Developing life insurance market in hanoi

Table of Contents Overview of thesis 2 CHAPTER 1 SUMMARY OF SOME THEORIES OF LIFE INSURANCE 5 1 1 Basic definitions and concepts of insurance 5 1 1 1 Insurance definition 5 1 1 2 Terms related to insu[.]

Table of Contents

OVERVIEW OF THESIS 2

CHAPTER 1: SUMMARY OF SOME THEORIES OF LIFE INSURANCE 5

1.1 B ASIC DEFINITIONS AND CONCEPTS OF INSURANCE 5

1.1.1 Insurance definition: 5

1.1.2 Terms related to insurance 5

1.1.3 Basic principles of insurance 5

1.2 SOME THEORIES ABOUT LIFE INSURANCE 5

1.2.1 Life insurance definition and related concepts: 5

1.2.2 Characteristics of life insurance 6

1.2.3 Life insurance products 7

1.2.4 The role of life insurance 10

1.3 O VERVIEW OF LIFE INSURANCE SITUATION IN V IETNAM AND OVER THE WORLD 11

1.3.1.Development history of life insurance 11

1.3.2 Establishment and development of life insurance in Vietnam 12

1.4 R ELATED STUDIES 13

1.5 F ACTORS AFFECTING THE LIFE INSURANCE MARKET 14

1.5.1 Economic conditions 14

1.5.2 Socio-cultural conditions 15

1.5 3 Information technology 16

1.5.4 Globalization and international economic integration 16

1.5.5 State legal and policy environment 16

1.5.6 Internal management of businesses and related departments 17

CHAPTER 2: RESEARCH METHOD AND THE RESULTS ANALYSIS OF THE CURRENT REALITY OF LIFE INSURANCE IN HANOI 24

2.1 M ETHODS OF STUDYING 24

2.2 T HE IMPACT OF ENVIRONMENTAL FACTORS ON THE LIFE INSURANCE MARKET IN H ANOI 24

2.2.1 Economic conditions are the basis for the development of life insurance 24

2.2.2 Socio-cultural conditions 25

2.2.3 Information technology is now available for Life Insurance Application 26

2.2.4 Globalization and economic integration facilitate leapfrog for life insurance 27

2.2.5 Legal environment and State policy on insurance business for a healthy development market 27

2.3 R ESULTS OF SECONDARY DATA ANALYSIS 28

2.3.1 Life insurance market supply situation in Hanoi 28

B MARKET SHARE BY THE NUMBER OF AGENTS: 41

2.3.2 Vietnam life insurance market demand situation 44

CHAPTER 3: CONCLUSIONS, DISCUSSIONS AND RECOMMENDATIONS FOR THE LIFE INSURANCE MARKET IN VIETNAM 46

3.1 C ONCLUSIONS AND FINDINGS THROUGH RESEARCH 46

3.1.1 Achievements and development steps 46

3.1.2 The drawbacks 46

3.3 S UGGESTIONS AND RECOMMENDATIONS WITH RESEARCH PROBLEMS 52

3.3.1 Solutions from the Hanoi Authority 52

3.3.2 Solution on the life insurance businesses side 54

Overview of thesis

1.1 The urgency of the research thesis

Life insurance has appeared in the world since the middle of the eighteenth century Lifeinsurance is not only a savings fund that brings benefits to the insured but also an effectiverisk recovery In addition, life insurance also contributes to the development of the socio-economy Today, along with its benefits, life insurance has become a widely used product inthe world The number of people with life insurance in Japan is 30% of the population, thePhilippines 15%, Hong Kong 25%, and in some developed countries, the rate is up to 90%

In Vietnam and especially Hanoi, the insurance industry in general as well as the lifeinsurance industry in particular is still a nascent industry 1996 marked the birth of the lifeinsurance industry in Vietnam by the Ministry of Finance allowing Bao Viet to pilot lifeinsurance Currently, in Vietnam, only about 8% - 10% of the population use life insurance.This is a small number compared to other countries in the world and especially for the currentrapid development of our country Although the life insurance market has made significantprogress, it has not really expanded across the country In terms of market supply, there arecurrently many companies selling life insurance products such as Bao Viet Life, Prudential,Manulife, AIA, Daiichi Life In which, Bao Viet Life Company is the only company with100% Vietnamese capital to provide life insurance products The life insurance market is amarket with great potential but has not been exploited much by businesses Besides, thedemand for life insurance is also not high Most people are not aware of the importance of lifeinsurance to their lives, even many people have not had access to insurance products ingeneral and life insurance products in particular

Therefore, in order to contribute to assisting the people of Hanoi to have proper awareness oflife insurance as well as promoting the development of activities in the life insurance market,

we have carried out the thesis "Developing life insurance market in Hanoi"

1.2 Confirmation and problem statement in thesis

Thesis title "Developing life insurance market in Hanoi”

With the subject, we determine the object of research is the life insurance market in Hanoi for

5 years (2015 - 2020), thereby assessing the current situation of the life insurance market inHanoi and proposing suggestions and solutions to market development of life insurance inHanoi

- Second, be aware of the current situation of the life insurance market in Hanoi

- Third, offer solutions to develop the life insurance market in Hanoi

1.4 Questions in the research

While researching this topic, there are a number of questions that need to be addressed,including

- How the life insurance market operating in Hanoi today?

- How to develop the life insurance market in Hanoi and bring life insurance products closer

to the people of Hanoi?

1.7 Related studies

Development of the insurance market has been mentioned a lot in books, magazines andscientific forums However, within the scope of the student's scientific research topics, thegraduate thesis of students, this topic has not been exploited much, moreover, the researchcontent is still limited, such as:

- Graduation thesis "Improving the organization of life insurance marketing services at LifeInsurance Company" by Le Quang Vinh

- Graduation thesis "The necessary financial solutions to the strategy of Vietnam InsuranceCorporation in the current market economic conditions", by Le Ba Truong

- Graduation thesis "Perfecting management of distribution and sales channels at Hanoi LifeInsurance Company", by Pham Thi Thanh Huyen.

