Market share of life insurance companies based on new business premiums Vietnam 2022

In 2022, Prudential had a premium income market share of 17.82 percent, followed by Manulife with a 17.66 percent market share. Meanwhile, the Vietnamese state-owned enterprise Bao Viet Life ranked fourth with 10.39 percent of the total market share. In that year, the penetration rate of life insurance was at 2.5 percent in the country.

Bao Viet Holdings

Bao Viet Holdings is among the prominent insurance companies in Vietnam. The state-owned firm has various subsidiaries including Bao Viet Insurance, Bao Viet Life, Bao Viet Fund, Bao Viet Securities, Bao Viet Bank, and Bao Viet Investment. In 2022, non-life gross written insurance premiums of Bao Viet amounted to nearly 9.7 trillion Vietnamese dong, while life gross written insurance premiums reached about 33.2 trillion Vietnamese dong.

Life insurance in Vietnam

The number of new life insurance policies has seen double-digit growth in recent years. In 2022, life gross written insurance premiums recorded about 178 trillion Vietnamese dong. Life insurance categories include investment-linked policies, endowment insurance, term life insurance, annuity insurance, healthcare insurance, pension insurance, and whole life insurance. The market leaders for life insurance business based on insurance premiums were Bao Viet Life, Manulife, Prudential, and Dai-ichi.