Insurance premium revenue rebounds in the first 2 months

Total insurance premium revenue in the first two months of 2024 was estimated at 33.9 trillion VND (1.4 billion USD), up 1.6% 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 780.7 trillion VND, up 12.7% during this period.

As of the end of February, the collective assets of insurance enterprises were anticipated to hit 934.8 trillion VND, up 11% year-on-year and 2.4% 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% compared to 2022. Specifically, the total new premium revenue generated in the life insurance sector declined 44.5% in 2023 to 140 trillion VND.

In 2023, insurance companies disbursed nearly 81 trillion VND to settle insurance benefits for clients, up 32% 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.