Long-term growth outlook is favorable. We expect non-life insurance premium growth between 12-15% CAGR in Vietnam between 2018 and 2023F. Our estimate of non-life insurance penetration at 0.82% in 2018 appears at a reasonable level relative to GDP per capita and the country’s regional peers. Therefore, we do not consider the market either under or over-penetrated and expect growth slightly ahead of nominal GDP growth as penetration increases going forward.