Assets of insurance businesses in 2024 forecast to increase by about 10%

Insurance businesses face increasing challenges

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Specifically, total assets are estimated to increase by 10% year-on-year to more than VND1 million billion, including VND136,030 billion of non-life insurance businesses, and VND868,390 billion of life insurance businesses.

Investment into the economy is estimated to rise by 11.5% year-on-year to VND850,264 billion, including VND73,440 billion of non-life insurance businesses, VND776,824 billion of life insurance businesses.

In 2023, total assets of insurance enterprises are estimated to grow 11.12% compared with the same previous year. The investment into the economy is estimated to increase 12.78% to VND762,580 billion over the same period last year.

Total insurance reserves are estimated at VND693,127 billion, up 15.25% over the same period last year, including VND42,198 billion of non-life insurance businesses and VND650,929 billion.

Total equity is estimated to increase by 5.54% to VND200,736 billion compared to the same period last year, including VND42,057 billion of non-life insurance businesses and VND158,679 billion of life insurance businesses.

Total insurance premium revenue is estimated to rose 7.2% to VND243,472 billion year-on-year. The premium revenue from the non-life insurance is expected to increase by 12.0% to VND79,687 billion compared to the previous year. The life insurance revenue is estimated to rise 5.0% to VND163,785 billion compared to the same period last year.

Insurance benefit payments are estimated at VND110,043 billion, up 27.4% over the same period last year, of which VND25,584 billion of non-life insurance and VND84,459 billion of life insurance businesses.

Total insurance premiums arranged through insurance brokers are estimated at VND18,177 billion, an increase of 8% over the same period last year. Of which, original insurance premiums arranged through brokers are estimated at VND 10,278 billion, up 10.0% over the same period last year. Reinsurance fees arranged through brokers are estimated at VND 7,899 billion, up 5.5% over the same period last year.

Total insurance brokerage revenue is estimated to increase by 11.8% to VND1,296 billion. Of which, original insurance brokerage commissions are estimated at VND1,021 billion (up 14.2% year-on-year), reinsurance brokerage commissions are estimated at VND275 billion (up 3.8% year-on-year).

The Department of Insurance Management and Supervision said that in 2024, the department will continue to focus on management and supervision to ensure a transparent, safe and effective insurance market to match with socio-economic development conditions and orientations and international standards, meeting the basic insurance needs of all economic sectors and people, contributing to stabilizing the economy and ensuring social security.