Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of 40.5 trillion VND (1.78 billion USD), representing an 11 per cent year-on-year increase.

Non-life insurers earn 1.78 billion USD revenue in 2017 

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), total assets of non-life insurance companies reached 73.6 trillion VND in 2017, while 38.8 trillion VND were re-invested into the economy.

Insurers also paid 14.95 trillion VND for customers.

Reports from insurers revealed positive business results in 2017.

A representative of BaoViet Insurance Corporation said it surpassed its set target with insurance premium revenue of more than 8.5 trillion VND, which was higher than the market’s average growth.

BIDV Insurance Corporation (BIC) said its total revenue from insurance premium last year was estimated at 1.82 trillion VND, increasing 9.2 percent from the previous year. BIC’s pre-tax integrated profit was 179 billion VND, up eight per cent from 2016. It maintained its position as one of the five insurance companies with high profitability in the non-life insurance market.

BIC’s general director Tran Hoai An said the corporation had built synchronous solutions to increase its market share while enhancing risk management to meet with the set target of 2017. Its bancassurance notably posted 60 percent increase.

Vietnam National Aviation Insurance Corporation also posted positive business results, with total revenue of 744 billion VND in 2017, representing 36 percent year-on-year increase.

Its total assets reached 1.5 trillion VND and chartered capital was 800 billion VND.

Non-life insurers have targeted revenue of 44.7 trillion VND in 2018, total assets of 77.3 trillion VND and re-investment of 40 trillion VND in the economy.

According to the insurers, quick payment, simplification and transparency have been of priority to customers.-VNA