Thanh Hoa, November 27th, 2015 – ACE Life, the global life insurance division of ACE Group, today announced the inauguration of a new campus of Yen My Primary School (Zone B, Yen My commune, Nong Cong district, Thanh Hoa province). This is the sixth school building project funded by ACE Life over the last six years,, and this school is also the first project jointly sponsored by ACE Foundation – International. With VND 2.2 billion (approximately US$103,400) funded by ACE, the construction commenced in March 2015 and the new classrooms are now ready for the academic year of 2015 – 2016.
Being a remote area of Nong Cong district, Thanh Hoa province, Yen My commune has been severely affected by constant flooding during the rainy seasons year after year. The previous school was located at the base of the Yen My barrage, which exacerbates the impact of the damage during the wet season. Moreover, the school itself has been seriously degraded after four decades. With this financial support from ACE Life and ACE Foundation – International, a new school building with two floors and six classrooms has been built in a safe location in adherence to the national standards for elementary schools. In addition to the adequate rooms and facilities to meet the learning needs of 200 local pupils, this school also serves as a shelter for up to 300 residents in the event of flooding. Similar to other schools funded by ACE Life through the Central Region Natural Disaster Prevention and Support Fund, the Yen My Primary School has been constructed on a strong and stable foundation which will be able to withstand the flood and monsoon seasons.
Mr. Lam Hai Tuan, Chairman and Country President of ACE Life in Vietnam, said: ―Building high quality schools is a special way that ACE Life chooses to offer long-term and sustainable value for the local community. These schools with better facilities for learning and teaching activities will partly encourage more generations of students to have a chance at better education. This will motivate them to go further on their pathways of education for a better life. In the coming years, we hope to have more opportunities to continuously implement other similar meaningful CSR projects, fulfilling our commitment to contribute to the community in which we live and work‖.
After ten years of operation, through the ‗Crossing Waves Fund‘ – a charitable fund established since 2005 – and through the company‘s own donations, ACE Life has funded 6 school building projects across the Central area of Vietnam, namely: Xuan Lam Primary School (Phu Yen province); Trieu Do No. 1 Primary School (Quang Tri province); Cat Chanh Primary School (Binh Dinh province); Quang Thanh No.2 Primary School (Thua Thien Hue province), Vinh Thanh No.2 Primary School (Nghe An province) and Yen My Primary School (Zone B, Thanh Hoa province). Apart from building schools, the fund has also sponsored over 1,200 scholarships for underprivileged university students. To date, the ‗Crossing Waves Fund‘ has contributed approximately VND18 billion (~US$850,000) to the school building projects and scholarships.
In early November this year, ACE Life was awarded the ―UNESCO Culture Enterprise – Vietnam 2015‖ certification and Lam Hai Tuan, Chairman and Country President of ACE Life in Vietnam, was honored with the ―Proficient Manager Prix Grand 2015‖ award by the Vietnam Federation of UNESCO Associations.
ABOUT ACE FOUNDATION – INTERNATIONAL
ACE Foundation - International is one of three charitable funds under the worldwide ACE Foundations. In 2014, the ACE Foundations — ACE Charitable Foundation; ACE Foundation-International; and ACE Foundation-Bermuda — made grants and matching gifts of more than $4.3 million to support innovative initiatives around the globe. ACE is a firm believer that positive contributions to the fabric of our communities return long-lasting benefits to society, our employees and our company. We primarily focus our philanthropic support in the areas of education, poverty and health and the environment.
As part of their mission to support communities where ACE employees work and live, in 2015 the ACE Foundation – International will collaborate with ACE Life and the Central Region Natural Disaster Prevention and Support Fund to implement rebuilding school project for Yen My Primary School (Zone B), Yen My Commune, Nong Cong District, Thanh Hoa City, Thanh Hoa Province in Vietnam.
In 2013, the ACE‘s Charitable Foundation provided a two-year grant worth US$465,400 (over VND9 billion) to Roots of Peace (ROP) for the expansion of the Sustainable Horticulture and Agriculture Development Project (SHADE) in Quang Tri Province, Vietnam. ROP is a San Rafael California humanitarian organization that supports war-torn communities by removing, with demining partners, unexploded ordinances (UXO) and working with farmers to provide lasting economic opportunities through sustainable agriculture. ROP initiated the SHADE program in Vietnam since 2010 in order to help war-torn farmers use their land effectively and increase their harvest productivity as well as their yearly income. With the grant from the ACE Charitable Foundation, ROP has now expanded this program to provide subsidized plants and equipment, technical training, and follow-up activities through farmer field schools, farm visits and mentoring to over 850 Vietnamese farmers in the Quang Tri Province.
ABOUT ACE LIFE IN VIETNAM
ACE Life Insurance Company, Ltd (―ACE Life Vietnam‖) is part of the ACE Group of Companies, one of the world‘s largest multiline property and casualty insurers.
With operations in 54 countries, ACE provides commercial personal property and casualty insurance, personal-accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. ACE's core operating insurance companies are rated AA for financial strength by Standard & Poor‘s, and A+ by A.M. Best. This rating is indicative of ACE‘s strong capital base and financial stability; key attributes in the business of risk.
ACE has both general insurance and life insurance operations in Vietnam where it offers a comprehensive array of protection products and risk management solutions to a diverse group of clients. ACE Life Vietnam is a wholly owned subsidiary of ACE INA International Holding Limited (AIIH), a US domiciled company part of the ACE Group. In Vietnam, ACE Life offers a comprehensive array of quality life-insurance products to meet the financial-protection and security needs of a broad range of customers. The company pioneered the introduction of the Universal Life plan to the Vietnamese market in March 2006. Since then, it has developed a full range of Universal Life products. This diverse range of Universal Life products enables individuals and groups up to the age of 80 to select plans to suit their financial means. ACE Life distributes its products mainly through its professional and ever-growing 14,200 strong agency force, as well as through selected banks.