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Bao Viet continues to maintain its leadership in the Vietnamese life insurance industry

In 2022, Vietnam's economy entered a recovery phase with many positive signs. Despite facing negative impacts from the epidemic and international conflicts, Vietnam's economic growth for the whole year 2022 still increased by about 8.02%. In addition, due to the government's coordinated adjustment of goods and service prices, inflationary pressure is expected to be moderate.

In that context, the insurance market continues to record positive developments. This is shown through a series of indicators such as growth in insurance premium revenue, financial capacity of insurance businesses, good performance of the function of paying insurance benefits and enhancing insurance services, contributing to socio-economic development, and active implementation of various types of insurance to implement the government's policies,...

In 2022, total insurance premium revenue is estimated to reach VND 245,877 billion (USD 10.1 billion), growing about 15% compared to 2021. Of which, premium revenue from the life insurance sector is estimated to reach VND 178,269 billion (USD 7.3 billion), growing about 11.8% compared to 2021.

One of the popular trends in insurance activities is the association between banks and insurance companies, known as the term Bancassurance. When an insurance company signs an exclusive life insurance distribution cooperation contract with a bank, the bank will take advantage of its existing distribution system and customer sources to distribute insurance products as well as perform some other services such as paying insurance premiums to partner companies. Along with that, the bank will receive commissions or other fees as agreed in the contract.

Bancassurance has been considered a trend for many years because of its convenience, speed, and trust of customers in banks at present. When they use the bank's services and buy insurance here, they will be guaranteed risks in later life, and the bank will feel more secure because its customers have prepared for financial stability in the future.

In Vietnam, total fee revenue through the bancassurance channel currently accounts for about 20% of the total fee revenue of the life insurance market. In 2022, the rate of maintaining contracts for the second year through the banking distribution channel will have a clear differentiation among insurance businesses, some are relatively low at about 60%, but they are also relatively low. high at about 75-80%.

However, according to a recent report at a Bancassurance conference in early 2023, insurance customers often use bank services, so they are easily affected by reputation or pressure from banks to buy insurance. The pressure to achieve sales can lead to product advice that does not suit their needs, limited customer care, and lead to the phenomenon of "forcing" customers to buy insurance when borrowing money without understanding anything about the product.

Therefore, after many controversies about the insurance sales channel through banks (bancassurance), the state has taken steps to tighten bancassurance activities. Therefore, to continue developing in this market, banks must establish a specialized department to carry out insurance agency activities. In addition, the leader also needs to have at least 3 years of working experience in the fields of finance, banking, and insurance and a university degree or higher in the insurance field and each branch of the organization. Insurance agency operations must ensure at least 3 trained and certified employees.

Bao Viet

Bao Viet Life, also known as Bao Viet Life Corporation, was established in 1996 in Vietnam, marking the first step in the country's life insurance industry. In addition to life insurance products, Bao Viet is providing customers with nearly 50 products of all kinds to best meet the protection and financial investment needs of Vietnamese people.

After 17 years of development, the brand has a wide network in 63 provinces and more than 300 customer service points, which is also an outstanding advantage of Bao Viet Life. It can be said that Bao Viet Life is the only enterprise headquartered in almost every region of the country with a long history of operation.

Bao Viet's revenue recorded a continuous increasing trend in the period 2020 - 2022. Specifically, in 2020, the brand's revenue reached VND 28 trillion. This number increased by 9% in 2021 and then climbed by 8.6% in 2022, reaching nearly VND 33.2 trillion. Regarding profit after tax, in 2020, this brand reached more than VND 875 billion. Its profit went up by 1.3% in 2021. After that, this number in 2022 had a growth of nearly 10%, peaking at more than VND 915 billion.

Dai-Ichi Vietnam

As a life insurance company under Dai-ichi Life Holdings Inc., Dai-ichi Life Vietnam was established in January 2007. This is also the first foreign market where Dai-ichi Life Group has a 100% owned life insurance company. After just over 11 years of operation, Dai-ichi Life Vietnam has grown 20 times in total insurance premium revenue, built a solid foundation, and maintained its position as one of the top 3 life insurance companies in Vietnam.

