Top 10+ Best Insurance Brands in Vietnam

Insurance is a contract between the insurance buyer (the protected person) and the insurance company. Accordingly, the buyer pays a periodic insurance premium to be compensated for damages or receive a certain amount of money when unwanted events such as accidents, illnesses, or property loss occur.

According to 2023 statistics, the total assets of Vietnam’s insurance industry are estimated to reach 913,336 billion VND, an increase of 11.12% compared to 2022. Of this, non-life insurance reached 126,837 billion VND, while life insurance reached 786,499 billion VND.

To meet the industry’s growth rate, leading insurance companies have continuously innovated and improved their products and services.

Below are the most reputable and quality life insurance companies in Vietnam, including: Bao Viet Life, Prudential, Manulife, AIA, Dai-ichi, Generali, Cathay, Hanwha Life, MB Ageas, and Chubb. Let’s explore more information about these brands in the following article!

Bao Viet Life Insurance Company

Established in 1996, Bao Viet Life was the first life insurance company in Vietnam. After 26 years of development, Bao Viet Life is currently the market leader with a 28.1% market share (according to 2021 data).

Bao Viet Life offers a variety of insurance products such as:

• Health insurance (cancer insurance, medical care insurance, accident insurance, etc.).
• Savings and investment insurance (pension insurance, education insurance, accumulation insurance, etc.).
• Supplementary insurance (term life insurance, disability insurance, etc.).

A notable feature of Bao Viet Life is its diverse distribution channels with over 75,000 consultants, more than 300 offices across 63 provinces and cities, and a bancassurance channel with 20 partner banks. In 2021, Bao Viet Life achieved insurance premium revenue of 43,014 billion VND, growing 20.4% compared to 2020.

Prudential Vietnam Company

Prudential Vietnam is a member of Prudential – one of the world’s leading life insurance groups. Launched in Vietnam in 1999, Prudential has now established itself as one of the top three life insurance companies in the market with an 18.4% market share (2021).

Prudential Vietnam is known for health insurance products such as PRU-Superior Health, PRU-Protection, PRU-Care… In 2021, Prudential’s insurance premium revenue reached 32,559 billion VND, growing 15.5% compared to the previous year.

Prudential is also a pioneer in applying technology to operations with the Pulse by Prudential application – a comprehensive health care platform for customers.

Manulife Vietnam Company

Manulife Vietnam belongs to the Manulife Group – a leading global financial services group with over 155 years of experience. Manulife Vietnam officially started operations in 1999 and is currently the company with the largest charter capital in the market at 1,600 billion VND.

Manulife’s notable products include:

• Health insurance: Max – Live Healthy, Manulife – Live Healthy, Manulife – Peace of Mind…
• Critical illness insurance: Max – Cancer Protection, Manulife – Overcoming Cancer…
• Pension insurance: Manulife – Future Support, Manulife – Peaceful Prosperity…

In 2021, Manulife achieved new business premium revenue of 3,996 billion VND, growing 43% compared to 2020. Manulife also actively invests in digital technology, launching the ManuConnect online platform to better serve customers.

AIA Vietnam Company

AIA Vietnam is a member of the AIA Group – the leading life insurance group in Asia-Pacific. Established in Vietnam in 2000, AIA Vietnam has achieved impressive results with over 1.6 million customers, 12,000 consultants, and more than 150 offices nationwide.

AIA’s typical products include:

• Health insurance: AIA Med Care, AIA Golden Health, AIA Live Healthy…
• Savings and investment insurance: AIA Flexible Accumulation, AIA Asset Accumulation, AIA Lifetime Savings…
• Pension insurance: AIA Secure Retirement, AIA Peaceful Retirement…

In 2021, AIA’s new business premium revenue reached 5,900 billion VND, growing 25% compared to 2020. AIA has applied artificial intelligence (AI) and big data technologies to improve processes and enhance customer experience.

Dai-ichi Vietnam Company

Dai-ichi Life Vietnam is a member of the Dai-ichi Life Group – Japan’s leading life insurance company with 120 years of experience. Dai-ichi started operations in Vietnam in 2007 and has made steady progress with a network of nearly 300 offices across 63 provinces and cities.

Dai-ichi’s key products include:

• Life insurance: Peace of Mind Prosperity, An Gia Protection, Family Protection…
• Health insurance: Guardian Angel, Live Healthy Every Day…
• Pension insurance: Free Retirement, Future Protection…

Dai-ichi is also known for its community activities such as providing insurance for poor children, building schools, and awarding scholarships.

Generali Vietnam Insurance

Generali Vietnam is a member of the Generali Group – one of the world’s largest insurance groups headquartered in Italy. The company has been present in Vietnam since 2011 and has built a nationwide service network with over 70 offices.

Generali Vietnam provides a variety of life insurance products such as:

• Family insurance.
• Savings insurance.
• Pension insurance.
• Group and corporate insurance.

In 2020, Generali Vietnam achieved 5,113 billion VND in total insurance premium revenue, growing 16.2% compared to 2019, affirming its position as one of the leading insurance companies.

