Báo cáo Thực trạng ngành bảo hiểm Việt Nam năm 2010, dự báo đến 2014

Báo cáo này đầy đủ thông tin về ngành Bảo hiểm ở Việt Nam trong 5 năm qua và dự báo đến 2014. Trong đó có cả thông tin về 3 doanh nghiệp Bảo hiểm Việt Nam hàng đầu là: Bảo Minh, Bảo Việt, Pijico cùng các DN bảo hiểm hàng đầu thế giới 1. Executive Summary 2. Table: Overview Of Vietnam’s Insurance Sector 3. Key Insights On Vietnam’s Insurance Sector 4. SWOT Analysis Vietnam Insurance Industry SWOT Vietnam Political SWOT Vietnam Economic SWOT Vietnam Business Environment SWOT 5. Global Outlook 6. Asia Pacific Overview 7. Projections And Forecasts 8. Country Update 9. Insurance Business Environment Rating Table: Vietnam’s Insurance Business Environment Indicators Table: Asia Pacific Insurance Business Environment Ratings 10. Regional Context 11. Major Players In Vietnam’s Insurance Sector 12. Analysis Of Regional Competitive Conditions 13. Local Company Profiles Bao Minh Bao Viet PJICO 14. Regional Company Profiles 15. Country Snapshot: Vietnam Demographic Data 16. Methodology

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e, universal life/variable universal life, commercial dental, group long-term care, group legal plans and group auto and home products in the US. It is the second-largest provider of retail annuities and group disability products. Source: Company profile Total premiums, fees and other revenues rose 7% in 2006 to a record US$34.8bn. Sales of individual annuity premiums and deposits in the US rose by 7% to a record US$16.5bn. Of net income of US$4,180mn in 2007, 16% came from MetLife's international operations. The contributions of the other businesses were as follows: annuities 23%; group life 9%; traditional life 4%; retirement and savings 15%; reinsurance 3%; variable and universal life 6%; auto and home insurance 11%; non-medical health/other 12%. International premiums were around US$4bn in 2007. Source: metlifecompletehtmlR3/p_01, May 23 2008 ‘International business continues to be a growth engine for the enterprise, providing innovative products and solutions to customers in markets around the world. In 2007, International business delivered record premiums, fees and other revenues, as well as US$568mn in operating earnings available to common shareholders.... International’s total operating earnings available to common shareholders were bolstered by significant, nonrecurring, one-time events. Nevertheless, this is a testament to International’s ability to grow its business organically, balancing strong top line growth with disciplined earnings growth. ‘International’s growing agency force and ability to sell strongly through key bank partnerships has expanded MetLife’s distribution power and driven sales growth in a number of markets. Sales grew 60% in South Korea due to an agency force increase of 26% and the introduction of a groundbreaking GMAB product. In India, ƒ Parent company: MeLife Inc ƒ Home country: US ƒ Status: listed public company ƒ Main source for press releases: metlife.com/Applications/ Corporate/WPS/CDA/Pag eGenerator/0,4773,P249, 00.html ƒ Media contact ƒ Contact phone: +1 212 578 6252 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 70 the agency force more than doubled and bancassurance alliances with Axis Bank and Barclays enabled MetLife to increase sales more than 100% over 2006. Similarly, in Chile, sales were up 31%. Both of MetLife’s joint ventures in China had record sales in 2007, enhanced by MetLife’s strong relationship with Citibank, which MetLife helped to become the first foreign bank to sell investment unit- linked insurance in Shanghai, Beijing and Shenzhen. United MetLife, MetLife’s Shanghai joint venture, opened its first branch in Nanjing and won regulatory approval to establish another branch in Zhejiang province in 2008, highlighting MetLife’s further expansion in China. ‘In January 2007, MetLife launched a new business in the United Kingdom to provide retirement & savings products through independent financial advisers. MetLife also acquired AFORE Actinver as part of its strategy to strengthen its savings & retirement portfolio. The acquisition adds distribution, scale and 1mn new customers to MetLife in Mexico. International’s broad sales growth has been matched by impressive earnings gains, resulting from strong fundamental business execution in every market. Underwriting precision, innovative product development, consistent service execution and improved persistency have driven profitability in Mexico, South Korea, Japan, Chile, Argentina and Australia. ‘In July [2007], MetLife won a competitive bid to continue servicing policy number one in Mexico, covering life insurance for all Mexican federal government employees until 2010. MetLife’s European risk and protection businesses in the UK, Poland and Belgium have continued to operate well with discipline despite lower sales volumes for International’s principal distribution partner in the EU. International is now profitable everywhere in the world except for its investments in the start-up operations in China, India and the UK retail retirement & savings business. Virtually all of 2007’s profitable growth was organic. Concluding the last of MetLife’s Transition Service Agreements in 2007, International completed the complex, multi-country integration of the CitiInsurance/Travelers acquisition. International has also focused its portfolio through the sale of MetLife’s Bermuda- based business and the Australian annuity and pension business. In Hong Kong, International purchased Fubon Group’s 50% stake in the companies’ joint venture, MetLife Fubon Limited, creating a more efficient and significant presence for MetLife in Hong Kong. After restructuring the business at the end of 2006, MetLife’s operation in Taiwan is now the leading direct marketing insurer there.’ Source: 2007 Annual Review Regional Operations ƒ Australia – MetLife, Sydney Life insurance and investment products ƒ China – Sino-US MetLife Insurance Company, Beijing, Chongqing, Guangzhou and Shenyang (life, accident and health insurance); United MetLife Insurance Company Ltd, Shanghai (life insurance and savings products) ƒ Hong Kong – MetLife, Hong Kong Individual life, investment-linked insurance plans, accident and health insurance Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 71 ƒ India – MetLife, Mumbai etc ‘MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc and was incorporated as a joint venture between MetLife International Holdings, Inc, The Jammu and Kashmir Bank, M Pallonji and Co Private Limited and other private investors. MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company-owned offices.’ Source: %20International/MetLifeUSInternation, May 23 2008 ƒ Japan – Mitsui Sumitomo MetLife Insurance Company Ltd, Tokyo (annuities); MetLife Direct Company Ltd, Tokyo (direct marketing solutions) MetLife is the second-largest provider of variable annuities. ƒ South Korea – MetLife, Seoul The company offers life insurance, retirement savings, pension plans and annuities. ƒ Taiwan – MetLife, Taipei The company offers life, health and accident products as well as annuities. Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 72 Prudential Financial Company Analysis Company Details Overview Prudential Financial, Inc (NYSE: PRU), ‘is a financial services leader with approximately US$631bn assets under management as of March 31 2008 [and] has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping 50mn individual and institutional customers grow and protect their wealth’. Source: irhome, May 13 2008 Worldwide revenues rose from US$32,268mn in 2006 to US$34,401mn in 2007. Premiums rose from US$13,908mn in 2006 to US$14,351mn in 2007. Source: Prudential Financial 2007 Annual Report, p12 ‘The International Insurance segment is comprised of its Life Planner and Gibraltar Life operations. Results from the segment's Life Planner operations were lower in 2007 [than in 2006], reflecting decreases in the market value of certainly externally managed investments in the European market, which more than offset the continued growth of our Japanese Life Planner operations and a more favourable impact from foreign currency exchange rates. Results from the segment's Gibraltar Life operation improved in 2007, due primarily to improved investment income margins reflecting investment portfolio strategies and growth of account values for its US dollar denominated fixed annuity product.’ Source: Prudential Financial 2007 Annual Report, p15 ‘Revenues from our Life Planner operations increased US$437mn, from US$4.876bn in 2006 to US$5.313bn in 2007, including a net favourable impact of currency fluctuations of US$21mn. Excluding the impact of currency fluctuations, revenues increased US$416mn from 2006 to 2007, primarily reflecting increases in premiums and policy charges and fee income of US$386mn, from US$4.435bn in 2006 to US$4.821bn in 2007. Premiums and policy charges and fee income increased US$271mn, from US$3.061bn in 2006 to US$3.332bn in 2007, in our Japanese Life Planner operation and increased US$81mn, from US$1.072bn in 2006 to US$1.153bn in 2007, in our Korean operation. The increase in premiums and policy charges and fee income in both operations was primarily the result of new sales and strong persistency... Revenues from Gibraltar Life declined US$19mn, from US$2.854bn in 2006 to US$2.835bn in 2007, including an unfavourable impact from currency fluctuations of US$21mn. Excluding the impact of currency fluctuations, revenues increased US$2mn, from US$3.074bn in 2006 to US$3.076bn in 2007. Premiums decreased US$89mn, from US$2.224bn in 2006 to US$2.135bn in 2007, as premiums in 2006 benefited US$92mn from additional face amounts of insurance issued pursuant to a special dividend arrangement established as part of Gibraltar Life’s reorganization for which 2007 ƒ Parent company: Prudential Financial Inc ƒ Home country: US ƒ Status: listed public company ƒ Main source for press releases: investor.prudential.com/p hoenix.zhtml?c=129695& p=irol-news&nyo=0 ƒ Media contact ƒ Contact phone +1 973 802 7779 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 73 includes no such benefit. Substantially all of these premiums recognized pursuant to the special dividend arrangement were offset by a corresponding charge to increase reserves for the affected policies. Also reflected in premiums are higher sales of single premium contracts and an increase in first-year premium, mostly offset by a decrease in renewal premiums reflecting the expected attrition of older business. Our premiums have declined as the market has continued to transition from traditional products, on which we record premiums, to products with a retirement and savings objective, for which customer funds received are recorded as deposits. More than offsetting the decrease in premium was a US$104mn increase in net investment income, from US$788mn in 2006 to US$892mn in 2007, due to improved investment income margins.’ Source: Prudential Financial 2007 Annual Report, p42 Corporate Highlights Prudential Financial Inc, Newark, NJ; The Prudential Insurance Company of America, Newark, NJ, etc. ‘We are a top-tier player in the annuities marketplace… Account values in our variable annuity products were US$80bn at year-end 2007, up more than US$5bn over year-end 2006, and our y-o-y gross sales were up 22%. Those results earned us the fourth spot among variable annuity companies in terms of assets under management in the adviser-sold market and fifth in terms of gross sales.’ ‘Our strategy in the International Insurance and Investments Division has not changed either, because it is working. We concentrate on a limited number of attractive countries. We emphasise proprietary distribution but have extended our distribution platform to third parties where it makes sense. We target the affluent and mass affluent markets, and we are focused on growing organically and through opportunistic acquisitions. We believe this approach has made us a leader at selling protection life insurance, and the results in our International Insurance business bear that out. We had US$1.15bn in annualized new business premium in 2007 and ended the year with more than 7mn total policies in force. Our Life Planner business, which relies on a distribution force of highly trained, well-educated life insurance sales professionals in eight countries around the world, is the true driver behind our success and gives us a distinct competitive advantage in the marketplace.’ Source: Prudential Financial 2007 Annual Report, pp2-3 Regional Operations ƒ India – Prudential/DLF JV, Mumbai ‘In 2007, we also entered the life insurance market in India, partnering with real estate giant DLF Group to form a joint venture. The new company will enable us to take advantage of India's rapidly growing insurance market.’ Source: Prudential Financial Annual Report 2007, p4 ƒ Japan – Gibraltar Life, Prudential of Japan, Tokyo ‘Japan remains our largest and most important market for International Insurance, and both Prudential of Japan, our flagship Life Planner business, and Gibraltar Life, our traditional life insurance business Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 74 there, continued to perform well. While the life insurance market in Japan has been shrinking for more than a decade, our market share has been steadily increasing. Prudential of Japan and Gibraltar Life posted solid adjusted operating income in 2007, and our policy persistency rates in both operations continue to be among the highest in the industry. Prudential of Japan celebrated its 20th anniversary in 2007, and today, we believe it is one of the best insurance companies in the world.’ Source: Prudential Financial 2007 Annual Report, p4 ƒ South Korea – Prudential of Korea, Seoul ƒ Taiwan – Prudential of Taiwan, Taipei Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 75 Prudential Plc Company Analysis Company Details Vietnam SWOT Analysis Strengths (internal) ƒ Able to leverage from global presence and resources ƒ License held for Prudential Vietnam Assurance Private Ltd Weaknesses (internal) ƒ Lack of scale in present operations in Vietnam Opportunities (external) ƒ Strong growth in premiums and new business likely as insurance continues to gain traction ƒ Well placed to benefit from development of organised savings. Threats (external) ƒ Competition from other, larger life groups Overview ‘Prudential plc is an international retail financial services group with significant operations in Asia, the US and the UK. Our purpose is to promote the financial well-being of our customers and their families, with a particular focus on saving for retirement and security in retirement. The group is structured around four main business units: Prudential Corporation Asia, Jackson National Life Insurance Company, Prudential UK and M&G. These are supported by central functions which are responsible for leading Group strategy, cash and capital management, leadership development and succession, reputation management …’ Source: www.prudential.co.uk/prudential-plc/aboutpru/ourcompany/, May 15 2008 Corporate Highlights Prudential plc, etc, London, etc. ‘In 2007 we set out our strategy in the UK to focus primarily on the retirement income market based in particular on our strengths in the annuity market but also the developing lifetime mortgage and income drawdown markets. In the retirement savings market, we have exited those product areas that are structurally unprofitable and launched a new range of factory gate priced savings products.’ ‘Retail new business increased by 4% in a market where the competitive pressures increased still further during the year. In 2007 we also completed the transfer of Equitable Life's GBP1.7bn in-force portfolio of with-profits annuities; however, in general pricing in the bulk market did not meet our return on capital requirements, and we chose not to write business at uneconomic levels.’ ‘The margin at 31% (2006: 30%) remained high in comparison with the overall UK ƒ Parent company: Prudential plc ƒ Home country: UK ƒ Status: listed public company ƒ Main source for press releases: prudential.co.uk/ prudentialplc/media/ newsreleases/ ƒ Contact position: Media relations ƒ Contact phone: +44 20 7548 3559 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 76 market as did the internal rate of return which was 18% including the Equitable Life transaction and 14% excluding it. Our target internal rate of return in the UK is 14%.’ ‘By the end of 2007, GBP115mn of the cost-saving target of GBP195mn had been delivered, and plans are in place to deliver the additional GBP80mn. A key milestone … in the UK was the signing of a major contract to outsource a large proportion of its back book and new business policy administration. …[A]greement will allow us to remove fixed costs from our operations and to achieve significant operating efficiencies with an expected positive effect on embedded value estimated at GBP60mn by 2011. …The in-force profit for the UK business includes a charge in respect of a mortality assumption change on the annuity business of GBP312mn, which is fully offset by a release of excess margins previously held. … In 2007 we announced that the group would consider a reattribution of the inherited estate held in the with-profits sub fund of The Prudential Assurance Company Limited. We are continuing to explore the possibility of a reattribution, and we aim to be in a position in the first half of 2008 to determine whether this would be in the best interests of policyholders and shareholders.’ Source: www.prudential.co.uk/prudential-plc/media/newsreleases/archive 2008/2008-03-14/, May 14 2008 Group gross premiums were GBP18,359mn in 2007, from GBP16,157mn in 2006. Source: 2007 Annual Report, p127 ‘In Asia we continue to power ahead with the region accounting for 54% of new business profits [in 2007]. New business on an APE basis increased by 44% to GBP1,306mn, and all businesses across the region grew by 15% or more. New business profit was GBP653mn, up 34%. Having achieved compound growth of 26% since 2005, we expect to deliver, one year earlier than previously stated, on our target of at least doubling 2005 new business profit by 2009. [European embedded value (EEV)] operating profit in Asia exceeded GBP1bn for the first time this year. Growth in our proprietary agency force, greater agency productivity and the continuing development of non-agency distribution, in particular bancassurance, remain central to our success. The agency force across the region increased by 125,000 to 410,000 during the year and there was significant expansion in India where average agent numbers more than doubled to 238,000. Throughout the rest of the region, the average number of agents increased by 10% 112,000. Agency productivity has also moved ahead strongly in a number of markets including Singapore, Hong Kong and Vietnam. The continuing success of our multi-distribution approach led to sales through non-agency channels increasing by 44%, and we added a number of important new distribution relationships. The retirement opportunity in the region is emerging rapidly, and we are developing innovative integrated savings and protection solutions to meet consumers' increasingly sophisticated needs. Our retirement campaigns under the banner "What's your number?" have had considerable success in Korea, Taiwan Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 77 and Hong Kong and we are now rolling this concept out into other markets. There is also significant scope to develop our positioning in the health insurance market across the region, and, with the launch of a number of new products, notably in Singapore and India, sales of health products in the year have increased by 45%.’ Source: 2008/2008-03-14/, May 14 2008 ‘Prudential’s strategy in Asia is to build quality, multi-channel distribution that delivers customer-centric and profitable products in segments with the potential for sustained growth. Prudential has a market-leading platform with top five market share positions, in terms of new business [annual premium equivalent (APE)], in seven of its 12 markets. Prudential has the leading private sector life insurance joint ventures in China and India. Agency is the predominant distribution channel in Asia, and for Prudential, the agency force … generated 70% of new business volumes in 2007. Prudential has a large partnership distribution network in Asia. During 2007, Prudential extended its agreements with Standard Chartered Bank to include Taiwan where it will exclusively provide bancassurance products in their newly acquired HsinChu International Bank with its 83 branches and 2.4mn customers. In [South] Korea regulation states that a bank can only source a maximum of 25% of its total insurance sales from any one insurer, and with Prudential’s existing bank partners regularly reaching their maximum shares, adding new banks is a priority. In 2007 Prudential secured two major new banks, Industrial Bank of Korea and Kookmin Bank. Prudential’s regional bancassurance relationship with Citibank also grew strongly, with new business APE generated of GBP23mn being 12% of total bank distribution for 2007. In 2007 Prudential continued to broaden its range of linked products. These included the new Global Property Fund in Singapore and a new Takaful range in Indonesia.... In Taiwan, a new variable annuity product and an agency incentive programme contributed to the growth in new business of 71% for the year.’ Source: Prudential plc Annual Report 2007 Regional Operations ƒ China – CITIC Prudential Life Insurance Company Ltd, Beijing ƒ Hong Kong – Prudential Assurance Company Ltd (Hong Kong branch) ƒ India – Prudential ICICI Asset Management Ltd, Mumbai ƒ Indonesia – PT Prudential Life Assurance, Jakarta ƒ Japan – PCA Life Insurance Company Ltd, Tokyo ƒ Malaysia – Prudential Assurance Malaysia Berhad, Kuala Lumpur ƒ Philippines – Pru Life Insurance Corporation, Manila ƒ Singapore – Prudential Assurance Company Singapore (Pte) Ltd ƒ South Korea – PCA Life Insurance Company, Seoul ƒ Taiwan – PCA Life Assurance Company Ltd, Taipei ƒ Thailand – Prudential TS Life Assurance PCL Ltd, Bangkok ƒ Vietnam – Prudential Vietnam Assurance Private Ltd, Ho Chi Minh City etc Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 78 QBE Company Analysis Company Details Vietnam SWOT Analysis Strengths (internal) ƒ Able to leverage from global presence and resources ƒ Operates through a 100% owned subsidiary in Vietnam Weaknesses (internal) ƒ Lack of scale in present operations in Vietnam Opportunities (external) ƒ Strong growth in premiums and new business likely as insurance continues to gain traction ƒ Focussed on corporate business Threats (external) ƒ Competition from other, larger non-life groups Overview ‘QBE Insurance Group Limited is… recognised as Australia's largest international insurance and reinsurance company with operations in 45 countries around the world, and is one of the top 25 global general insurers and reinsurers as measured by net written premium... QBE's underlying business strategy is to maintain operations in the key global insurance markets and, where possible, to be a lead underwriter for selected lines of business, setting rates and conditions in the markets in which we operate’. Source: 2007 Annual Report, p2 Corporate Highlights QBE Insurance Group, Sydney; QBE Insurance Australia, Sydney. Global gross written premiums rose by 20% to AUD12,406mn in 2007. In terms of net earned premium, the business was sourced as follows: property 26.2%; liability 19.6%; motor and motor casualty 18.2%; marine, energy and aviation 9.9%; workers’ compensation 8.4%; professional indemnity 6.9%; accident and health 6.2%; other lines 4.6%. In terms of gross written premiums, the business was sourced as follows: Australian operations AUD2,596mn; Asia Pacific operations AUD583mn; QBE Insurance Europe AUD2,503mn; Lloyds division AUD2,634mn; Americas AUD3,656mn; Equator Re AUD1,990mn; internal reinsurance/elimination -AUD1,556mn. Source: 2007 Annual Report ‘Insurance pricing in most markets was less favourable than last year, particularly for large commercial risks. We experienced an overall average reduction in ƒ Parent company: QBE Insurance Group Ltd ƒ Home country: Australia ƒ Status: listed public company ƒ Main source for press releases: com/Version_2/investors/ html/investors/QBE_inves tors_asx2008.html ƒ Contact position: Company secretary ƒ Contact phone: +61 2 9375 4422 ƒ Contact email: duncan. ramsay@qbe.com Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 79 premium rates for our worldwide portfolio of 3%.’ Source: 2007 Annual Report Acquisitions since the beginning of 2007 include: Praetorian Financial Group (US); Winterthur US Holdings (now QBE Regional Insurance, US); Indian joint venture agreement; Cumbre Seguros (Mexico); five underwriting agencies (Australia); North Pointe Holdings (US). Source: 2007 Annual Report Regional Operations ƒ Australia – QBE Insurance Group, Sydney; QBE Insurance Australia, Sydney ƒ China – QBE Insurance Group Limited Guangzhou Representative Office, Guangzhou ƒ Fiji – QBE International, Suva ƒ Hong Kong – QBE Hong Kong & Shanghai Insurance, Hong Kong ƒ Indonesia – PT Asuransi QBE POOL Indonesia, Jakarta ƒ Malaysia – QBE Insurance (Malaysia) Ltd, Kuala Lumpur ƒ New Caledonia – QBE Insurance (International) Ltd, Noumea ƒ New Zealand – QBE Insurance (International) Ltd, Auckland ƒ Papua New Guinea – QBE Insurance PNG, Port Moresby ƒ Singapore – QBE Insurance (International) Ltd, Singapore ƒ Thailand – QBE Insurance (Thailand), Bangkok ƒ Vanuatu – QBE International, Port Vila Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 80 RSA Company Analysis Company Details Corporate Highlights RSA, London and Horsham. Group net written premiums in 2007 were GBP5,837mn. Of this, the UK accounted for GBP2,688mn, while RSA's International and Emerging Markets businesses accounted for GBP2,513mn and GBP615mn, respectively. The group manages investments of about GBP13bn. In the UK, RSA is the largest commercial lines insurer, with a market share of 13%. Its personal business is the third-largest. The International business includes RSA's operations in Scandinavia, Canada, Ireland and Italy. RSA is the largest general insurer in Scandinavia and the leading personal household insurer in Ireland. In the emerging markets, RSA is the market leader in Lithuania and Latvia and present in other markets across Latin America, Asia and the Middle East. Regional Operations ƒ China – Royal & Sun Alliance plc, Shanghai Branch ƒ Hong Kong – Royal & Sun Alliance, Hong Kong ƒ India – Royal Sundaram Alliance Insurance Company Ltd, Chennai ƒ Singapore – Royal & SunAlliance Insurance plc, Singapore ƒ Parent company: Royal & Sun Alliance Insurance Group plc ƒ Home country: UK ƒ Status: listed public company ƒ Main source for press releases: group.com/rsa/ pages/media/ukpressrele ases ƒ Contact position: Head of UK External Communications ƒ Contact phone: +44 20 7337 5146 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 81 Sun Life Financial Company Analysis Company Details Overview ‘Sun Life Financial is a leading international financial services organisation providing a range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the US, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31 2008, the Sun Life Financial group of companies had total assets under management of CDN$415bn.’ Source: Company Press Release, May 16 2008 Corporate Highlights Sun Life Assurance Company of Canada, Toronto, Montreal, Waterloo ON, etc. Sun Life offers a wide range of products and services, including life/health insurance, group retirement services, individual life insurance and annuities, mutual funds and investment management services. The group also includes McLean Budden, a leading investment advisory group with assets under management of around CAD40bn. Total global premiums were CAD13,124mn in 2007, down slightly from 2006. Of this, SLF Canada accounted for CAD6,004mn;SLF for CAD 5,528mn. Premiums in the company's various Asian units were CAD629mn. Total premiums, deposits and gross sales of mutual and segregated funds were CAD79,643mn in 2007, up about 10% y-o-y. Of this, CAD2,319mn came from Asia. Regional Operations ƒ China – Sun Life Everbright Life Insurance Company Ltd, Tianjin The joint venture's product lines include term, endowment, critical illness, personal accident plans and juvenile insurance. ƒ Hong Kong – Sun Life Financial Hong Kong Ltd, Hong Kong Protection products include life insurance, critical illness insurance, medical expenses insurance and general insurance. The company also offers savings products for retirement, education and wealth accumulation. In addition, it provides group solutions such as MPF, ORSO schemes and life and health insurance. In 2005, the company acquired CMG Asia Limited, which was subsequently renamed. There are 400,000 corporate and individual customers. ƒ India – Birla Sun Life Insurance Company Ltd, Mumbai; Birla Sun Life Asset Management Company Ltd, Mumbai; Birla Sun Life Distribution Company Ltd, Mumbai; Sun Life India Service Centre, Gurgaon The first three of these companies are joint ventures with the Birla group, in life insurance/ savings products, asset management, distribution of mutual funds and other products. ƒ Indonesia – PT Sun Life Financial Indonesia, Jakarta The company has offices in around 30 cities and sells a wide variety of retirement, protection, health and education plans. Gross written premiums in 2007 were IDR1,089bn, or US$116mn. ƒ Philippines – Sun Life of Canada (Philippines) Inc, Manila ƒ Parent company: Sun Life Financial Inc ƒ Home country: Canada ƒ Status: listed public company ƒ Main source for press releases: life.com/worldwide/v/inde x.jsp?vgnextoid=4c1c6b4 6ee2a0110vgnprod10000 d490d09fRCRD&vgnextc hannel=4c1c6b46ee2a01 10vgnprod10000d490d09 fRCRD&vgnextfmt=defaul t&vgnLocale=en_CA&chn path=%2FHome ƒ Media contact ƒ Contact phone: +1 519 888 3160 ƒ Contact email: susan.jantzi@sunlife.com Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 82 Individual and group life insurance sales were PHP1.17bn in 2006, an increase of 14% y-o-y. Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 83 The Principal Company Analysis Company Details Overview ‘The Principal Financial Group is a leading global financial company offering businesses, individuals and institutional clients a wide range of financial products and services.’ Source: May 22 2008 It has four main businesses: US Asset Accumulation, Global Asset Management, International Asset Management and Accumulation and Life/Health insurance. Aside from its various insurance businesses, it has investment management or administration businesses in Australia, Chile, Hong Kong, India (joint venture with PNB), Malaysia (joint venture with CIMB), Mexico, Singapore and UK/Europe. Corporate Highlights Principal Financial Group, Des Moines, IA; numerous subsidiaries in US Asset Accumulation, Administration, US Life and Health Insurance, Mutual Funds, etc. Total revenues rose from US$9,873mn in 2006 to US$10,907mn in 2007. Premiums rose from US$4,305mn in 2006 to US$4,634mn in 2007. Regional Operations ƒ China – Principal Life Insurance Company – Beijing Representative Office ƒ Hong Kong – Principal Insurance Company (Hong Kong) etc, Hong Kong ƒ Parent company: The Principal Financial Group Inc ƒ Home country: US ƒ Status: listed public company ƒ Main source for press releases: about/news/press.htm ƒ Media contact ƒ Contact phone: +1 515 247 7883 ƒ Contact email: rader.jeff@principal.com Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 84 Zurich Financial Services Company Analysis Company Details Overview ‘We are an insurance-based financial services provider with headquarters in Zurich, Switzerland. The core of our business is General Insurance and Life Insurance. Founded in 1872, we now have a global network of subsidiaries and offices in North America, Europe, Asia Pacific, Latin America and other markets. Our 60,000 employees serve customers in more than 170 countries.’ Source: May 15 2008. Corporate Highlights Zurich Financial Services, Zürich Versicherungs-Gesellschaft, etc, Zurich, etc. ‘General Insurance provides property and casualty products and services for individual and commercial customers through four businesses. Europe General Insurance offers personal and commercial products in its key markets of Germany, Italy, Spain, Switzerland and the [UK], with a significant presence in Austria, Ireland and Portugal, and operations in Israel, Morocco, Russia and Turkey. North America Commercial serves small and mid-sized businesses with standard and specialty lines of business in the [US] and Canada. Global Corporate offers risk management services to large corporations and multinational companies. International Businesses embraces five regions – Latin America, Southern Africa, Australia, Japan and Greater China/South East Asia – which position it well to act as a growth engine in the future.’ ‘The General Insurance business model is built on global functions (including underwriting, claims management, risk engineering, reinsurance, customer relationship, distribution management and product management) and practices (including global specialties), providing a global platform for local business delivery. Global Life concentrates on three regions – Europe, the United States and emerging markets. Its global focus is on unit-linked and protection products. It also serves customer segments in family protection, equity-based savings, pension provision, post-retirement, wealth accumulation, wealth protection and inheritance. Propositions are distributed through agents, brokers, independent financial advisers, banks and credit unions. Global Life benefits from strong positions in all key markets, as well as extensive distribution networks in the [UK and US]. In Germany, Italy and Spain, it partners with Deutsche Bank, which positions Zurich as its exclusive supplier of life insurance products. In key emerging markets, Global Life is one of the fastest growing providers of life insurance and savings products, particularly for international investors and global expatriate populations. Farmers is our group’s main market brand for personal insurance in the United States, providing homeowners, auto and life insurance, with more than 20mn policies. Farmers also provides business insurance, with a focus on the small commercial market.’ ƒ Parent company: Zurich Financial Services ƒ Home country: Switzerland ƒ Status: listed public company ƒ Main source for press releases: zurich.com/main/ mediarelations/mediarele ases/2008/index.htm ƒ Contact position: Media relations ƒ Contact phone: +41 44 625 2100 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 85 Source: Zurich Financial Services 2007 Annual Report p6 Global Life premiums and fees fell from US$10,254mn in 2006 to US$9,640mn in 2007. Global Life deposits rose from US$10,769mn to US$12,064mn. European general insurance premiums rose from US$12,445mn to US$13,852mn. International business (non-life) premiums rose from US$2,875mn to US$3,205mn. ‘The primary drivers... were Latin America with an increase in new business written and Africa due to rate increases.’ There were downwards pressures on rates in Asia and Australia. Global corporate non-life business premiums rose from US$7,407mn to US$7,505mn. North America Commercial business contracted from US$11,856mn to US$11,532mn. Source: Zurich Financial Services Group 2007 Annual Report, pp73-77 Regional Operations ƒ Australia – Zurich Financial Services Australia Ltd, Sydney ƒ China – Zurich Insurance Company Beijing Branch ƒ Hong Kong – Zurich Insurance Holdings (Hong Kong) Ltd; Zurich International Life, Hong Kong ƒ India – Zurich Risk Management Services (India) Private Ltd, Mumbai ƒ Indonesia – PT Zurich Insurance Indonesia, Jakarta ƒ Japan – Zurich Insurance Company, Japan Branch, Tokyo; Zurich Life Insurance Company Ltd, Japan Branch, Tokyo ƒ Malaysia – MCIS Zurich Insurance Berhad, Petaling Jaya ƒ New Zealand – Zurich New Zealand, Auckland ƒ Philippines – Zurich Life Insurance Philippines Inc, Manila ƒ Singapore – Zurich Insurance Company, Singapore Branch ‘From the Singapore branch office, Zurich will provide a full scope of insurance services to corporate and commercial customers based in Singapore and … South East Asia. … services will include energy insurance products …[and] trade credit and political risk insurance’. Source: www.zurich.com/main/mediarelations/mediareleases 2008/english, May 15 2008 ƒ Taiwan – Zurich Insurance (Taiwan) Ltd, Taipei Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 86 Country Snapshot: Vietnam Demographic Data Section 1: Population Source: UN Population Division Table: Demographic Indicators, 2005-2030 2005 2010f 2020f 2030f Dependent population, % of total 34.1 29.9 30.4 31.2 Dependent population, total, ‘000 28,318 26,225 30,950 34,499 Active population, % of total 65.8 70.0 69.5 68.7 Active population, total, ‘000 54,650 61,263 70,706 75,927 Youth population*, % of total 28.8 25.0 23.4 20.3 Youth population*, total, ‘000 23,972 21,887 23,807 22,508 Pensionable population, % of total 5.2 4.9 7.0 10.8 Pensionable population, total, ‘000 4,346 4,338 7,143 11,991 f = forecast. *Youth = under 15. Source: UN Population Division -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 0-4 10-14 20-24 30-34 40-44 50-54 60-64 70-74 Population By Age, 2005 (mn) Male Female -10.0 -5.0 0.0 5.0 10.0 0-4 10-14 20-24 30-34 40-44 50-54 60-64 70-74 Population By Age, 2005 And 2030 (m n, total) 2030 2005 Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 87 Table: Rural/Urban Breakdown, 2005-2030 2005 2010f 2020f 2030f Urban population, % of total 26.7 29.4 34.7 41.8 Rural population, % of total 73.3 70.6 65.3 58.2 Urban population, total, ‘000 22,509 26,395 35230 46,123 Rural population, total, ‘000 61,729 63,323 66426 64,306 Total population, ‘000 84,238 89,718 101,656 110,429 f = forecast. Source: UN Population Division Section 2: Education And Healthcare Table: Education, 2002-2005 2002/03 2004/05 Gross enrolment, primary 98 93 Gross enrolment, secondary 73 75 Gross enrolment, tertiary 10 16 Adult literacy, male, % na 93.9 Adult literacy, female, % na 86.9 Gross enrolment is the number of pupils enrolled in a given level of education regardless of age expressed as a percentage of the population in the theoretical age group for that level of education. na = not available. Source: Unesco Table: Vital Statistics, 2005-2030 2005 2010f 2020f 2030f Life expectancy at birth, males (years) 68.4 69.9 74.2 75.8 Life expectancy at birth, females (years) 72.4 73.9 78.4 80.0 Life expectancy estimated at 2005. f = forecast. Source: Unesco Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 88 Section 3: Labour Market And Spending Power Table: Employment Indicators, 1999-2004 1999 2000 2001 2002 2003 2004 Employment, ‘000 38,120 38,368 39,000 40,162 41,176 42,316 – % change y-o-y 3.1 0.6 1.6 2.9 2.5 2.7 – male 19,029 19,292 19,744 20,356 20,959 21,649 – female 19,091 19,076 19,257 19,807 20,217 20,666 – female, % of total 50.0 49.7 49.3 49.3 49.1 48.8 Unemployment, ‘000 909 886 1,107 871 949 926 – male 439 468 458 398 402 410 – female 470 418 650 473 547 517 – unemployment rate, % 2.3 2.2 2.7 2.1 2.2 2.1 Source: ILO Table: Consumer Expenditure, 2000-2012 (US$) 2000 2007e 2008e 2009f 2010f 2012f Consumer expenditure per capita 110 265 301 368 386 427 Poorest 20%, expenditure per capita 49 119 136 166 174 192 Richest 20%, expenditure per capita 243 587 668 815 855 946 Richest 10%, expenditure per capita 316 763 868 1,060 1,112 1,230 Middle 60%, expenditure per capita 85 206 235 286 301 332 Purchasing power parity Consumer expenditure per capita 556 1,196 1,297 na na na Poorest 20%, expenditure per capita 250 538 583 na na na Richest 20%, expenditure per capita 1,231 2,649 2,872 na na na Richest 10%, expenditure per capita 1,600 3,444 3,734 na na na Middle 60%, expenditure per capita 433 931 1,009 na na na e/f = BMI estimate/forecast. na = not available. Source: World Bank, Country data; BMI Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 89 Methodology BMI’s insurance reports provide insights into the operating conditions in and prospects for insurance in over 60 mostly developing countries. The reports incorporate the latest information available from official sources such as regulators, international associations of regulators and trade associations; comparable information from other countries; and BMI’s economic and risk data. The reports focus on gross written premiums in two segments: non-life and life. Unless stated, ‘premiums’ refers to gross written premiums. In BMI’s reports, non-life insurance includes health insurance premiums if these are normally considered by industry observers to lie within the mainstream insurance sector. Non-life insurance includes inwards reinsurance premiums if these would normally and reasonably be considered a significant part of the non- life segment. In practice, this means that we generally include inwards reinsurance in developed countries and offshore financial centres that specialise in insurance. We consider outwards reinsurance to be an expense. Life insurance includes all long-term savings products that are legally structured as insurance products. Life insurance premiums do not, therefore, include contributions to pension plans and other long-term savings schemes unless they are legally constituted as being within the insurance sector. Non-Life Segment In making projections of premiums in the non-life segment, we consider two aspects: the likely development of nominal GDP and of non-life penetration (non-life premiums as a percentage of GDP). Typically, we forecast non-life penetration for 2013 (the end of the forecast period) and assume that non- life penetration changes evenly from 2008 to 2013. However, in some cases, an examination of the various lines (motor, accident/health, liability