Market share of life insurance companies based on new business premiums Vietnam 2021

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Published by

Minh-Ngoc Nguyen,

Oct 14, 2022

In 2021, Manulife had a premium income market share of 23.2 percent, followed by Bao Viet Life with a 12.3 percent market share and Prudential with a 13.6 percent market share. In that year, the penetration rate of life insurance was at 2.5 percent.

Bao Viet Holdings

Bao Viet Holdings is the largest insurance company in Vietnam. It is state-owned and has various subsidiaries including Bao Viet Insurance, Bao Viet Life, Bao Viet Fund, Bao Viet Securities, Bao Viet Bank and Bao Viet Investment. In 2020, non-life gross written insurance premiums of Bao Viet amounted to 9.7 trillion Vietnamese dong, while life gross written insurance premiums reached about 28.04 trillion Vietnamese dong.

Life insurance in Vietnam

The number of new life insurance policies has seen double digit growth in recent years. In 2021, life gross written insurance premiums reached about 159 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 were Bao Viet Life, Prudential, Daiichi and Manulife.