, Vietnam
/Tyler Morgan from Unsplash

Vietnamese bank expands into non-life insurance sector

Other banks which made the same move are VietinBank, Agribank, and HDBank.

Vietnamese bank, Techcombank, announced it will acquire an 11% stake in TCGIns, a new non-life insurance company with a charter capital of ~$20m, reported Vietnam Investment Review. 

TCGIns will offer a variety of insurance products, including property, cargo, aviation, motor vehicle, fire and explosion, and health insurance. 

Chung Ba Phuong, the company’s chairman and legal representative, brings extensive experience from previous leadership roles at Techcombank, Generali Hong Kong, Manulife, and American International Group. 

Techcombank’s entry into non-life insurance follows similar moves by Vietnamese banks such as VietinBank, Agribank, and HDBank.

The demand for non-life insurance has been highlighted by the recent damage caused by Typhoon Yagi, underscoring the need for greater risk protection. 

Techcombank's shift into this sector also follows challenges in cross-selling life insurance, after the bank ended its bancassurance partnership with Manulife, which had previously been a key revenue source through upfront fees and commissions.

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.