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Vietnam: Manulife's insurance claims rises 36%

| 18 Apr 2023

Manulife Vietnam settled claims worth nearly VND7 trillion (US$298.55 million) in 2022, a 36% increase from the previous year, the insurance company said in a press release.

It reported revenues of VND33.09 trillion (US$1.4 billion) last year. Its total assets reached nearly VND106.38 trillion (US$4.5 billion), an increase of 14%. 

It also achieved a turnaround to make a profit in 2022 after suffering losses in the previous year. 

It has a solid financial foundation with a charter capital of VND22.22 trillion (US$947.19 million and solvency margin far above the minimum requirement. 

Manulife CEO Sang Lee attributed the good results to the trust of customers, prudent financial management and stable interest rates, which had a positive impact on technical reserves and profits. 

Manulife has exclusive bancassurance partnerships with some banks, and has embraced digital applications to make insurance more accessible, providing customers and consultants with safe, fast and convenient transaction tools. 

It won a number of prestigious awards last year, including for “Insurance Company of the Year” at the Asia Trusted Life Agents & Advisers Awards, “Digital Insurance Initiative of the Year – Vietnam” at the Insurance Asia Awards and "Top 100 Best Workplaces to Work for in Vietnam 2022" from recruitment company Anphabe.