HANOI, April 11 (Xinhua) -- Vietnam's insurance premium revenue in the first quarter of this year continued to drop to more than 53.29 trillion Vietnamese dong (2.13 billion U.S. dollars), down 4.3 percent from a year earlier, the General Statistics Office has reported.
Of the total revenue, the life insurance sector accounted for 33.74 trillion dong (1.35 billion dollars), down 10.9 percent year on year, and the non-life insurance sector contributed more than 19.55 trillion dong (782 million dollars), up 9.8 percent year on year, Vietnam News reported Thursday.
The insurance premium revenue has declined for the fourth consecutive quarter, the newspaper reported, adding that the rate of decrease in the first quarter of 2024 slowed compared to previous quarters.
By the end of the first quarter, total assets of the insurance companies in the Southeast Asian country were estimated at nearly 932.87 trillion dong (37.3 billion dollars), representing a 10.2 percent growth.
Prior to 2023, Vietnam's insurance business saw a double-digit premium revenue growth annually in approximately 10 years. However, insurance premium revenue has been on the decline since 2023, following an insurance crisis. ■