- Graduation thesis "Marketing solutions to develop life insurance products market of BaoViet Life Company in Hai Duong", by Bui Thi Minh Thu

The above studies have been very successful when focusing on analyzing marketing activities,sales distribution channels of a life insurance company operating in the Vietnamese insurancemarket, and giving get solutions to improve the organization and develop insurancebusinesses in the current life insurance market However, there is no systematic andcomprehensive research on the life insurance market development, esspecially in Hanoi andother provinces Therefore, our team's research to develop the life insurance market in Hanoithe capital of Vietnam is very important and useful to today's general commerce in general

1.8 Significance of the thesis

- The study will be a document for future specialized learning

- The reference for scientific research of the following students

- A reference document for life insurance companies and businesses in Vietnam, from which

they can develop life insurance services to supply in Hanoi market In summary: This topic is

a reference for strategic makers to develop and manage the life insurance market in Hanoi,insurance businesses in general, and life insurance in particular, In addition, it also serves theteaching and learning of universities and colleges in economics and finance with aspecialization in insurance

1.7 Structure of the thesis

The structure of the thesis is divided into 3 parts as follows

Chapter 1: Summary of some theoretical issues on the research topic

Chapter 2: Research method and analytical results of the current situation of the life insurance

market in Hanoi

Chapter 3: Conclusions, discussions, and recommendations on the life insurance market in

Hanoi

CHAPTER 1: SUMMARY OF SOME THEORIES OF LIFE INSURANCE

1.1 Basic definitions and concepts of insurance

1.1.1 Insurance definition:

According to Dennis Kessler (1994) “Insurance is the contribution of the majority to the

misfortune of the minor.”

According to Monique Gaullier (1994) (Insurance is a business through which one party

as the insured person will guarantee to pay an amount called the desired performancepremium for themselves or for a third person in the event of a risk will receive acompensation for losses paid by another party - the insurer The insurer assumes liability forall risks and compensates for damages according to the methods of statistics.”

According to Etibu: Insurance is a mechanism that, under this mechanism, an individual, a

business or an organization assigns risk to an insurance company, that company willindemnify the insured’s losses, which are covered by the insurance and divide the value of thedamage among all the insured

The Law on Insurance Business of Vietnam (2000): Insurance business is an insurance

business activity for the purpose of profit, under which the insurer accepts the insured's risks,

on the basis of the purchaser of insurance pays the fees for the insurance enterprise to pay theinsurance for the beneficiary or to indemnify the insured when an insured event occurs

We can generally see insurance as follows: Insurance is a financial category associated

with economic relations arising in the process of forming, distributing and using insurance funds to ensure for the process of social reproduction and human life in society to be stable and develop normally in the condition of unfavorable events.

The nature of insurance: A division of the loss of one or more persons for all the insured

to bear Insurance is based on the law of large numbers

1.1.2 Terms related to insurance

- The insurer is an organization responsible for building an insurance fund through the form

of insurance premium collection and indemnity when there is a risk

- The insured is an organization or individual currently residing in Vietnam, aged 18 or

over, having full civil act capacity, who declares and signs on the insurance claim dossier and

is a premium payer

- The insured is an individual who is currently residing in Vietnam and is accepted by the

insurer under the insurance contract

- Beneficiary is an organization or individual designated by the policyholder to receive the

insurance benefits in accordance with the insurance contract

- Insurable interest is the relationship between the policyholder and the insured, in which

the insured's risk will result in a financial or moral loss to the purchaser of insurance

- Insurance premium is the amount of money that the buyer pays periodically to the

insurance enterprise to be insured according to the term and the method agreed by the parties

in the insurance contract

- Insurance money is the par value of an insurance contract agreed upon by the purchaser

of insurance and the insurance enterprise in the insurance contract

- Contract term is the period of time when an insurance enterprise accepts insurance

provided that the purchaser of insurance fully pays the premium according to the provisions

of the insurance contract

- Premium payment period is the period of time between two times when a periodic

premium is due Payment period can be: Monthly, every 3 months (quarterly, every 6 months(half a year), annual

- Perimum payment grace period: In the event that the customer is unable to pay the

premium on the agreed deadline for any reason, the payable premium will be extended for anadditional 60 days from the stated premium due date

- Insurance profit is the income (not guaranteed dividend) reported to the policyholder

each calendar year for the policies has been in force for at least 03 months Insuranceprofit will be announced annually, if any, is the percentage of the sum insured and theaccrued insurance profit announced previously, if any, of the insurance product involvinginterest division, is the amount of money that the customer will only receive the fullamount when the company pays the insurance benefit in accordance with the rules, terms

of the insurance product Insurance profit is announced and accumulated annually

Actual dividends are announced based on the company's business results and theeconomic situation If the economic situation and business results are not as expected, toreflect the real interest rate on investment, the company may reduce the dividend This is toensure that the company always fulfills its contractual obligations and guaranteed interests

- Withdrawal of accumulated dividends: After the second maturity date of the policy, the

policyholder may request to withdraw part or all of the insurance in advance, which isincluded in the policy The amount of the bonus that is withdrawn first will be less than theface value of the bonus that is calculated based on the present value of the bonus, as well asdepending on when the dividend is withdrawn The later the customer withdraws, the higherthe dividend value will be

- Insurance benefits when the contract expires is the amount of money that the beneficiary

of the insurance benefit, in accordance with the policy of insurance, receives when theinsurance contract expires

- Benefit of receiving advance from the cashback value: If the insurance policy has

refundable value, the policyholder may be advanced an amount not exceeding 80% of therefundable value

1.1.3 Basic principles of insurance

- The principle of only insure for the fortuity not certainty: Insurance is only one incident

that happens suddenly, incidentally, unintentionally by a human, not one that will inevitablyhappen

- The principle of utmost good faith: All business transactions should be done on the

basis of mutual trust, absolute honesty Both the insured and the insurer must be honest inall matters

- The principle of insurable interest: An insurable interest is related to, affixed to, or

depends on the safety or insecurity of the subject-matter insured This principle states that theinsured who wants to buy insurance must have an insurance interest An insurable interest can

be an existing or an interest in the subject of insurance

- Indemnity principle: According to the principle of indemnity, when a loss occurs, the

insurer must compensate in some way to ensure that the insured has the same financialposition as before the loss occurred, nothing more and less The parties are not allowed to takeadvantage of insurance for their own profits

- Principle of subrobgation: According to the principle of subrogation, the insurer, after

indemnifying the assured, has the right to act on behalf of the assured to claim the liability of

a third party to indemnify himself

1.2 Some theories about life insurance

1.2.1 Life insurance definition and related concepts:

Life insurance: A contract between an individual and a life insurance company to cover

themselves or a relative, or between an organization and a life insurance company to cover itsemployees for the purpose of is to ensure financial security for the insured

When an insurance event occurs, the life insurance company will base on the respectivecontractual terms of the product that the client participates in to pay the insurance benefits.Insurable interest that client will receive is clearly stated in the life insurance certificate

