Chubb Life Insurance Vietnam Company Limited (Chubb Life Vietnam) received the “Top 10 Most Reputable Insurance Companies” and “Top 500 Fastest Growing Enterprises in Vietnam” (FAST500) awards for 2020 from Vietnam Report and VietnamNet at a ceremony on September 15.

For a fifth consecutive year Chubb Life Vietnam ranked among the top 10 prestigious life insurers, thanks to its financial strength, excellent business performance, exceptional product portfolio, and outstanding customer service.

Award-winning companies have to meet specific criteria like financial capability and a media coding evaluation and get through comprehensive surveys from customers, insurers and industry experts.

It was for a third year running that the company won the FAST500 award, ranking second out of seven award-winning insurers and 79^th overall.

The results were based on Vietnam Report’s independent research and assessment of compounded annual growth rate in revenues and business efficiency in the last four years.

Other criteria such as total assets, total employment, net profit, reputation in the media, company size, and market influence were also considered.

Lam Hai Tuan, chairman and country president of the company, said: “Chubb Life Vietnam always prioritises a sustainable development strategy, focusing on business efficiency, strengthening corporate reputation and continually improving products and service quality for customers, while delivering excellent benefits.

“Being named one of the top 10 insurers and 500 fastest growing enterprises is proof of Chubb Life Vietnam’s outstanding leadership.

“It is also recognition of our company’s contribution towards the growth of the industry and Vietnam’s economic development overall.”

According to the company’s concise financial statements for last year, it achieved double-digit growth across all business indicators. Its total gross written premium increased by 17 per cent and profit before tax was up 50 per cent.

It also maintained a high solvency ratio of 246 per cent, which was well above the regulatory requirement. It paid more than VND 161 billion in tax and other obligations.

Chubb Life Vietnam’s development strategy prioritises the use of technology to stay ahead and improve its market position in the digital age.