Life insurance companies in Vietnam posted total premium revenue of more than VND157 trillion ($6.4 billion) in 2023, down 11.6 per cent year-on-year, figures from the Insurance Association of Vietnam (IAV) show.

Total insurance payouts stood at over VND57 trillion ($2.3 billion), a year-on-year rise of 35.7 per cent.

Meanwhile, total non-life insurance premium turnover was estimated at over VND71 trillion ($2.89 billion), up 3 per cent year-on-year.

Vietnam had 32 non-life insurance companies with total assets of more than VN126.3 trillion ($5.15 billion). Investment into the economy stood at over VND64.6 trillion ($2.63 billion).

Insurance payouts totaled over VND23.9 trillion ($975 million).

Revenue from health insurance was estimated at more than VND23.8 trillion ($971 million), a year-on-year rise of 0.3 per cent.

Meanwhile, vehicle insurance turnover totaled over VND17.7 trillion ($722 million), down 1.9 per cent year-on-year.