Insurance claim records is an insurance subscription form issued by an insurance

enterprise An insurance buyer is obliged to fill out a complete and honest insurance requestdossier Claim documents are considered an integral part of a life insurance policy

Life insurance certificate is an insurance confirmation document issued by an insurer,

listing the main insurance benefits of an insurance policy The life insurance certificate is anintegral part of a life insurance policy package

Consideration time period of 21 days from the date of issuance of the life insurance

certificate The purpose of this time is for customers to carefully and independently reviewtheir decision to buy insurance, especially after having had enough time to carefully read thebook “Policy Terms and Conditions of Life Insurance” included in the contract that the clientreceived This consideration period is also within the policy term

Within 21 days of consideration, the client has the right to refuse to participate in theinsurance or to request to change the insurance product, the sum insured or the period of

insurance to better suit their needs If the client does not want to continue to participate ininsurance, the company will refund the premium paid by the client, after deducting medicalexamination expenses, if any

1.2.2 Characteristics of life insurance

1.2.2.1 Insurance products are "unexpected" products

This is reflected in the fact that, for pure insurance products, even though they havepurchased insurance products, customers do not want their risks to indemnity or pay for theinsurance This feature makes it more difficult to exploit insurance products

Saying so does not mean that insurance enterprises cannot conduct insurance business.Simply because although individuals and organizations "did not expect", but risks can stillhappen at any time Therefore, if you know the right time to propagate insurance, theexploitation of the product will still be successful

Stemming from this feature, insurance products are often classified in the group ofproducts "sold, not purchased" In other words, an insurance product is a product of "passivedemand" - consumers are not actively looking to buy, but only buying when there are seller'smarketing efforts Nowadays, along with the development of information technology, the sale

of insurance online has been adopted by a number of companies and this has made insuranceproducts like ordinary products Clients have actively bought these products, not products ofpassive demand anymore

1.2.2.2 The insurance product is the product of the "reverse accounting cycle"

If in other business lines, the product price is determined on the basis of the actual costsincurred, then in the insurance sector, the premium - the price of the insurance product isdetermined based on the estimated data of costs that may arise in the future such as indemnitypayments (insurance payments), commissions, reinsurance expenses,

Expenses accounting for the largest proportion is spending on compensation Theseexpenditures are determined primarily on historical statistics and future estimates of thefrequency and extent of losses The use of statistics in the past to determine prices forinsurance products for the future requires very closely to help businesses offset the costs thatmay arise to obtain a reasonable profit physical

1.2.2.3 Insurance products have "movement effect"

Businesses often collect premium in advance and pay compensation when insuranceevents occur, so if the probability of risk is large, their profits are reduced, and vice versa Theefficiency of insurance business is difficult to determine at the present time, at the time wheninsurance products are sold

Regarding the customer, the purchase of these products is also “able to move” - indefinite.This comes from the fact that not all insured customers also "receive" the insurancecompany's payout, or in other words, only when there are events that happen to see "the effect

of insurance” And because of such a "moving efficiency", a life insurance product also has aprofit sharing to increase its attractiveness

1.2.3 Life insurance products

1.2.3.1 Term life insurance:

Term life insurance is signed only to cover the possibility of death occurring during theperiod specified in the contract If death does not occur within that period, payment cannot bemade and the insured person will not receive any payment from the premium paid For thisreason, premiums may be kept to a minimum as they are for life insurance only and will notpay any amount if the life insured is alive until the end of the contract

Level term assurance is the most basic and cheapest form of term insurance because the

premium stays the same for the life of insurance Life insurance company commits to pay thepremium if the insured dies before the expiration date of the policy When the expiration date

is reached, the policy is automatically no longer valid

The main features of this type are as follows:

- Low insurance premiums

- Coverage for a specific period of time

- Premium and insurance money are fixed

- No cash value or refund value

- This policy will become invalid after the deadline without paying the premium Themain benefit of this contract is used to repay outstanding debts in the event of a death

Renewable term assurance Another type of insurance in that the policy can be renewed

at the discretion of the insured on the termination date of the policy without providing anyadditional evidence of the health condition The age limit to choose from can be up to 65

At the time of renewal, the premium is increased taking into account the insured's ageand there is the option to renew at the end of the policy

The main features of this type are as follows:

- The term of the contract can be extended without providing additional proof of healthstatus

- The policy can be either renewed or renewed when it ends

- The premium will increase with the age of the insured at the time of renewal

Because of these features, instead of signing a 20-year contract, he signs a 5-year termlife insurance, after every 5 years this man will have a choice whether or not to re-continueagain

Convertible term insurance: A form of fixed term insurance that gives the insured the

choice of converting part or all of the policy into a single life insurance policy or mixed lifeinsurance at any time during the duration of insurance The premium will be calculatedbased on the new combined life insurance policy, according to the insured's age

This type of policy can be used as a security for the loan and the option to convertmakes it possible to use this policy to implement future savings

Decreasing term insurance: This type of policy has an annual reduction in the sum

insured as specified in the policy This type of insurance has the following characteristics:

- Insurance premiums are kept at a fixed rate

- The compulsory premium payment period can be shorter than the entire period of thepolicy to avoid canceling the policy when the sum insured is too much

- The premium may be lower than the fixed rate or be paid for a decreasing period

This type of policy is often used to insure a gradual debt, such as the principal owed onthe mortgage when the insurance amount can decrease in proportion to the amount owed

Increasing term insurance: This type of insurance is designed to deal with the effects of

inflation, reducing the real insured amount of the policy when the value of the currency falls

in value over a period of time The policy can be made by either increasing the annualpremium by a percentage, or offering short-term policies that can be renewed with anincreased premium

This type of insurance has the following characteristics:

- Insurance money may increase during the term of the policy without proof of health

- Insurance premium will increase with insurance money

- The premium will be based on age at the time of renewal

- Initial premium is higher than fixed term death insurance premium

- Insurance usually continues until the age of 60-65

Currently, this type of insurance is facing difficulties because of the impact and increase

of AIDS

1.2.3.2 Lifetime life insurance

Whole life policies are primarily signed to protect the money insurance that is paid uponthe death of the insured person Since this policy is long-term, there is an investment element,and at sometime the policy is definitely paid out (unlike term life insurance) This type of lifepolicy has a cash value (value of interest) usually two or three years after premium has beenpaid

There are different types of lifetime life insurance depending on how premium is paid,such as:

- Whole life insurance continuous premium payment

- Whole life insurance limits the payment period

- Whole life insurance one-off fee

- Whole life insurance has variable fees

- Whole life insurance has an incremental fee

The purpose of using whole life insurance:

