Non-life insurers earn 1.78 billion USD revenue in 2017 (Photo VNA)Hanoi (VNA) -Non-life insurance premium in 2017 continued its sustained growth, with anestimated revenue of 40.5 trillion VND (1.78 billion USD), representing an 11per cent year-on-year increase.
According to the Ministryof Finance’s Insurance Supervisory Authority (ISA), total assets of non-lifeinsurance companies reached 73.6 trillion VND in 2017, while 38.8 trillion VND werere-invested into the economy.
Insurers also paid 14.95trillion VND for customers.
Reports from insurersrevealed positive business results in 2017.
A representative of BaoVietInsurance Corporation said it surpassed its set target with insurance premiumrevenue of more than 8.5 trillion VND, which was higher than the market’saverage growth.
BIDV Insurance Corporation (BIC)said its total revenue from insurance premium last year was estimated at 1.82trillion VND, increasing 9.2 percent from the previous year. BIC’s pre-taxintegrated profit was 179 billion VND, up eight per cent from 2016. Itmaintained its position as one of the five insurance companies with highprofitability in the non-life insurance market.
BIC’s general director TranHoai An said the corporation had built synchronous solutions to increase itsmarket share while enhancing risk management to meet with the set target of2017. Its bancassurance notably posted 60 percent increase.
Vietnam National AviationInsurance Corporation also posted positive business results, with total revenueof 744 billion VND in 2017, representing 36 percent year-on-year increase.
Its total assets reached 1.5trillion VND and chartered capital was 800 billion VND.
Non-life insurers havetargeted revenue of 44.7 trillion VND in 2018, total assets of 77.3 trillion VNDand re-investment of 40 trillion VND in the economy.
According to the insurers,quick payment, simplification and transparency have been of priority tocustomers.-VNA
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