AIA Vietnam Life Insurance Company Limited has announced its mid-year business performance report for 2024, with net insurance revenue reaching over VND 6,859 billion, a decrease of approximately VND 700 billion compared to the same period last year. The company’s pre-tax profit stood at more than VND 581 billion, almost halving from the previous year’s figure of over VND 1,100 billion.
Another foreign insurance company, Generali Vietnam Life Insurance Limited, reported a decrease in net insurance revenue for the first six months of 2024, falling by nearly VND 300 billion to VND 1,472 billion. Consequently, the company’s post-tax profit also took a hit, decreasing significantly to VND 116.7 billion, compared to VND 449.8 billion in the same period last year.
Large insurance companies face challenges
Even industry leader Prudential Vietnam Life Insurance Ltd. witnessed a significant decline in its financial performance. According to their 2024 semi-annual report, pre-tax profit decreased by 31.79% year-on-year, equivalent to a drop of VND 509 billion, landing at nearly VND 1,092 billion. Original insurance premium revenue for Prudential Vietnam also decreased by 13.22%, reaching VND 11,143 billion.
Manulife Vietnam, another prominent player in the industry, saw a 24% year-on-year decrease in net revenue from its insurance business in the first six months, amounting to over VND 8,400 billion. After expenses, the company’s net profit stood at nearly VND 1,700 billion, a 13% decrease compared to the previous year.
Meanwhile, Sun Life Insurance Company released its mid-year financial report, revealing a decline in net revenue from its primary insurance business to nearly VND 1,700 billion, a 25% drop compared to the same period last year. The company incurred a net loss of over VND 360 billion after expenses.
Manulife pioneers the use of technology to ensure customers’ full understanding and accurate purchases
Manulife Vietnam is thrilled to announce the official implementation of the information verification and contract issuance monitoring process for all M-Pro policyholders, effective from January 1, 2024. This comes after a successful pilot phase, demonstrating our commitment to ensuring accuracy and transparency in our insurance policies.
A Life Insurance Company Pours Over $730 Million into the Stock Market, Holding a Large Chunk of Bank Shares
As of the end of June, this company held over 494.5 million listed securities and traded securities on the UPCoM system, valued at more than VND 17.3 trillion. In the first half of 2024, this insurance enterprise invested over VND 2.4 trillion in additional purchases of securities.
