A customer registers to use services at Bao Viet Insurance in the northern province of Bac Kan. (Photo: VNA)
 
Hanoi (VNA) –The insurance sector reported growth of 19 percent in premium income in the first five months of this year, topping 38.7 trillion VND (1.7 billion USD), the Insurance Association of Vietnam (IAV) said.

Of the estimate, revenue from non-life insurance premiums was estimated at 15.9 trillion VND, increasing 9 percent year-on-year.

Revenue from life insurance touched 22.7 trillion VND, up by 30 percent year-on-year, Bui Gia Anh, IAV general secretary, told a meeting on June 19.

The total assets of insurers also rose 19.5 percent yearly to total over 250 trillion VND, of which the assets of non-life insurers reached 66 trillion VND and the assets of life insurers hit more than 190 trillion VND.

According to Gia Anh, insurance enterprises accumulated nearly 209 trillion VND to reinvest in the market, up 21.3 percent over the same period in 2016. In particular, non-life insurers reinvested 35.1 trillion VND and life insurers reinvested 173.8 trillion VND.

During the first five months, total insurance indemnity and benefit payments totalled 10.9 trillion VND, of which non-life insurers indemnified 5.4 trillion VND and life insurers paid 5.5 trillion VND.

As of May 2017, insurance companies contributed to set up 56 transport infrastructure projects worth 79 billion VND. These projects are being established to minimise traffic accidents in accident-prone areas.

In 2016, total premium income of the sector reached 87.5 trillion VND, up 24 percent year-on-year, of which non-life insurance companies gained nearly 37 trillion VND, up 15 percent, and life insurance companies earned 50.4 trillion VND, up 32 percent.-VNA