"Giants" Manulife, AIA, Prudential reduce trillions in insurance premium revenue

According to data from the Vietnam Insurance Association, total insurance premium revenue in the whole market in the first 6 months of the year is estimated at 77,831 billion VND, down 7.9% over the same period last year.

Compared to the first 6 months of 2022, insurance premium revenue of many insurance companies in the market decreased.

Of which, 4 businesses decreased by more than 1,000 billion VND: Manulife decreased by 1,988 billion VND, AIA decreased by 1,177 billion VND, Prudential decreased by 1,157 billion VND, MB Ageas decreased by 1,040 billion VND.

Some other businesses also recorded a decrease of hundreds of billions compared to the first 6 months of last year: Dai-ichi Life decreased by 665 billion VND, Generali decreased by 211 billion VND, Bao Viet Life decreased by 186 billion VND, Sun Life decreased by 111 billion VND...

Many "big guys" reduced thousands of billions in insurance premium revenue (illustrative photo)

Also according to the Vietnam Insurance Association, the total revenue from new insurance premiums in the whole market in the first 6 months of 2023 is estimated at 15,508 billion VND, down 38.2% over the same period last year.

Leading in new premium revenue are Prudential with VND2,741 billion, Dai-ichi Life with VND2,046 billion, Manulife with VND1,976 billion, Bao Viet Life with VND1,912 billion and Sun Life with VND1,183 billion. However, the order has changed significantly.

Previously, in the first 6 months of last year, Manulife led in new insurance premium revenue with VND4,685 billion, Prudential with VND4,490 billion, Dai-ichi Life with VND3,322 billion, Bao Viet Life with VND2,678 billion and MB Ageas with VND2,197 billion.

Thus, Manulife has dropped by 58% and lost the top position in new premium revenue to its next competitor, Prudential, even lower than Dai-ichi Life.

The number of new mining contracts in the first 6 months of 2023 reached nearly 1.03 million contracts (main products), down 31.3% over the same period last year.

Of which, investment-linked insurance products accounted for 61.2%, down 34.4% over the same period; term insurance products accounted for 30.7%, down 17.6%; mixed insurance products accounted for 0.7%, down 48.9%; the remaining insurance products accounted for 7.4%, down 44.9%, of which: Health insurance products accounted for 6.5%; retirement insurance products accounted for 0.05%; whole life insurance products accounted for 0.77%.

According to VTC News