In three years, Dai-Ichi Vietnam's revenue and profit after tax recorded an increasing trend. In 2022, the company's revenue reached more than VND 21.3 trillion. This figure was an increase of 19.2% compared to 2021 and a rise of 42.4% compared to 2022. Regarding profit after tax, in 2020, profit after tax was nearly VND 1.3 trillion. Its profit rose by 116.8% in 2021 and grew by 105.9% in 2022, reaching nearly VND 2.65 trillion.


Established in 2000, AIA (Vietnam) Life Insurance Company Limited (“AIA Vietnam”) operates in the field of life insurance business and financial investment. Over the past 22 years, AIA Vietnam has made continuous efforts to contribute to positive changes, helping Vietnamese people have the best financial protection and lead a healthier, longer, happier life.

AIA had revenue of nearly VND 13.8 trillion in 2020. AIA’s revenue increased by 16% in 2021 and another 11.3% in 2022, reaching more than VND 17.8 trillion. Regarding profit after tax, in 2020, profit was recorded at nearly VND 1.6 trillion. This number decreased to VND 890 billion in 2021 then climbed by 24.6% in 2022, reaching a profit of more than VND 1.1 trillion.


Prudential Vietnam Life Insurance Company Limited (Prudential) is a member of Prudential plc. Established in 1999, Prudential Vietnam operates in the field of life insurance and financial investment business. Over the past 2 decades, Prudential has continuously strived to expand the market and change people's perception of insurance, currently providing financial solutions for protection, accumulation, and investment.

With the strict improvement of state bancassurance activities, the enterprise is also a banking partner in establishing new bancassurance standards with three main components: Determining the minimum "contract maintenance rate" limit, Establishing a "Customer Conduct Standards Management Committee" to ensure the sale of only suitable insurance products to appropriate customer groups, and completing the legal framework for management supervision and handling in cases of detecting bank employees violating regulations or providing advice inconsistent with the nature of the products that Prudential is selling through the banking channel.

In 2022, Prudential's revenue reached nearly VND 30.6 trillion. This number was an increase of 8.1% compared to 2021 and a growth of 23.7% compared to 2020. Prudential's profit after tax also had a strong increase in 2022. Particularly, the brand's profits in 2020 and 2021 tended to go down from more than VND 2.2 trillion to more than VND 470 billion. Its profit climbed sharply by 670% by 2022, peaking at a profit of more than VND 3.6 trillion.


Chubb Vietnam Life Insurance Company Limited (“Chubb Life Vietnam”) was established in May 2005 with 100% capital contribution by Chubb INA International Holdings Limited, a company incorporated in the United States and a member of Chubb Corporation.

With the desire to spread the humanistic value of life insurance - "insurance is protection" to Vietnamese families, Chubb Life Vietnam constantly develops and provides a variety of insurance products on the market, individually designed and carefully selected to provide optimal protection for each customer such as investment-linked insurance, whole life insurance, death insurance, mixed insurance, health insurance, and personal accident insurance.

The brand's revenue and profit after tax recorded continuous growth for three years. In 2020, Chubb's revenue reached more than VND 4 trillion. This number increased by 7.4% in 2021 and rose by 6.2% in 2022, reaching more than VND 4.5 trillion. Regarding profit after tax, the brand achieved more than VND 650 billion in 2020. By 2021, brand profit continued to increase by 19.3% and peaked at nearly VND 900 billion in 2022.


Generali Vietnam Life Insurance Company Limited (“Generali Vietnam”) is a member of the Generali Group, the world's leading insurance and asset management brand. After nearly 200 years of operation and development, Generali Group currently has 82,000 employees, serving 68 million customers in more than 50 countries around the world.

