Ho Chi Minh City, September 22, 2023 – Chubb Life Insurance Vietnam Company Limited (“Chubb Life Vietnam”) announced today that it has entered into a strategic partnership agreement with AVA Consulting and Communication Joint Stock Company Vietnam (“AVA”), a growing financial consultancy and insurance agency, to distribute life insurance products across 63 cities in Vietnam.
This partnership is part of Chubb Life Vietnam 's commitment to expanding and diversifying its distribution channels to bring insurance products closer to Vietnamese people, and offers AVA’s customers greater access to premium life and health insurance solutions across the country.
Through the joint agreement, AVA will distribute three Chubb Life Vietnam products: Premier Choice Universal Life, Senior Universal Life 2018, and Premier Youth Universal Life. As part of the Universal Life Insurance product line, these products provide comprehensive protection and financial solutions, offering customers the ability to plan for the future according to their changing needs and goals.
Mr. Nguyen Hong Son, Country President of Chubb Life Vietnam, said: “At Chubb Life Vietnam, we’re proud to provide comprehensive protection to our customers, offering them peace of mind as they pursue their goals and dreams. This agreement marks the beginning of a new journey for Chubb Life Vietnam and AVA to jointly deliver premium life insurance solutions to customers, safeguarding their future. As part of this partnership, we look forward to working closely with AVA to ensure our customers receive high quality expertise, knowledge and service.”
Mrs. Đỗ Thị Kim Liên, CEO of AVA commented: "At AVA, our vision is to provide our customers with access to best-in-class insurance solutions to meet their diverse needs. Chubb Life Vietnam represents a long legacy of trust and reliability, and offers our customers the ability to tailor their insurance and financial solutions according to their evolving needs. We believe this partnership with Chubb Life Vietnam, together with their local knowledge and expertise, realises our shared goal of bringing more diverse life insurance protection plans to Vietnamese people.”
This strategic partnership between Chubb Life Vietnam and AVA will help close the insurance protection gap in Vietnam as life insurance is made more widely available through AVA’s network of customers. According to the most recent statistics from the Vietnam Insurance Association, only 11% of the Vietnamese population currently has life insurance coverage. Yet market development strategies project an uptick to 15% by 2025 and 18% by 2030. These numbers underscore a growing demand for health protection solutions and financial safety, as the average income of Vietnamese people increases, and the overall quality of life improves.
About Chubb Life in Vietnam
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, 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. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited 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, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com
Chubb Life is the international life insurance division of Chubb. In Asia, Chubb Life operates in Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand and Vietnam, and participates in a joint-venture in mainland China. Chubb Life has been in Vietnam since 2005, and launched its Fund Management Company (Chubb Life Fund Management Company Limited) in 2013. To meet the financial protection and security needs of its broad range of customers, Chubb Life in Vietnam (Chubb Life Insurance Vietnam Company Limited) offers a range of life protection, health, savings, and investment-linked insurance solutions through its agents and its wide network of offices.
Additional information can be found at: https://life.chubb.com/vn
About AVA
AVA was established in early February 2022 with the vision to become a leading financial consultancy and insurance agency in Vietnam. The company currently has 22 offices in provinces and cities. AVA plans to expand its network nationwide by 2025.
Operating as a non-exclusive insurance agency model, AVA offers a portfolio of both non-life and life insurance products of high quality to comprehensively meet customer needs. The company has been partnering with many leading insurance corporations in the market. In its first year of operation, the life insurance revenue generated by AVA is estimated to reach VND 96 billion.