HCMC - Dai-ichi Life Insurance Company of Vietnam reported on Tuesday strong year-on-year growth of 51% in new business premiums to nearly VND230 billion (US$11.8 million) in the January-September period, almost the same as the total of last year.
The Japanese life insurer said its third-quarter premiums hit a high of nearly VND110 billion, giving it confidence in achieving the business target of 2010 and strengthening its position in the life insurance market in Vietnam.
“Our target for 2010 is to grow by at least 50% for new business sales premiums, and to earn higher profits than in 2009,” Takashi Fujii, chairman and general director of Dai-ichi Life Vietnam, said in a statement.
Fujii said the higher-than-expected business performance supported the company’s plans to continue sales office network expansion across the country and enhance the relationships with strategic partners.
Fujii credited the business success in the three quarters to the company’s big investment in infrastructure, new products to meet the diverse needs of customers, and the quality of customer service to match the demand.
Dai-ichi Life Vietnam is pressing ahead with a plan to expand its office network with emphasis on general agency offices. With 14,500 staff and agencies at 56 offices nationwide, the company is now serving more than 510,000 customers and ready for a bigger share of the market.
Dai-ichi Life Vietnam said it would focus on strengthening cooperation with partners in the banking industry and new investments as one of the ways the company was pursuing to improve its business efficiency.
Vietnam is the first foreign market for the Japan-based Dai-ichi Life Insurance Co. Ltd. to expand life insurance business by establishing a wholly-owned subsidiary. In January 2008, Vietnam’s Ministry of Finance allowed Dai-ichi Life Vietnam to increase its charter capital from US$25 million to US$72 million, after one year of its official operations in this market.
