Non-life insurers accelerate year-end push

PVI Insurance assumingly leads the industry in terms of progress towards its targets. According to information released on October 30, the company had exceeded both its full-year revenue and pre-tax profit targets, two months ahead of schedule.

Specifically, PVI's total revenue was estimated at $1.082 billion, equivalent to 100 per cent of its annual target. Notably, pre-tax profit was estimated at $62 million, representing 159 per cent of the target.

According to PVI, these results not only marked a milestone in terms of revenue scale but also reflected its business efficiency, management capabilities, and sustainable development amid ongoing market challenges.

Photo: baodautu.vn

According to the estimated business results report for the first 10 months of the year released by Bao Minh Insurance Corporation, as of October 26, total revenue was estimated at more than $282 million, up 17.1 per cent on-year and equivalent to 97.1 per cent of the target set by its Board of Directors.

Its individual business indicators were also approaching their targets. Gross direct insurance premium revenue was estimated at nearly $240.1 million, representing 98.8 per cent of the annual target and an increase of around 17.9 per cent on-year.

Meanwhile, total gross direct insurance and inward reinsurance premium revenue reached $269.9 million, equivalent to 97.5 per cent of the full-year target.

For 2026, Bao Minh has set a target of $290.4 million in total revenue and at least $13.6 million in pre-tax profit. At the current pace, the company is likely to achieve its revenue target before the end of the year.

Meanwhile, DBV Insurance Group has recorded strong premium revenue growth but still faces a considerable gap in meeting its profit target.

As of November 2, gross direct insurance premium revenue had reached $200.6 million, up 64 per cent on-year and representing more than 80 per cent of the annual target.

Motor insurance remains the company's core business, accounting for nearly 61 per cent of total revenue. The two remaining business lines (personal insurance, and property, engineering and marine insurance) contributed more than 39 per cent, providing a foundation for DBV to expand its customer base, step up cross-selling, and offer comprehensive insurance solutions.

DBV recorded after-tax profit of approximately $282,800 in the third quarter of 2026, reversing a loss of around $502,000 in the same period last year.

However, its cumulative profit for the first nine months of the year had reached only nearly 38 per cent of its full-year target. The company's pre-tax profit for the nine-month period stood at approximately $1.196 million, up 88.1 per cent on-year.

Overall, Vietnam's non-life insurance market has maintained double-digit growth since the beginning of the year. According to data from the Insurance Association of Vietnam, as of the end of September 2026, total non-life insurance market revenue was estimated at $3.002 billion, up 16.6 per cent.

In its report Market Segment Outlook: Vietnam Non-Life Insurance, published on July, AM Best noted that Vietnam's economy was being supported by a strong recovery in electronics exports and increasing foreign direct investment.

This trend has been driven by a global investment boom in technology and infrastructure serving AI, a growth engine whose impact is spreading across multiple economic sectors, with commercial insurance among the areas benefiting directly.

According to AM Best, favourable macroeconomic factors, coupled with the government's continued efforts to accelerate public investment spending, are driving demand for commercial insurance and supporting insurers' operating earnings, despite intensifying market competition.

AM Best's assessment, together with insurers' business results for the first nine months of 2026, paints a fairly consistent picture: non-life insurance continues to affirm its role as the main growth driver of Vietnam's insurance market.

Against a favourable macroeconomic backdrop, ample reinsurance capacity, and an expanding wave of digital transformation across the industry, the non-life insurance segment is expected to maintain its growth momentum in the second half of 2026, although competitive pressures and risk management remain challenges that cannot be overlooked.

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