Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of VNĐ40.5 trillion (US$1.78 billion), representing an 11 per cent year-on-year increase.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), total assets of non-life insurance companies reached VNĐ73.6 trillion in 2017, while VNĐ38.8 trillion were re-invested into the economy.

Insurers also paid VNĐ14.95 trillion for customers.

Reports from insurers revealed positive business results in 2017.

A representative of BảoViệt Insurance Corporation said it surpassed its set target with insurance premium revenue of more than VNĐ8.5 trillion, which was higher than the market’s average growth.

BIDV Insurance Corporation (BIC) said its total revenue from insurance premium last year was estimated at VNĐ1.82 trillion, increasing 9.2 per cent from the previous year. BIC’s pre-tax integrated profit was VNĐ179 billion, up eight per cent from 2016. It maintained its position as one of the five insurance companies with high profitability in the non-life insurance market.

BIC’s general director Trần Hoài An said the corporation had built synchronous solutions to increase its market share while enhancing risk management to meet with the set target of 2017. Its bancassurance notably posted 60 per cent increase.

Việt Nam National Aviation Insurance Corporation also posted positive business results, with a total revenue of VNĐ744 billion in 2017, representing 36 per cent year-on-year increase.

Its total assets reached VNĐ1.5 trillion and charter capital was VNĐ800 billion.

Non-life insurers have targeted a revenue of VNĐ44.7 trillion in 2018, total assets of VNĐ77.3 trillion and re-investment of VNĐ40 trillion in the economy.

According to the insurers, quick payment, simplification and transparency have been of priority to customers.

By Viet Nam News(Published: 23/01/2018)

http://vietnamnews.vn/economy/421720/non-life-insurers-earn-us178-billion-revenue-in-2017.html#B6gAHHmVx0DStt4P.97

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