A transaction conducted at the headquarters of Techcombank. — Photo courtesy of the bank

Techcombank has just joined in providing capital to establish Techcom Non-life Insurance JSC (TCGIns), set to begin operations in early November.

TCGIns, which has recently obtained licensing from the Ministry of Finance, primarily offers property insurance, cargo transportation insurance, aviation insurance, motor vehicle insurance, fire and explosion insurance, as well as a range of health insurance policies.

With a charter capital of VNĐ500 billion (US$20 million), Techcombank has contributed 11 per cent, equivalent to VNĐ55 billion, towards TCGIns' establishment.

Chung Bá Phương is the legal representative and chairman of the Board of Directors at TCGIns. Currently, he is holding the position of chairman at Advisors that specialises in distributing products for numerous insurance companies in Việt Nam.

Previously, Phương was Techcombank's Insurance Director and held leadership roles at Generali Hong Kong, Generali, Manulife or American International Group.

Techcombank's investment in TCGIns came after ending its bancassurance partnership with Manulife on October 14. Manulife has the industry's highest charter capital and ranks third in terms of asset size in Việt Nam.

Following the separation, Techcombank highlighted this as a chance to revitalise the insurance sector with a distinctive strategy of difficult-to-replicate differentiation, ensuring ongoing adaptations to meet customer needs effectively. — VNS