Overview of Dai-ichi Life Vietnam
| Established | January 2007 |
|---|---|
| Headquarters | Ho Chi Minh |
| No. of employees*1 | 977 |
| No. of agents*1 | 64 thousand |
|---|---|
| Sales offices*1 | 199 |
| Premium income*2 | 27 billion yen |
*1 As of March 2017 *2 For the year ended December 2016
Dai-ichi Life Vietnam has established itself as a major life insurance company over the past years.
Tran Dinh Quan General Director, Dai-ichi Life Vietnam
Life Insurance Market Growing at more than 20% on average
The Vietnamese economy has continued its robust growth since the early 21st century with a population reaching 90 million, of which 60% are aged under 30. Per-capita GDP exceeded 2,000 US dollars in 2014, and the economy is set to grow further.
For the past 10 years, the life insurance market in Vietnam has continued to grow at an average annual rate of more than 20%. Yet, life insurance covers only five million people, or about 6% of the population.
Dai-ichi Life Vietnam grew 10-fold in 10 years
The overseas life insurance business of the Dai-ichi Life Group started in Vietnam. Highlighted as the first step of the overseas life insurance business of the Group, Dai-ichi Life Vietnam has achieved remarkable growth in 10 years, and established itself as one of the major life insurance companies in the market. Premium income, for example, increased more than 10-fold to 27.0 billion yen in 2016 from 2.5 billion yen in 2007. The company’s market share has increased from 4.4% to more than 10% over 10 years.
Life Insurance Market Growth in Vietnam
Initiatives of Dai-ichi Life Vietnam, Part I
Offering a wide range of products that capture customer needs
Dai-ichi Life Vietnam
Dai-ichi Life Vietnam always listens to input from customers and has developed insurance products that address customer needs. When the company started operations it had a limited ability to respond to customer needs but it has since evolved into offering saving- and protection-type insurance products. Now, the company develops and offers universal insurance products. As customers prefer flexibility, universal insurance became the company’s flagship product, accounting for more than 50% of the sales. The company continues to develop optimal products for customers, offering annuities and medical riders, the first of their kind among Vietnamese life insurance companies.
Initiatives of Dai-ichi Life Vietnam, Part II
Focusing on developing customer contact
Dai-ichi Life Vietnam
Dai-ichi Life Vietnam has evolved as individual insurance agents have become its core sales channel. The company continues to develop customer contacts in order to offer insurance products to more and more customers. In order to do so, it is strengthening the consulting capability of the agents and forming business alliances with state-owned Vietnam Post and local commercial banks.
Various activities to contribute to the development of local communities
Dai-ichi Life Vietnam has been highly recognized for its engagement in various social activities to contribute to the development of local communities. Notable contributions include “the Bridge Building Project—Million Bricks For a Happy Life,” a project to build concrete bridges in rural areas which now improves the lives of 20 thousand people in 10 states in Vietnam. In 2015, the company was awarded the Corporate Social Responsibility Award by Asia Insurance Review (its second recognition since 2013, the first for an insurance company in Vietnam as well as in Asia). The company’s other activities include funding support for cataracts surgeries, education and disaster-affected areas. To that end the company and Dai-ichi Life Holdings co-founded a CSR foundation, “For A Better Life Fund,” in 2016.
Message from CEO of DLI Asia Pacific
Experience and expertise built in Vietnam
help support growth in Group companies in Asia
CEO, DLI ASIA PACIFIC PTE. LTD.
The Dai-ichi Life Group started its overseas life insurance business in Vietnam in 2007 and it now conducts this business in six countries. The Group is strengthening the organization in order to manage and support local business through regional headquarters set up in the Asia Pacific and North American regions.
Dai-ichi Life Vietnam is our success case in Asia. The Group expects the Group companies to support each other, on top of its support from Japan, and Dai-ichi Life Vietnam to lead the region, with its ample experience and expertise and geographic closeness.
A life insurance company has the duty to supplement social security in the countries where it operates and the Group carries its mission to offer “Peace of mind. In communities and around the world.,” which extends into each country in Asia. The Group continues to grow its overseas life insurance business while contributing to local communities in the region and the world.
Alliance between Regional Headquarters and Group Companies
