ACB licensed to establish $19 million non-life insurer

ACB licensed to establish $19 million non-life insurer

ACB Insurance Co., Ltd., will be headquartered in Bình Tây Ward, HCM City and licensed for operation for 99 years.

ACB has received a licence from the Ministry of Finance to establish ACB Insurance. — VNA/VNS Photo

Asia Commercial Bank (ACB) has received a licence from the Ministry of Finance to establish a non-life insurance subsidiary with charter capital of VNĐ500 billion (US$19 million).

ACB Insurance Co., Ltd. will be headquartered in Bình Tây Ward, HCM City, and licensed to operate for 99 years.

Of the insurer’s charter capital, ACB Assets Management Company Limited will contribute VNĐ455 billion, or 91 per cent, while ACB Securities Company Limited (ACBS) will contribute the remaining VNĐ45 billion, or 9 per cent.

ACB Insurance is authorised to provide non-life and health insurance products, including property, cargo, motor vehicle, fire and explosion, credit and financial risk insurance.

It will also be allowed to offer health, personal accident and medical expense insurance, as well as term life insurance policies with terms of less than one year.

The company is also authorised to conduct reinsurance and reinsurance cession, invest funds generated from insurance operations and provide insurance support services.

However, the granting of the licence does not mean the company can begin operations immediately. Under current regulations, ACB Insurance must complete the necessary requirements to commence operations within 12 months of receiving the licence and report the results to the Ministry of Finance.

ACB shareholders approved a plan in November 2025 to establish a subsidiary in the non-life insurance sector.

By 2030, ACB Insurance aims to achieve pre-tax profit of VNĐ365 billion, with total assets exceeding VNĐ2 trillion and return on equity maintained above 20 per cent. 

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