Ace Life Vietnam Ties Up With HDBank for Bancassurance

Ace Life Vietnam [78414] said it has formed a partnership with HDBank to develop bancassurance products and provide value-added services to the bank's customers.

According to Ace Life Vietnam, the cooperation program is in line with its strategy to develop a benchmark, professional and customer-friendly bancassurance channel.

Through the partnership, Ace Life will focus on using HDBank products and services that meet its requirements. It will also support training of the bank's staff on insurance product knowledge, product selling skills and related technological applications.

Ace Life Vietnam is part of the Switzerland-based global insurer and reinsurer Ace Group of Companies [85875]. In June 2005, Ace Life received regulatory approvals to provide life insurance in Vietnam. In 2007, the company opened a nonlife insurance branch, Ace Insurance Co. Ltd. (Vietnam) [78831], in Ho Chi Minh City.

For the second quarter of 2009, Ace Life Vietnam had more than 125 billion dong (US$7 million) in premiums, with new business accounting for 80 billion dong, up 184% compared to new premiums generated in the previous quarter. The insurer said it ranked third in new business out of 11 life insurers in Vietnam, with a market share of 10.76%.

Ace Life Vietnam has issued around 100,000 policies, with an average face value of about 325 million dong per policy for in-force universal life policies.

Established in January 1990, HDBank is recognized as among the first commercial banks in Vietnam. The bank has 42 branches and transaction offices, as well as 1,050 staff throughout the country. HDBank has charter capital of 1,550 billion dong.