Ho Chi Minh City, October 29, 2013 – ACE Life Insurance Co., Ltd. (ACE Life Vietnam), part of the ACE Group, the global leader in insurance and reinsurance, today announced the establishment of its first fund management company in Asia, ACE Life Fund Management Company (ACE Life FMC). A full license was granted by the State Securities Commission of Vietnam yesterday. Finalization of the licensing process comes three months after the company received an approval in principle for its establishment during the visit of President Truong Tan Sang to the United States in July 2013.
Headquartered in Ho Chi Minh City, the founding of ACE Life FMC underscores ACE Life’s increasing responsibility to its customers, while optimizing results of its investment activities. AFMC also helps to achieve ACE Life’s objectives to benefit customers and Vietnam’s growing economy by developing pension products and unit-link products; enhancing professional investment activities; raising funds and attracting investment from individual and institutional investors.
Kevin Goulding, Regional President, ACE Life Asia Pacific said, “We are excited to establish our first fund management company in Asia – ACE Life Fund Management Company. The country is one of the fastest growing economies in Asia and plays a critical role in our innovative growth initiatives across Asia Pacific. This is a milestone for ACE Life as the fund management company will help enhance our local business operations and demonstrate our commitment to investing in Vietnam while concurrently delivering more value to our customers.”
On this special occasion, Lam Hai Tuan, Chairman and Country President, ACE Life Vietnam said, “Besides the strong support from ACE Life Vietnam in terms of capital, management experience and manpower, ACE Life FMC will also receive valuable support from the ACE Group with its global expertise in insurance, reinsurance and asset management. We believe that the ACE Life FMC will provide domestic and foreign long-term investors with various attractive offerings through the establishment and management of different types of funds, including pension funds. This will contribute to supporting one of the Vietnamese government’s major proposals, and help improve and enrich the capital market in Vietnam.”
Operating in Vietnam since 2005, ACE Life has gained sustained rapid growth with total assets exceeding 2,000 billion VND (95 million USD). The establishment of ACE Life FMC is an important event which proudly marks a significant development for the ACE Group and ACE Life Vietnam. It also contribute to increasing investment and trade relations between Vietnam and The United States.
About ACE Life Vietnam
ACE Life Insurance Company, Ltd (ACE Life) is part of the ACE Group, one of the world’s largest multiline property and casualty insurers. With operations in more than 50 countries, the ACE Group provides commercial and 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. The ACE Group's core operating insurance companies are rated AA- for financial strength by Standard & Poor’s and A+ by A.M. Best which are indicative of the strong capital base and financial stability, key attributes in the business of risk.
In Vietnam, ACE Life offers a comprehensive array of quality life insurance products to meet the needs of financial protection and security of a broad range of customers. The company pioneered the introduction of the Universal Life plan to the local 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 10,000 strong agency force as well as through selected banks.