Vietnam Life Insurance - Market

Life Insurance - Comprehensive Study by Type (Term Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance), Type (Individual, Group), Enterprise Size (Small and Medium-Sized Enterprises, Large Enterprises), Distribution Channel (Direct Sales, Insurance Brokers, Bancassurance, Agencies, Online, Others)

Life Insurance - Market by XX Submarkets | Forecast Years 2024-2030 | CAGR: 8.4%  

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  • Summary
  • Market Segments
  • Table of Content
  • List of Table & Figures
  • Players Profiled
Vietnam Life Insurance - Market Overview:
Life insurance offers various life insurance products and services to individuals and businesses to provide financial protection and security in the event of death, disability, or critical illness. These products typically include term life insurance, whole life insurance, endowment policies, and investment-linked insurance plans. The life insurance sector has experienced significant growth in recent years, driven by rising incomes, increasing awareness of the importance of financial planning, and government regulations aimed at promoting insurance penetration. Major life insurance companies include both domestic insurers and multinational insurance groups, offering a range of life insurance products to the needs of consumers. As per latest study released by AMA Research, the Vietnam Life Insurance - market is expected to see growth rate of 8.4%

AttributesDetails
Study Period2018-2030
Base Year2023
Forecast Period2024-2030
Historical Period2018-2023
UnitValue (USD Billion)
Customization ScopeAvail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility


Influencing Trend:
The widespread adoption of digital technologies and online platforms has simplified the process of accessing insurance products.

Market Growth Drivers:
Increasing Awareness of the Potential Risks and Uncertainties in Life and Growing Recognition of the Necessity of Insurance Protection

Challenges:
Life insurance offers limited flexibility in terms of premium payments and coverage adjustments

Restraints:
If policyholders do not pay their premiums on time, their life insurance coverage can be at risk of lapsing

Opportunities:
Growing awareness of the need for cyber insurance coverage to protect against financial losses

Competitive Landscape:
Established insurance giants, such as Prudential, MetLife, and AIA, dominate the global stage with extensive product offerings, strong financial backing, and a wide-reaching presence. In addition to these industry stalwarts, regional players compete fiercely in key markets, leveraging localized expertise and tailored solutions to attract customers. Furthermore, the emergence of innovative insurtech startups, such as Lemonade and Oscar Health, introduces disruptive elements into the market, challenging traditional business models with digital-first approaches, streamlined processes, and personalized experiences. This dynamic landscape fosters a competitive environment where insurers must continuously adapt and evolve to meet the evolving needs and preferences of customers while navigating regulatory challenges and economic uncertainties.
Some of the key players profiled in the report are Baoviet Insurance, The Manufacturers Life Insurance Company, Prudential, Dai-ichi Life Vietnam Fund Management Company, AIA Group Limited, MB Ageas Life Insurance Co., Ltd., Chubb, Assicurazioni Generali S.p.A., FWD Vietnam and Hanwha Group. Analyst at AMA Research see Vietnam Players to retain maximum share of Vietnam Life Insurance - market by 2030. Considering Market by Type, the sub-segment i.e. Individual will boost the Life Insurance - market. Considering Market by Enterprise Size, the sub-segment i.e. Small and Medium-Sized Enterprises will boost the Life Insurance - market. Considering Market by Distribution Channel, the sub-segment i.e. Direct Sales will boost the Life Insurance - market.

Latest Market Insights:
In April 2023, Igloo, a regional insurtech company, revealed its strategic collaboration with Circle K, a global convenience store chain, aimed at enhancing the accessibility of insurance products across Southeast Asia. Kicking off in Vietnam, where Circle K boasts over 400 stores, this partnership signifies a milestone as it marks the debut of general insurance products in convenience stores throughout Asia. and In February 2024, Shinhan Life Insurance Vietnam Co., Ltd. unveiled its new financial consultancy FC Channel, showcasing the company's steadfast dedication to implementing sustainable and long-term growth strategies in the Vietnamese market. This initiative is part of Shinhan Life Insurance's commitment to providing Vietnamese customers with access to comprehensive and personalized financial protection solutions.

In February 2023, Chubb Life Insurance Vietnam Company Limited unveiled its latest offering, the Premier Variable Universal Life, a Unit-Linked Insurance Plan. With this innovative product caters to the needs of Vietnamese customers, providing a comprehensive solution that combines protection and investment opportunities, ensuring financial security and growth potential for policyholders.

According to the Ministry of Finance (MOF), Insurance companies operating in Vietnam are required to deposit a security amount into a commercial bank within the country. This deposit is calculated at 2% of the minimum required charter capital or allocated capital, as stipulated for each type of insurance company.

