The leadership team of BIDV MetLife. — VNS Photo

Life insurance company BIDV MetLife commits to putting consumers at the centre of its operation to bring value to customers and contribute to promoting the life insurance market in Việt Nam, BIDV MetLife new CEO Elena Butarova said on Monday.

Elena, who has developed her career in life insurance during the past 30 years, said that Việt Nam has huge potential for life insurance, fuelled by the rising demand for health protection and financial accumulation especially among young people.

Life insurance is not something new in the world or in Việt Nam, she said. In advanced countries, a person has at least two life insurance contracts on average. In the US, UK and Japan, in particular, over 90 per cent of their populations participate in life insurance.

Stressing that the success of life insurance comes from the customer trust, financial stability, company value and customer services, Elena said that BIDV commits to being customer-centric and bringing value to customers as well as contributing to sustainable development through environmental, social and governance practicing.

Elena began her journey with MetLife in 2002. She was officially approved by the Ministry of Finance as CEO of BIDV MetLife Insurance Company Limited in December 2023.

Ngô Trung Dũng, Deputy General Secretary of the Insurance Association of Việt Nam, expects that Elena’s experiences will guide BIDV MetLife to contribute to promoting the sustainable development of the life insurance market in Việt Nam although it is a difficult time for the domestic life insurance market.

BIDV MetLife is a joint venture between MetLife Company Limited, a member of the US’ MetLife Group, and the Bank for Investment and Development of Việt Nam (BIDV).

During nearly 10 years of operation in Việt Nam, BIDV MetLife has paid a total of VNĐ500 billion (US$19.8 million) worth of compensation and maturity payments. — VNS