Cathay Vietnam Insurance

Cathay Vietnam is considered one of the top 10 life insurance companies in Vietnam. Established in 2007, the company has built a network of 69 business offices nationwide.

Cathay implements two main product categories:

• By need: Including products suitable for each stage of life such as being single, newly married, having young children, preparing for retirement.
• By group: Including protection, savings, investment, and other supplementary packages.

In 2020, Cathay’s insurance premium revenue reached 5,768 billion VND, growing 12.5% compared to the previous year.

Hanwha Life Vietnam Insurance

Hanwha Life Vietnam belongs to Hanwha Life Insurance – the oldest life insurance group in South Korea. The company has been developing in Vietnam since 2009 with over 160 service points nationwide.

Hanwha Life provides diverse individual and group insurance products, meeting customers’ needs for protection, risk management, and financial planning. The company also offers special customer care services such as hospital fee guarantees.

MB Ageas Insurance

MB Ageas Life is a joint venture between MB Bank (Vietnam), Ageas Group (Belgium), and Muang Thai Life (Thailand), established in 2016. The company has an advantage when combined with MB Bank’s network of over 300 branches and transaction offices.

Despite its young age, MB Ageas Life has affirmed its position in the top reputable insurance companies by focusing on service quality and commitment to customers. In 2020, MB Ageas’ total insurance premium revenue reached 1,974 billion VND, impressively growing by 34.7%.

Chubb Vietnam Insurance

Chubb Life Vietnam has been operating since 2005 and is a member of the Chubb Life Group, present in many Asian countries. The company focuses on building sustainable relationships with customers through core products, including:

• Individual insurance: Meeting needs according to each stage of life such as having children, caring for parents, starting a career. Includes investment, health, travel insurance…
• Commercial insurance: Categorized by industry such as maritime, clean technology. Includes casualty insurance, environmental insurance, and solutions suitable for each business model.

In 2020, Chubb Life Vietnam recorded total insurance premium revenue of 2,237 billion VND, growing 11.9%.

Questions Related to Vietnamese Insurance Brands

1. What are the common types of insurance currently available?

There are many different types of insurance, but some common ones include life insurance, health insurance, property insurance, auto insurance, and travel insurance.

• Life insurance: Provides financial protection for families when the insured person passes away.
• Health insurance: Covers medical expenses when the insured person falls ill or suffers from diseases.
• Property insurance: Protects personal or business assets against risks such as fire, theft.
• Auto insurance: Protects assets and legal liabilities related to vehicles.
• Travel insurance: Protects health and personal property when traveling.

2. Is insurance important?

Insurance is very important. It helps customers and their families feel more financially secure when facing unexpected incidents such as illnesses, accidents, or property losses.

3. Does the insurance market in Vietnam have potential?

The insurance market in Vietnam has great potential. Compared to other countries in the region, the rate of Vietnamese people participating in insurance is still quite low, creating a large space for development.

With economic development and increasing quality of life, people’s demand for protecting assets and health is also increasing. The government is implementing many policies to encourage the development of the insurance market.

4. What are the challenges of doing insurance business in Vietnam?

Challenges in insurance business in Vietnam include:

• Public awareness: Many people do not fully understand insurance and its benefits.
• Intense competition: The market has many insurance companies competing with each other.
• Distribution channels: Building and managing effective distribution channels is a challenge.
• Products: Developing new, diverse products that meet customer needs.
• Legal regulations: Insurance laws still have many unclear points, causing difficulties for businesses.
• Insurance fraud: Cases of document forgery and insurance fraud.

5. How to succeed in the insurance business?

To succeed in this field, businesses need to:

• Build a reputable brand: Create trust for customers.
• Professional staff: Train and develop high-quality human resources.
• Diverse, quality products: Meet diverse customer needs.
• Improve customer service: Create the best experience for customers.
• Apply technology: Optimize business processes.

6. Which unit provides reliable insurance staff uniform manufacturing?

DONY workshop is one of the reputable and quality units for manufacturing insurance staff uniforms. With many years of experience in the garment industry, DONY is proud to be a trusted partner of many large insurance companies in Vietnam.

Why choose DONY workshop?

Superior product quality:

• Premium fabric: The workshop uses high-quality fabrics that are breathable, color-fast, ensuring comfort for wearers.
• Meticulous tailoring: The cutting and sewing process is carried out by skilled workers, ensuring products have delicate seams and fit well.
• Sharp printing and embroidery: Company logos and information are sharply printed and embroidered on each product, with long-lasting color.

Diverse designs and styles:

• Professional design: DONY’s design team always updates the latest fashion trends, creating modern, elegant, and professional insurance uniform designs.
• Customization: The unit is ready to listen and meet all customer requirements regarding colors, styles, materials to create unique uniforms.

Competitive pricing:

• Reasonable costs: DONY commits to providing customers with the most competitive prices in the market.
• Many promotions: Customers will receive attractive offers when ordering in large quantities.

Professional service:

• Enthusiastic consultation: DONY’s consulting team is always ready to support customers in choosing suitable designs, materials, and sizes.
• On-time delivery: The unit commits to delivering on schedule, ensuring no impact on customer plans.

If you need to order insurance staff uniforms, please contact us for detailed advice and quotations.