Vietnam Life Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2026
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Vietnam Life Insurance Market Report Overview
The gross written premium of the Vietnam life insurance market was VND159,224 billion ($6.9 billion) in 2021 and is expected to achieve a CAGR of more than 20% during 2021-2026. The insurance industry in Vietnam will be driven by economic recovery and growing demand for endowment policies that offer an attractive return on investments.
The Vietnam life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Vietnam’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates during the review period and forecast period. The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Vietnam’s economy and demographics, and provides detailed information on the competitive landscape in the country. It also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Vietnam Life Insurance Market Outlook, 2021-2026 (VND Billion)
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Vietnam Life Insurance Market Trends
Green bonds, investment-linked products, and increased focus on mental health and ESG are some of the key trends impacting the Vietnamese life insurance market.
Green Bonds: The Ministry of Finance and the Global Green Growth Institute (GGGI) partnered to develop a green bonds market in the country. Through this collaboration, the government planned to increase investments in sustainable projects that help to reduce greenhouse gas emissions and contribute to Vietnam’s national goals.
Environmental, Social, and Governance (ESG): The government issued a notice for implementing commitments to the 2021 United Nations Climate Change Conference (COP26), as well as ESG approaches. These include the acceleration of digital conversion to mitigate the impact of climate change, the reduction of greenhouse gas emissions in various sectors/industries, and public relations campaigns directed toward business communities to enhance awareness of, and support for, the government’s implementation of COP26 commitments.
Vietnam Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Vietnam life insurance industry are whole life, general annuity, endowment, term life, pension, supplementary or riders, and life PA&H. The endowment segment was the major contributor to the Vietnam life insurance industry in 2021.
Endowment: Rising disposable income and limited savings options due to lower interest rates have made endowment life insurance attractive because it offers higher returns. The new product launches will also support the segment growth. For instance, in June 2022, Shinhan Life Insurance Vietnam launched two life insurance policies, namely Shinhan – Tuong Lai and Shinhan – Thanh Tai, designed for children. These endowment policies provide comprehensive protection against uncertain risks and financial protection for both parents and children when in need.
Pension: Residents of Vietnam are eligible to receive mandatory retirement benefits under Vietnam Social Security, for which both employers and employees contribute a percentage of their monthly wages.
Vietnam Life Insurance Market Analysis by Lines of Business, 2021 (%)
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Vietnam Life Insurance Market - Competitive Landscape
The leading life insurance companies in Vietnam are Bao Viet Life Corporation, Manulife Vietnam, Prudential Vietnam Assurance, Dai-ichi Life Insurance Vietnam, AIA Vietnam, MB Ageas Life Insurance, Chubb Vietnam Life Insurance, Generali Vietnam Life Insurance, FWD Vietnam Life Insurance, and Hanwha Life Insurance Vietnam, among others. Bao Viet Life Corporation held the largest market share in 2021.
Bao Viet Life Corporation: Bao Viet offers health insurance incentives and many attractive privileges such as discounts of up to 15% for all customers nationwide who participate in the health insurance program comprising Bao Viet An Gia, Bao Viet Tam Binh, and Bao Viet Intercare.
Vietnam Life Insurance Market Analysis by Companies, 2021 (%)
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Vietnam Life Insurance Market Report Overview
Market Size (2021) | VND159,224 billion ($6.9 billion) |
CAGR | >20% |
Forecast Period | 2021-2026 |
Historical Period | 2017-2020 |
Key Lines of Business | Whole Life, General Annuity, Endowment, Term Life, Pension, Supplementary or Riders, and Life PA&H |
Leading Companies | Bao Viet Life Corporation, Manulife Vietnam, Prudential Vietnam Assurance, Dai-ichi Life Insurance Vietnam, AIA Vietnam, MB Ageas Life Insurance, Chubb Vietnam Life Insurance, Generali Vietnam Life Insurance, FWD Vietnam Life Insurance, and Hanwha Life Insurance Vietnam |
Segments Covered in the Report
Vietnam Life Insurance Lines of Business Outlook (Value, VND Billion, 2017-2026)
- Whole Life
- General Annuity
- Endowment
- Pension
- Term Life
- Supplementary or Riders
- Life PA&H
Scope
This report provides a comprehensive analysis of the life insurance segment in Vietnam –
- It provides historical values for Vietnam’s life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Vietnam and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Vietnamese life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Vietnamese life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
ManuLife Vietnam
Prudential Vietnam Assurance
Dai-ichi Life Insurance Vietnam
AIA Vietnam
MB Ageas Life Insurance
Chubb Vietnam Life Insurance
Generali Vietnam Life Insurance
Table of Contents
Frequently asked questions
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What was the Vietnam life insurance market gross written premium in 2021?
The gross written premium of the Vietnam life insurance market was VND159,224 billion ($6.9 billion) in 2021.
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What is the Vietnam life insurance market growth rate?
The life insurance market in Vietnam is expected to achieve a CAGR of more than 20% during 2021-2026.
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What are the key lines of business in the Vietnam life insurance market?
The key lines of business in the Vietnam life insurance market are whole life, general annuity, endowment, term life, pension, supplementary or riders, and life PA&H.
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Which are the leading companies in the Vietnam life insurance industry?
The leading life insurance companies in Vietnam are Bao Viet Life Corporation, Manulife Vietnam, Prudential Vietnam Assurance, Dai-ichi Life Insurance Vietnam, AIA Vietnam, MB Ageas Life Insurance, Chubb Vietnam Life Insurance, Generali Vietnam Life Insurance, FWD Vietnam Life Insurance, and Hanwha Life Insurance Vietnam, among others.
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