Vietnamese insurers have reinvested VND152.5 trillion (US$6.7 billion) in the economy, 18% higher than last year’s figure, according to the Insurance Association of Vietnam (IAV).
Non-life insurers invested US$1.6 billion, while life insurers contributed US$5.1 billion.
Many insurers have bought long-term government bonds, with investment in 20-year government bonds reaching US$266 million, IAV chairman Phan Kim Bang told The Hanoi Times.
The life insurance sector’s premium income grew by 29.5%, reaching VND36.6 trillion (US$1.6 billion), a 10-year high, according to Bang. Meanwhile, non-life insurance premium revenue was at VND31.3 trillion (US$1.4 billion), an increase of 14% from the previous year.