The Bao Viet Group ranked first among insurance companies in Viet Nam with a revenue of more than VND9.9 trillion (US$423.7 million) in the first half of 2018.

According to the Viet Nam Insurance Association, the firm’s revenue from new insurance contracts in the period reached VND2.42 trillion.

The total revenue of the 18 life insurance firms operating in Viet Nam hit VND36 trillion in the first six months of this year, while their insurance premiums from new contracts reached VND12.5 trillion, up 128 per cent and 125 per cent, respectively, against the same period last year.

The top five insurance market leaders are Bao Viet, Daiichi, Prudential, Manulife and AIA.

With the positive revenue growth, representatives of many businesses are optimistic about the development of the life insurance sector in Viet Nam.

They said that Vietnamese people were becoming more aware of the role of life insurance in preventing risks and protecting their lives.

This year, the insurance sector has targeted revenue of VND129.24 trillion, up 22.38 per cent against last year. If it hits the target, it would be the fifth consecutive year the insurance industry has posted annual growth of more than 20 per cent. The industry’s total revenue surged by 21.2 per cent to VND105.61 trillion in 2017. — VNS