Shin Dong Min (L), CEO of Shinhan Bank, and Clive Baker, CEO of Prudential Vietnam, sign an agreement for distributing bancassurance in HCM City on Monday. — Photo courtesy of Prudential Vietnam

Prudential Vietnam Assurance has signed a bancassurance agreement with Korea’s Shinhan Bank Vietnam Ltd. to distribute its life insurance solutions.

Shinhan is the seventh bank in Prudential’s bancassurance network.

Shin Dong Min, CEO of Shinhan Bank in Viet Nam, said: “Bancassurance is one of the key strategies of Shinhan Bank. As the leading Korean bank, we aim to provide the best financial solutions to customers and bancassurance is a key to protect customers and their family, as well as to invest for the future.

“We believe that Shinhan’s customers will receive the best customer service and benefits with Prudential’s extensive experience in this industry. The partnership with Prudential to launch insurance solutions through Shinhan network is considered a strategic step to expand our market, a very promising one for both insurance and banking”.

Clive Baker, CEO of Prudential Vietnam, said: “Prudential has enjoyed significant success in operating a multi-channel distribution strategy to serve the growing demands of urban customer segments in Viet Nam. As a pioneer of bancassurance in Viet Nam, we are delighted to partner with Shinhan Bank.”

According to the Ministry of Finance’s Insurance Supervisory Authority, the insurance industry sustained strong growth in the first half of this year, with premium incomes increasing by 24 per cent year-on-year to nearly VND71.15 trillion (US$3 billion).

The industry is forecast to grow at 20 per cent this year, and the bancassurance segment by 30-40 per cent. — VNS