- Ensuring burial and burial costs

- Ensure income to stabilize family life

- Preserve assets, create and start a business for the next generation

1.2.3.3 Term life insurance

Term insurance is a form of insurance in which the insurer undertakes to pay lump-sumbenefits or pay periodic benefits to one (or several) nominated persons when the insured lives

in a specified time provided that they must pay the premium once or periodically There aretwo forms of term insurance, which are pure term life insurance and periodical subsidyinsurance

1.2.3.4 Endowment life insurance

This type of insurance is insurance in the event of death or survival The factors of savingsand risks are interwoven, so it is widely applied in most countries around the world

Features:

- Insurance money is paid when the policy expires or the insured dies while the policy isvalid

- Defined insurance period is usually: 5 years, 10 years, 20 years, etc

- The premium is usually paid periodically and does not change during the insuranceperiod

- Interest can be distributed through premium investment and also can be refunded whenthere are no conditions to continue participating

Purpose:

- Ensuring life for family and relatives

- Create education, retirement and debt repayment funds

- Used as collateral to start a business, etc

1.2.3.5 Additional insurance

When implementing life insurance types, insurers also research and propose additionalterms to meet the diversification needs of customers, with the following additional terms to beapplied:

- Hospital and Surgery Insurance Supplement: This means that the insurer is committed topaying hospital and surgical fees when the insured is sick and injured However, if the insuredperson causes injury, suicide, pregnancy and childbirth, he / she is not entitled to theinsurance benefit The purpose of this provision is to assist participants in reducing the costburden of surgical treatment, especially in the event of an unexpected illness

- Accident insurance supplementary provision: To help pay for the cost of the injury,thereby compensating for the loss or reduction of income due to death or injury of the insured.This term is characterized by quite comprehensive coverage of accident consequences such

death The cases of self-injury, accidents due to alcohol, drug addiction, are not entitled toinsurance benefits.

- Health Insurance Supplement Terms: In essence, this insurance term is that the insurerwill commit to pay when the insured suffers from serious diseases such as heart attack,cancer, liver failure, kidney failure, respiratory failure, The purpose of joining insurance is

to get certain financial amounts to help pay for large medical expenses, contributing tosolving and handling living needs during treatment

In addition, in some cases, insurers offer different additional terms in their insurancepolicies such as: Refund of premiums, exemption from payment of premium in case ofaccidents, injuries, to increase attractiveness to participants Although the premium ishigher, life insurance contracts with additional terms meet the diverse needs of participants

1.2.4 The role of life insurance

1.2.4.1 Ensure financial security for the dependents

The breadwinner is the financial and spiritual support for the family's dependents Joininglife insurance is a way for the mainstay to show responsibility for relatives and familydependents because life insurance:

- Help ensure financial expenses to overcome losses when the breadwinner is at risk

- Help to maintain a stable standard of living for the family after the breadwinner is atrisk

1.2.4.2 Savings fund for children's educational future

Taking care of children's educational future is the first concern of parents To achieve thatgoal, parents must prepare a certain amount of financial in advance With life insurance,parents will be enrolled in a financial program under which:

- Accumulate discipline, gradually to have a large amount of money to care for the futureeducation of children

- Educate and show love for your children

1.2.4.3 Long-term savings for personal and family plans

Life insurance helps individuals and families make convenient and disciplined long-termsavings programs Just keep a steady small amount of money, you can make future plans suchas: Getting married, buying a house, buying a car or other wishes

1.2.4.4 Supporting funeral expenses or leaving an inheritance

Life insurance provides peace of mind for each person, ensuring that as they aged,customers will always have a sum of money to cover medical expenses, take care of thebusiness, or leave an inheritance for their children

1.2.4.5 Retirement savings fund

Life insurance helps ensure more firmly the financial resources when you retire, and youcan enjoy old age with your children and grandchildren:

- Be respectful and financially independent

- Run a small business to get more income

- Medicine expenses, hospital fees

- Travelling

1.2.4.6 Profitable investment channel

In addition to traditional insurance products, there is also investment-linked insurance.This type of insurance allows the insured to:

- Satisfy investment needs with high interest

- Access to diversified portfolios

- Access to professional investment management services

- Be proactive in deciding the type of investment

1.2.4.7 Ensuring the sustainable development of the business

Life insurance brings many benefits to businesses:

- Insurance for key people of the business, helping businesses ensure continuous businessoperations if unfortunately they die

- Insurance for employees to supplement benefits and rights for employees, encouragethem to stick for a long time with the business

1.2.4.8 Contributing to economic and social development

Life insurance is an effective tool to mobilize idle capital in society to invest in theeconomic and social development of the country, thereby contributing to:

- Create jobs for employees

- Construction and development of infrastructure: Airport, roads, seaports,

In addition, life insurance also contributes to the stability and sustainable development ofsociety as an additional form of social security

1.3 Overview of life insurance situation in Vietnam and over the world

1.3.1 Development history of life insurance

Life insurance was born and developed for a long time in the world The first form of lifeinsurance appeared in London in 1583, the insured was William Gybbon Thus, life insurancewas formed very early, but there are no development conditions in some countries due to lack

of random technical basis, it is like a game that should be condemned by the church Because

of the abuse of human life, life insurance must exist in many different forms However, due tothe strong economic development, people's lives have been significantly improved, inaddition to the continuous development of science and technology, life insurance has hadconditions to develop on the wide scale With the appearance of Pascal and Fermatprobabilities, the development of life insurance was an objective inevitable

In 1759, the first life insurance company was established in the Americas but only soldpolicies to insure sheep in their church.

In 1762, Equitable life insurance was founded in England This is the first company to sellbroad insurance policies to the people and apply the principle of constant premiumsthroughout the insurance period

In 1812, another life insurance company was established in North America

In 1860, a network of life insurance agents began to appear

Up to now, life insurance has grown strongly and diversified From the basic types of lifeinsurance are Term Life Insurance (Term Insurance), Life Insurance, Endowment LifeInsurance, Pension Insurance Each insurance company designs products with its owncharacteristics to meet the financial needs of each residential area and in accordance with theeconomic and social policies of each country

It is also common to have additional terms, in which the coverage is accident or desease,illness, serious illness occurring during the term of the main policy (which is one of the fourcategories above)

Around the world, life insurance now accounts for more than 50% of the insuranceindustry's sales

