Illustrative image (Source: http://thoibaotaichinhvietnam.vn)

Hanoi (VNA) - The Bao Viet Group ranked first among the insurance companies in Vietnam with a revenue of more than 9.9 trillion VND (nearly 423.7 million USD) in the first half of 2018.

According to the Vietnam Insurance Association, the firm’s revenue from new insurance contracts in the said period of time reached 2.42 trillion VND (105.7 million USD).

The total revenue of the 18 life insurance firms operating in Vietnam hit 36 trillion VND (1.57 billion USD) in the first six months of this year, while their insurance premiums from new contracts reached 12.5 trillion VND (546.3 million USD), up 128 percent and 125 percent, 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 Vietnam.

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