The document provides an overview of the Vietnam insurance market in 2018, including: 1) The market structure consists of 61 companies operating in life insurance, non-life insurance, reinsurance, and brokerage. Life insurance grew rapidly at 28.7% CAGR from 2012-2017 while non-life grew at 12.2% CAGR. 2) Key drivers of growth are higher personal income, health awareness, and an aging population, though penetration rates remain lower than regional peers. 3) Major players like Bao Viet Life, Dai-ichi Life, and PTI have continued expanding premiums and market share through product diversification and sales channels. The market remains competitive with potential for

1. INDUSTRY PREVIEW
Vietnam Insurance Market 2018

2. Table of Contents
No Contents Page
1 Vietnam Insurance Market 3 - 11
1.1 Market Structure & Description 3
1.2 Size & Segmentation 4
1.3 Competition Dynamics 5
1.4 Key drivers 6
1.5 Market Prospects 7
1.6 Financial Indicators 8
1.7 Key players’ profiles 9 - 11
2 StoxPlus Introduction 12 – 22

3. Page 3
Market Structure & Description
Source: StoxPlus from MOF
Currently, there are 61 companies operating in Vietnam insurance market, mainly in life
insurance and non-life insurance. Other companies include reinsurers and brokers
Figure 1: Market Structure of Insurance Market, 1H2018
INSURANCE
MARKET
LIFE INSURANCE
(18 companies ,
9 representative
offices )
NON-LIFE INSURANCE
(30 companies,
14 representative
offices)
BROKERS
(13 companies,
2 representative
offices)
• OVERVIEW: Life insurance continued recording a rapid growth of 28.7% 2012 –
2017 CAGR to US$ 2.9bn of premiums in 2017. This was thanks to higher income
per capita as well as the awareness of life insurance to invest in long-term and
mitigate risks from accidental disability and death.
• KEY NAMES: Bao Viet Life, Dai-ichi Life, Manulife, Prudential
• OVERVIEW: Non-life insurance kept stable with 12.2% 2012 – 2017 CAGR to
US$ 1.8bn of premiums in 2017. Non-life insurance growth is driven by the
growth corresponding market such as vehicles, healthcare, real estate, etc,
Thanks to higher health care spending, health insurance grew fast and
contributed to 50.8% YoY growth of non-life insurance in 1H2018.
• KEY NAMES: Bao Viet Insurance, PVI, PTI, Bao Minh
RE-INSURANCE
(2 companies,
1 representative
offices)

4. Source: StoxPlus from MOF
Insurance market is growing rapidly by 20.7% CAGR in 2012 – 2017, with two main segments
being life and non-life insurance
SEGMENTS
1H2018 YoY
Growth rate
2012-2017
CAGR
Life 32.4% 28.7%
Non-life 13.0% 12.2%
Total market 26.0% 20.7%
Figure 2: Market size by insurance premiums (US$bn) and YoY growth of
Insurance Market, 2012 - 1H2018
• Insurance market’s total premiums was US$4.7bn in 2017 and US$2.6bn in 1H2018, posting a CAGR 2012 – 2017 of 20.7%. Better income and higher awareness
are key drivers for the market’s performance. Compared to peers, Vietnam has much lower life insurance penetration rate and the market still has great
potential to grow
• Life insurance is the key segment with 28.7% CAGR 2012 – 2017, much higher than 12.2% CAGR of non-life insurance. The segment accounted for 62.7% total
premiums in 1H2018. Life insurance is expected to continue growing rapidly with the participation of foreign players. Companies continue partnering with
banks to access the customer database and utilize banks’ network. They also take the opportunities from e-commerce in offering products via online, mobile
platforms.
• Non-life insurance is expected to grow in medium and long-term when the economic growth reaches more advanced status. Along with product diversification,
insurance companies are investing in technology in claims management to bring in better customer experience and cut down the cost from frauds.
Size & Segmentation
Page 4
0.9 1.1 1.3
1.7
2.2
2.9
1.2
1.6
1.1
1.2
1.3
1.4
1.6
1.8
0.9
1.0
14.0%
14.5% 15.2%
19.6%
21.2%
21.6%
22.4%
26.0%
2012 2013 2014 2015 2016 2017 1H2017 1H2018
Life Non-Life
2012 – 2017 CAGR = 20.7% Total YoY growth

