Vietnam life insurance companies expand bancassurance partnerships

The bancassurance market in Vietnam is seeing increased strategic cooperation between life insurance companies and banks. In 2026, Shinhan Life Vietnam partnered with Nam A Bank to distribute various insurance products, including term life and investment-linked insurance.

Additionally, Hanwha Life Vietnam signed a comprehensive cooperation agreement with ABBank to expand its distribution channels through banking networks. These moves follow established partnerships such as those between Chubb Life and HDBank, and AIA Vietnam and NCB.

According to the Vietnam Insurance Association, bancassurance accounted for 44.9% of new premium revenue in the first half of 2026, trailing only traditional agency channels, which contributed approximately 51%. Despite a lack of full recovery in the life insurance sector, the banking channel remains a critical component for reaching a broad customer base.