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2025 is widely seen as a “year of trial by fire” for Vietnam’s non-life insurance market, as rising claims pressure has significantly eroded profitability, particularly in the fourth quarter. As a result, claim costs—an important component of the sector’s core business—reduced gross profit from core activities across the market by 32%, to 1,274 billion VND.
The main driver is the complex and rapid occurrence of natural disasters toward year-end, which pushed up the loss ratio. In 2025, total insured benefits paid were estimated at about 91,845 billion VND, up 13.52%, in a context where 15 storms affected the economy and the insurance market.
Beyond claims, non-life insurers faced intensifying competition, which continued to shrink technical margins. Investment yields also declined due to low interest rates. At the same time, the regulatory framework became clearer, especially after the Insurance Business Law 2025 and its guiding decrees took effect. While improving the operating environment, the changes also increased operational pressure and required companies to strengthen governance and risk management to adapt to the new business conditions.
Against this backdrop, VietinBank Insurance (VBI) reported solid results. In 2025, total revenue exceeded 5,600 billion VND, up 16.4% from 2024. Pre-tax profit reached over 450 billion VND, up 23.2%, reflecting improved operating efficiency supported by cost control and product mix optimization.
In the property-and-casualty segment, VBI improved its market standing, moving up to the Top 3 position (from Top 5 in 2024). This occurred as the economy entered a new development phase, supporting demand for risk management and asset protection solutions.
In 2026, VBI continued the growth momentum seen in the first quarter. Revenue for the first three months surpassed 1,550 billion VND, up 33% year-on-year, while pre-tax profit reached 162 billion VND. Market share stood at 5.5%, up 0.9 percentage points, lifting VBI to the Top 6 in the non-life insurance market—up three places compared with the same period.
According to Mr. Nguyen Huy Quang, Chairman of the Board of VietinBank Insurance (VBI), the company aims to meet and exceed the planned pre-tax profit of 560 billion VND, up 25% from 2025 as assigned by the AGM. VBI also plans to pursue efficiency and sustainability in line with the VietinBank ecosystem strategy.
To achieve these goals, VBI will continue digital transformation across processes including policy origination and governance, as well as claims processing, to improve operating efficiency. The company will also focus on enhancing customer experience, viewing it as a key factor in service quality and customer retention.
VBI further emphasized human resource development, including building a succession pipeline and strengthening connections within the VietinBank ecosystem to improve collaboration effectiveness. The company plans to diversify its business by expanding distribution channels and integrating the ecosystem with channels such as financial institutions, banks, agencies, brokers, and digital platforms. It will also increase engagement with corporate clients and public investment projects.
In addition, VBI said it will maintain prudent development by strengthening risk governance, cost control, and ensuring operational efficiency. With many challenges still present across the market, a development approach focused on efficiency and risk management is expected to help VBI sustain stable growth and adapt to the new business environment while reinforcing its market position.
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