OPES: On Track for a Breakthrough Year with a Strong First Half, Surpassing Targets at 109%

Strong Growth Amidst Challenging Environment

According to preliminary figures from the Vietnam Insurance Association, the non-life insurance market’s total revenue for the first half of 2025 is estimated at over VND 42,600 billion, a 9.1% increase compared to the same period last year. The market is showing positive signs as the demand for property and health protection increases, along with the introduction of numerous digital insurance products. However, the industry still faces challenges from macroeconomic fluctuations, cost pressures, and rising customer experience expectations.

Despite these challenges, OPES has made a strong impression with its remarkable performance. In the first half of 2025, OPES is estimated to have generated total insurance premium revenue of over VND 2,191 billion, completing 115% of its plan and achieving a remarkable 113% growth rate compared to the previous year, outpacing the industry average.

This revenue growth is driven by core products such as O.CAR motor vehicle insurance, personal accident insurance, and motor vehicle liability insurance. With this growth momentum, OPES has climbed four spots to enter the Top 7 companies with the highest market share compared to the end of 2024.

Profit before tax reached 109% of the cumulative plan, placing OPES among the leading businesses in terms of financial performance. The total number of insurance policies issued reached approximately 139 million, a 40% increase compared to the first half of 2024.

Additionally, by applying operational technology in daily tasks, OPES has seen a reduction in its operating expense ratio, demonstrating significant efficiency in its digital transformation efforts. OPES has also maintained a low claims ratio compared to the initial plan, reflecting the company’s stringent underwriting and risk management practices. OPES’ financial indicators are among the best in Vietnam’s non-life insurance market.

Propelling Growth through Digital Ecosystem and Diverse Product Strategy

OPES’ strategic moves have been recognized through notable awards in the first half of 2025, including its inclusion in the FAST500 ranking of Vietnam’s Top 500 Fastest-Growing Companies, a “double win” at the Insurance Asia Awards 2025 as “Digital Insurer of the Year” and “AI Initiative of the Year,” and its first entry into the Top 10 most reputable non-life insurance companies in Vietnam announced by Vietnam Report.

For the second half of 2025, OPES aims to maintain its strong growth momentum while optimizing operational efficiency across four pillars: business, operations, products, and brand.

Mr. Nguyen Huu Tu Tri, Deputy General Director of OPES, shared: “OPES is sustaining its stable growth trajectory through an expanding digital ecosystem and effective collaborations with over 30 diverse partners from banking, fintech, technology platforms, and multi-industry, multi-service sectors. Moving forward, OPES will further enrich its insurance product portfolios, tailored to meet the diverse needs of our customers, catering to the multi-faceted lifestyles of Vietnamese people, and staying ahead of the curve in the digital insurance market.”

Mr. Nguyen Huu Tu Tri, Deputy General Director of OPES, speaking at the Mid-year Conference

A significant trend in the non-life insurance sector is the strong push towards digitalization. Businesses are not only focusing on enhancing the quality of traditional products but also leveraging technology to meet customers’ demands for convenient, fast, and personalized insurance solutions. Embracing this trend, OPES continuously expands its digital ecosystem and maintains effective collaborations with over 30 partners, ranging from banks and fintech companies to technology platforms.

In terms of operations, OPES is driving automation throughout the entire cycle, from policy issuance to claims assessment, compensation, and contract management, to shorten processing times, enhance customer experience, and reduce costs. The product portfolio is specially designed for each group of partners and customers, with a highlight on VPB O.Life+ critical illness insurance in cooperation with VPBank and MSIG, conveying a message of “prosperous health” and providing comprehensive protection.

In terms of brand strategy, OPES aims to reinforce its image as a “pioneering digital insurer” through innovative initiatives, enhanced brand recognition, and market credibility. Leveraging its strong financial foundation from VPBank, OPES is accelerating its growth in the second half of 2025 and is poised to disrupt the non-life insurance market with innovative products and operational excellence, solidifying its position as a pioneer in the digital insurance model.