Vietnam’s life insurance industry recorded steady growth in the first quarter of 2025, with nearly 342,000 new contracts signed—a 4.3% year-on-year (YoY) increase, according to Ngo Trung Dung, Vice General Secretary of the Insurance Association of Vietnam (IAV).
Despite the rise in new contracts, the total number of active policies by the end of the quarter dropped 5.5% YoY, standing at approximately 11.45 million.
General insurance products remained the dominant business line for most insurers, making up 47% of new contracts in Q1. However, this segment experienced a notable 8.9% decline compared to the same period last year.
In contrast, unit-linked insurance products showed modest growth. They accounted for 7.2% of new contracts, reflecting a 2.6% increase YoY.
Universal life insurance policies continued to be the most popular type of in-force contracts, representing 57.6% of the total, followed by mixed insurance products at nearly 24%.
In terms of financial performance, March 2025 brought in an estimated $223 million in new premium revenue, a 2.4% increase YoY. Overall, the life insurance sector’s cumulative premium revenue for Q1 was estimated at $1.35 billion, reflecting a 1.2% year-on-year growth.
The data points to a mixed outlook for Vietnam’s life insurance industry—moderate growth in new business, but challenges in maintaining long-term policyholder retention.
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