Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of VND40.5 trillion (US$1.78 billion), representing an 11 per cent year-on-year increase.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), total assets of non-life insurance companies reached VND73.6 trillion in 2017, while VND38.8 trillion were re-invested into the economy.

Insurers also paid VND14.95 trillion 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 VND8.5 trillion, 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 VND1.82 trillion, increasing 9.2 per cent from the previous year. BIC’s pre-tax integrated profit was VND179 billion, 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 per cent increase.

Viet Nam National Aviation Insurance Corporation also posted positive business results, with a total revenue of VND744 billion in 2017, representing 36 per cent year-on-year increase.

Its total assets reached VND1.5 trillion and charter capital was VND800 billion.

Non-life insurers have targeted a revenue of VND44.7 trillion in 2018, total assets of VND77.3 trillion and re-investment of VND40 trillion in the economy.

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