Vietnam Report has released its list of the ten most reputable life insurance companies in Vietnam with nine of the top 10 foreign firms. The market research firm combined survey data, with media analysis, and financial statements to draw its conclusions, though clear methodology has not been provided.
The top ten were:
- Bao Viet: Vietnam
- Prudential: United States
- Dai-Ichi Life: Japan
- AIA: Hong Kong
- CHUBB: Switzerland
- Generali: Italy
- Manulife: Canada
- Hanwha Life: South Korea
- Cathay Life: Taiwan
- FWD: Hong Kong
Of note, Vietnam’s insurance sector has struggled over the last year or so with a number of high-profile instances of consumers claiming they were duped into purchasing insurance products.
For example, allegations surfaced in 2023 that borrowers at Saigon Commercial Bank had been coaxed into purchasing Manulife Vietnam insurance through nefarious means. Bank customers have said they were told they were making deposits into high-interest products but they were actually buying insurance policies.
As a result, the industry has taken a hit in terms of consumer confidence and revenue. That said, it looks to be slowly recovering with Vietnam Report’s survey results finding 45.5 percent of industry respondents expect the industry to grow by around 5 to 10 percent this year.