Established in Vietnam in 2011, with the motto "Simple, effective, customer-centric," Generali Vietnam has quickly become one of the leading life insurance companies in Vietnam. Thanks to a strategy of focusing on developing products, technology, and improving service experience, steadfastly pursuing the goal of becoming a "Lifetime Friend" of customers.

Generali's net revenue and profit after tax increased steadily each year in the period from 2020-2022. Specifically, in 2022, the brand's revenue reached more than VND 4.7 trillion, a growth of 17.6% compared to the previous year and an increase of 16.9% compared to 2020. The brand's after-tax profit went from negative to nearly VND 1 trillion in 2020, then increased to more than VND 130 billion in 2021 and reached VND 600 billion in 2022.

Hanwha Life

Hanwha Life Vietnam Insurance Company Limited was established in 2008. This is one of the members of Hanwha Group - one of the 7 largest corporations in Korea and in the Top 500 largest economic corporations in the world (2022). Hanwha Life Vietnam possesses the leading strong financial potential in the Vietnamese market, with a charter capital of more than VND 4,891 billion.

With a sustainable development strategy and putting customers at the heart of the business, over the past year and up to now, Hanwha Life Vietnam has more than 37,000 professional consultants and a system of 160 customer service points nationwide and is bringing the most comprehensive and satisfying product and service experience to customers.

Hanwha Life's revenue in 2021 increased by 15.7% compared to 2020 and continued to increase in 2022, standing at a revenue of nearly VND 4.2 trillion. However, profit after tax recorded continuous changes. From 2020 to 2021, profit declined by 33.6% from VND 240 billion to VND 160 billion. By 2022, profits tended to go up again, reaching more than VND 500 billion.


Manulife Vietnam was established in June 1999 in Ho Chi Minh City, as a joint venture company between Manulife Financial Group (60%) and Chinfon Global Group (40%). In January 2001, Manulife Financial Group acquired 40% of the capital contribution of Chinfon Global Group and became the corporation that owns all of the Company's capital contribution in Vietnam. Officially renamed Manulife (Vietnam) Limited Liability Company.

With more than 1.5 million customers, a team of professional consultants, and strategic partners distributing insurance products, and a network of 80 offices nationwide, the brand is proud to be one of the leading insurance companies in the world. The first foreign-invested life insurance company in Vietnam after 23 years of development.

Manulife's revenue reached more than VND 26.3 trillion in 2022. This number is an increase of 22.6% compared to 2021 and another 33.6% compared to 2020. The brand's after-tax profit achieved a positive profit in 2022. Particularly, profits in 2020 and 2021 tended to fall from negative VND 1.6 trillion to negative more than VND 4.7 trillion. Then, its profit rose to a positive profit in 2022, peaking at more than VND 2.6 trillion.

Mirae Asset Prévoir

Mirae Asset Life Insurance Company was established in 1988 and is a member of Mirae Asset Financial Group, a leading independent financial services group in asset management in Korea. This is a joint venture company (with 50% capital contribution) of Mirae Asset Life Insurance - Korea in Vietnam. The brand is considered a proactive financial company providing comprehensive financial solutions to customers.

Mirae Asset Prévoir's revenue in the period from 2020 to 2021 recorded revenue ranging from VND 470-490 billion. In 2022, revenue was even more breakthrough, increasing by 42% compared to 2021, reaching nearly VND 670 billion. The brand's profit was constantly changing. Specifically, the company recorded a profit of more than VND 26 billion in 2020. This number decreased slightly by 31% in 2021, then recorded a growth again to nearly VND 85 billion in 2022.


Cathay Life Insurance Company Limited was established in August 1962, under the leading financial group Cathay. To become a group in Asia, Cathay Life Insurance Company officially established "Cathay Vietnam Life Insurance Company," the first Asian company licensed by the Ministry of Finance to operate in the field of life insurance. Inheriting a history of more than 60 years of successful operations, Cathay is increasingly asserting its position in domestic and foreign markets, confidently bringing the company's services from Taiwan to the Vietnamese market.

