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Vietnam Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 64 pages

Includes 3 FREE quarterly updates

BMI View: We retain a positive outlook for the Vietnamese insurance industry as a whole. We believe thatthe sector will expand at a significant pace over the next few years as robust economic growth bolstersdemand for both personal and enterprise insurance lines. The market has thus far been hindered by lowincomes and constrained purchasing power of households. Nevertheless, as we are witnessing a gradualpush towards higher expenditure and rising discretionary spending powers, the expansion of the economywill support insurance sales, both life and non-life alike. Insurance products specifically targeting towardsthe low and middle income categories will be seen as a welcome sign. We also note the increaseparticipation of multinationals which are driving innovation and product development. Sun Life Financial'sgrowing exposure to the market is a case in point and also illustrates a gradually improving investmentclimate. Against this backdrop, we envisage total insurance premiums growing at around 11.3% a year inUS dollar terms through the forecast period to 2020.

Key Updates And Forecasts

- Vietnam's non-life insurance sector will slightly underperform the life segment over the next few years,with motor and health/personal accident insurance premiums set to be the main drivers of underwritingactivity. Non-life premiums will expand by 8.3% on average over 2016-2020 to reach USD2.0bn.

- Life premiums will grow at a faster rate of 14% a year over the forecast period to reach USD2.8bn. Theshare of life premiums to total insurance sales will therefore rise from 51% in 2015 to 58% in 2020.

- Pjico, a Vietnamese non-life insurer is selling a 20% stake for US44.89mn to a foreign investor. Thecompany has premium revenues of over USD100mn in 2015 and majority of them deriving from motorvehicle insurance.

- Foreign interest in Vietnam's insurance market continues to grow as multinationals look to profit fromrising income levels and the market's relatively low level of development. November 2015 saw Canada'sSun Life Financial increase its stake in its life insurance joint venture with PVI Holdings - PVI SunLife - from 49% to 75%.

Table Of Contents

Vietnam Insurance Report Q3 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Vietnam 2013-2020) 7
SWOT 9
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Table: Life Premiums (Vietnam 2013-2020) 14
Table: Life Insurance Claims (Vietnam 2009-2013) 15
Non-Life Premiums Forecast 15
Table: Non-Life Premiums (Vietnam 2013-2020) 18
Table: Non-Life Insurance Claims (Vietnam 2009-2014) 20
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums By Product Line (Vietnam 2013-2020) 28
Insurance Risk/Reward Index 31
Asia Pacific Industry Risk/Reward Index 31
Table: Asia Pacific Insurance Risk/Reward Index Q316 32
Market Overview 33
Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Life Insurance Market (USDmn) 2012-2014 35
Non-Life Market Overview 36
The Product Offering 36
The Competitive Landscape 36
Table: Non-Life Market (USDmn) 2009-2014 38
Company Profile 40
AIA Group 40
American International Group (AIG) 43
Bao Viet Holdings 45
Manulife Financial 48
Prudential plc 50
PVI Holdings 53
Sun Life Financial 56
Methodology 58
Industry Forecast Methodology 58
Risk/Reward Index Methodology 61
Table: Indicators 63
Table: Weighting of Indicators 64

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