HÀ NỘI — The insurance sector reported growth of 19 per cent in premium income in the first five months of this year, topping VNĐ38.7 trillion (US$1.7 billion), the Insurance Association of Việt Nam (IAV) said.

Of the estimate, revenue from non-life insurance premiums was estimated at VNĐ15.9 trillion, increasing 9 per cent year-on-year. Revenue from life insurance touched VNĐ22.7 trillion, up by 30 per cent year-on-year, Bùi Gia Anh, IAV general secretary, told a meeting on Monday.

The total assets of insurers also rose 19.5 per cent yearly to total over VNĐ250 trillion, of which the assets of non-life insurers reached VNĐ66 trillion and the assets of life insurers hit more than VNĐ190 trillion.

According to Gia Anh, insurance enterprises accumulated nearly VNĐ209 trillion to reinvest in the market, up 21.3 per cent over the same period in 2016. In particular, non-life insurers reinvested VNĐ35.1 trillion and life insurers reinvested 173.8 trillion.

During the first five months, total insurance indemnity and benefit payments totalled VNĐ10.9 trillion, of which non-life insurers indemnified VNĐ5.4 trillion and life insurers paid VNĐ5.5 trillion.

As of May 2017, insurance companies contributed to set up 56 transport infrastructure projects worth VNĐ79 billion. These projects are being established to minimise traffic accidents in accident-prone areas.

In 2016, total premium income of the sector reached VNĐ87.5 trillion, up 24 per cent year-on-year, of which non-life insurance companies gained nearly VNĐ37 trillion, up 15 per cent, and life insurance companies earned VNĐ50.4 trillion, up 32 per cent. — VNS