1.3.2 Establishment and development of life insurance in Vietnam

Since 1986, Vietnam officially implemented the renovation policy, with an emphasis onshifting its centrally planned and subsidized economy to a market economy under the statemanagement The renovation policy has really had a positive impact on the entire economicand social conditions of the country, bringing about stability and high economic growth, andimproved people's lives The average annual growth rate of GDP in the past 10 years reachedover 7% and in 2007 reached 8.5%; per capita income increased from 423 USD in 2001 to

835 USD in 2007; inflation is curbed and controlled; The proportion of poor householdsdecreased from 58.1% in 1993 to 32% in 2000 and to 14.7% in 2007 Economic growth alongwith the gradual elimination of the subsidy mechanism has boosted demand and growth lifeinsurance market of Vietnamese people

1996 marked the birth of the life insurance industry in Vietnam by the Ministry of Financeallowing Bao Viet to pilot life insurance Responding to the requirements of the process ofopening up and integration as well as the demands of the development of the life insuranceindustry itself After a pilot period, the Ministry of Finance issued licenses to foreign lifeinsurance enterprises in turn (in 1999, three enterprises were granted licenses: Prudential,Manulife, Bao Minh - CMG - now Daiichi Life), then AIA (2000), Prevoir, ACE Life, GreatEastern Life, Cathay Life, Korea Life, Vietcombank Cardif, and Fubon (December 2010) Up

to now, there are 12 enterprises operating on the market and it is forecasted that more lifeinsurance companies will be licensed to operate in the near future

With the entry of foreign life insurers, the Vietnamese life insurance market has witnessed

a strong development in terms of size, product, service quality and professionalism Somenotable numbers and information can be listed below:

- Regarding new exploitation: If in 1996, the new mining fee revenue of the whole marketwas less than 1 billion VND, by 2003 this figure was 2,050 billion VND (equal to 0.61% ofGDP) and in 2010 it reached 2,478 billion VND VND (equal to 0.13% of GDP) Please note,during the period from 2004 to 2006, the market entered a period of decline and showed signs

1.4 Related studies

Development of the insurance market has been mentioned a lot in books, magazines andscientific forums However, within the scope of student scientific research topics, graduatedissertations of students of courses in the University of Commerce, this topic has not beenexploited much, moreover, the research content is still much restrictions, such as:

- Graduation thesis "Improving the organization of life insurance marketing services at LifeInsurance Company" done and protected in 1998 by Le Quang Vinh

- Graduation thesis "The necessary financial solutions to the strategy of Vietnam InsuranceCorporation in the current market economic conditions", by Le Ba Truong (Faculty ofAccounting - Finance) under the guidance of Dr Dinh Van Son, protected in 2005

- Graduation thesis "Perfecting management of distribution and sales channels at Hanoi LifeInsurance Company", done by Pham Thi Thanh Huyen (Faculty of Commercial Business)under the guidance of Dr Nguyen Van Minh, protected in 2007

- Graduation thesis "Marketing solutions to develop life insurance products market of BaoViet Life Company in Hai Duong", done by Bui Thi Minh Thu (Faculty of CommercialBusiness) under the guidance by Dr Pham Thuy Hong, protected in 2010

The above studies have been very successful when focusing on analyzing marketing activities,sales distribution channels, of a life insurance company operating in the Vietnameseinsurance market, and giving out the solutions to improve the organization and developinsurance businesses in the current life insurance market.

However, there is no systematic and comprehensive research on the life insurance marketdevelopment Therefore, our team's research to develop the life insurance market in Vietnam

is very important and useful to today's general Business students

1.5 Factors affecting the life insurance market

In theory and practice, people consider the life insurance market as a whole Therefore, inorder to effectively study the life insurance market in general and the influencing factors inparticular, we need to classify the influencing factors according to reasonable angles.Specifically, those are:

1.5.1 Economic conditions

This is one of the most important factors affecting the development of the life insurancemarket Because when the economy develops, people's income is improved, guaranteed andmore stable, then people can think about saving and improving the quality of life, ensuringlife And this is a condition for them to look for Life insurance products with the aim ofcontributing to stabilizing their lives, reducing financial difficulties when facing risks,ensuring their children can go to school, having income in old age

On the contrary, when the economy is in decline, many production and businessestablishments have narrowed their production scale, workers do not have regular jobs, sotheir income will decrease This situation greatly affects the financial capacity of theestablishments and individuals participating in the insurance They cannot afford the premium

or owe the premiums in large amounts Life insurance operators find it difficult to findpotential customers as well as a small number of insurance customers can no longer afford topay premiums

And the fact also shows that most of the developed countries that have developedeconomies are the 5 largest life insurance markets in the world today: the US, Japan,Germany, UK and France

1.5.1.1 Gross domestic product (GDP)

Gross domestic product (GDP) is one of the most important factors in assessing acountry's economic development Gross domestic product per capita increased thanks tosustained economic growth When a country has an increasing and stable gross domesticproduct, it means that the economy is developing strongly and steadily, thus creatingconditions for the development of the insurance market

1.5.1.2 Residential income

Residential income highly increases, which shows that the basic needs of life have beenfully met Therefore, people will look for other products to meet higher level needs, which isthe need for safety, ensuring and improving the quality of life High residential income,people will be willing to use the excess money for savings and investment purposes At that

time, the purchase of insurance products is one of the solutions people think about with thepurpose of investing in the future, contributing to stabilizing their lives through compensatingthe risks that may occur with individual and family Therefore, residential income has aninfluence, closely related to the development of the insurance market.

1.5.1.3 Development investment

The infrastructure is also a decisive factor in the development of the insurance market Byaggressively spending on investment in infrastructure development, the State has shownincentives for insurance companies to enter the market, opening the door for investors in thisfield, thereby increasing the supply side in the market with great potential in the period ofeconomic development

1.5.2 Socio-cultural conditions

These are the factors affecting people's psychology, affecting their awareness, culturallevel, people's literacy and their habits towards insurance products, and more broadly, to theinsurance market It can be said that these factors mainly influence the demand side of themarket more

1.5.2.1 Population

The change in the number of population has an effect on the insurance market Therefore,when researching this market, we need to be properly aware of the role of population, becausechanges in population in quantity and structure will affect demand for insurance products Interms of quantity and quality, the supply of labor for this industry as well as other issuesrelated to people, directly affects the development of the market

1.5.2.2 Education

With a good education, people's cultural level will be improved, and people's awarenessand habits of using money will also change They have the ability to intelligently distributeand manage their own finance, making the right investment decisions for themselves,including buying insurance products When people are aware of the role of insurance in theirlives for individuals, families and the whole society, they will be willing to participate in theinsurance market, increasing demand and making the market bustling with diverse and richneeds At that time, if life insurance businesses as well as other types of life insurance createtrust, create a sense of safety for the insured, it will lead to final buying decisions of clienteasily