5. While non-life insurance market share concentrates on the hand of domestic companies,
foreign companies are leading the life insurance market
Figure 3: Life insurance’s market share by premiums, 1H2018 Figure 4: Non-life insurance’s market share by premiums, 1H2018
18.9%
17.5%
16.5%
14.7%
10.1%
3.9%
3.8%
3.1%
2.8%
2.0%
6.8%
Bao Viet Life
Dai-ichi Life
Prudential
Manulife
AIA
Generali
Chubb
MB Ageas
Hanwha
Aviva
Others
Competitors Dynamics
• Foreign companies dominate the life insurance market with more than 69.2% market share. This was thanks to customer preference as well as the companies’
experience and technical knowledge. Domestic players hold less than 30% market share with Bao Viet being the biggest name thanks to its reputation, the
largest network (200 branches and 170,000 agents). Life insurance market still has growth potential, seeing higher competition among companies in acquiring
new customers using new products (focusing on fatal disease insurance with short-term plans) and new channels (bancassurance, e-commerce).
• The non-life insurance market is led by Vietnamese companies with more than 66.9% market share, foreign players’ market share is fragmented with 11
companies. Vietnamese companies’ leading position was thanks to their long historical development and foreign investors’ reluctance to join the highly
competitive market. The market has become more competitive, seeing top-5 companies’ market share decreased from 70% to 60% in the past 5 years. Along
with the 3 key sub-segments being vehicle, health and property, non-life insurers are competing in providing new products such as traveling insurance,
agriculture product insurance, etc,.
20.8%
16.5%
8.6%
7.6%
6.1%
3.6%
2.7%
34.1% Bao Viet Insurance
PVI
PTI
Bao Minh
PJICO
MIC
VBI
Others
Source: StoxPlus from MOF Source: StoxPlus from MOF
Page 5

6. Higher income and improved awareness are main drivers of insurance growth, especially for
life insurance within the context of increasing risks of fatal diseases
Figure 5: Real GDP per capita (US$), 2012 - 2017 Figure 6: % of Vietnamese population ages 65 and above, 2010 - 2016
Key drivers
Source: StoxPlus from GSO Source: StoxPlus from GSO
• Thanks to higher personal income, Vietnamese people are spending more on and better educated about long-term investment and financial services. This
benefits the insurance market, especially in growing middle-income population, who haven’t exposed to insurance products before. The population proportion
of middle-income people (monthly income from VND 7.5mn to VND 15mn) increased from 21% to 39% in 2012 – 2016.
• In addition, higher health awareness when the Vietnamese population is becoming older and noninfectious disease death is increasing also contributed to the
growth of the life insurance market and healthcare segment of non-life insurance market
• Vietnamese population is becoming older with increasing percentage of population ages 45 and above from 26.8% to 31.2% from 2014 to 2016
• According to Vietnam’s Insitute of Cancer research and preventation, cancer rate is increasing rapidly from 69,000 new patients in 2000 to 150,000 and
200,000 new patients in 2015 and 2020e (source). People care more about mitigating risks from this fatal disease, resulting in a focus on cancer
insurance products
Page 6
24.7% 23.9% 23.5% 23.8%
26.9% 25.7% 26.8% 22.3%
22.5% 22.8% 22.9%
22.7%
16.5% 17.5% 16.7%
19.2%
9.4% 10.1% 10.1% 11.9%
2010 2012 2014 2016
>= 60
45 - 59
30 - 44
15 - 29
0 - 14
1,504.5
1,755.6
1,893.9
2,030.0 2,036.4
2,138.0
2012 2013 2014 2015 2016 2017

