China moves closer to allowing foreigners to control insurance ventures: sourcesThe Saigon Times Daily A Chinese flag is seen in front of the financial district of Pudong in Shanghai, China, January 19, 2016 – PHOTO: REUTERS HONG KONG/BEIJING (REUTERS) - China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. The regulator is expected to publish its final guidelines as soon as the first quarter of 2019 and would begin taking applications from interested foreign insurers soon after that, they said Britain’s Prudential Plc and Canada’s Sun Life Financial Inc are among insurers who expressed interest in recent months in owning more of their China operations. And Hong Kong-based FWD Group, owned by tycoon Richard Li, is also in the process of obtaining regulatory approval for a … [Read more...] about China moves closer to allowing foreigners to control insurance ventures: sources
New china life insurance
Chubb Life receives 2 awards from Insurance Asia
Khanh Bui, vice president, chief actuary, Chubb Life Vietnam receives the award. — VNS Photo Chubb Life Insurance Vietnam Company Ltd has been conferred the “International Life Insurer of the Year” and the “New Insurance Product of the Year” awards for the Vietnamese market by Insurance Asia, a Singapore-based finance and insurance publication. This is the first year the awards are covering the Việt Nam market. Insurance Asia awards honour Asian insurance companies with the most innovative products, services, projects, and strategies in each market. The judges choosing the winners are drawn from prestigious organisations and corporations such as KPMG, Deloitte, Ernst & Young, and Milliman. Chubb has 83 offices nation-wide, employs more than 30,000 agents and serves nearly 400,000 customers. Lam Hai Tuan, chairman and country president of Chubb Life, said: “These prestigious awards recognise the efforts of all company members. All of us … [Read more...] about Chubb Life receives 2 awards from Insurance Asia
MB Ageas Life thrives on bancassurance
Gary Crist Gary Crist, CEO in Asia of Ageas and vice chairman of the MB Ageas Life Members' Council, spoke to VIR’s Bach Quang about the next steps in a high-potential market such as Vietnam. Could you tell us something about Ageas? Ageas is a listed international insurance group, headquartered in Belgium and with a presence in 15 countries across Europe and Asia. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines. We rank among the market leaders in most of the countries where we operate. With special expertise in partnerships, we have developed long-term agreements with market-leading local financial institutions and key distributors in these markets. We offer life and non-life insurance solutions to 39 million customers. We adopt a local and omni-channel approach combined with smart innovations to create a positive customer … [Read more...] about MB Ageas Life thrives on bancassurance
Vietcombank seeks bancassurance partnership
Vietcombank plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network. (Photo: VNA) Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), coded VCB on the Ho Chi Minh Stock Exchange, plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network. The deal between Vietcombank and its partner is expected to be for at least ten years and be worth as much as 1 billion USD over the life of the contract. Vietcombank chose Credit Suisse Group AG to advise it on finding a new insurance distribution partner. According to Bloomberg, insurers have been attracted to a growing middle class in Vietnam, which chalked up average economic growth of 6.3 percent during 2005-2017. Deemed as win-win deals for both commercial banks and insurance companies, bancassurance partnerships have been developing in Vietnam in recent years. The model creates … [Read more...] about Vietcombank seeks bancassurance partnership
Belgian friends have long-term vision in Viet Nam – Vietnam News Politics, Business, Economy, Society, Life, Sports
Belgian friends have long-term vision in Viet Nam The current strong growth of the Dinh Vu Industrial Zone (DVIZ) in northern Hai Phong Port City is a success story illustrating how perseverance and collaboration between a dynamic Belgian company and the city’s authority turned a dream into reality. Over two decades ago, back in 1994, Filip Martens visited Viet Nam with a mission to find new business opportunities for port-related industrial development. He travelled throughout Vi?t Nam and China to a number of cities and provinces from north to south. Martens then met the American Insurance Group (AIG) team in Ha Noi, which had signed a memorandum of understanding with the Vietnamese government to transform a peninsula called Ðinh Vu in Hai Phong City into an industrial hub. AIG requested Filip Marten to join the project, which he accepted, finally going on to become general director of DVIZ. With his expertise and experience in developing ports and industrial zones in … [Read more...] about Belgian friends have long-term vision in Viet Nam – Vietnam News Politics, Business, Economy, Society, Life, Sports