What Can be Explored with the Life Insurance - Market Study
 Gain Market Understanding
 Identify Growth Opportunities
 Analyze and Measure the Vietnam Life Insurance - Market by Identifying Investment across various Industry Verticals
 Understand the Trends that will drive Future Changes in Life Insurance -
 Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals

Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Vietnam Life Insurance - market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Life Insurance - market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Financial Institutes, Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.

Report Objectives / Segmentation Covered

By Type
  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Variable Life Insurance
By Type
  • Individual
  • Group

By Enterprise Size
  • Small and Medium-Sized Enterprises
  • Large Enterprises

By Distribution Channel
  • Direct Sales
  • Insurance Brokers
  • Bancassurance
  • Agencies
  • Online
  • Others

By Regions
    • 1. Market Overview
      • 1.1. Introduction
      • 1.2. Scope/Objective of the Study
        • 1.2.1. Research Objective
    • 2. Executive Summary
      • 2.1. Introduction
    • 3. Market Dynamics
      • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1. Increasing Awareness of the Potential Risks and Uncertainties in Life
        • 3.2.2. Growing Recognition of the Necessity of Insurance Protection
      • 3.3. Market Challenges
        • 3.3.1. Life insurance offers limited flexibility in terms of premium payments and coverage adjustments
      • 3.4. Market Trends
        • 3.4.1. The widespread adoption of digital technologies and online platforms has simplified the process of accessing insurance products.
    • 4. Market Factor Analysis
      • 4.1. Porters Five Forces
      • 4.2. Supply/Value Chain
      • 4.3. PESTEL analysis
      • 4.4. Market Entropy
      • 4.5. Patent/Trademark Analysis
    • 5. Vietnam Life Insurance -, by Type, Type, Enterprise Size and Distribution Channel (value) (2018-2023)
      • 5.1. Introduction
      • 5.2. Vietnam Life Insurance - (Value)
        • 5.2.1. Vietnam Life Insurance - by: Type (Value)
          • 5.2.1.1. Term Life Insurance
          • 5.2.1.2. Whole Life Insurance
          • 5.2.1.3. Universal Life Insurance
          • 5.2.1.4. Variable Life Insurance
        • 5.2.2. Vietnam Life Insurance - by: Type (Value)
          • 5.2.2.1. Individual
          • 5.2.2.2. Group
        • 5.2.3. Vietnam Life Insurance - by: Type (Value)
          • 5.2.3.1. Term Life Insurance
          • 5.2.3.2. Whole Life Insurance
          • 5.2.3.3. Universal Life Insurance
          • 5.2.3.4. Variable Life Insurance
        • 5.2.4. Vietnam Life Insurance - by: Type (Value)
          • 5.2.4.1. Individual
          • 5.2.4.2. Group
        • 5.2.5. Vietnam Life Insurance - by: Enterprise Size (Value)
          • 5.2.5.1. Small and Medium-Sized Enterprises
          • 5.2.5.2. Large Enterprises
        • 5.2.6. Vietnam Life Insurance - by: Distribution Channel (Value)
          • 5.2.6.1. Direct Sales
          • 5.2.6.2. Insurance Brokers
          • 5.2.6.3. Bancassurance
          • 5.2.6.4. Agencies
          • 5.2.6.5. Online
          • 5.2.6.6. Others
    • 6. Life Insurance -: Manufacturers/Players Analysis
      • 6.1. Competitive Landscape
        • 6.1.1. Market Share Analysis
          • 6.1.1.1. Top 3
          • 6.1.1.2. Top 5
      • 6.2. Peer Group Analysis (2023)
      • 6.3. BCG Matrix
      • 6.4. Company Profile
        • 6.4.1. Baoviet Insurance
          • 6.4.1.1. Business Overview
          • 6.4.1.2. Products/Services Offerings
          • 6.4.1.3. Financial Analysis
          • 6.4.1.4. SWOT Analysis
        • 6.4.2. The Manufacturers Life Insurance Company
          • 6.4.2.1. Business Overview
          • 6.4.2.2. Products/Services Offerings
          • 6.4.2.3. Financial Analysis
          • 6.4.2.4. SWOT Analysis
        • 6.4.3. Prudential
          • 6.4.3.1. Business Overview
          • 6.4.3.2. Products/Services Offerings
          • 6.4.3.3. Financial Analysis
          • 6.4.3.4. SWOT Analysis
        • 6.4.4. Dai-ichi Life Vietnam Fund Management Company
          • 6.4.4.1. Business Overview
          • 6.4.4.2. Products/Services Offerings
          • 6.4.4.3. Financial Analysis
