Japanese insurer records strong growth in Vietnam

January 17, 2018 | 22:39

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Life insurer Dai-ichi Life Vietnam collected $350 million in premiums in 2017, securing its foothold in one of Asia’s fastest-growing insurance markets.

Dai-ichi Life Vietnam received the Third Class Labour Medal today

Dai-chi Life Vietnam has just released its 2017 business results, which states that the insurer now takes up 12 per cent of the market share in the Vietnamese life insurance segment. The total premium gained in 2017 amounted to VND8 trillion ($350 million).

With these positive results, Dai-ichi Life is now Vietnam’s third biggest life insurer in terms of total premiums. The firm now serves two million Vietnamese customers via a network of 1,200 employees and 70,500 professional advisors.

Throughout 11 years of operations in Vietnam, Dai-ichi Life has built the third largest distribution network among all life insurers, running 260 offices in all provinces across the country.

The firm also received the Third Class Labour Medal today in Ho Chi Minh City. At the ceremony, Takashi Fujii, chairman of Dai-ichi Life International Asia Pacific and chairman of Dai-ichi Life Vietnam noted that Dai-ichi Life Vietnam would continue its strategy as a socially responsible insurer.

“We would like to blend our growth with social responsibilities. This is the core mission of Dai-ichi Life Vietnam,” said Fujii.

According to the General Statistics Office, the Vietnamese life insurance market grew by 29 per cent in terms of new premiums in 2017, reaching VND65 trillion ($2.8 billion). The country is now one of Asia's fastest-growing markets thanks to a young population, a burgeoning middle class, and the low penetration rate of insurance products.

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