Aviva Asia today announces the launch of Aviva Vietnam Life Insurance Company Limited (Aviva Vietnam), which recently became a wholly-owned subsidiary of Aviva. This further strengthens the insurer’s footprint in Asia, a region of strategic importance to Aviva, where new opportunities are emerging. Building on its strong foundation, Aviva Vietnam will continue to grow its business across all distribution channels in this market with high growth potential.
Signed exclusive partnership with Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)
Aviva Vietnam also completed the signing of a long term exclusive distribution agreement with Vietinbank, one of the leading banks in Vietnam with a large branch network nationwide. This distribution agreement attests to Aviva’s long term commitment in the country as the insurer continues on its growth trajectory in the region.
In line with its multi-channel approach, Aviva Vietnam will continue to leverage the strategic partnership with Vietinbank while building a high quality agency channel. Through harnessing digital capabilities and simplicity, Aviva Vietnam aims to become a digitally-integrated one-stop financial solution provider with the best in class customer experiences and product suite to Vietnamese consumers.
Launch of community development initiatives: Aviva Community Fund and Aviva Scholarship
In addition to driving the growth of the insurance market in Vietnam, Aviva Vietnam will also invest through various community development initiatives in 2017, namely Aviva Community Fund (ACF) and Aviva Scholarship.
The first to launch the ACF in Southeast Asia, Aviva Vietnam will fund projects that can bring about positive impact to the Vietnam community in three aspects - Environment, Community Health and Education. So far, it has already been launched in numerous markets across the world and has achieved great success in markets such as the UK, France, Canada, Italy, Poland and Hong Kong.
The Aviva Scholarship is an exclusive programme created by Aviva for its customers in Asia. Partnering with eleven prestigious universities in the UK, the scholarship aims to promote British education in Asia and assist outstanding students in the region to further their studies at leading UK universities by covering up to 20 percent of the tuition fees. It also provides the students with opportunities to apply for Aviva internship programme and the global postgraduate programme of Aviva group.
Chris Wei, Executive Chairman of Aviva Asia & FPI and Global Chairman of Aviva Digital, said:
“Vietnam is a high potential market in Asia with one of the world’s lowest insurance penetration rate, stable economic growth and rising middle class and high income individuals. As a leading insurer with more than 300 years of experience, we are confident that our strategic partnership with VietinBank will propel Aviva’s future growth in Vietnam. Together, we will strive to bring the best of insurance products and services to Vietnamese consumers while continuing to invest in community programmes that promote greater societal development.”
Tran Thi Ngoc Le +84 24 3771 5577
I Ling Ong +65 6597 7381
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
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- Aviva operates in seven markets in Asia (Singapore, China, Indonesia, Hong Kong, Vietnam, Taiwan and India).
- Aviva is a top tier insurer in Singapore and one of the biggest providers of employee benefits and healthcare insurance.
- As at 30 June 2017, Aviva-COFCO ranked number 9 among 27 foreign life insurers in China in terms of APE, operating in thirteen provinces with over 89 branches.
- In Indonesia, Astra Aviva Life is an equal joint venture between Aviva and Astra International, one of Indonesia’s largest diversified conglomerates, to sell and distribute insurance products.
- Aviva has had a presence in Hong Kong for more than 150 years. In January 2017, Aviva entered a joint venture partnership with Hillhouse Capital and Tencent Holdings Limited to develop an insurance company, focusing on digital insurance.
- In Vietnam, Aviva acquired the 50% shareholding of VietinAviva from VietinBank in April 2017 to establish Aviva Vietnam Life Insurance Company Limited, a wholly own subsidiary of Aviva.
- Aviva operates First-Aviva in partnership with First Financial Holdings in Taiwan, with a wide distribution network of 189 branches across the country.
- Aviva partners in India with the Dabur Group, one of India’s oldest and most respected business houses and one of the largest producers of traditional healthcare products, and has a distribution network of over 100 branches and 13,500+ financial planning advisers.
- Friends Provident International, part of the Aviva Group, provides life assurance and investment products in Singapore, Hong Kong and the United Arab Emirates.