Life insurance in Vietnam has experienced significant growth and transformation over the past decade, driven by an expanding middle class and increasing awareness of financial planning and risk protection. The life insurance market in Vietnam is diverse, with a range of products offered by both local and international insurers.
One of the major trends in Vietnam’s life insurance sector is digital transformation. Companies are increasingly adopting digital tools to improve customer service and streamline operations. For example, insurers like Prudential Vietnam and Hanwha Life have launched digital platforms and mobile applications that allow customers to purchase policies, make claims, and manage their accounts online. This shift towards digitalization not only enhances customer convenience but also helps insurers reach a wider audience, including younger, tech-savvy consumers.
That said, despite its growth, the life insurance penetration rate in Vietnam remains relatively low compared to other countries in the region. Efforts are being made to increase awareness and accessibility, with insurers introducing simpler products and online channels to attract first-time buyers. However, there still may be some time to go before life insurance is as popular as it might be in other parts of the world.
Life insurance in Vietnam in numbers
Overall, the life insurance market in Vietnam is growing, characterised by increasing premiums, asset growth, and stronger financial health among most major players. This trend reflects rising consumer demand for insurance products as well as strategic expansions by insurers to capture a larger share of the market.
According to the Ministry of Finance’s Annual Report of Vietnam Insurance Market 2023 (its most recent version of the report as of March 2025), most life insurers in Vietnam saw a decline in Gross Written Premiums (GWP) from 2022 to 2023, with Manulife (-18.2%), AIA (-15.6%), and Prudential (-13.0%) experiencing the sharpest drops among the top-tier firms. Moreover, Claims paid increased significantly across the board. For example, AIA’s claims rose by 45.6 percent and Prudential’s by 37.7 percent — both outpacing their premium declines. Claims-to-GWP ratios for 2023 indicate how much of collected premiums were paid out in claims. Prudential and BaoViet both paid out over 45 percent, while Manulife, AIA, and Dai-ichi paid 25–40 percent, suggesting possible pressure on margins or changes in policy maturity or structure.
Total Gross Written Premiums (GWP)
The total GWP for life insurance companies in Vietnam fell from approximately VND 178 trillion in 2022 to VND 157 trillion in 2023. Notably, one major distribution channel in Vietnam has been bancassurance, which allows insurers to sell life insurance through banking networks. However, recent regulatory tightening — including Circular 80/2022/TT-BTC — is placing greater scrutiny on forced sales practices and aims to ensure that policies sold through banks meet the genuine needs of consumers. This could shift the balance back toward digital channels and independent agents.
Total Assets
The total assets held by life insurance companies grew from 704.3 trillion VND in 2022 to 780.8 trillion VND in 2023. This growth is driven by insurers expanding their investment portfolios to support future claims and strengthen their financial position.
Top Companies by Gross Written Premiums
Bao Viet Life, Prudential, and Manulife are the leading life insurers in Vietnam by gross written premiums. In 2023, Bao Viet Life led the market with premiums of VND 33.5 trillion, followed by Prudential with VND 27.1 trillion and Manulife with VND 25.8 trillion.
Owner’s Equity Growth
The owner’s equity across all life insurers increased from VND 140.6 trillion in 2022 to VND 155.4 trillion in 2023. This improvement in equity positions indicates the overall strengthening of the financial health of these companies.
Market Expansion
The number of life insurance policies and policyholders has been steadily increasing, with more consumers becoming aware of the importance of financial protection and investment benefits offered by life insurance.
Gross Written Premiums (GWP), claims paid 2022 vs 2023, VND millions
| Gross Written Premiums | Claims paid | |||
| Company | 2022 | 2023 | 2022 | 2023 |
| BaoViet Life | 33,201,784 | 32,493,117 | 10,968,294 | 14,703,930 |
| Prudential | 31,179,008 | 27,136,866 | 9,569,399 | 13,172,716 |
| Manulife | 31,479,164 | 25,739,485 | 7,601,607 | 10,222,653 |
| Dai-ichi | 21,855,593 | 19,556,862 | 3,867,189 | 5,014,993 |
| AIA | 18,611,093 | 15,709,459 | 4,112,766 | 5,988,890 |
| Chubb | 4,781,876 | 4,582,696 | 1,359,775 | 1,743,001 |
| Generali | 5,102,029 | 4,384,811 | 967,460 | 1,257,609 |
| Hanwha | 4,371,131 | 3,840,870 | 775,827 | 1,051,543 |
| MVI | 2,900,388 | 2,418,829 | 511,263 | 1,140,365 |
| Sunlife | 5,455,807 | 4,369,531 | 771,358 | 693,504 |
| MetLife | 1,784,544 | 1,627,017 | 462,647 | 538,163 |
| MAP | 633,384 | 556,145 | 239,404 | 217,683 |
| Cathay | 2,783,566 | 2,859,177 | 218,276 | 387,180 |
| FWD A | 351,220 | 232,973 | 171,072 | 230,865 |
| FWD | 6,245,347 | 5,558,302 | 590,433 | 727,241 |
| MB Ageas | 6,447,883 | 4,664,791 | 1,886,203 | 2,765,751 |
| Phu Hung Life | 910,852 | 907,008 | 90,769 | 122,237 |
| Fubon | 130,440 | 133,844 | 21,797 | 61,230 |
| Shinhan | 108,700 | 216,937 | 38 | 1,397 |
| Total | 178,333,808 | 156,988,718 | 44,185,576 | 60,040,951 |
Key life insurance providers in Vietnam
Vietnam’s life insurance market is dominated by a mix of local and international players, each offering a variety of products tailored to the diverse needs of consumers. Here are some of the key life insurance providers in Vietnam:
Bao Viet Life
Overview: Bao Viet Life, a subsidiary of Bao Viet Holdings, is the largest and one of the oldest life insurance companies in Vietnam. It has a strong nationwide presence and offers a comprehensive range of life insurance products, including traditional life insurance, endowment plans, and investment-linked policies.
