Non-life insurers earn US$1.78 billion revenue in 2017

Non-life insurers earn US$1.78 billion revenue in 2017

Non-life insurers have targeted a revenue of VNĐ 四 四. 七 trillion in  二0 一 八, total assets of VNĐ 七 七. 三 trillion and re-investment of VNĐ 四0 trillion in the economy. — Photo vietnamfinance.vn

HÀ NỘI — Non-life insurance premium in  二0 一 七 continued its sustained growth, with an estimated revenue of VNĐ 四0. 五 trillion (US$ 一. 七 八 billion), representing an  一 一 per cent year-on-year increase.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), total assets of non-life insurance companies reached VNĐ 七 三. 六 trillion in  二0 一 七, while VNĐ 三 八. 八 trillion were re-invested into the economy.

Insurers also paid VNĐ 一 四. 九 五 trillion for customers.

Reports from insurers revealed positive business results in  二0 一 七.

A representative of BảoViệt Insurance Corporation said it surpassed its set target with insurance premium revenue of more than VNĐ 八. 五 trillion, which was higher than the market’s average growth.

BIDV Insurance Corporation (BIC) said its total revenue from insurance premium last year was estimated at VNĐ 一. 八 二 trillion, increasing  九. 二 per cent from the previous year. BIC’s pre-tax integrated profit was VNĐ 一 七 九 billion, up eight per cent from  二0 一 六. It maintained its position as one of the five insurance companies with high profitability in the non-life insurance market.

BIC’s general director Trần Hoài An said the corporation had built synchronous solutions to increase its market share while enhancing risk management to meet with the set target of  二0 一 七. Its bancassurance notably posted  六0 per cent increase.

Việt Nam National Aviation Insurance Corporation also posted positive business results, with a total revenue of VNĐ 七 四 四 billion in  二0 一 七, representing  三 六 per cent year-on-year increase.

Its total assets reached VNĐ 一. 五 trillion and charter capital was VNĐ 八00 billion.

Non-life insurers have targeted a revenue of VNĐ 四 四. 七 trillion in  二0 一 八, total assets of VNĐ 七 七. 三 trillion and re-investment of VNĐ 四0 trillion in the economy.

According to the insurers, quick payment, simplification and transparency have been of priority to customers. — VNS