Vietnam life insurance grows 4.3% YoY in new contracts

General insurance products maintained their lead as the primary business line.

Vietnam’s life insurance market recorded nearly 342,000 new contracts in the first quarter of 2025 (Q1 2025), a 4.3% increase year-on-year (YoY), according to Ngo Trung Dung, vice general secretary of the Insurance Association of Vietnam (IAV).

General insurance products maintained their lead as the primary business line for many insurers, accounting for 47% of new contracts, reported Vietnam Investment Review.

However, this segment also saw an 8.9% YoY decline. In contrast, unit-linked insurance products rose slightly to account for 7.2% of total new contracts, up 2.6% YoY.

Despite growth in new business, the total number of active contracts at the end of the quarter declined by 5.5% YoY to nearly 11.45 million. 

Universal insurance policies remained the most prevalent, comprising 57.6% of all in-force contracts, followed by mixed products at nearly 24%.

In March, total new premium revenue in the life insurance sector reached an estimated $223m, marking a 2.4% YoY increase.

Cumulative premium revenue for the industry in Q1 2025 was estimated at nearly $1.35b, up 1.2% YoY.