Ho Chi Minh City, March 18th, 2016 – Chubb Life (f.k.a. ACE Life), the global life insurance division of Chubb Limited, and Viet Capital Bank today announced the commencement of their Bancassurance partnership. The new partnership will maximize benefits for Viet Capital Bank’s clients by leveraging the services and products from both parties. Through this distribution channel, the two companies will:
Mr. Lam Hai Tuan, Chairman and Country President of Chubb Life in Vietnam, said: “One of Chubb Life’s objectives is to expand and diversify our distribution network to better serve our customers with life insurance solutions. This collaboration will also allow Viet Capital Bank’s clients to access more value-added financial management services, in parallel with suitable financial protection plans from Chubb Life.”
Mr. Nguyen Hoai Nam, Deputy General Director of Viet Capital Bank, shared: “In addition to diversifying our products and financial services, Viet Capital Bank continually looks to provide customers with more quality benefits. Our strong network, together with Chubb Life’s wide product portfolio, is core to this cooperation. We strongly believe in the Bancassurance model as a way to provide better customer service and products.”
About Viet Capital Bank
Viet Capital Bank (VCCB) was established in 1992. Throughout 24 years of operation and development, VCCB has achieved dramatically and unprecedented progress. At the end of financial year 2015, the income statement of VCCB was significant, with total assets hit VND 29,579 billion, total mobilization capital achieved VND 25,904 billion, outstanding balance reached VND 16,663 billion whilst bad debts were successfully kept under 3%. 2016 is a new milestone of development when VCCB is being one of the pioneers got the approval for 10 new branches by the State Bank Governor, although the grant license for expansion is very stringent in this period. VCCB, recently, is working to accomplish the strategic planning for 5-year development (2016-2020) with the vision to provide financial solution packages by focusing more on retail banking, medium and small sizes of customers (SME), strongly invest in technology, human resources and people development, reinforce current banking networks, and escalate electronic banking channels simultaneously.
About Chubb Life Vietnam
Chubb Life Insurance Vietnam Company Ltd. (“Chubb Life Vietnam”) is part of the Chubb Limited of Companies (f.k.a. ACE Limited). Chubb Life Vietnam 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. Chubb Life distributes its products mainly through its professional and ever-growing 16,000 strong agency force, as well as through selected banks.
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.
The insurance companies of Chubb serve multinational corporations, mid-size and small businesses with property and casualty insurance and services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and other specialty insurance coverage; companies and affinity groups providing or offering accident and health insurance programs and life insurance to their employees or members; and insurers managing exposures with reinsurance coverage.
With more than $150 billion in assets and $37 billion of gross written premiums in 2014* on a pro forma basis, Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Chubb’s parent company is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index.
Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide.
*Pro forma for ACE Limited’s [January] 2016 acquisition of Chubb
More information can be found at www.new.chub.com.