“Opportune environment” for growth of insurance enterprises

VCN - According to the Ministry of Finance, in the first quarter of 2024, total assets of insurance enterprises are estimated to reach VND 934.8 trillion, an increase of 11%; Investment back into the economy is estimated at VND 7,776.5 trillion, an increase of 8.7%. These are positive numbers for insurance enterprises to expect positive business results for the whole year 2024.
Strengthen supervision to boost the insurance market Strengthen supervision to boost the insurance market
Banks reduce revenue from insurance services Banks reduce revenue from insurance services
Minister of Finance: Fairness and transparency for the insurance market Minister of Finance: Fairness and transparency for the insurance market
Vietnamese insurance enterprises have attracted investment and capital contribution from foreign investors. Photo: BSH
Vietnamese insurance enterprises have attracted investment and capital contribution from foreign investors. Photo: BSH

Currently, the insurance market has 82 insurance enterprises with 31 non-life insurance ones, 1 branch of a foreign non-life insurance one, 19 life insurance ones, 2 reinsurance ones and 29 insurance brokerage ones.

In a recent sharing, Mr. Nguyen Anh Tuan, Vice President of the Insurance Association of Vietnam (IAV), said that in spite of many challenges, insurance enterprises were aware and wanted to increase customer trust. Representatives of IAV leaders emphasized that Vietnamese insurance enterprises had made efforts to approach international standards and practices on insurance business, improving the safety and sustainability of the market.

In fact, insurance enterprises are trying to take advantage of many opportunities to accelerate development. In announcement of their business plans for the whole year 2024, many insurance enterprises have given high growth numbers.

Affirming that the insurance market has many “opportune environment” factors, Mr. Uong Dong Hung, Chairman of the Board of Directors of Military Insurance Joint Stock Corporation (MIC) pledged that the company would definitely achieve profits. at least exceeding or equal to the proposed plan. Accordingly, MIC planned to increase profit by 25%, insurance revenue to increase by 33%... Through the first quarter of 2024, MIC has recorded original insurance revenue of over VND 1,300 billion, an increase of 7% compared to with the same period last year; Pre-tax profit reached VND 96.3 billion, an increase of 12.1% over the same period in 2023.

In 2024, BIDV Insurance Joint Stock Corporation (BIC) sets a target of total insurance premium revenue (according to the parent company's individual report) expected to reach VND 5,570 billion and consolidated pre-tax profit expected to reach VND 600 billion, an increase of 14.2% and 4.5% respectively compared to implementation in 2023. Mr. Tran Hoai An, General Director of BIC said that the Company would implement solutions to improve the quality of compensation settlement, perfecting information technology systems, researching and developing new products in accordance with digital technology trends...

Or recently, Saigon - Hanoi Insurance Joint Stock Corporation (BSH) has had an important milestone when welcoming a foreign strategic shareholder, DB Insurance (DBI). DB Insurance becomes a foreign strategic shareholder when accounting for 75% of charter capital. DB Insurance is known as a global insurance company, belonging to DB Group (Korea) with a network of operations in many countries such as the United States, China and Vietnam.

According to Mr. Do Quang Vinh, Chairman of the Board of Directors of BSH, DB Insurance's strong financial potential, methodical business strategy and global operating network would become leverage to help BSH expand its market, promote technology development capacity, improve service quality.

For Petrolimex Insurance Joint Stock Corporation (PJICO), the period 2024-2029 is considered to be more promising and sustainable when PJICO aims to maintain an average growth of insurance revenue of at least 3-5% per year, maintain an average pre-tax profit growth of 3% per year... The company also plans to seek and expand business scale in key areas to take advantage of market expansion opportunities.

In the life insurance business sector, many bright spots have also appeared. Not long ago, the Ministry of Finance approved Sun Life Vietnam Life Insurance Company Limited (Sun Life Vietnam) to increase its charter capital from VND 16,480 billion to VND 17,944 billion. This helps Sun Life Vietnam become one of the three insurance companies with the largest charter capital operating in Vietnam. In addition, enterprises are also transforming, offering many insurance products at reasonable costs, ensuring customer benefits...

In early 2023, the Prime Minister approved the insurance market development strategy until 2030. In which, by 2025, the insurance market scale is planned to reach 3-3.3% of GDP, equivalent to US$ 15-17 billion. Average growth in the period 2026-2030 is 10%/year, by 2030 the insurance market size will reach 3.3-3.5% of GDP. According to enterprises and experts, these goals show that the Government always attaches importance to the development of the insurance industry in contributing to overall economic growth.

For a long time, the development of the insurance market has always had contributions from the management agency, the Ministry of Finance, in carrying out inspection and supervision to improve the health of businesses and insurance agents. ... The Ministry of Finance said that the unit would continue to improve policy mechanisms related to insurance products, publicize and transparent information about insurance products and enterprises so that people could easily access information. On the other hand, the regulatory agency continued to request a review, enhance inspection and supervision of the activities of insurance enterprises and strictly handle insurance agents which were detected violation about legal regulations.

