FOREIGN INSURERS IN VIETNAM’S LIFE
INSURANCE MARKET
By Group 5
Overview of VN’s Life Insurance Market
Dai-ichi Life: Growth in Vietnam
CONTENTS Challenges & Opportunities for Dai-ichi Life
Future Outlook & Strategies
OVERVIEW OF
VIETNAM LIFE
INSURANCE MARKET
Primary insurance products
In-force policies are mainly individual insurance and riders. Major individual insurance include:
Term life Universal life Variable life
Unit linked Universal variable
Endowment
life
Whole life Pension/retirement
Market size and trends of life insurance market in
Vietnam
Overall growth trend
All 5 indexes experienced growth.
Total assets and total technical reserves
increased significantly.
Market share of life insurance in Vietnam
Well-known insurers make up the
majority
Foreign insurers dominated the
Vietnam life insurance market - about
more than 75%
Regulations for foreign insurers - IBL 2022
Fulfill licensing requirements
Follow capital requirements (Risk-based capital
and CAR) by MoF
Comply with operation restrictions
Make regular reports to MoF on financial
statements, premiums, rates, solvency margins
and changes in risk capital.
Provide clear and accurate information to
policyholders, ensuring transparency in contract
terms, premiums, benefits and claim procedures
Key players among foreign life insurers
DAI-ICHI LIFE:
GROWTH IN
VIETNAM
GLOBAL HISTORY & GROWTH
Established as Japan’s first
1902 mutual life insurance
company
2010 Listed on Tokyo Stock
Exchange.
2016 Restructured as Dai-ichi
Life Holdings Inc.
With strong financial capability, Dai-ichi VIETNAM GROUP SCALE
Life has expanded globally
2005 – Established a representative office VN (100% Japanese capital).
DAI-ICHI LIFE 18/01/2007 – After acquiring Bao Minh – CMG, officially launching Dai-ichi Life VN.
First overseas market where Dai-ichi Life Holdings owned 100% of a life insurance
IN VIETNAM subsidiary.
Operations – 1 head office, 248 offices & general agencies nationwide.
Become the best life insurance company in Vietnam, focusing on customer-centric
VISION service excellence.
MISSION Business Philosophy - ”Customer First” (“All for people“)
INSURANCE PRODUCTS OF DAI-ICHI LIFE
IN VIETNAM
Main products
Comprehensive Prosperity
and An Phuc.
Ichi Peace of Mind.
Peace of Mind.
An Thinh Investment.
Peaceful Retirement.
An Phuc Tycoon.
BUSINESS
MODEL AND
STRATEGIES
BANCASSURANCE: KEY BANK PARTNERSHIPS
Exclusive partner Other partners
HDBank
Sacombank (since 2017, largest SHB
contributor to growth) OCB
ABBANK
LienVietPostBank
MSB
BANCASSURANCE: INSURANCE PRODUCTS
VIA BANCASSURANCE
Investment-linked insurance
Whole life insurance
Health & critical illness insurance
Education & retirement insurance
BANCASSURANCE: MARKET POSITION &
PERFORMANCE
Top 3 in bancassurance revenue among life insurers in
Vietnam (2023).
Sacombank & Dai-ichi Life lead bancassurance revenue in
the private banking sector.
Competing with Prudential (VIB, MSB), Manulife
(Techcombank), and AIA (VPBank).
INSURANCE AGENTS
248 branches and 87826 agents
Thousands of proffessional financial consultants
Key distribution channel for customer engagement
INSURANCE AGENTS : RESULTS AND EFFECTIVENESS
Results Effectiveness
In 2022, insurance agents contributed Easy access to insurance solutions.
2500 billion which account for 37% of the
company First year premium Personalized financial planning.
In the first year of 2024, it contributes Support for protection & savings.
about 1800 billion in new business
premiums Assistance with renewals & claims.
DIGITAL MARKETING
Website and SEO.
Chatbot and Live Chat.
Social Media Marketing
Mobile App and Automation Marketing
MARKETING : RESULTS AND EFFECTIVENESS
Results Effectiveness
Dai-ichi Connect App: Manage policies, make
payments, and file claims.
Increasing potential customers
through online.
Dai-ichi ON Online Insurance: Buy and
experience insurance fully online.
