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Trade - Service
Jul 16, 2018 / 14:45

Insurers in Vietnam see assets grow by 27% in H1

Nguyen Tung

In the remaining months of the year, the Insurance Supervisory Authority (ISA) under the Ministry of Finance (MoF) will step up efforts in restructuring the insurance market towards transparency, safety and efficiency.

In the first six months of 2018, total assets of insurance companies operating in Vietnam were reported at VND337 trillion (US$14.82 billion), up 27.33% year-on-year, according to the ISA.
 
Illustration photo.
Illustration photo.
During the January - June period, insurance companies reinvested VND277.38 trillion (US$12.2 billion) into the economy, up 27.47% year-on-year, while professional reserves jumped to VND218.3 trillion (US$9.6 billion), up 36.83%. 

Meanwhile, equity of insurers reached VND71.1 trillion (US$3.12 billion), up 27.87% year-on-year. 

The total premium collected by insurance companies in the first half of 2018 stood at VND58.6 trillion (US$2.57 billion), up 24.35% year-on-year. 

Also in this period, companies paid VND16.32 trillion (US$718 million) in insurance benefits to customers, up 22.43% year-on-year. 

ISA said it will step up efforts in restructuring the insurance market in the remaining months of the year towards transparency, safety and efficiency.

In 2018, Vietnam's insurance market revenue is set to grow 22.38% year-on-year to reach VND129.2 trillion (US$5.68 billion). 

The market's revenue in 2017 reached VND105.6 trillion (US$4.64 billion), up 21.2% year-on-year, marking the fourth consecutive year with growth rate exceeding 20%. 

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