1.5.2.3 Culture

Culture is the most enduring factor affecting the psychology of consumers, becauseculture is always imprinted on the human subconscious, has a far-reaching influence and isoften passed down through many generations Therefore, insurance products that want to existand develop need to be designed to suit the tradition and culture of the locality and thecountry, so that clients can find them more suitable and acceptable

1.5.3 Information technology

In the field of insurance in general and life insurance in particular, the application ofinformation technology has allowed insurance companies to computerize their serviceprocesses, reducing the cumbersome structure of their business organizations, diversifyingdistribution channels and service forms, enhancing customer service with high-tech ancillaryservices,

In addition, the rapid development of information technology creates a new consumerhabit for client Client increasingly need to find out information through moderncommunication means such as Internet, phone, email, to be provided with general financialservices such as insurance - investment – payment, Therefore, this is an opportunity forinsurance businesses to thoroughly apply the achievements of science and technology,meeting the increasingly high and diverse needs of clients in terms of competition andintegration

1.5.4 Globalization and international economic integration

Creating a more open business environment, integrating with the international economywill create many favorable conditions for market development: Encourage corporations,insurance companies, big investment companies to invest in this promising market, increasingforeign investment, promoting exchange, learning and cooperation between internationalinsurance corporations, etc

1.5.5 State legal and policy environment

The State's policies can be domestic, foreign policies, economic opening policies,integration policies, These policies have a great impact on the development or shrinking ofthe life insurance market of that country

In addition, the introduction of circulars, decrees, to manage, supervise and rectifyinsurance business activities effectively, will create conditions for the insurance market todevelop in a positive direction, according to the direction of the state

In addition, state policies such as economic development strategies and plans, legalpolicies, tax policies, and credit interest rates have created a business and legal environmentfor businesses And the life insurers as well as other businesses want to do businesseffectively, the most important way is to apply appropriately these factors

1.5.6 Internal management of businesses and related departments

- Tools to manage businesses to create Life Insurance products with high quality andaffordable prices to meet the needs of customers in the best way have led to the expansion ofthe business market of life insurance companies

- Insurance brokerage increases benefits for both the insured and the insurance companies,bringing a positive influence on the development of the insurance market The brokersprovided services to local insurance companies and contributed to the design of new products

CHAPTER 2: RESEARCH METHOD AND THE RESULTS ANALYSIS OF THE

CURRENT REALITY OF LIFE INSURANCE IN HANOI

2.1 Methods of studying

The topic uses a combination of qualitative research methods, dialectical materialismmethods, logical reasoning methods, statistical analysis methods, interpretive methods,inductive It also addresses issues from a general and specific development point of view inorder to closely analyze the current situation of the life insurance market in Hanoi in the yearsfrom 2015 to 2020, evaluate the results achieved and surviving aspects and their causes Fromthere, it is possible to propose solutions to develop the life insurance market in Hanoi in thecoming time Some of the main methods that are specifically used are as follows:

First, the data collection method:

To survey data to meet the requirements of accurate and objective assessment of thecurrent life insurance market in Hanoi, the topic uses many sources to collect secondary data

on both the supply and demand side of the insurance market Data on revenue, agency marketshare, product market share and number of life insurance policies from 2015 to 2020 of lifeinsurers and figures from articles published in newspapers, magazines, websites,

Second, data processing method:

After collecting all necessary data, the topic processed data by different methods toanalyze and evaluate the 5-year operating status of the life insurance market in Hanoi

The data processing methods used in the study include:

- Make statistical tables of data for analysis, horizontal comparison, vertical comparison

- Inference and logic analysis based on statistical data to make comments on the currentsituation of the life insurance market in Hanoi

2.2 The impact of environmental factors on the life insurance market in Hanoi

2.2.1 Economic conditions are the basis for the development of life insurance

- Hanoi is a potential market for life insurance to develop

For the majority of people in Hanoi, life insurance is still a new field Therefore,determining the needs and choosing the right insurance products need the advice of staff withexpertise and necessary skills when consulting insurance and it is important that theyunderstand the circumstances and needs of customers This is a great challenge for peopleworking in the life insurance field, but also opportunities for life insurance companies toexplore and develop markets Therefore, the State as well as insurance enterprises need toadvertise to the people the meaning and benefits of participating in life insurance By doingthis, the Hanoi insurance market can be exploited effectively.

Vietnam life insurance market currently has a fast growing rate and still has a lot ofunexploited potential In addition, with the integration strategy of Vietnam's economy, theinsurance participation of enterprises is no longer a strange concept Vietnamese people onlyinvest in insurance for themselves 500 USD/person/year, while Singaporeans spend up to2,000 USD/person/year and Japanese people spend up to 5,000 USD/person/year

* Disadvantages

The increase in consumer price indexes together with the continuous fluctuation of gold and

US dollar prices has influenced people's decisions to use their savings to buy long-term lifeinsurance Without much calculation, consumers also find that the immediate bank depositinterest rate is higher than the interest that insurance contracts can bring them Besides, in thefinancial market, new and attractive products also appear

2.2.2 Socio-cultural conditions

* Advantages:

- Socio-cultural conditions have many advantages for the development of life insurance.Population Vietnam is a densely populated country in the world Vietnam's population is morethan 97.58 million people and Hanoi is 10,5 million (2020), in which people of working ageand children make up the majority However, the number of new life insurance participants isabout 10 million people, the proportion of the population participating in life insurance is onlyabout 10%, while the average rate in countries is 20-25%, compared to Countries in the regionand the world are still little This is the premise that life insurance is still very potential inVietnam This proves that the Vietnam and Hanoi market is still full of potentials forinsurance companies to develop

Dr Dinh Quang Nuong, General Director of Great Eastern Insurance Company (GE) Vietnam commented: “With its large population and improving people's lives, Vietnam is a very promising market Demand for insurance is increasing rapidly in all subjects, sectors and ages of the population If compared, other countries in Asia have about 20-40% of the population buying insurance, while this rate in Vietnam is only about 10% The cost of insurance in developed countries accounts for 10-15% of GDP, in Vietnam, this cost only accounts for 2% of GDP In addition, quite a few foreign insurance companies have penetrated the Vietnamese market, with diversified and plentiful types of insurance, while people are becoming more and more aware about buying insurance.”

