Chubb Life Vietnam honoured in top 500 most profitable companies in Vietnam 2020

Chubb Life Vietnam honoured in top 500 most profitable companies in Vietnam 2020

Chubb Life Vietnam has made it onto the list of Top 500 Most Profitable Companies in Vietnam 2020 (2020 PROFIT500) for the fourth consecutive year.

The award was co-organised and announced by Vietnam Report JSC (Vietnam Report) and VietNamNet, an online newspaper governed by the Ministry of Information and Communications.

Chubb Life Vietnam has been ranked in the “Top 500 Most Profitable Companies in Vietnam” for the fourth consecutive year

PROFIT500 is ranked based on the organisers’ unbiased assessments of three main criteria: pre-tax profit, total revenue, and the pre-tax profit vs total revenue index which indicates a company’s financial capability.

In addition, award-winning companies had to meet specific criteria regarding asset size, employment size, revenue, and profit growth potential, as well as to maintain a strong reputation with their customers, partners, and the public.

According to the published ranking, Chubb Life Vietnam is one of the very few honoured insurance companies among the Top 500 Vietnam Most Profitable Companies for four consecutive years.

Thanks to Chubb Life Vietnam’s excellent management and outstanding product and service portfolio, the company has established a strong financial capability and maintained a sustainable growth rate over the years, laying the foundation for a future of sustainable development.

Nguyen Thi Tram, regional senior director, Executive Agency Management of Chubb Life Vietnam received the award

Specifically, as per Chubb Life Vietnam 2019 financial reports, its total gross written premium has exceeded VND3.5trillion ($152.2 million), reflecting a 17 per cent increase from 2018.

Pre-tax profit also surpassed VND565 billion ($24.57 million), over 50 per cent higher than in 2018, resulting from efficient operating cost management as well as exceptional product and investment portfolio.

Also, according to Chubb Life Vietnam’s 2019 consolidated financial statements, the company has been maintaining a strong financial capability, as seen through key financial indicators. By the end of 2019, its equity was worth well over VND2.82 trillion ($122.6 million), a 19 per cent increase against the same period in 2018 and equalling 4.7 times its legal capital.

It has retained a high solvency ratio of 246 per cent above and beyond regulatory requirement. With such robust business performance and effective capital management, the company’s rates of return in 2019 have increased by a large margin compared to 2018.

In addition, Chubb Life Vietnam has paid more than VND161 billion ($7 million) to fulfill its tax duties and other legal obligations.

As a result of Chubb Life’s outstanding financial capability, 2019 has become the 11^th consecutive year of profitable operations during the company’s 15 years in Vietnam. Chubb Life has also upheld its tax duties and regulations of the government and local authorities, thus contributing to the country’s socioeconomic development.

Looking forward, Chubb Life Vietnam will continue to prioritise the development of its product and service portfolio to offer customers the best possible insurance solutions.

Likewise, the company will constantly invest in technological advancement to create new utility applications that will help improve the performance of the sales team as well as enhance customers’ experience throughout their interaction with the company.

VIR