          • 6.4.4.4. SWOT Analysis
        • 6.4.5. AIA Group Limited
          • 6.4.5.1. Business Overview
          • 6.4.5.2. Products/Services Offerings
          • 6.4.5.3. Financial Analysis
          • 6.4.5.4. SWOT Analysis
        • 6.4.6. MB Ageas Life Insurance Co., Ltd.
          • 6.4.6.1. Business Overview
          • 6.4.6.2. Products/Services Offerings
          • 6.4.6.3. Financial Analysis
          • 6.4.6.4. SWOT Analysis
        • 6.4.7. Chubb
          • 6.4.7.1. Business Overview
          • 6.4.7.2. Products/Services Offerings
          • 6.4.7.3. Financial Analysis
          • 6.4.7.4. SWOT Analysis
        • 6.4.8. Assicurazioni Generali S.p.A.
          • 6.4.8.1. Business Overview
          • 6.4.8.2. Products/Services Offerings
          • 6.4.8.3. Financial Analysis
          • 6.4.8.4. SWOT Analysis
        • 6.4.9. FWD Vietnam
          • 6.4.9.1. Business Overview
          • 6.4.9.2. Products/Services Offerings
          • 6.4.9.3. Financial Analysis
          • 6.4.9.4. SWOT Analysis
        • 6.4.10. Hanwha Group
          • 6.4.10.1. Business Overview
          • 6.4.10.2. Products/Services Offerings
          • 6.4.10.3. Financial Analysis
          • 6.4.10.4. SWOT Analysis
    • 7. Vietnam Life Insurance - Sale, by Type, Type, Enterprise Size and Distribution Channel (value) (2025-2030)
      • 7.1. Introduction
      • 7.2. Vietnam Life Insurance - (Value)
        • 7.2.1. Vietnam Life Insurance - by: Type (Value)
          • 7.2.1.1. Term Life Insurance
          • 7.2.1.2. Whole Life Insurance
          • 7.2.1.3. Universal Life Insurance
          • 7.2.1.4. Variable Life Insurance
        • 7.2.2. Vietnam Life Insurance - by: Type (Value)
          • 7.2.2.1. Individual
          • 7.2.2.2. Group
        • 7.2.3. Vietnam Life Insurance - by: Type (Value)
          • 7.2.3.1. Term Life Insurance
          • 7.2.3.2. Whole Life Insurance
          • 7.2.3.3. Universal Life Insurance
          • 7.2.3.4. Variable Life Insurance
        • 7.2.4. Vietnam Life Insurance - by: Type (Value)
          • 7.2.4.1. Individual
          • 7.2.4.2. Group
        • 7.2.5. Vietnam Life Insurance - by: Enterprise Size (Value)
          • 7.2.5.1. Small and Medium-Sized Enterprises
          • 7.2.5.2. Large Enterprises
        • 7.2.6. Vietnam Life Insurance - by: Distribution Channel (Value)
          • 7.2.6.1. Direct Sales
          • 7.2.6.2. Insurance Brokers
          • 7.2.6.3. Bancassurance
          • 7.2.6.4. Agencies
          • 7.2.6.5. Online
          • 7.2.6.6. Others
    • 8. Appendix
      • 8.1. Acronyms
    • 9. Methodology and Data Source
      • 9.1. Methodology/Research Approach
        • 9.1.1. Research Programs/Design
        • 9.1.2. Market Size Estimation
        • 9.1.3. Market Breakdown and Data Triangulation
      • 9.2. Data Source
        • 9.2.1. Secondary Sources
        • 9.2.2. Primary Sources
      • 9.3. Disclaimer
    List of Tables
    • Table 1. Life Insurance -: by Type(USD Billion)
    • Table 2. Life Insurance -: by Type(USD Billion)
    • Table 3. Life Insurance -: by Type(USD Billion)
    • Table 4. Life Insurance -: by Type(USD Billion)
    • Table 5. Life Insurance -: by Enterprise Size(USD Billion)
    • Table 6. Life Insurance -: by Distribution Channel(USD Billion)
    • Table 7. Company Basic Information, Sales Area and Its Competitors
    • Table 8. Company Basic Information, Sales Area and Its Competitors
    • Table 9. Company Basic Information, Sales Area and Its Competitors
    • Table 10. Company Basic Information, Sales Area and Its Competitors
    • Table 11. Company Basic Information, Sales Area and Its Competitors
    • Table 12. Company Basic Information, Sales Area and Its Competitors
    • Table 13. Company Basic Information, Sales Area and Its Competitors
    • Table 14. Company Basic Information, Sales Area and Its Competitors
    • Table 15. Company Basic Information, Sales Area and Its Competitors
    • Table 16. Company Basic Information, Sales Area and Its Competitors
    • Table 17. Life Insurance -: by Type(USD Billion)
    • Table 18. Life Insurance -: by Type(USD Billion)
    • Table 19. Life Insurance -: by Type(USD Billion)
    • Table 20. Life Insurance -: by Type(USD Billion)
    • Table 21. Life Insurance -: by Enterprise Size(USD Billion)
    • Table 22. Life Insurance -: by Distribution Channel(USD Billion)
