Bancassurance Development: Agribank and Agribank Insurance spread the value of community protection

In 2024, Agribank Insurance's insurance premium revenue will reach VND 2,431 billion, an increase of 18.1% compared to 2023, exceeding the market average. In the first 6 months of 2025 alone, Agribank Insurance's insurance premium revenue will reach VND 1,379 billion, an increase of 21.3%... The Bancassurance channel has contributed VND 1,723 billion (accounting for 70.9% of total revenue, providing insurance) and served more than 3 million customers with outstanding credit balances of Agribank.

Báo Đại biểu Nhân dân•10/07/2025

This result shows that Agribank Insurance has become a strategic pillar in the Agribank ecosystem and together with this bank, spread the values of "Dedication - Responsibility - Creativity - Accompanying" to each customer and each rural area of Vietnam.

Imprints in cooperation

Identifying that Bancassurance is a common asset of Agribank and Agribank Insurance, the Board of Members and General Director of Agribank have requested the entire system to closely coordinate to develop the Bancassurance channel sustainably, increase the outstanding debt ratio, ensure the safety of credit capital flow, comprehensively serve the needs of Agribank's customer base, and at the same time contribute to increasing service revenue for the Bank.

Agribank Insurance Board of Directors Nguyen Tien Hai speaks

After 18 years of formation and development, with a solid foundation from Agribank, Agribank's Bancassurance channel and Agribank Insurance have become the leading distribution channel in the Banking - Insurance market in Vietnam.

Chairman of the Board of Directors of Agribank To Huy Vu and Chairman of the Board of Directors of Agribank Insurance Nguyen Tien Hai presented awards to the units.

In particular, in February 2024, for the first time, Agribank and Agribank Insurance jointly launched the emulation program "Steady steps to success - Discover the world with ABIC". The program has received attention and strong response from the entire system. In this year, Agribank Insurance's insurance premium revenue reached VND 2,431 billion, an increase of 18.1% compared to 2023, exceeding the market average. In the first 6 months of 2025 alone, insurance premium revenue reached VND 1,379 billion, an increase of 21.3%... The Bancassurance channel contributed VND 1,723 billion (accounting for 70.9% of total revenue, providing insurance), serving more than 3 million customers with outstanding credit balances of Agribank. In which, the leading ones are: Credit Security premium revenue reached VND 1,390 billion; Motor vehicle insurance reached VND 162.5 billion; Fire and explosion insurance reached 57.5 billion VND; Cardholder security reached 31.8 billion VND; Account security reached 8.7 billion VND...

“In the past, Agribank Insurance has paid 762 billion VND in compensation to customers; accumulated to date, this number is 6,844 billion VND."

Additional mechanism for Agribank Insurance

Speaking at the Conference summarizing the emulation program "Steady steps to success - Discover the world with ABIC" recently held in Hanoi, Party Secretary, Chairman of the Board of Directors of Agribank To Huy Vu congratulated the results that Agribank Insurance has achieved; at the same time, affirming that developing Bancassurance is not only the task of Agribank or Agribank Insurance, but also the responsibility to farmers, customers and the economy in general.

Ms. Nguyen Tuyet Duong - Member of Agribank Board of Directors awarded to the units

However, sharing at the Conference, Chairman of the Board of Directors of Agribank Insurance Nguyen Tien Hai said that this result is still not commensurate with the potential of the Agribank system. For example, in 2024, the rate of customers and the insured debt ratio tended to decrease, especially individual customers, specifically: the rate of individual customers participating in insurance decreased by 10% compared to 2023. The rate of insured individual customers decreased to 55.8%. The insured debt ratio of individual customers only reached 15.9%, far from the target of 40% in the Agribank Insurance Development Strategy Project for the period 2021 - 2025 approved by the Agribank Board of Members.

Ms. Tu Thi Kim Thanh - Member of Agribank Board of Directors awarded to the units

Therefore, Chairman Nguyen Tien Hai as well as the Board of Directors of Agribank Insurance hope that Agribank will prioritize the use of advantageous insurance products of Agribank Insurance such as Account Security, Savings Security, Cardholder Security to show gratitude and promote customers to create the habit of using insurance, feel secure against financial and health risks. There is a mechanism for Agribank staff implementing Bancassurance to enjoy a part of the benefits from the commissioned service fee to encourage staff, increase service revenue for the bank; there are criteria for emulation and classification associated with the assignment of agency commissioned service revenue targets, the ratio of customers participating in insurance to loan customers and the insured debt target to increase the safety and protection of Agribank's credit capital...