Vietnam’s life and non-life insurance premiums rose 12% yoy in 2012, only half of the previous years’ pace. VNR expected sector-wide premiums to grow at the same moderate pace of 2012 in 2013-2014 but to start picking up again in 2015. VNR is undergoing tactical changes to improve profitability and efficiency. The company’s full-year earnings target is likely achievable.