7. Vietnam insurance market has great potential as the penetration rate is still low compared
to its peers, while performance in the recent years has been topping the region
Figure 7: Insurance penetration of Vietnam and peer countries
(Total premiums as a % of GDP), 2017
Figure 8: Insurance premium growth of Vietnam insurance and peer
countries, YoY 2017
Market prospects
Source: StoxPlus from Swiss Re Institute Source: StoxPlus from The World Bank
• Compared to other peer countries, Vietnam’s insurance penetration is much lower with premiums equal 2.1% of GDP in 2017. The market has great potential
for growth and with 3 – 4% planned penetration rate in 2020 (according to the Vietnam’s insurance market development strategy). The progress is clear when
2017’s penetration rate was higher than the 2016’s rate of 1.8%
• Regarding growth, both life and non-life insurance performed well compared to peer countries. The market is expected to focus more on middle-income
customers acquisition via online and bank channels while keep high-income customers’ loyalty using products with larger coverage and compensation (Eg: Bao
Viet’Intercare packages cover customer aged 15 – 75 and compensate to VND 10bn)
28.8%
4.2%
31.6%
8.0%
23.0% 22.6%
10.0%
5.8%
7.6%
-0.7%
11.9%
1.5%
Vietnam Thailand Indonesia Malaysia China Singapore
Life Non-life
Page 7
2.1%
2.4%
4.6%
4.8%
5.3%
8.2%
Vietnam
Indonesia
China
Malaysia
Thailand
Singapore

8. Financial Indicators
Our Biinform portal provides ~ 1 million available company reports ready to purchase
Figure 9: Selected Financial Indicators (US$mn) of Key Players In insurance market, 2016
Source: StoxPlus
Note: The net insurance premiums takes into account both direct and reinsurance activities
COMPANY TYPE SEGMENT
NET INSURANCE
PREMIUMS
CLAIM
EXPENSES
NET PROFIT
AFTER TAX
TOTAL ASSET
OWNER’S
EQUITY
US$mn US$mn US$mn US$mn US$mn
Prudential Vietnam Ltd Foreign-owned Life insurance 587.3 554.3 56.3 2,644.3 251.6
Dai-ichi Life Vietnam Ltd Foreign-owned Life insurance 226.7 187.9 4.8 475.9 129.1
Manulife Vietnam Ltd Foreign-owned Life insurance 264.8 197.5 16.4 767.4 120.1
PVI JSC State-owned Non-life insurance 210.7 186.2 25.2 732.5 300.2
AIA Vietnam Ltd Foreign-owned Non-life insurance 202.5 126.9 8.1 442.9 65.3
Bao Minh JSC State-owned Non-life insurance 120.1 46.9 8.0 225.6 95.6
PTI JSC Private Non-life insurance 111.9 81.4 4.8 217.5 8.1
Page 8

9. • Registered name: Bao Viet Group
• Head office: Bao Viet building, Hoan Kiem, Ha Noi
• Establishment Year: 1965
• Principal businesses: Established in 1965 as Vietnam Insurance
Company, Bao Viet is now the largest insurance corporation in
Vietnam regarding total premiums with the strength of long historical
development. The Company went listed on HOSE since 2009.
Currently, Bao Viet’s charter capital is US$299.3mn. Along with
insurance activities, Bao Viet established other subsidiaries operating
in banking, fund management, securities. The company partnered
with 2 strategic investors including Sumitomo Life and HSBC
Insurance.
COMPANY PROFILING
Figure 10: Bao Viet’s Net Premiums (US$mn), 2014-2017
FINANCIAL PERFORMANCE COMPANY POSITION
Figure 11: Market Share of Bao Viet regarding total insurance premiums
(both life and non-life), 2014 - 2017
Page 9
Source: StoxPlus Source: StoxPlus
Key Players’ Profile – Bao Viet Group
-
160.0
320.0
480.0
640.0
800.0
2014 2015 2016 2017
Life
Non-life
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2014 2015 2016 2017
Other insurers
Bao Viet
• Products: Bao Viet owns 2 insurance companies with products as follows
• Bao Viet Life: Life insurance products including personal and family
for individuals, families and businesses
• Bao Viet Insurance: Non-life insurance products including car,
healthcare, property insurance, etc.,
• Sale channels: 200 branches, 700 offices and 170,000 consultants/agents in
63 provinces
• Bancassurance partnerships: Bao Viet currently partners with Orient
Commercial Bank and Shinhan Bank
PRODUCTS AND SALE CHANNELS

