Several insurers posted significant growth rates in gross written premiums, surpassing 50 per cent compared to the same period last year. Among them were Tasco which counted $25.8 million, up 346 per cent; OPES reaping $86 million, up close to 110 per cent; and SGI with $1.8 million, up 130 per cent.
Capitalising on favourable market momentum, DBV Insurance Corporation – which posted $64.7 million in gross written premiums, up 17 per cent on-year – emphasised a customer-centric strategy.
According to Ngo Hong Khoa, deputy CEO of DBV, the company is focusing on practical products that address current customer risks, from electric vehicle insurance to expanded fire and explosion coverage and flexible healthcare programmes.
“We are accelerating digital transformation and leveraging technology to optimise claims processing, providing a more transparent and convenient experience,” Khoa said, adding that expanding partnerships with banks, financial institutions, digital platforms, and insurtechs will broaden market reach and connect with tech-savvy younger customers.
OPES also reported standout premium growth of 113 per cent on-year, reaching 115 per cent of its half-year target. Nguyen Huu Tu Tri, deputy CEO of OPES, attributed the momentum to its expanding digital ecosystem and close collaboration with over 30 diverse partners.
“In the forthcoming period, OPES will further enrich its insurance portfolio with customised, tailor-made products for various customer segments, aligning with the evolving lifestyle needs of Vietnamese consumers and anticipating future trends in the digital insurance market,” Tri said.
Another highlight in H1 was the robust recovery of core underwriting activities across major insurers, including Bao Viet, DBV Insurance, PVI, and BSH.
For instance, BSH reversed its core insurance loss from the same period last year, achieving a gross underwriting profit $2.16 million during the period. DBV’s underwriting profit surged 61.2 per cent on-year, contributing to a 32.4 per cent rise in pre-tax profit. PVI saw a 35.6 per cent hike and MIC reported growth of 34.6 per cent in gross underwriting profit, to name but a few.
Commenting on the key drivers behind the strong performance of the non-life sector in H1, Tran Nguyen Dan, director of the Institute of Insurance and Financial Risk Management (IFRM), said the growth stemmed largely from Vietnam’s highest GDP growth in several years, which underpinned greater demand for insurance products.
Despite the optimistic outlook, the non-life market also faces mounting challenges. Intense competition is putting pressure on technical profit margins, while lower interest rates are dragging down investment returns. Additionally, tightening regulatory compliance and heightened risks from natural disasters are raising operational burdens.
Explaining the drop in financial income, Dan pointed to falling deposit and government bond interest rates—key safe-haven investment channels for insurers—which directly impacted the sector’s financial performance.
“However, there remains considerable growth potential in the market, especially in underpenetrated segments such as compulsory liability insurance for motorbikes, private home insurance, and personal accident coverage. We have grounds to expect higher growth rates in the near future,” Dan opined.