Inside a Bảo Việt Group office. As of the end of February, the collective assets of insurance enterprises were anticipated to hit VNĐ934.8 trillion, up 11 per cent year-on-year. — Photo courtesy of Bảo Việt Group

Total insurance premium revenue in the first two months of 2024 was estimated at VNĐ33.9 trillion (US$1.4 billion), up 1.6 per cent over the same period last year, the Ministry of Finance’s latest data showed.

Investment reinjected into the economy by the enterprises was projected at VNĐ780.7 trillion, up 12.7 per cent during this period.

As of the end of February, the collective assets of insurance enterprises were anticipated to hit VNĐ934.8 trillion, up 11 per cent year-on-year and 2.4 per cent compared to the end of last year.

These figures indicated a rebound in insurance operations, notably amid poor results in 2023, when total revenue from insurance premiums decreased by 8 per cent compared to 2022. Specifically, the total new premium revenue generated in the life insurance sector declined 44.5 per cent in 2023 to VNĐ140 trillion.

In 2023, insurance companies disbursed nearly VNĐ81 trillion to settle insurance benefits for clients, up 32 per cent year-on-year.

According to the Insurance Association of Vietnam, the insurance market has 82 businesses, including 31 non-life insurance companies, one branch of a foreign non-life insurance companies, 19 foreign life insurance firms, two reinsurance enterprises and 29 insurance brokerage companies. — VNS