Vietnam’s non-life insurance market saw strong growth in the first half of 2025. Total revenue reached $1.74 billion, a more than 11% increase from the same period last year. This growth happened despite lower investment returns and tighter regulations.
The data comes from the Department of Insurance Management and Supervision under the Ministry of Finance.
PVI Holdings led the market with an 18.4% share. Its revenue was nearly $321 million, a jump of 13.3%. Bao Viet Insurance followed with a 12% market share and $213 million in revenue. Bao Minh Insurance ranked third with a 7% share, though its revenue of $122.4 million represented a 2.6% decline.
Some companies saw explosive growth. Tasco’s premiums grew 346% to $25.8 million. OPES reported a 110% increase to $86 million. SGI’s revenue rose 130% to $1.8 million.
Companies are crediting a focus on customers and technology for their success. DBV Insurance, which grew 17% to $64.7 million, is creating products for modern risks. These include electric vehicle insurance and flexible health programs.
“We are accelerating digital transformation to optimize claims processing,” said Ngo Hong Khoa, deputy CEO of DBV. He added that partnerships with banks and tech platforms are key to reaching younger customers.
OPES, which exceeded its half-year target, also highlighted its digital ecosystem. Deputy CEO Nguyen Huu Tu Tri said the company will continue to launch products tailored to the evolving needs of Vietnamese consumers.
Another positive sign was the recovery in core underwriting profit. Several major insurers reversed losses from last year. BSH reported an underwriting profit of $2.16 million. DBV’s underwriting profit surged 61.2%, helping its pre-tax profit rise 32.4%. PVI and MIC also saw significant growth in this key metric.
Experts point to Vietnam’s strong economic health as a main driver. Tran Nguyen Dan, director of the Institute of Insurance and Financial Risk Management (IFRM), said high GDP growth boosted demand for insurance products.
However, challenges remain. intense competition is squeezing profit margins. Lower interest rates have reduced investment income. Tighter rules and higher natural disaster risks also add pressure.
Dan explained that falling deposit and bond rates have hurt the industry’s financial income. Despite this, he is optimistic about the future.
“Considerable growth potential remains,” Dan said. He pointed to underpenetrated areas like compulsory motorbike liability, home, and personal accident insurance. “We have grounds to expect higher growth rates in the near future.”
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