In recent years, many customers have paid attention to the product life insurance. And to meet the needs of customers, many life insurance companies have been born. However, not all companies meet the standards and reputation for their products.
The article below, we will introduce to you Top 10 most prestigious life insurance companies in Vietnam in 2022. Follow along with BankCredit through the following article.
Summary of Life Insurance Companies in Vietnam
According to statistics, Vietnam currently has about 18 life insurance companies, including both state-owned and foreign-invested companies. However, if counted in the whole country of Vietnam, this is not much, if not less.
Out of 18 companies, there is only one domestic company. The remaining 17 insurance companies are foreign-invested. Specifically, those companies are:
- Prudential Vietnam Insurance Company Limited – [Prudential Việt Nam].
- Bao Viet Life Corporation – [Bảo Việt Nhân thọ].
- Manulife Vietnam Co., Ltd – [Manulife Việt Nam].
- AIA Insurance Company Limited (Vietnam) – [AIA Việt Nam].
- Chubb Vietnam Insurance Company Limited – [Chubb Life Việt Na].
- Dai-ichi Insurance Vietnam Co., Ltd – [Dai-ichi Life Việt Nam].
- Sun Life Vietnam Insurance Company Limited – [Sun Life Việt Nam].
- Mirae Asset Prevoir Insurance Company Limited – [MAP Life].
- FWD Vietnam Insurance Company Limited.
- Hanwha Life Vietnam Insurance Company Limited – [Hanwha Life Việt Nam].
- Generali Vietnam Life Insurance Company Limited – [Generali Việt Nam].
- Aviva Vietnam Life Insurance Company Limited – [Aviva Việt Nam].
- Vietcombank – Cardif Life Insurance Co., Ltd [VCLI].
- Cathay Vietnam Life Insurance Company – [Cathay life].
- Fubon Vietnam Life Insurance Co., Ltd – [BHNT Fubon Việt Nam].
- Phu Hung Life Insurance Joint Stock Company [Phú Hưng life].
- BIDV Metlife Insurance Company Limited – [BIDV Metlife].
- MB Ageas Insurance Company Limited – [MB Ageas Life].
Criteria for Evaluation of Prestigious Life Insurance Company
To be able to assess which is a reputable insurance company. It should be based on the following criteria:
- Financial capacity and potential are shown in the most recent year’s audited financial statements (including total assets and revenue, profit after tax, efficiency of capital use…).
- Media credibility is assessed by the Media Coding method. A method used to encrypt articles about insurance companies on influential media channels.
- Survey on customer awareness and satisfaction with insurance products/services; Survey of a group of financial experts on the prestige and position of insurance companies in the industry. The survey on the situation of insurance companies was conducted in May 2019 in terms of capital size, profit, revenue growth rate, and operation plan for the year…
TOP 10 Most Prestigious Life Insurance Companies In Vietnam
Through the evaluation criteria that have been recommended above. Here is a list of 10 most prestigious life insurance companies in Vietnam in 2022, including:
- Bao Viet Life Corporation.
- Prudential Vietnam Insurance Company Limited.
- Dai-ichi Insurance Vietnam Co., Ltd.
- AIA (Vietnam) Life Insurance Co., Ltd.
- Manulife Vietnam Co., Ltd.
- Chubb Insurance Vietnam Co., Ltd.
- Sun Life Vietnam Life Insurance Company Limited.
- Hanwha Life Vietnam Insurance Co., Ltd.
- Cathay Vietnam Insurance Co., Ltd.
- Mirae Asset Prevoir Co., Ltd.
Baoviet Life Corporation
Is a member company with 100% capital of Baoviet Finance and Insurance Group. By 2007, Baoviet had more than 50 products, 75 member companies, about 300 transaction points nationwide and more than 2000 highly specialized staffs, 100,000 experienced consultants.
By 2020, Baoviet has served more than 15.2 million customers. Spending up to 41 trillion dong for customers and reinvesting in the economy about 140,000 billion dong.
Bao Viet Insurance Company is an insurance company managed and developed by the Vietnamese government by the Ministry of Finance since 1965.
Prudential (Vietnam) Life Insurance Company Limited
Prudential Vietnam officially operated in Vietnam in 1999. Up to now, the company has more than 300 service centers and branch offices spread across the country. Prudential is one of the life insurance companies honored to receive countless awards from domestic and foreign organizations.
Refer: Find out if Prudential Insurance Scam?
Dai-Ichi Life Insurance Company Limited (Vietnam)
Dai-ichi Life Vietnam is one of the most trusted life insurance companies today. The company offers a variety of insurance packages such as: Health care, Accident insurance, Critical Illnesses, Children’s insurance…. All insurance packages have the goal of maximum protection of the interests and safety of customers.
Some outstanding features of Dai-ichi Life Vietnam:
- As a major insurance company in Vietnam. Established in 2007 and 100% capital from Japan.
- Owning 290 transaction offices and branches nationwide. With more than 1,400 employees and over 85,000 professional consultants.
- Dai-ichi Life has total assets of up to VND 30,000 billion and more than 3 million insured.
Refer: Find out Dai Ichi Life insurance scam?
AIA (Vietnam) Company Limited
Established in February 2000, AIA has been many times in the top of the most prestigious life insurance distribution companies. Published by Vietnam Assessment Report Joint Stock Company.