- In terms of culture, Vietnam is an Eastern country, and is heavily influenced byConfucianism, family and love of blood are always highly respected by Vietnamese people.Wherever they are, every year, every Vietnamese person always looks to their homeland andtheir national roots with a passionate affection With the spirit of mutual love, the good leavesthat support the torn leaves, every Vietnamese person is always willing to share with thedifficulties that the people have to endure even though the contribution is simple It can besaid that this cultural feature of Vietnamese people has created a very attractive market for lifeinsurance, because life insurance is a profound expression of responsibility and immense lovefor relatives, family and society Moreover, Vietnamese people also have a characteristic ofthrift, "foresighting" to ensure life for themselves and loved ones in the future Meanwhile,life insurance is an effective tool to solve this problem

- In terms of education, Vietnamese have a long tradition of fondness for learning andrespect for the religion Parents are always concerned about educating their children and it isthe first factor in their responsibility to raise their children Parents are always ready tosacrifice their personal interests to give their children the best learning conditions Basically,

up to now, Vietnam has completed universal primary education and is gradually improvingthe educational level for the next grades Life insurance itself is an economical solution that isvery suitable for this goal, especially when the cost of higher education is getting more andmore expensive

* Disadvantages:

What many insurance companies acknowledge is that after a period of extensivedeployment, now comes the stage of periodic fee management and deep customer service, but

a customer care network of some companies are limited, the service quality is not as expected,

so it has met the reaction of many customers This reaction affects more or less the whole lifeinsurance market While people's awareness of life insurance has increased over time, andtheir service requirements are higher and higher, the declining service quality did not meet thedemands of insurance buyers Some insurance agents run after profits, advise incorrect termswith contracts, promise too much When an incident occurs, the insurance company onlycompensates according to the signed contract From here on, client confidence is eroded

On the other hand, the recent media disputes between customers and insurance companiesalso showed the complexity of insurance Some consumers recognize that complexity andhave concluded that it is best not to buy life insurance

In addition, insurance buyers are wiser and more cautious People who previously spentlarge sums of their income on insurance premiums began to realize that insurance does notmake their money multiply faster than other forms of investment In addition, Vietnamesepeople often think less about risks and compensate when buying insurance, but mainlycalculate investment, ignoring the protection aspect, which makes insurance not have manyadvantages compared to other investment channel

2.2.3 Information technology is now available for Life Insurance Application

The strong development of information technology in Hanoi has created a significant

information technologies has helped Vietnamese insurance businesses to manage theiroperations systematically and efficiently, reducing the cumbersome and inconvenience ofprevious administrative procedures, better meet customers' needs for convenience whenpaying, diversifying distribution channels as well as attentive customer care throughtechniques, high technology It can be said that, Information technology has activelysupported both insurance providers and customers, helping Hanoi's insurance market todevelop conditions.

2.2.4 Globalization and economic integration facilitate leapfrog for life insurance

Globalization and economic integration is an inevitable trend for the development of anycountry in the world today The opening of the economy in our country in recent years hascreated many opportunities for fields and industries, including insurance and life insurance.The participation of large foreign life insurance companies in Hanoi life insurance market hasstrong financial potential and experience in life insurance business such as AIA, Prudential,FWD has created a premise for the rapid development of Hanoi's life insurance market,promoting the development of the insurance market

Globalization and economic integration are also contributing to the changes in the way ofthinking and doing of the Vietnamese people Instead of relying on state subsidies, peoplehave to learn to take care of themselves and adopting life insurance practices is a positive way

of thinking and doing

2.2.5 Legal environment and State policy on insurance business for a healthy development market

During the period from 1965 to 1993, the State monopolized the insurance business withonly one insurance enterprise, Bao Viet, both conducting insurance business and performingthe state management function Currently, the State and the Government have paid moreattention to encouraging the development of Vietnam's insurance industry The Vietnamesegovernment is committed to building a fair and coherent insurance business environment withreforms to the legal system This is demonstrated by:

- The National Assembly passed the Law on Insurance Business on December 9, 2000 atthe 8th session of the 10th National Assembly, creating an important legal basis for thehealthy and sustainable development of Vietnam's insurance market consistent with the trend

insurance enterprises, to meet the requirements of competition and international integration.The Government approved the "Strategy to develop the insurance market in Vietnam from

2003 to 2010"

- The development target of Vietnam's insurance industry that the Ministry of Finance setsout for each 5-year, 10-year and 20-year period is to quickly improve the level of insurancemanagement and business to be on par with developed countries in the region, increase thecontribution of the insurance industry to the country's GDP, enhance the role of the insuranceindustry in stabilizing social life, developing the country's economy (ratio / GDP 2020: 3 ,07%)

2.3 Results of secondary data analysis

2.3.1 Life insurance market supply situation in Hanoi

Supply in the life insurance market is the insurance products provided by the business

enterprises in the market to serve and meet the diverse needs of insurance customers.Enterprises participating in the insurance service business in the life insurance market mayincrease or decrease depending on the needs of the market and competitiveness Products onthe insurance market are always improved to adapt to the market Life insurance products aremore and more and more completed, along with the socio-economic development andincreasing living standards of the people Life insurance products are always improved,perfected and renovated to meet the diverse and diverse needs of the market

2.3.1.1 Life insurance companies in Hanoi

Currently on the life insurance market, Hanoi has 17 life insurance companies: Bao VietLife Vietnam Company Limited, Dai-ichi Company Limited, Prudential Vietnam LifeInsurance Company Limited, Insurance Company Limited Manulife Life, AIA Vietnam LifeInsurance Company Limited, Prévoir Vietnam Life Insurance Company Limited, CathayVietnam Life Insurance Company Limited, Fubon Vietnam Life Insurance Company Limited,

An Insurance Company Limited Chubb Life Vietnam, FWD Vietnam Life InsuranceCompany Limited, Hanwha Life Vietnam Company Limited, Generali Life InsuranceCompany Limited, Aviva Vietnam Life Insurance Company Limited, Insurance CompanyLimited Sun Life Vietnam, Phu Hung Life Insurance Joint Stock Company, BIDV MetlifeLife Insurance Company Limited, MB Ageas Life Insurance Company Limited

a Bao Viet Life Insurance:

As the first and largest life insurer in Vietnam, official business date: June 22, 1996

Bao Viet Life Corporation (Bao Viet Life) has more than 2,100 employees and 240,000professional insurance advisors, a service network at 76 member companies and hundreds ofcustomer service departments across the country Bao Viet Life has over 20,000,000customers nationwide

Main products:

Life Care - Cancer insurance

Happy Couple - For a couple

Priority - For individuals

Happy Family - For families

An Phat Cat Tuong

An Phat Tron Doi

An Tam Hoc Van

An Khoa Trang Nguyen

An Phat Hung GiaHuu Tri An Khang

b Prudential Vietnam Co., Ltd

Prudential is bringing more than 1.5 million Vietnamese people effective solutions tofinancial protection and increase assets With a team of more than 200,000 dedicated andprofessional consultants, 360 general agent offices, transaction offices and customer servicecenters, a hospital fee guarantee system at more than 127 hospitals and clinics, Prudential is

attracting more and more attention of clients.

