Pre-tax profit in Q4/2025 at many listed insurers fell sharply, with some companies swinging from profit to loss as consecutive natural disasters drove up claims.
Even so, for the full year, the sector managed to move past the challenging period, sustaining growth in gross written premiums and maintaining stable earnings.
Fourth-quarter 2025 results from 13 listed insurers – including 10 non-life insurers, Bao Viet Holdings operating in both life and non-life segments, and two reinsurance companies – reflected a sharply divergent profit picture and mounting pressure compared with the same period in 2024.
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Among the 10 non-life insurers, only a handful posted on-year gains. Bao Viet Holdings led the pack with pre-tax profit of $42.47 million in Q4, 2025, up 52 per cent and far outpacing its peers.
BSH Insurance reported pre-tax profit of $1.48 million, up 17.9 per cent, while PJICO recorded $2.44 million, a 25.3 per cent increase.
By contrast, several insurers saw profits plunge during the period. Bao Minh’s earnings fell 93.4 per cent to just $0.14 million. Of note, Bao Long reported a loss of $1.02 million compared with a profit of $0.93 million a year earlier, while PVI posted a loss of $1.25 million versus a profit of $6.17 million in the same period of 2024.
Other insurers reporting profit declines of less than 50 per cent included BIC, with $5.4 million, down 37 per cent; DBV, with $0.92 million, down 36.3 per cent; Agribank Insurance (ABIC), with $2.73 million, down 26.9 per cent; and PTI, with $3.3 million, edging down 4.5 per cent on-year.
In the reinsurance segment, Vietnam National Reinsurance Corporation (Vinare) posted pre-tax profit of $5.87 million, down 19.4 per cent on-year, while Hanoi Reinsurance Corporation (Hanoi Re), a subsidiary of PVI Holdings, reported $2.2 million in profit, down 39 per cent. The downturn suggests that reinsurance operations were also severely affected by volatility in claims.
Although the fourth quarter marked a ‘profit trough,’ full-year 2025 results reflected a positive transformation for the listed insurance sector. Total pre-tax profit across the surveyed companies reached $340.00 million, up a robust 24.8 per cent on-year.
This surge was primarily driven by industry heavyweight Bao Viet Holdings, which posted a record-high annual profit of $148.60 million, up nearly 40 per cent on-year. PVI further cemented its position and operational efficiency with profit of $58.2 million, an increase of 28.5 per cent.
Other companies also delivered steady growth, albeit at varying speeds. DBV Insurance and BSH recorded breakout growth of 150.4 per cent (reaching $1.56 million) and 89.1 per cent (reaching $0.94 million), respectively.
Meanwhile, MIC reported $16.35 million in profit, up 32.7 per cent; ABIC posted $12.7 million, up 24.5 per cent; and BIC achieved $27.1 million, up 4 per cent. On the downside, PTI saw profit fall 7.9 per cent to $14.8 million, while Bao Long recorded the steepest drop in the sector, down 49 per cent to $1.68 million.
In reinsurance, the two listed companies maintained steady growth. Hanoi Re reported pre-tax profit surpassing $12 million, up 24.6 per cent, while Vinare posted $21.1 million, up 9.8 per cent.
Last year also saw insurers sustain a positive growth in gross written premiums. Total combined revenue of 11 listed insurers reached $2.49 billion, up 6.7 per cent on-year.
At the same time, their ability to deliver timely and adequate claims payments following natural disasters further strengthened credibility and market confidence, laying the groundwork for enhanced competitiveness and positioning the sector for acceleration in the 2026 business season.
According to Le Ba Chi Nhan, a senior economic expert, the steep decline in profits among non-life and reinsurance companies in Q4/2025 underscores the significant impact of natural disaster risks.
“The profit divergence seen in 2025 is not merely a short-term development driven by natural disasters, but a signal that Vietnam’s non-life insurance sector is entering a new phase of in-depth development, where governance efficiency and the quality of growth will become decisive factors in determining each company’s market position,” he said.
