Ho Chi Minh City, October 16, 2017 – Chubb Life Insurance Vietnam Company Ltd. (“Chubb Life in Vietnam”) officially announced an increase of its charter capital by more than VND 79 billion (US$ 3.5 million). As of today, the charter capital of Chubb Life in Vietnam has reached VND 1,244 billion and the company’s shareholder equity is over VND 1,888 billion.
Chubb Life in Vietnam was also granted the Adjustment License by the Ministry of Finance in Vietnam, which allows the company to provide health insurance products locally. The License will enable Chubb to further develop its insurance service capability in Vietnam, expanding the financial protection solutions available to the local customers.
Mr. Lam Hai Tuan, Chairman and Country President of Chubb Life in Vietnam said, “Our objective is to provide comprehensive financial protection solutions to our customers. This increase in charter capital will further strengthen the financial foundation of the company, enabling us to optimize market potential, improve service quality, and provide better financial solutions to families and individuals across Vietnam.”
Awarded the "Top 10 Insurance Reputation Award"¹ by the Vietnam Report in both 2016 and 2017, Chubb Life in Vietnam maintains its top position as one of the insurers with the highest average premium case size in the marketplace².
Over the last months, Chubb Life in Vietnam focused on expanding its infrastructure, upgrading 26 branches and opening 13 new offices. By September 2017, Chubb Life in Vietnam has 61 offices nationwide and employs over 500 employees and 23,000 sales representatives. With strong support and exceptional financial strength from the Chubb Group, Chubb Life continues to expand its distribution channels and diversify its service and product portfolio in Vietnam.
About Chubb Life in Vietnam
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. 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 and other locations, and employs approximately 31,000 people worldwide.
Chubb Life, the life insurance division of Chubb, operates in 30 countries around the world. In Asia, Chubb Life operates in Hong Kong, Indonesia, Korea, Taiwan, Thailand and Vietnam, and participates in a joint-venture in China. Chubb Life has been in Vietnam since 2005, and launched its Fund Management Company (Chubb Life FMC) in 2014. 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, savings, and investment-linked insurance solutions through its agents, banks and its network of 61 offices. Additional information can be found at: http://life.chubb.com/vn.
Media contact
Tran Thi Tuyet Minh
Chubb Life Insurance Vietnam Co., Ltd
21st Floor, Sun Wah Tower
115 Nguyen Hue, Dist. 1
Ho Chi Minh City, Vietnam
+84 983 10 30 78
Sarah Tam
Head of Communications
Chubb Life
+852 2185 0207
¹ According to survey results by Vietnam Report (2016 & 2017).
² Source: Ministry of Finance, Vietnam