LienVietPostBank and Dai-ichi Life Vietnam sign agreement

Wednesday, Nov 23, 2022 13:23

LienVietPostBank and Dai-ichi Life Insurance Company of Vietnam signed the agreement. Photo courtesy of the bank

LienVietPostBank and Dai-ichi Life Insurance Company of Vietnam (Dai-ichi Life Vietnam) signed an exclusive 15-year bancassurance agreement in Hanoi on Tuesday.

J.P. Morgan – a global leading financial institution - acted as the exclusive financial advisor to LienVietPostBank on this transaction which is expected to come into effect next month.

Under the partnership, Dai-ichi Life Vietnam will be the exclusive provider of all innovative life insurance products and superior add-on benefits at LienVietPostBank customers’ option. Customers will be introduced to a wide range of insurance products of Dai-ichi Life Vietnam through its network of bank branches and transaction offices across 63 provinces and cities, along with the bank’s fast and convenient digital banking system, thereby enhancing customer experience. 

The strategic partnership between LienVietPostBank and Dai-ichi Life Vietnam started in November 2016. After six years of cooperation, the two sides have provided financial services to nearly 180,000 customers with a total premium collected that far exceeded the initial targets. As of June 2022, LienVietPostBank was listed among the top 9 banks in terms of bancassurance sales in Việt Nam's market.

Pham Doan Son, Permanent Vice Chairman of the Board of Directors and CEO of LienVietPostBank, said: “With nationwide coverage as its special advantage, LienVietPostBank will promote the distribution of Dai-ichi Life Vietnam’s financial protection products of Japanese quality to customers, thereby diversifying the portfolio of products and services. Both sides will continue to expand their partnership in multiple areas to bolster each other’s strengths.”

Tran Dinh Quan, Chairman and General Director of Dai-ichi Life Vietnam, said: “Following the fruitful results in the first six years of our partnership, this exclusive 15-year partnership agreement between Dai-ichi Life Vietnam, a Japanese life insurance brand with market-leading experience, reputation and position, and LienVietPostBank, a bank with a nationwide network, will help to reinforce the solid foundation of the relationship, thereby achieving the goal of better satisfying long-term financial and security needs of customers and their families through Dai-ichi Life Vietnam’s Japanese-quality life insurance products and services.” VNS

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