Strong engagement on social
media.
24/7 Voice & Chat Bot: Get contract updates,
payment history, and reminders.
Automation improves
customer care efficiency
Customer Care: Enhanced sales materials,
planning tools, and audio/video recordings.
PREMIUM REVENUE OF DAI-ICHI LIFE INSURANCE COMPANY IN VIETNAM
25000
20000
15000
10000
5000
0
2019 2020 2021 2022 2023 2024
UNIT: BILLION VND
MARKET SHARE OF DAI-ICHI LIFE INSURANCE COMPANY
14
12
10
0
2019 2020 2021 2022 2023 2024
UNIT: %
CHALLENGES &
OPPORTUNITIES
INTENSE INSURER COMPETITION CHALLENGES
Others
Hanwha
1.7% Bao Viet Life Insurance
2.5%
Sun Life 23.1%
2.7%
MB Ageas
2.9%
Chubb
3.2%
AIA
10.3%
Manulife
16.6%
Dai-ichi
13.1%
Prudential
14.9%
Market share of total premium revenue in the first 4 months of 2024
CHALLENGES CUSTOMER TRUST & EXPERIENCE
25/01/2017 - Signed a life insurance contract with Dai-ichi
Life.
29/11/2021 - was informed that VND 100 million had been
withdrawn and transferred to a Bao Viet Bank account under
her name.
30/11/2021 - filed a complaint, stating she never requested the
withdrawal and that her signature had been forged.
25/01/2022 - verified with Bao Viet Bank and confirmed she
had never opened an account there.
28/02/2022 - Dai-ichi Life responded that there was no basis
for action and advised her to contact the authorities. Nguyen Thị Hong Phuong
(Ho Chi Minh City)
Verification Loophole at Dai-ichi Life?
CHALLENGES CUSTOMER TRUST & EXPERIENCE
Reviewed records and found the signature on the
withdrawal request matched their system, despite Mrs.
Phượng claiming forgery.
Cooperated with Bảo Việt Bank to verify the transaction
and recipient.
Referred the case to the police for investigation due to
signs of forgery.
Reviewed withdrawal procedures and proposed stricter
identity verification.
RESULT: Still under investigation.
Customer trust and experiece are losing.
LEGAL BARRIERS CHALLENGES
LAW ON INSURANCE LAW ON SOCIAL INSURANCE
DECREE NO. 46/2023/NĐ-CP
BUSINESS NO. 08/2022/QH15 NO. 58/2014/QH13
Capital requirements Operational Guidelines
Solvency Margins Investment Restrictions Employee Benefits Compliance
Product Approval
GROWING INSURANCE MARKET OPPORTUNITIES
Low Life Insurance Penetration: Dung
- Deputy General S
ecr
ng eta
As of 2024, Vietnam has nearly 12 million active life Tru ry
go of
. N IV
r A
M
insurance policies, covering about 12% of the population.
The government aims to increase this rate to 15% by 2025
and 18% by 2030.
OPPORTUNITIES GOVERNMENT SUPPORT POLICIES
100% foreign ownership allowed – attracting major players like Dai-ichi,
Manulife, and Prudential.
Clear legal reforms – Law No. 08/2022/QH15 and Decree 46/2023/NĐ-CP
clarify rules on capital, solvency, and products.
Tax incentives – including corporate tax reductions, VAT exemptions, and
personal income tax deductions for certain policies.
Public-private partnerships encouraged, especially in digital
transformation and bancassurance.
Strategy to 2030 – foreign insurers seen as key to expanding market
reach and product diversity.
RISING AWARENESS OF HEALTH & FINANCIAL PLANNING OPPORTUNITIES
Increase in Insurance Payouts
In 2024, insurance companies paid out an estimated VND
93,906 billion in insurance benefits, a 17.94% increase from
the previous year, reflecting a growing demand for financial
protection and healthcare coverage.
FUTURE
OUTLOOKS &
STRATEGIES
Strategic recommendations for
foreign Life insurance companies
Digital transformation and insurtech adoption
Expanding distribution channels
Product diversification and customization
Enhancing brand trust and customer engagement
Regulator compliance and localized strategies
THANK YOU
FOR
LISTENING
