Citibank Vietnam and ACE Life Insurance Co., Ltd. (ACE Life Vietnam) last week announced their cooperation in launching Citibank ACE Life Platinum MasterCard Credit Card. According to Vu Tuyet Van from Citibank, clients wanting to use the card need to have a monthly income of at least VND15 million. The card fee is VND1 million per year with a maximum credit limit of up to VND300 million per... 

In the face of economic crisis, the life insurance sector still reaped benefits from foreign insurer contributions last year and is expected to continue its development in 2012. Lam Hai Tuan, director general of ACE Life Vietnam, said that while the financial market would face many new impediments this year, correct exploitation and management could still see insurers grow. The Vietnamese life insurance... 

ACE Life Vietnam today officially launched Single Premium -  Universal Life 65. This is a universal life product which requires policy owners to pay a one-time premium only in order to be protected until the age of 65. The product is designed to provide customers with one more option to be protected against financial losses in the event of death of the insured. The policy also provides policy owners... 

ACE Life Insurance Company Limited (ACE Life), part of the ACE Group of Companies, said according to the 2010 insurance performance report from the Ministry of Finance, ACE Life currently leads the Vietnam life insurance market in terms of 2010 total sum assured. The company maintains a leading position in the average sum assured per policy of more than VND361 million ($17,400). Considering the total... 

Mr. Evan G. Greenberg, chairman and chief executive officer of ACE Limited, talked with the Saigon Times about the life insurance market in Asia on his visit to Vietnam last week Q: You have come to Vietnam quite often. Is there a special reason for this? A: ACE has operations around Asia but there is no country that I enjoy more and feel closer to than Vietnam. I came here in 1993 at the first time... 

Taiwan’s second-largest financial group Fubon Financial has officially jumped into Vietnam’s life insurance market. Fubon Life Insurance (Vietnam) Co. Ltd, wholly owned by Taiwan’s Fubon Life Insurance (Taiwan), was given the green light by Vietnam’s Ministry of Finance on December 23. The new company will be based in Hanoi with a branch in Ho Chi Minh City. It is scheduled to start operating... 

HCM CITY — The insurance market grew by more than 25 per cent in the first nine months, according to the Association of Vietnamese Insurers. The non-life insurance sector reported growth of 25.97 per cent in premium income, which topped VND12.417 trillion (US$621 million). Motor vehicles represented the largest segment, with VND3.885 trillion, up almost a fifth over the same period in 2009. Health... 

The domestic life insurance market has been sparked into life by a story that received wide media coverage about a businesswoman who paid an annual premium of VND1.2 billion (US$61,000). The policy was reported to cover her for VND39 billion ($2 million). The story is clear evidence that the Vietnamese attitude towards life insurance is changing. Instead of purchasing life insurance to support friends... 

Personal credit is no longer a “big earner” for the banks only, as financial companies are rushing to cash in on this market, say industry insiders. Statistics show that Vietnam is now home to 17 financial companies, which have been established by domestic and foreign-invested groups and corporations. These financial companies provide loans enabling consumers to buy cars and houses, similar... 

Although 2009 was not an easy year for any business sector, life insurers still posted very good results with growth of 14% in total premiums. Therefore, 2010, which promises to see a strong recovery of the local economy, will also be a good year for general insurance companies to widen their operations and meet their business ambitions. In early 2009, as the global financial crisis hit the local...