Vietnamese life insurers had another lean year in 2006, the third in a row, with premiums collected falling marginally.
The industry’s Annual Premium Equivalent (APE), which measures the new business in a year, fell by 3.5% last year, the Vietnam Insurance Association said.
US insurer AIA was the hardest hit with its APE plunging by 32%.
The UK insurer Prudential Vietnam and Canada’s Manulife saw their APE drop by 15% and 9%.
Only Japan’s Dai-ichi Life Insurance Group and US’s ACE Insurance Co. were in positive territory, growing respectively at 7% and 11%.
In terms of total premiums collected, Prudential topped with 5%, followed by the domestic Bao Viet Life Insurance Company with just 1.1%.
The number of insurance agents fell by 31%, a further source of concern for the industry. Applications for fresh agency fell even faster – by 42%.
Source: Thanh Nien
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