Minor coups noted in insurance sector

March 03, 2014 | 14:14

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The latest data on the life insurance market showed a modest shift in the market shares of top players in the sector.

According to the latest report from the Ministry of Finance’s Insurance Supervisory Authority Department, newcomer PVI Sun Life advanced to the third position, ahead of Manulife, AIA and Dai-ichi, in terms of new premiums in 2013. Its performance has made a significant contribution to the total sale value of the life insurance sector.

Top market players include Prudential with an estimated market share of 23.1 per cent, Vietnam Life Insurance with 21.1 per cent, PVI Sunlife with 13 per cent, Manulife with 11 per cent, AIA and Dai-ichi with 8.3 per cent, ACE with 6.4 per cent and Prevoir with 5.4 per cent. Other smaller businesses include Hanwalife with 1.1 per cent and Cathay with 0.5 per cent.

In terms of executed contract numbers, apart from PVI Sun Life, other newcomers such as Generali, Vietinbank Aviva and VCLI also marked high growth rates. It is estimated they collectively signed 5.2 million contracts, up 9.2 per cent on-year.

In terms of premium income however, there was no significant change in market share. Prudential remained the market leader with 33.1 per cent, Bao Viet Life Insurance came next with 28.7 per cent, then Manulife with 10.1 per cent, AIA with 7.6 per cent, and Dai-ichi with 7.3 per cent, stated the report. In 2012, Dai-ichi was ahead of AIA’s 7.6 per cent market share with 8.04 per cent.

Other players with notable market share include PVI Sunlife, ACE, Prevoir and Hanwha Life.

According to the Insurance Supervisory Authority Department, despite economic difficulties the life insurance market continues to grow healthily with premium income reaching VND22.6 trillion ($1 billion).

By By Nguyen Trang

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