American insurer ACE Life is spreading out its operation to more regions in Viet Nam, with three representative offices opening this month.
|ACE Life’s Hai Phong office opens on the weekend (Photo: Courtesy of ACE Life)|
The first new office was inaugurated in Hai Phong City on the weekend as the second in the north after the Ha Noi office. Hai Phong is about 100 kilometers east of Ha Noi, both of whom are the north’s most important cities.
In the next few days, the life insurer will open an office in Da Nang, the central region’s hub, and another in Bien Hoa City, just about 30 km from Ho Chi Minh City, where ACE Life Vietnam is headquartered.
The two planned facilities will raise the number of the American company’s offices in Viet Nam to ten.
“We see Viet Nam as a high potential market. Our expansion is still going on with more offices opening next year in other cities and provinces such as Vinh, Hue, Nha Trang, Buon Me Thuot, Vung Tau, My Tho and Ca Mau,” said ACE Life CEO Lam Hai Tuan.
The company started its operation in Viet Nam in September last year. The number of its policyholders increased by 35% monthly on average between January and December this year, Mr. Tuan said.
This September, ACE Life launched an accelerated death benefit option for its Whole Life and Universal Life policies. The unique option, in Viet Nam at least, allows policyholders to receive a portion of their death benefits upon being diagnosed by doctors with a terminal illness with a life expectancy of 12 months or less.
In related news, ACE Asia Pacific received a license from the Vietnamese Government in mid-November to establish a general insurance company in the nation.
Life insurance in Viet Nam started about eight years ago. At present, companies in the market of about 84 million people include Britain’s Prudential, AIA and ACE Life from the US, Manulife of Canada, Viet Nam’s State-owned giant Bao Viet Life, Prevoir of France, and Bao Minh-CMG, a joint venture between Ho Chi Minh City Insurance Co. and Australia’s CMG.