Non-life insurers rebound on strong first-half results

According to PVI Insurance, a subsidiary of PVI Holdings, the company’s total revenue approximated reached $686.6 million in the first six months of 2026, while its pre-tax profit amounted to $40.24 million, fulfilling 63 per cent and 103.2 per cent of the company’s full-year targets, respectively.

PVI Insurance’s performance was driven by growth in direct insurance, reinsurance and related services.

In addition, revenue collected on behalf of social insurance system reached $85.9 million, up 30.2 per cent on-year, helping expand the company’s customer base and strengthen service touchpoints.

Motor insurance continues to be the core business line for many non-life insurance firms

At DBV Insurance (formerly Vietnam National Aviation Insurance), gross written premiums reached $123.6 million during the first half of 2026.

Motor insurance remained the company’s core business line, accounting for 66 per cent of total gross written premiums and rising 94.4 per cent from a year earlier, enabling DBV to move into the market’s leading group in this segment.

Meanwhile, property and engineering insurance posted growth of 68.5 per cent, marine insurance increased 55.8 per cent, and personal accident and health insurance rose 85.1 per cent.

This marked the first time DBV’s gross written premiums exceeded approximately $120 million during the first six months of a year.

According to an industry expert familiar with the company’s operations, the results reflect a broad restructuring programme following the completion of DB Insurance’s acquisition of controlling stakes in Vietnam National Aviation Insurance (now DBV) and Sai Gon-Hanoi Insurance Corporation in early 2024.

The restructuring included reorganising the branch network, adjusting underwriting operations and redefining the business roles of the two insurers.

DBV’s improved market position has been most evident in motor insurance. Based on data compiled by DBV from the Insurance Association of Vietnam, the company ranked first in motor insurance gross written premiums during the first five months of 2026, generating $65.9 million, nearly double the $34.6 million recorded by second-ranked Bao Viet Insurance.

DBV’s 2026 business plan targets gross written premiums of approximately $248 million, up more than 48 per cent from 2025, underscoring the company’s aggressive growth strategy from the outset of the year.

Meanwhile, PVI Insurance said it is accelerating efforts to become Vietnam’s first non-life insurer to achieve annual revenue of $1.2 billion in 2026.

The positive momentum extends beyond individual companies, with broader market indicators suggesting that Vietnam’s insurance industry is gradually recovering after a prolonged period of adjustment.

At the Ministry of Finance’s second-quarter 2026 regular press briefing, Pham Thu Phuong, deputy director general of the Insurance Supervisory Authority, said Vietnam’s insurance market is showing signs of recovery, particularly following the life insurance sector’s confidence crisis during 2022-2023 period.

Total insurance market revenue is estimated to have increased by around 2 per cent in the first half of 2026.

Non-life insurance revenue rose by more than 12 per cent, while life insurance revenue declined by about 4 per cent, indicating that the pace of contraction has slowed considerably.

Insurance management bodies are also stepping up digital transformation, strengthening inspections and supervision, and enhancing dialogue with insurers to address challenges, improve regulatory effectiveness and support the market’s sustainable development.

Supported by the government’s and the Ministry of Finance’s policy measures, alongside the country’s ambition to achieve double-digit economic growth, the insurance market is expected to continue its recovery and gradually move towards the 2030 target of insurance premium revenue equivalent to 3.3-3.8 per cent of the country’s GDP.

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