- AIA Vietnam Insurance Company Limited is a subsidiary of AIA Group of America.
- AIA Life Insurance offers a wide range of insurance products. To fully meet the needs of customers.
- The procedure is quick. Extremely professional customer service.
- As a company with solid financial strength with total assets of up to 284 billion USD.
See more: Find out if AIA insurance scams?
Manulife (Vietnam) CO., LTD
Manulife officially operated in Vietnam market in June 1999. Manulife offers customers a variety of insurance services such as maternity insurance, baby insurance, accident insurance, retirement insurance and many other insurance products.
Manulife Vietnam Insurance Company belongs to Manulife Financial Group. This is an insurance company with more than 20 years of experience and development of insurance services in Vietnam.
- As the first foreign-owned insurance company in Vietnam.
- Doing business 100% in the field of life insurance in accordance with the regulations of the Ministry of Finance and the Law on Insurance Business of Vietnam.
- The company has the largest charter capital in Vietnam with more than 18 companies. Serving about 800,000 customers at 61 offices in 45 provinces and cities nationwide.
See more: Find out if Manulife insurance scams?
Chubb Life (Vietnam) Insurance Company Limited
Chubb Insurance Vietnam Co., Ltd operates in two fields: life insurance and non-life insurance. Chubb Company has many strengths in finance, expertise in insurance claims or insurance capacity…
See more: Learn Chubb life insurance scam?
Sun Life (Vietnam) Company Limited
Referring to Vietnamese life insurance companies, it is certainly impossible not to mention Sun Life. One of the leading limited liability companies in the field of retirement insurance, serving many domestic and foreign customers.
Hanwha Life (Vietnam) Insurance Company Limited
Established in 1946, Hanwha Life is the oldest company in the Korean market with total assets of 102.2 billion USD.
Hanwha Life currently has about 250 employees with 40,000 financial advisors. And over 100 customer service points spread across the country.
See more: Find out if Hanwha Life insurance scam?
Cathay (Vietnam) Insurance Company Limited
Cathay Vietnam Co., Ltd. is the successor of more than 50 years of successful operation of Cathay Life Insurance Company in Taiwan. Cathay Vietnam is aiming to become a leading insurance distribution company with the best service quality.
See more: Find out if Cathay life insurance scam?
Mirae Asset Prévior . Co., Ltd
Mirae Asset Prévoir Co., Ltd has more than 14 years of experience in the life insurance industry in Vietnam. The company is still trying to continue to expand its coverage in many provinces and cities across the country. To satisfy and serve more customers.
How to Calculate the Score of the Trusted Life Insurance Company Ranking
According to data from the Insurance Administration and Supervision Department (under the Ministry of Finance), up to end of 2021. Total assets of the insurance market reached VND710,002 billion, up 23.86% over the same period in 2020. Insurance companies returned to invest 577,069 billion VND dong, up about 22.24% compared to the same period in 2020. Total provision for insurance operations in 2021 was estimated at 455,606 billion VND, an increase of 24.89% compared to 2020.
According to the Insurance Administration and Supervision Department, in 2022, although the Covid-19 situation is still complicated, and the economy recovers, there are still many challenges. However, the insurance market is still expected to be quite active. Accordingly, most of the important indicators are forecasted to maintain double-digit growth. Accordingly, the total assets in the insurance market in 2022 are estimated at 808,908 billion VND dong, up about 13.93% compared to the same period last year. Economic return investment reaches 677,036 billion VND VND, up 17.32% in 2021. Total insurance provision is estimated to reach 533,758 billion VND dong, increase 17.15% compared to the same period in 2021.
Total equity capital of insurance companies in 2022: forecast to reach 165,069 billion VND copper, increase 8.25% compared to 2021. Total revenue is estimated at 253,730 billion VND VND, an increase of 18.04% compared to 2021. Insurance benefit payment in 2022 reached 58,291 billion VND copper, increase 17.61% compared to the same period in 2020.
In general, it can be seen that insurance is still a thriving industry in the new era, when epidemics and natural disasters appear a lot. Human values are increasingly enhanced, valued and need to be protected more.
Criteria for Assessing Credibility of Life Insurance Company
Insurance companies will usually be assessed for their credibility based on the following basic criteria:
- Corporate financial results (30% of the score): This result will be evaluated according to the most recent year’s audited financial statements of the insurance company. Financial ratios that are focused on are total assets and revenue, profit after tax, efficiency of capital use, etc.
- Corporate reputation in the media (30% of the score): VietNam Report page will use Media Coding method – a method of coding articles about insurance companies on influential media channels such as newspapers and magazines about insurance…
- Online survey of customer awareness and satisfaction (40% of the score): This criterion is considered the most important because it has more to do with the reputation of the insurance company. In this criterion, VietNam Report will conduct a survey of experts to assess the position of insurance companies, and at the same time, survey more insurers about market size, revenue growth, profit, capital labor, operation plan. In addition, the survey also surveyed the customer’s knowledge as well as the level of satisfaction with the products and services that the insurance company provides.
So we have provided you with Top 10 reputable life insurance companies in Vietnam in 2022. Hopefully through the article, customers will choose for themselves a quality insurance company that is suitable for their needs.
If you have any questions. Leave a comment below the article, we will quickly respond.
Information edited by: Bankcredit.vn