By Huong Diu/ Binh Minh

Related News

Sustainable economic development from international cooperation in finance, accounting and auditing

Sustainable economic development from international cooperation in finance, accounting and auditing

VCN – The cooperation promotion among countries in the fields of finance, accounting and auditing not only improves the efficiency of financial management and resource sharing but also facilitate economic development, said by Deputy Minister of Finance Vo Thanh Hung.
Improve processes and enhance experience to rebuild trust in life insurance

Improve processes and enhance experience to rebuild trust in life insurance

VCN - In Vietnam, the space and potential of the life insurance industry is still very large, so it is necessary to focus on implementing new solutions, improving product quality, and helping the market develop sustainably.
Completely resolve problems and accelerate public investment disbursement

Completely resolve problems and accelerate public investment disbursement

VCN - In the first 4 months of 2024, the disbursement of public investment capital reached 17.46% of the plan assigned by the Prime Minister, higher than 15.65% in the same period last year. However, to further speed up this work, the Ministry of Finance believed that it needed to urgently overcome problems that have existed for a long time, especially in key projects.
Closely follow the situation, research and propose many solutions about taxes and fees to support the economy

Closely follow the situation, research and propose many solutions about taxes and fees to support the economy

VCN - In 2024, along with evaluating and summarizing the implementation of support solutions that have been issued, the Ministry of Finance will continue to coordinate with ministries and branches to closely monitor the actual situation and forecast the situation of socio-economic development to research and propose to competent authorities about support solutions on taxes and fees to apply in 2024.

Latest News

Finance Ministries of Vietnam and Laos promote comprehensive cooperation

Finance Ministries of Vietnam and Laos promote comprehensive cooperation

VCN – On May 28, Minister of Finance Ho Duc Phoc had a meeting with Mr. Santiphab Phomvihane, Minister of Finance of the Lao People's Democratic Republic.
Cashless payment develops rapidly in VN amid security concerns

Cashless payment develops rapidly in VN amid security concerns

At the end of last year, there were 182 million personal payment accounts in Việt Nam, with just over 87 per cent of adults owning payment accounts.
Disbursement of ODA funds has reached a very low rate, what solutions can

Disbursement of ODA funds has reached a very low rate, what solutions can 'accelerate' it?

VCN - VCN- Although the Government, ministries, and local authorities have been proactive from the beginning of the year, by the end of May 2024, the disbursement results of public investment funds sourced from abroad by ministries and localities still reached very low rates. This is a significant obstacle to achieving the goal of disbursing 95% of the foreign-sourced public investment funds that the Government set out at the beginning of the year.
Strong digital transformation in tax management

Strong digital transformation in tax management

VCN - In the context of the Government's drastic direction in implementing the National Digital Transformation Program, building e-Government, digital Government, and digital economy, the Tax industry has made strong strides in digital transformation, creating major changes in management methods and working processes.

More News

The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

VCN - In the first months of 2024, the State Treasury (SBV) has actively implemented many solutions in state budget revenue and expenditure as well as flexible and safe management of the budget.
Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

VCN - Minister of Finance Ho Duc Phoc stated that the Ministry of Finance has tried to find every solution to revenue without affecting the financial health and production and business of enterprises.
Banks to offer more shares to foreign investors

Banks to offer more shares to foreign investors

Many banks are planning to sell shares to foreign investors with the aim of attracting more diverse capital and enhancing competitiveness.
Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

VCN - The Ministry of Finance publicly announced the final settlement of public investment capital for completed projects in 2023 of ministries, central agencies, corporations, state corporations, and People's Committees of provinces and centrally run cities. In particular, the Ministry of Finance requires applying sanctions to individuals and units that have not yet finalized public investment capital for completed projects.
Improve Tax law compliance by enhancing information collection and analysis

Improve Tax law compliance by enhancing information collection and analysis

VCN – Determining information collection as key role, over the past time, the Tax industry has implemented many information collection solutions.
VND83,000 billion of State budget 2023 saved in 2023

VND83,000 billion of State budget 2023 saved in 2023

VCN - In 2023, the management of state budget expenditure was implemented proactively and strictly according to estimates, ensuring correct policies and regimes, thoroughly saving regular expenditures, and cutting down on unnecessary and slow spending tasks.
Banks promote online lending services

Banks promote online lending services

Banks are strongly stepping up online lending services via digital channels.
Complete tax compliance management for business households and individuals

Complete tax compliance management for business households and individuals

VCN - Facing with the situation where there are still businesses hiding in the shadow of business households or business households with revenue of hundreds of billions of dong using many invoices to increase input costs, the General Department of Taxation said it would strengthen management to reduce fraud and tax evasion for individuals and business households.
Companies unveil M&A plans across multiple sectors at shareholders

Companies unveil M&A plans across multiple sectors at shareholders' meetings

The current General Meeting of Shareholders (AGM) season has revealed notable M&A plans by companies, encompassing various industries including agriculture, food, automobile design and real estate.
Read More

Your care

Latest Most read
Sustainable economic development from international cooperation in finance, accounting and auditing

Sustainable economic development from international cooperation in finance, accounting and auditing

VCN – The cooperation promotion among countries in the fields of finance, accounting and auditing not only improves the efficiency of financial management and resource sharing but also facilitate economic development, said by Deputy Minister of Finance Vo Thanh Hung.
Finance Ministries of Vietnam and Laos promote comprehensive cooperation

Finance Ministries of Vietnam and Laos promote comprehensive cooperation

VCN - At the meeting, Minister Ho Duc Phoc said that the traditional friendly relationship between the two countries’ increasingly develops.
Cashless payment develops rapidly in VN amid security concerns

Cashless payment develops rapidly in VN amid security concerns

At the end of last year, there were 182 million personal payment accounts in Việt Nam, with just over 87 per cent of adults owning payment accounts.
Disbursement of ODA funds has reached a very low rate, what solutions can

Disbursement of ODA funds has reached a very low rate, what solutions can 'accelerate' it?

VCN - A representative from the Ministry of Education and Training (MOET), which has a disbursement rate of 0% in the first five months of 2024, stated that in 2024, MOET was allocated 629 billion VND for the project to build technical infrastructure and
Strong digital transformation in tax management

Strong digital transformation in tax management

VCN - In the context of the Government's drastic direction in implementing the National Digital Transformation Program, building e-Government, digital Government, and digital economy, the Tax industry has made strong strides in digital transformation, cre
Mobile Version