FWD Viet Nam Life Insurance Company (FWD) has officially launched its new representative office in the central city – the third of its kind after Ha Noi and HCM City – to provide better service to the market in central Viet Nam.

Anantharaman Sridharan, general director of FWD Viet Nam, said Da Nang is seen as a fast-growing market in central Viet Nam, and the appearance of the company in the city marked a milestone in FWD’s distribution strategy to make insurance more accessible for people throughout the country.

He said FWD Viet Nam, which debuted in Viet Nam last year, has listed in top 10 insurancers in Viet Nam by 2017.

Sridharan said: “The office opening in Da Nang will not only serve our rapid business growth but also meet the life insurance needs of the people here. Now besides Ha Noi and HCM City, people in Da Nang will be able to get insurance through the simple, easy-to-understand and innovative products of FWD.”

The company, the insurance business arm of investment Pacific Century Swiss Re Group, spans Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore and Viet Nam, offering life and medical insurance, general insurance and employee benefits across a number of its markets.

FWD plans to open more offices in 2018 to support its continued business growth in Viet Nam.

Established in Asia in 2013, FWD has total assets of US$22 billion with a revenue growth of 40 per cent in 2015-16, and the company has invested $50 million in financial technology (Fintech) companies.

According to the Ministry of Finance of Viet Nam, the domestic insurance market has seen an average growth of 20 to 25 per cent since its debut 20 years ago, but it was still seen as having a small scale and less diversity in its products, in comparison with the world market.

According to the latest reports, Viet Nam has 240,590 insurance agents. — VNS