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| Inside a Bao Viet Group office. (Photo courtesy of Bao Viet Group) |
Investment reinjected into the economy by the enterprises was projected at 780.7 trillion VND, up 12.7% during this period.
As of the end of February, the collective assets of insurance enterprises were anticipated to hit 934.8 trillion VND, up 11% year-on-year and 2.4% compared to the end of last year.
These figures indicated a rebound in insurance operations, notably amid poor results in 2023, when total revenue from insurance premiums decreased by 8% compared to 2022. Specifically, the total new premium revenue generated in the life insurance sector declined 44.5% in 2023 to 140 trillion VND.
In 2023, insurance companies disbursed nearly 81 trillion VND to settle insurance benefits for clients, up 32% year-on-year.
According to the Insurance Association of Vietnam, the insurance market has 82 businesses, including 31 non-life insurance companies, one branch of a foreign non-life insurance companies, 19 foreign life insurance firms, two reinsurance enterprises and 29 insurance brokerage companies./.
