New life insurance premium collections down 32%

Three companies accounted for nearly half of these revenues, with Bao Viet leading with an 18% share followed by Dai-ichi and Prudential (15% each), according to the Ministry of Finance.

The majority of the premiums, 70%, came from unit-linked insurance plans (ULIPs), a product that combines protection and investment in securities.

But ULIP premiums fell by 42% as consumers’ trust in them declined after a scam involving banks selling them to many people by claiming they were a kind of bank deposit.

Sellers received VND490 billion worth of commissions on policies (both existing and new) up 8%.