Financial reports show that Prudential Vietnam had the highest profit growth rate in 2022. Its post-tax profit in 2022 grew 7.7 times compared with the year before, reaching VND3.637 trillion.

Its accumulated undistributed post-tax profit hit VND12.377 trillion by the end of 2022.

Dai-ichi Life Vietnam ranked second in terms of post-tax profit, but the figure was lower than the year before. Its profit fell by 5.1 percent to VND2.646 trillion.

Manulife Vietnam surprised investors when it turned the tables and made a profit of VND2.562 trillion last year, a contrast to the loss of VND4.741 trillion in 2021. 

However, the insurer had an accumulated undistributed loss of VND5.526 trillion by the end of 2022 (the accumulated loss was VND7.960 trillion by the end of 2021). Stockholder equity decreased to VND16.947 trillion by the end of last year.

Meanwhile, AIA reported after-tax profit of VND1.11 trillion in 2022, up 24.6 percent over 2022. Bao Viet Life reported a profit growth rate of 11.4 percent, to VND975 billion.

As such, Prudential and Manulife saw sharp increases in profits last year, while Dai-ichi, Bao Viet Life and AIA witnessed slight increases over the year before.

In a report released in March, Mirae Asset Vietnam showed that in 2015-2022, the market share of the top 5 life insurers were relatively stable (including Bao Viet Life, Dai-ichi, Prudential, Manulife and AIA). Other insurers were far behind.

Bao Viet Life’s 2022 financial report showed revenue of VND41.677 trillion from insurance. The second position belonged to Prudential with VND31.502 trillion, followed by Manulife with insurance premiums of VND26.835 trillion and Dai-ichi Life VND21.825 trillion. AIA ranked fifth in the top 5 with insurance premiums of VND17.808 trillion.

Regarding the insurance revenue growth rate, Dai-ichi Life was No 1 with 17.2 percent, followed by AIA at 11.3 percent, while Bao Viet Life, Prudential and Manulife recorded 10.1 percent, 9.8 percent and 9.5 percent, respectively.

Analysts said that insurance business performance has improved considerably thanks to cooperation between insurers and banks. Bancassurance has helped increase revenue rapidly, exceeding the $1 billion threshold.

Prudential sells insurance products through MSB, SeABank and VIB, while Dai-ichi Life cooperates with SHB and Sacombank. Manulife sells its products through Techcombank and VietinBank, while AIA cooperates with VPBank and OCB.

In late 2020, VietinBank and Manulife Vietnam signed an agreement on cooperation, which may reach hundreds of millions of dollars in value.

Manh Ha