Ho Chi Minh City, 20 July 2016 - Chubb Life Insurance Vietnam Company Limited (Chubb Life Vietnam) today announced that its charter capital has been increased by more than VND 150 billion (US $6.5 million). This marks the second charter capital increase in two years to support Chubb Life Vietnam’s rapid growth. Chubb Life Vietnam shareholder’s equity is now over VND 1,550 billion.
Mr. Lam Hai Tuan, Chairman and Country President of Chubb Life Vietnam, said: “Chubb Life Vietnam is focused on growth in this dynamic market. This increase in charter capital will support our strategy to maintain growing momentum in distribution expansion, service quality enhancement and a diversified product portfolio that meets the financial protection needs of families and individuals across Vietnamese.”
The year 2016 marks a significant milestone for Chubb Life Vietnam: ACE Life changed the name of its life insurance subsidiary in Vietnam to Chubb Life Vietnam following ACE Limited’s US$ 29.5 billion acquisition of The Chubb Corporation and adoption of the Chubb name globally. With support from the new Chubb and its valuable experience accumulated from 11 years operating in Vietnam, Chubb Life is executing its strategy for rapid and sustainable growth. In the first half of 2016, Chubb Life focused on developing its sale forces, expanded to new geographies, launched new products and acquired new bancassurrance partners.
About Chubb Life Vietnam
Chubb Life Insurance Vietnam Company Limited (‘Chubb Life Vietnam’) is a member of the global life insurance division of Chubb (formerly ACE Limited). 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. In March 2016, Chubb Life pioneered the introduction of the Universal Life plan in the Vietnamese market. 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 years to select plans to suit their financial needs. Today, Chubb Life distributes its products mainly through its professional and ever-growing 17,000 strong agency force, as well as through select banks. More information can be found at www.chubblife.com/vn.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. We combine the precision of craftsmanship with decades of experience to conceive, craft and deliver the very best insurance coverage and service to individuals and families, and businesses of all sizes.
Chubb is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. The company serves multinational corporations, mid-size and small businesses with property and casualty insurance and risk engineering services; affluent and high net worth individuals with substantial assets to protect; individuals purchasing life, personal accident, supplemental health, homeowners, automobile and specialty personal 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 $157 billion in assets, and $37.4 billion of gross premiums written in 2015 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 Limited, the parent company of Chubb, 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 31,000 people worldwide.