etc) that constitute the non-life segment indicates that the non-life penetration is not likely to change evenly over time. In such cases we forecast the non-life penetration from year to year. Forecasts of non-life penetration for 2013 typically take into account the following factors: non-life penetration in 2007 and 2008; penetration in nearby countries at a similar level of development; whether or not health insurance is generally considered to be within the insurance sector; and other factors promoting or retarding evolution of the non-life segment. Life Segment In projecting life premiums, we consider two aspects: the likely development of population and of life density (life premiums per capita). Typically, we forecast life density for 2013 and assume density changes evenly from 2008 to 2013. In some cases there will be clear reasons why life density is not likely to change evenly over time. In such cases, we forecast life density from year to year. Forecasts of life density for 2013 typically take into account the following factors: life density in 2007 and 2008; density in nearby countries at a similar level of development; relative importance of life insurance in terms of overall retirement savings; and other factors promoting or retarding evolution of the life segment. Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 90 Insurance Business Environment Ratings BMI’s Insurance Business Environment Rating has a threefold approach. First, we assess market attractiveness and risks to the predictable realisation of profits in each state, capturing operational dangers facing companies. Second, we identify objective indicators that serve as proxies for issues/trends in the industry to ensure consistent evaluation across states. Finally, we use BMI’s Country Risk Ratings to ensure the ratings capture broader issues relevant to the industry and that may limit market attractiveness or imperil returns. The ratings system – which integrates with all industries covered by BMI – offers an industry-leading insight into prospects/risks for companies. The ratings divide into two distinct areas: Limits Of Potential Returns Evaluation of the industry’s size and growth potential in each state, and also broader industry/state characteristics that may inhibit its development. Risks To Realisation Of Returns Evaluation of industry-specific dangers and those emanating from the state’s political/economic profile that call into question the likelihood of anticipated returns being realised over the assessed time period. Indicators The following indicators have been used. Almost all indicators are objectively based. Table: Insurance Business Environment Indicators And Rationale Limits to potential returns Market structure Non-life premiums, 2008 (US$mn) Indicates overall sector attractiveness. Large markets more attractive than small ones Growth in non-life premiums, 5 years to end-2013 (US$mn) Indicates growth potential. The greater the likely absolute growth in premiums the better Non-life penetration, % Premiums expressed as % of GDP. An indicator of actual and (to an extent) potential development of non-life insurance. The greater the penetration the better Non-life segment measure of openness Measure of market’s accessibility to new entrants. The higher the score the better Life premiums, 2008 (US$mn) Indicates overall sector attractiveness. Large markets more attractive than small ones Growth in life premiums, 5 years to end-2013 (US$mn) Indicates growth potential. The greater the likely absolute growth in premiums the better Life penetration, % Premiums as % of GDP. An indicator of actual and (to a certain extent) potential development of life insurance. The greater the penetration the better Life segment measure of openness Measure of market’s accessibility to new entrants. The higher the score the better Country structure GDP per capita (US$) A proxy for wealth. High-income states receive better scores than low-income states Vietnam Insurance Report Q1 2010 © Business Monitor International Ltd Page 91 Table: Insurance Business Environment Indicators And Rationale Active population Those aged 16-64 in each state, as a % of total population. A high proportion suggests that market is comparatively more attractive Corporate tax A measure of the general fiscal drag on profits GDP volatility Standard deviation of growth over 7-year economic cycle. A proxy for economic stability Financial infrastructure Measure of financial sector’s development, a crucial structural characteristic given the insurance industry’s reliance on risk calculation Risks to potential returns Market risks Barriers to entry Subjectively evaluates de facto/de jure regulations on development of insurance sector Regulatory environment Subjectively evaluates impact of regulatory environment on the competitive landscape Country risk (from BMI’s Country Risk Ratings) Short-term financial risk Evaluates currency volatility Short-term external risk State’s vulnerability to externally-induced economic shock, which tend to be principal triggers of economic crises Policy continuity Evaluates the risk of sharp change in broad direction of government policy Legal framework Strength of legal institutions. Security of investment key risk in some emerging markets Bureaucracy Denotes ease of conducting business in a state Source: BMI Weighting Given the number of indicators/datasets used, it would be inappropriate to give all sub-components equal weight. Consequently, the following weight has been adopted. Table: Weighting Of Indicators Component Weighting, % Limits of potential returns, of which 70, of which – Insurance market, of which 65, of which — Life 50 — Non-life 50 – Country structure 35 Risks to realisation of potential returns, of which 30, of which – Market risks: regulations and impact on development and competitive landscape 40 – Country risks 60 Source: BMI Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

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