Market Position: Leading the market in terms of gross written premiums and total assets.
Prudential Vietnam
Overview: A subsidiary of Prudential Plc, Prudential Vietnam is one of the most prominent international life insurance companies in the country. It offers a wide range of products, including savings, protection, and investment-linked insurance.
Market Position: Consistently ranks among the top insurers in terms of gross written premiums and customer base.
Manulife Vietnam
Overview: Manulife, part of the Canadian Manulife Financial Group, provides comprehensive life insurance solutions, including health insurance, education plans, and retirement savings products. It is known for its strong focus on customer service and innovative product offerings.
Market Position: One of the top players in terms of asset growth and premium collection.
AIA Vietnam
Overview: AIA Vietnam is a subsidiary of the AIA Group, one of the largest life insurers in Asia. AIA Vietnam offers a broad range of life insurance products, focusing on health, wealth, and protection. It is known for its extensive agent network and customer-centric approach.
Market Position: AIA has a significant presence in both urban and rural markets and is recognized for its financial strength and product diversity.
Dai-ichi Life Vietnam
Overview: Dai-ichi Life is a Japanese insurance company with a strong presence in Vietnam. It offers a variety of life insurance products, including endowment plans, whole life insurance, and critical illness coverage. The company is known for its long-term commitment to the Vietnamese market and customer-centric service.
Market Position: Among the top five life insurers by gross written premiums and total assets.
FWD Vietnam
Overview: FWD is a relatively new player in Vietnam’s life insurance market but has quickly gained a foothold with its innovative products and digital-first approach. It focuses on simplifying insurance and making it more accessible through technology.
Market Position: Known for its rapid growth and focus on digital transformation, appealing particularly to younger, tech-savvy customers.
Sun Life Vietnam
Overview: A subsidiary of the Canadian financial services company Sun Life Financial, Sun Life Vietnam offers a range of life insurance products, including retirement and savings plans. It is recognized for its high-quality customer service and strong focus on wealth management and financial planning.
Market Position: Gaining traction in the market with a focus on customer education and wealth accumulation products.
Generali Vietnam
Overview: Part of the Italian insurance giant Generali Group, Generali Vietnam provides life insurance solutions focusing on savings, health, and protection. It is known for its innovative product offerings and customer-friendly digital platforms.
Market Position: Known for leveraging technology and innovation to enhance customer experience and expand its market share.
Hanwha Life Vietnam
Overview: Hanwha Life, part of the South Korean Hanwha Group, offers a variety of life insurance products in Vietnam, including traditional life insurance, health insurance, and savings plans. It has a strong network of agents and focuses on customer-centric service.
Market Position: Steadily growing its presence with a strong focus on product diversification and customer engagement.
MB Ageas Life
Overview: MB Ageas Life is a joint venture between Military Bank (MB), Ageas (Belgium), and Muang Thai Life (Thailand). It offers a wide range of life insurance products, focusing on savings and protection solutions tailored to the needs of Vietnamese families.
Market Position: Quickly gaining market share with a strategic partnership approach and innovative products.
These providers are driving the growth and development of the life insurance market in Vietnam, offering a diverse array of products and services to meet the evolving needs of consumers.
What’s next?
Despite the steady growth of the life insurance market, penetration rates in Vietnam remain relatively low compared to other countries in the region. The focus will be on expanding coverage, particularly among the growing middle class, the younger generation, and the informal sector. Insurers are expected to introduce more affordable and flexible products tailored to these segments, along with targeted educational campaigns to raise awareness about the benefits of life insurance.
With this in mind, foreign insurance firms considering entering the Vietnam market should make sure to keep up to date with the latest developments in Vietnam’s insurance industry by subscribing to the-shiv.
First published September 28, 2024. Last updated March 27, 2025.