 billion (about USD 257.1 million) since PVI withdrew from the PVI-Sun Life joint venture.

Fubon Life’s pre-tax result for the first half remained negative VND 2.9 billion (about USD 0.12 million), while it reported a VND 7 billion (about USD 0.29 million) loss for full-year 2024.

Generali unexpectedly joined the loss-makers with a pre-tax deficit of nearly VND 22 billion (about USD 0.9 million), versus over VND 116 billion (about USD 4.7 million) in pre-tax profit a year earlier.

Amid fierce competition, insurers are compelled to deepen distribution partnerships, develop a new generation of advisors, and elevate customer experience. Players with strong financial foundations and a strategy centered on customer experience are poised to win.

Pre-tax profit in H1 for life insurers

Bao Viet Life: VND 1,204 billion, up 55% (about USD 49.1 million)
Dai-Ichi Life: VND 1,203 billion, down 11.66% (about USD 49.1 million)
Cathay Life: VND 820 billion, down 21.40% (about USD 33.5 million)
Prudential: VND 812 billion, down 25.67% (about USD 33.1 million)
Manulife: VND 737 billion, down 65% (about USD 30.1 million)
Hanwha Life: VND 329 billion, down 34% (about USD 13.4 million)
Phu Hung: VND 171 billion, up 67% (about USD 7.0 million)
BIDV Met Life: VND 92 billion, up 329% (about USD 3.8 million)
AIA: VND 45 billion, down 92.29% (about USD 1.8 million)
Mirae Asset: VND 41 billion, down 20.98% (about USD 1.7 million)
FWD: VND 36.576 billion, up 96.26% (about USD 1.5 million)
Chubb Life: VND 2.447 billion, down 98.47% (about USD 0.10 million)
Fubon Life: –VND 2.95 billion, down 15.42% (about –USD 0.12 million)
Generali: –VND 22 billion, down 118.65% (about –USD 0.9 million)
Sun Life: –VND 608 billion, up 67.86% (about –USD 24.8 million)

Tuan Nguyen