    • Table 23. Research Programs/Design for This Report
    • Table 24. Key Data Information from Secondary Sources
    • Table 25. Key Data Information from Primary Sources
    List of Figures
    • Figure 1. Porters Five Forces
    • Figure 2. Supply/Value Chain
    • Figure 3. PESTEL analysis
    • Figure 4. Vietnam Life Insurance -: by Type USD Billion (2018-2023)
    • Figure 5. Vietnam Life Insurance -: by Type USD Billion (2018-2023)
    • Figure 6. Vietnam Life Insurance -: by Type USD Billion (2018-2023)
    • Figure 7. Vietnam Life Insurance -: by Type USD Billion (2018-2023)
    • Figure 8. Vietnam Life Insurance -: by Enterprise Size USD Billion (2018-2023)
    • Figure 9. Vietnam Life Insurance -: by Distribution Channel USD Billion (2018-2023)
    • Figure 10. Vietnam Life Insurance - share by Players 2023 (%)
    • Figure 11. Vietnam Life Insurance - share by Players (Top 3) 2023(%)
    • Figure 12. Vietnam Life Insurance - share by Players (Top 5) 2023(%)
    • Figure 13. BCG Matrix for key Companies
    • Figure 14. Baoviet Insurance Revenue, Net Income and Gross profit
    • Figure 15. Baoviet Insurance Revenue: by Geography 2023
    • Figure 16. The Manufacturers Life Insurance Company Revenue, Net Income and Gross profit
    • Figure 17. The Manufacturers Life Insurance Company Revenue: by Geography 2023
    • Figure 18. Prudential Revenue, Net Income and Gross profit
    • Figure 19. Prudential Revenue: by Geography 2023
    • Figure 20. Dai-ichi Life Vietnam Fund Management Company Revenue, Net Income and Gross profit
    • Figure 21. Dai-ichi Life Vietnam Fund Management Company Revenue: by Geography 2023
    • Figure 22. AIA Group Limited Revenue, Net Income and Gross profit
    • Figure 23. AIA Group Limited Revenue: by Geography 2023
    • Figure 24. MB Ageas Life Insurance Co., Ltd. Revenue, Net Income and Gross profit
    • Figure 25. MB Ageas Life Insurance Co., Ltd. Revenue: by Geography 2023
    • Figure 26. Chubb Revenue, Net Income and Gross profit
    • Figure 27. Chubb Revenue: by Geography 2023
    • Figure 28. Assicurazioni Generali S.p.A. Revenue, Net Income and Gross profit
    • Figure 29. Assicurazioni Generali S.p.A. Revenue: by Geography 2023
    • Figure 30. FWD Vietnam Revenue, Net Income and Gross profit
    • Figure 31. FWD Vietnam Revenue: by Geography 2023
    • Figure 32. Hanwha Group Revenue, Net Income and Gross profit
    • Figure 33. Hanwha Group Revenue: by Geography 2023
    • Figure 34. Vietnam Life Insurance -: by Type USD Billion (2025-2030)
    • Figure 35. Vietnam Life Insurance -: by Type USD Billion (2025-2030)
    • Figure 36. Vietnam Life Insurance -: by Type USD Billion (2025-2030)
    • Figure 37. Vietnam Life Insurance -: by Type USD Billion (2025-2030)
    • Figure 38. Vietnam Life Insurance -: by Enterprise Size USD Billion (2025-2030)
    • Figure 39. Vietnam Life Insurance -: by Distribution Channel USD Billion (2025-2030)
    List of companies from research coverage that are profiled in the study
    • Baoviet Insurance
    • The Manufacturers Life Insurance Company
    • Prudential
    • Dai-ichi Life Vietnam Fund Management Company
    • AIA Group Limited
    • MB Ageas Life Insurance Co., Ltd.
    • Chubb
    • Assicurazioni Generali S.p.A.
    • FWD Vietnam
    • Hanwha Group
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    Key Highlights of Report


    Mar 2024 221 Pages 71 Tables Base Year: 2023 Coverage: 15+ Companies; 18 Countries

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    Frequently Asked Questions (FAQ):

    Top performing companies in the Vietnam Life Insurance - market are Baoviet Insurance, The Manufacturers Life Insurance Company, Prudential, Dai-ichi Life Vietnam Fund Management Company, AIA Group Limited, MB Ageas Life Insurance Co., Ltd., Chubb, Assicurazioni Generali S.p.A., FWD Vietnam and Hanwha Group, to name a few.
    "The widespread adoption of digital technologies and online platforms has simplified the process of accessing insurance products." is seen as one of major influencing trends for Life Insurance - Market during projected period 2023-2030.
    Term Life Insurance segment in Vietnam market to hold robust market share owing to "Increasing Awareness of the Potential Risks and Uncertainties in Life ".

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