Dai-ichi Life Vietnam posts strong sales growth
By Binh Nguyen - The Saigon Times Daily
HCMC - Dai-ichi Life Insurance Company of Vietnam Ltd. (Dai-ichi Life Vietnam) announced last week that its new business premiums in the first half of the year exceeded VND250 billion (about US$20 million), up 24% from the year-earlier period.
The Japanese-invested life insurance firm said in a statement that it saw the increase in new business premiums double the industry’s average growth rate in the period and its market share of total insurance premiums grow to 7.4%.
In the January-June period, the company registered total premiums of over VND605 billion (less than US$30 million), a year-on-year rise of 21% and preliminary profit of some VND64 billion (over US$3 million), up 27% compared to the same period of 2011.
Takashi Fujii, chairman and general director of Dai-ichi Life Vietnam, credited the soaring business growth in the first six months to the effective implementation of business growth strategy and efforts to provide customers with the diversified products appropriate for their financial needs.
Dai-ichi Life Vietnam is looking to its strong sales momentum up to the end of the year 2012 as the company still keeps the crediting rate of 10.5% until September this year for all customers of universal life product “An Thinh Chu Toan”.
Earlier this year, Dai-ichi Life Vietnam launched a Priority Enrolment Program at the premier institutions in the Laureate International Universities network in the United States for those parents who have children of 0-12 years old and plan a secured education fund for their children to study at Kendall College in Illinois, NewSchool of Architecture and Design in California, and Santa Fe University of Art and Design in New Mexico.
In the first half, Dai-ichi Life Vietnam inaugurated six new general agencies in Quang Nam, Son La, Ninh Binh, Yen Bai, Binh Dinh and Phu Tho provinces to better reach out to its customers nationwide. This expansion brought the company’s total offices and general agencies in the country to 85.
“In the second half of 2012, we will continue to invest in human resource development, to carry out our strategy of diversifying distribution channels and products through our cooperation with the banking partners, expanding the sales network and pioneering in product innovation with the aim of meeting the satisfaction of customers…” Fujii said.
Dai-ichi Life Vietnam was established in January 2007 and was approved by the Ministry of Finance in January 2008 to increase its chartered capital from US$25 million to US$72 million.