Main products:

PRU - 24/7 protection

PRU - Adult inventory

PRU - Happiness

PRU - Optimal protection

PRU - Peaceful life

c Dai-ichi Vietnam Co., Ltd

With the approval of the Ministry of Finance on January 18, 2007 for the transfer of BaoMinh Life Insurance Company CMG, Dai-ichi Life Insurance Company (“Dai-ichi LifeVietnam”), formula was established Entering Vietnam market, Dai-ichi Life bringsexperience of more than 100 years in the life insurance industry

Main products:

- Personal health care insurance - health

insurance

- An Sinh Giao Duc

- An Phuc Hung Thinh

- An Tam Hung Thinh

- An Tam Suc Khoe

d Manulife Co., Ltd

As the first 100% foreign owned life insurance company in Vietnam, Manulife startedoperating in September 1999 as a joint venture under the name of Chinfon-ManulifeInsurance Company (referred to as “CMIC) ") On December 31, 2001, Manulife became awholly owned company in Vietnam After acquiring 40% of capital contribution from jointventure partner, Chinfon Global Group, the company was renamed Manulife CompanyLimited (Vietnam).

- Term Life Insurance - An tam vui song

- Savings insurance - Diem tua dau tu

- Savings insurance - Tuong lai vung vang

e AIA Vietnam Co., Ltd

AIA Co., Ltd (Vietnam) is a life insurance company with 100% foreign capital and amember of AIA Group, officially operating in Vietnam since February 2000 AIA Vietnam isprotecting financial safety for more than 1,200,000 clients, insurance benefits for more than600.000 cases, the total amount of insurance benefits is 5400 billion VND

Main products:

An tam toan dien

An tam thuong lo

Nhat nien gia han

An phuc tron doi

An sinh truong tho

An sinh thinh vuong 15 years

An tri thanh taiCritical illness insurance (refundable)Group insurance (businesses)

Credit Insurance - Newsletter

An Nghiep Insurance

f Sun Life Vietnam Co., Ltd

In January 2013, PVI Sun Life was established by PVI Joint Stock Company and Sun LifeAssurance Company of Canada (Sun Life) As of December 31, 2015, Sun Life increased theholding rate of charter capital to 75%, and on November 7, 2016, with the approval of theMinistry of Finance, Sun Life bought another 25% of the remaining capital from PVI tobecome a life insurance company with 100% Canadian capital operating in Vietnam with anew brand name Sun Life Vietnam Limited Liability Company (Sun Life Vietnam)

Main products:

- Bao an tam

- Song vung vang

- Bao an khang

- SUN – Tron ven uoc mo

- Song sung tuc

- Bao thinh vuong

- Nang buoc con yeu

- An nhien vui song

- Bao an toan

- Bao an binh

- SUN – Ban dong hanh

- Song dang cap

g Generali Vietnam Co., Ltd

Established in 1831 in Trieste (Italy), Generali Group is one of the leading insurancecompanies in Italy, Germany, France, Austria, Spain and Switzerland with strong positions inCentral-Western Europe, and China National and other developed countries

Generali Vietnam (GVL) is the latest development of Generali Group in entering theAsian market Generali Vietnam was licensed by the Ministry of Finance of Vietnam on April

20, 2011

Main products:

VITA – Song lac quan

VITA – Song nhu y

VITA – Song tu tin

VITA – Bao an toan dien

Bao gia binh an

Bao gia an thinhBao gia nien phatBao nhi toan dienBao an thanh dat

h Prévoir Vietnam Co., Ltd

Prévoir Vietnam Co., Ltd (Prévoir Vietnam) belongs to the French Prévoir InsuranceGroup, a 100% foreign owned company operating in the life insurance sector In September

2005, Prévoir Vietnam and Vietnam Posts and Telecommunications Group (VNPT) signed anexclusive contract to distribute Prévoir Vietnam's postal life insurance products on VNPT'spostal network for a period of 10 years Mirae Asset Prévoir's life insurance packages aretailored to the lifestyle, provide innovative solutions and meet the constantly changing needs

of customers in different phases of life Life such as savings, education, investment in resorttourism, health care

Main products:

Khang an bao gia

Khang an thanh tai

Khang an bao tin

Long-term death insurance

Term life insurance V3Group term life insuranceCredit balance term insuranceAccumulated savings term insurance

Insurance protects family income

Term insurance personal credit balance

Refundable term life insurance

i Cathay Vietnam Co., Ltd

Cathay Co., Ltd was established in August 1962, a subsidiary of a leading financial group,Cathay Cathay Vietnam Life Insurance Company Limited has a total current investmentcapital of 290 million USD As of the end of 2019, Cathay's revenue reached 1055 billion, up53% over the same period in 2018 Cathay Life Vietnam's total assets are more than 9600billion VND

Main products:

- Thinh vuong an tam toan dien

- Thinh an tich luy cat tuong

- Thinh an tich luy tron doi uu viet

- Thinh tri an tam thanh tai

- Thinh an phu quy dai cat

- Thinh an phuc my toan dien

- Thinh an hoan my

k Chubb Vietnam Co., Ltd

Chubb Life is the global life insurance division of Chubb This is the leading insurancecompany in introducing a lifelong financial plan product line into Vietnam market sinceMarch 2006 Since then, Chubb Life has developed more Full Financial Planning productsallowing clients to choose the plans that suit their financial needs

According to the business operation report of Chubb Life Vietnam, the company's totalpremium revenue in 2019 will reach more than VND 3,500 billion (an increase of 17%compared to 2018) Profit before tax reached over 565 billion VND, contributed 161 billionVND to the State budget through taxes and other items Equity reached over 2,829 billionVND by the end of 2019, up 19% from the end of 2018 and 4.7 times higher than legalcapital

Main products:

- Chubb Care

- Flexible Financial Plan

- Insurance from credit balance period

- Personal Financial Plan with Critical

- Chubb Life - Perfect Future

- Cancer support insurance - C Care- Kếhoạch Tài chính Trọn đời - Quyền lợi Caocấp 2015

- Future Financial Planning

- Global Accident Insurance

- Insurance renewed annually,