10. Source: StoxPlus
• Registered name: Dai-ichi Life Insurance Company of Vietnam, Ltd
• Head office: Dai-ich Life building, Phu Nhuan, HCMC
• Establishment Year: 2007
• Principal businesses: Established in 2007, Dai-ichi Life Vietnam is the
first Japanese insurance company in Vietnam. After more than 11
years, the company’s total premiums has increased twenty times and
became a leading life insurance company with more than 17% market
share regarding premiums. The company’s current charter capital is
US$261.6mn.
COMPANY PROFILING
Figure 12: Dai-Ichi Life Vietnam’s Net Premiums (US$mn), 2014-2017
FINANCIAL PERFORMANCE COMPANY POSITION
PRODUCTS AND SALE CHANNELS
Figure 13: Market share of Dai-ichi Life Vietnam regarding premiums in
life insurance market, 2014 - 2017
0.0
70.0
140.0
210.0
280.0
350.0
2014 2015 2016 2017
Source: StoxPlus
Page 10
Key Players’ Profile – Dai-ichi Life Vietnam
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2014 2015 2016 2017
Other life insurers
Dai-ichi Life
• Products: Dai-ich Life focuses on life insurance products including life
insurance and add-ons to insure against cancer, acidents, etc.
• Sale channels: 275 offices and 8,000 consultants/agents in 63
provinces
• Bancassurance partnerships: Dai-ichi Life is working with VPBank,
SHBank and Sacombank in providing insurance products to customers.

11. Source: StoxPlus
• Registered name: Post and Telecommunication Joint Stock Insurance
Corporation;
• Head office: HAREC Building, Ba Dinh, Hanoi
• Establishment Year: 1998
• Principal businesses: PTI has three main shareholders, namely South
Korea-based Dongbu Insurance (37.32%), Vietnam Post Corp (22%) and
Vndirect Securities (22%). The company went listed on HNX in March
2011. PTI’s current charter capital is US$35.4mn.
COMPANY PROFILING
Figure 14: PTI’s Net Premiums (US$mn), 2014-2017
FINANCIAL PERFORMANCE COMPANY POSITION
Figure 15: Market share of PTI regarding premiums in non-life
insurance market, 2014 - 2017
Source: StoxPlus
Page 11
• Products: PTI provides non-insurance products including vehicle,
healthcare, property and marine insurance. The company is leading
in the equipment insurance sector
• Sale channels: PTI has 47 subsidiaries and takes advantage from the
broad network of 10,800 post offices in 63 provinces
• Bancassurance partnerships: PTI is currently working with Lien Viet
Post Bank in serving its customers
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2014 2015 2016 2017
Other non-life insurers
PTI
-
30.0
60.0
90.0
120.0
150.0
2014 2015 2016 2017
PRODUCTS AND SALE CHANNELS
Key Players’ Profile – PTI

12. Table of Contents
No Contents Page
1 Vietnam Insurance Market 3 - 11
1.1 Market Structure & Description 3
1.2 Size & Segmentation 4
1.3 Competition Dynamics 5
1.4 Key drivers 6
1.5 Market Prospects 7
1.6 Financial Indicators 8
1.7 Key players’ profiles 9 - 11
2 StoxPlus Introduction 12 – 22

13. Page 13
Overview
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14. Page 14
Board of Directors and Management
Our Management have extensive and diverse experiences in information, technologies & related
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previously working as an
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Co-founder of StoxPlus
previously working as a
specialist at the Department
for International
Development of UK (DFID) in
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Manager at PwC Vietnam
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Inc. at StoxPlus. He is
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15. Page 15
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16. Page 16
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18. Page 18
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19. Page 19
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