Manulife eyes long-term presence in VN life, health insurance industries

Monday, Jul 18, 2022 16:17

Damien Green, Manulife Asia President and CEO (3rd right to left) poses for a photo with Bui Gia Anh, general secretary of the Insurance Association of Vietnam (4th right to left), Sang Lee (2nd right to left), Manulife Vietnam CEO, and Sachin Shah (5th right to left), general manager for Emerging Markets of Manulife. — Photo courtesy of Manulife Vietnam

Manulife Asia President and CEO Damien Green has reaffirmed the insurer’s long-term commitment to Viet Nam.

Green, who just concluded a 10-day visit to the country, said: “Manulife has been in Asia for 125 years and serves more than 13 million customers across the region. We hold leading positions in many markets, including Viet Nam.

“[Viet Nam] is our new Asian tiger and we are really proud of the business.”

One of his first market visits since becoming Asia CEO in May underlined the important role Viet Nam plays in the company’s Asia business.

In 2021 Manulife Asia’s new business value, a key measure of an insurer’s profitability, rose 27 per cent, driven by higher sales volumes in Viet Nam and other markets.

In Viet Nam, the company maintained its leading position in terms of first-year premium in 2021 and the first quarter of 2022.

During his visit, Green met with regulatory officials from the Insurance Supervisory Authority, the Insurance Association of Vietnam and key bank partners.

At the meetings he underlined his company’s long-term commitment to investing in health and well-being.

Sang Lee, CEO, Manulife Vietnam, said: “Viet Nam presents immense opportunities for the life and health insurance industries. For us that means investing in talent, innovation, services, products, and community initiatives that address key economic and societal issues including closing the protection gap.”

The Canadian company has more than 1.5 million customers in the country. — VNS

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