The non-life insurance sector has seen a flurry of merger and acquisition (M&A) deals over the past two years, partly reflecting the attractiveness and keen competition of the market, which still has room for growth.
Accelerating the digital transformation process not only helps insurance businesses transform during the COVID-19 pandemic but also is considered the foundation for growth in the economic recovery.
Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurance revenue, but many businesses still achieved high profits.
The Vietnam Report Joint Stock Company on July 9 announced Vietnam's top 10 prestigious life and non-life insurance companies in Vietnam in 2021 as well as assessments on the Vietnamese insurance market.
The insurance industry is forecast to continue gaining double-digit growth this year thanks to new bancassurance contracts signed late last year and the recovery of the economy.
Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic.
Insurer FWD Group confirmed on November 12 its purchase of Vietcombank-Cardif Life Insurance (VCLI), an unit of Vietnam’s largest listed lender by market value, Vietcombank.
Japanese-based Dai-ichi Life Insurance company has channeled 5.4 billion JPY (50 million USD) into infrastructure development projects in the Mekong region, including Vietnam, Cambodia, and Myanmar.
Insurer FWD Group Ltd. is nearing an agreement to pay about 400 million USD for a unit of the Bank for Foreign Trade of Vietnam JSC (Vietcombank), and a long-term insurance distribution agreement with the bank, Bloomberg reported.
Vietnam’s insurance industry maintained positive growth in the first four months of 2019, with total premiums surging by 17 percent year-on-year to 44.3 trillion VND (1.9 billion USD), the Ministry of Finance reported.
Bao Viet Group posted nearly 8.1 trillion VND (348.2 million) in insurance revenue in the first quarter of 2019, a year-on-year increase of 19 percent.