ACE Life Vietnam increases chartered capital
ACE Life Vietnam increases chartered capital
ACE Life, the global life insurance division of ACE Group- one of the world’s largest multiline property and casualty insurers, today announced an increase in the chartered capital of its company in Vietnam by more than VND100 billion (equivalent to $5 million).
This is the first time during the last five years ACE Life Vietnam has increased its chartered capital in this growing market, bolstering the company’s shareholder equity in Vietnam to more than VND1,300 billion ($59.6 million).
“Today’s action represents ACE Life’s continued commitment to Vietnam. The country has created an environment welcoming to foreign investment and has put in place policies to support the further growth of the insurance industry, a key sector that stimulates overall economic growth,” said Lam Hai Tuan, chairman and country president of ACE Life Vietnam.
This year marks an important milestone for ACE Life Vietnam as the company celebrates the tenth anniversary of its operation in the country and the commencement of its third strategic five-year plan “Journey from Good to Great”.
In the first half of this year, ACE Life has opened three new offices and launched several new products, namely Executive Universal Life Plus (EUL+), two new supplementary insurance benefits of Long-scale Accidental Death and Dismemberment and Extended Hospital Cash Benefit – a new health insurance type product.
Going forwards, ACE Life is committed to continuing its geographic expansion, enhancing the quality of its service and human resources and enlarging its suite of products to better serve and protect the financial needs for millions of Vietnamese.