Cathay's revenue reached more than VND 2.75 billion in 2022. This number is an increase of 25.3% compared to 2021 and a growth of more than 71% compared to 2020. The brand's profit after tax tended to increase. Particularly, in 2020 profits, the brand recorded a negative profit of nearly VND 860 billion. Its profit has increased to a positive profit of more than VND 51 billion in 2021, and climbed sharply by nearly 1400% in 2022, standing at more than VND 760 billion.

MB Ageas

MB Ageas Life Insurance Company Limited (MB Ageas Life) was established in July 2016 on the basis of a joint based on 3 partners including Military Commercial Joint Stock Bank (MB Bank) of Vietnam, Ageas Group from Belgium, and Muang Thai Life Insurance Company from Thailand.

With bancassurance, MB Ageas Life has implemented many direct and indirect measures to ensure the operational quality of the insurance agency force. These measures include hiring a third party to survey consulting quality, conducting anonymous purchases, and organizing professional training courses.

MB Ageas Life is clearly aware that inspection activities by competent state agencies provide an opportunity to detect issues that the business itself might find difficult to identify fully. Detecting these shortcomings has helped MB Ageas Life improve and refine its management and business activities, while also enhancing the quality of customer service.

Aiming to become the leading and most trusted life insurance company, MB Ageas Life implements the "Multi-channel" development strategy. In particular, the Bancassurance channel is widely deployed at 300 MB branches and transaction offices nationwide. The traditional agency channel continues to expand with thousands of consultants and an official office system present in all provinces and cities. The digital channel is developed synchronously, intelligently, and professionally on the platforms of the website, fan page, Zalo, MB App, Viettel Pay application, etc…

In 2022, MB Ageas brand revenue is recorded to reach nearly VND 6.4 trillion, an increase of 13.5% compared to 2021 and another 89.5% compared to 2020. Although revenue tended to increase, profits tended to trend in the opposite direction. Specifically, in 2020, the brand's profit after tax reached nearly VND 260 billion. This number dropped to VND 220 billion in 2021. Then, it continued to decrease sharply by 70% in 2022, recording nearly VND 65 billion.

Sun Life

Sun Life Vietnam is a life insurance company with 100% capital from Sun Life Group (Canada). The Company aims to help Customers achieve lifelong financial security and enjoy healthier lives. Sun Life Vietnam is a pioneer and market leader in the field of pension insurance, serving both individual and corporate customers in Vietnam.

With new bancassurance policies, Sun Life Vietnam has consistently improved its commitment to ethical business standards. This includes regular internal inspections and audits in line with the annual plan, as well as independent audits and periodic inspections mandated by the Ministry of Finance. These efforts ensure strict compliance in all business activities, including management, finance, customer service, business processes, staff training, and financial consulting.

In 2020, Sun Life's revenue reached more than VND 1.3 trillion. Its revenue increased by 130.7% compared to 2021 and went up 295.8% in 2022, reaching more than VND 320 billion. In terms of profit after tax, Sun Life was the only brand at the top that has recorded negative profits for three consecutive years. The brand's 2020 profit reached nearly negative more than VND 600 billion. This figure had a negative more than VND 1.44 trillion in 2021 and reached negative nearly VND 1.47 trillion in 2022.

In 2023, Vietnam's economy is expected to continue to grow strongly (with an expected GDP increase of 6.5%). The demand for insurance in Vietnam is expected to continue to increase because people's awareness is increasingly raised about the risks in life, especially after the COVID-19 pandemic. Therefore, health insurance products are forecast to continue to have good growth. The Ministry of Finance predicts that this market will reach a growth rate of about 15% compared to 2022.

In addition, the implementation of the new Insurance Business Law will have an important impact. The business community in this field also hopes that new insurance policies and amendments in policies and legal regulations will positively promote the development of the insurance market.

Source: Vietdata’s 2022 Vietnamese Life Insurance Market Report


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