2015 was a great year for life insurance companies and BaoViet Life saw particularly impressive performance in asserting its leading position.
There are now some 17 insurance companies operating in Vietnam, in which BaoViet Life Corporation was the first domestic player to enter the insurance market, in 1996. In the race for leading position against foreign enterprises last year, BaoViet Life recorded impressive momentum and asserted its position in the market.
According to a report on the business results of BaoViet Life as at the end of 2015, its premium revenue reached VND10 trillion ($450 million), of which revenue from new customers reached VND2.6 trillion ($117 million), and consultant numbers increased by nearly 33,000, to 77,000 nationwide. According to the Vietnam Insurance Association, in 2015 BaoViet Life held among the highest market share, with 26.6 per cent of total premium revenue. The company also has the highest charter capital in the market, with VND2 trillion ($90 million). To obtain these results, according to Ms. Than Hien Anh, President and CEO of the BaoViet Life Corporation, from the beginning of the year all leaders, officials and employees at the company focused on constantly innovating to find opportunities to enhance competitiveness, develop products and networks, take advantage of its broad nationwide distribution system and promote collaboration with Sumitomo - a Japanese partner - in customer care services.
In that spirit, the insurance products of BaoViet Life are designed to expand coverage, provide greater choice and wider benefits, and flexibly combine savings and investment, helping customers to invest effectively with competitive interest rates. It currently provides a range of products for customers, in nearly 50 categories.
The company fully meets customer requirements in all the different stages of their life (when single, married, having children or retiring), which is a vital factor in ensuring the success of the company. Besides product quality, the company also has a strong network of 60 subsidiaries and 300 transaction centers in all of Vietnam’s 63 cities and provinces, enabling BaoViet Life to serve customers quickly and professionally.
BaoViet Life has a history of 50 years in the finance and insurance sectors and 20 years experience in the life insurance sector and has asserted its position against foreign competition. It also invests to develop Vietnam’s socioeconomy, improving the security and safety of many Vietnamese households. In 2015 it invested VND3 trillion ($135 million) in long-term government bonds - the first time Vietnam has issued 30-year bonds.
Ms. Hien Anh said that boosting investment in long-term government bonds is not only an effective and sustainable growth strategy for the company (securing financial strength and ensuring payment of insurance benefits) but also represents investment in the domestic economy. It is an important financial resource for the development of the national economy and investment in infrastructure and essential works such as bridges, roads, hospitals, and schools.
BaoViet Life Corporation was honored to be named “The Best Insurance Business in Vietnam 2015” by Global Banking & Finance Review. The award was based on criteria such as sustainable and high development, diversified products and services, working for customers, and contributing to the community. The international award expresses the position of the leading domestic brand in Vietnam’s insurance market.