Life insurance premium revenue decreased by 5% compared to the same period

ANTD.VN - Insurance premium revenue, especially life insurance, decreased (down 5%), while insurance benefit payments increased sharply with an increase of nearly 18%.

According to the Department of Insurance Management and Supervision, the insurance market currently has 85 insurance businesses, including 32 non-life insurance businesses, 19 life insurance businesses, 2 reinsurance businesses, 32 insurance brokerage businesses and 1 branch of a foreign non-life insurance business.

The number of representative offices of foreign insurance companies and insurance brokerage companies in Vietnam is 15 offices.

Life insurance premium revenue decreased by 5% compared to the same period

In 2024, although the insurance market recovery is still slow, there are signs of positive prospects.

Total assets of the whole market are estimated at 1,007,204 billion VND, up 10.88% over the same period last year, of which non-life insurance enterprises are estimated at 145,416 billion VND, life insurance enterprises are estimated at 861,788 billion VND.

Total equity capital is estimated at VND210,124 billion, up 6.45% over the same period, of which non-life insurance enterprises are estimated at VND43,129 billion, life insurance enterprises are estimated at VND166,995 billion.

Insurance companies' investment back into the economy is estimated at VND850,075 billion, up 13.17% over the same period. Total insurance reserves are estimated at VND676,265 billion, up 13.26% over the same period.

Insurance premium revenue alone has not yet recovered, with total insurance premium revenue estimated at VND227,495 billion, down 0.26% over the same period. Of which, non-life insurance premium revenue is estimated at VND78,291 billion, up 10.21% over the same period, while life insurance is estimated at VND149,204 billion, down 5% over the same period.

Insurance benefit payments increased sharply, estimated at VND93,906 billion, up 17.94% over the same period, of which non-life insurance companies estimated at VND22,519 billion, life insurance companies estimated at VND71,387 billion.

Source: https://www.anninhthudo.vn/doanh-thu-phi-bao-hiem-nhan-tho-giam-5-so-voi-cung-ky-post599621.antd