Agribank Insurance: On the way to insurance for everyone!

Agribank Insurance: On the way to insurance for everyone!

Since its inception, Agribank Insurance has established itself as a strategic pillar in the Agribank ecosystem. With a clear focus on the values ​​of commitment, responsibility, creativity and support, the company represents an important player in the Vietnamese banking and insurance market. According to Vietnam.vn Agribank Insurance has made remarkable progress in its 18 years of operation and has now become the leading distribution channel within this industry.

The Board of Directors and the General Director of Agribank emphasize the immense importance of the bancassurance model for the sustainable development of the company. The aim is to increase the outstanding debt ratio while ensuring the security of loan capital flow. In 2024, Agribank Insurance achieved an impressive revenue of VND2,431 billion, up 18.1% year-on-year.

Growth figures and customer loyalty

In the first half of 2025, VND 1,379 billion has already been collected, an increase of 21.3%. The bancassurance channel made a decisive contribution to the success with VND 1,723 billion, or 70.9% of the total turnover. Agribank Insurance serves over 3 million customers with outstanding balances and the premium income from different types of insurance demonstrates the diversification of its offering.

• Prämieneinnahmen aus Kreditsicherheiten: 1.390 Milliarden VND
• Kfz-Versicherung: 162,5 Milliarden VND
• Feuer- und Explosionsversicherung: 57,5 Milliarden VND
• Karteninhabersicherheit: 31,8 Milliarden VND
• Kontosicherheit: 8,7 Milliarden VND

Compensation payments to customers amount to a cumulative VND6,844 billion, with VND762 billion paid last year alone. Party Secretary To Huy Vu highlights the responsibility of Agribank and Agribank Insurance towards farmers and the economy, especially in view of the reduced customer ratio.

Challenges and strategies

Currently, the proportion of insured private customers has fallen by 10% to 55.8%, while the proportion of insured private customer debts, at just 15.9%, is also below the target of 40% by 2025. Chief Executive Nguyen Tien Hai has expressed hope to increase the use of advantageous insurance products. This is supported by a mechanism to motivate Agribank employees via commission fees.

The business environment for banks is changing permanently, which underlines the need for innovations in bancassurance. Banks in Europe and Latin America have increasingly recognized insurance as a strategic tool for customer loyalty. McKinsey reports that bancassurance partnerships have been successfully expanded in recent years and that digital marketing and analytics tools enable a data-driven sales approach.

Free capacity in digital acquisition and customer support is becoming more important as customers expect both personal interaction and self-service options. These trends present both challenges and opportunities for Agribank Insurance as it seeks to compete in a rapidly changing environment and continue to improve service integration.