Photo: Chubb Life Vietnam
$6.5 million increase on July 25 brings total to $69.5 million.
Chubb Life Insurance Vietnam (Chubb Life Vietnam) announced an increase to its charter capital by more than VND150 billion ($6.5 million) on July 25.
This is the second increase in the last two years to support Chubb Life Vietnam’s rapid growth. Charter capital now stands at more than VND1.55 trillion ($69.5 million).
Chubb Life Vietnam is focusing on growth in the dynamic Vietnam market, according to Chairman and Country President Mr. Lam Hai Tuan. “This increase in charter capital will support our strategy to maintain growth momentum in distribution expansion, service quality enhancement, and having a diversified product portfolio that meets the financial protection needs of families and individuals throughout Vietnam,” he said.
2016 marks a significant milestone for Chubb Life Vietnam, with ACE Life renaming its Vietnam subsidiary following ACE Limited’s $29.5 billion acquisition of The Chubb Corporation and the adoption of the Chubb name globally.
With support from Chubb and its own valuable experience from eleven years in the country, Chubb Life Vietnam is continuing to execute its strategy for rapid and sustainable growth.
In the first half of this year it focused on developing its sales force, expanded to new locations, launched new products, and acquired new bancassurrance partners.
In Vietnam, Chubb Life offers a comprehensive array of quality life insurance products to meet the financial protection and security needs of a broad range of customers.
Vietnam’s insurance market grew 16 per cent each year in the 2011-2015 period, rising from VND46.958 trillion ($2.1 billion) in 2011 to VND84.375 trillion ($3.78 billion) in 2015, according to Mr. Phung Ngoc Khanh, Director of the Insurance Commission at the Ministry of Finance. Life insurance grew 24.6 per cent and non-life 11.7 per cent.
Mr. Khanh said that the insurance market has reached the targets in its development strategy for the 2011-2020 period. Revenue from insurance in 2011-2015 was targeted at 2 to 3 per cent of GDP and 3 to 4 per cent by 2020. Revenue in 2015 of $3.78 billion represented 2 per cent of GDP.