Life insurer Manulife Vietnam has tied up with Asia Commercial Bank (ACB) to sell bancassurance products.

At the ceremony held to sign the agreement in HCM City on Monday, the insurance company said under the agreement its products would be distributed through the ACB network starting the same day.

The partnership was a milestone in Manulife’s strategy of meeting the increasing demand in the Vietnamese market, especially from high-net-worth customers, it said.

The deal is also expected to help the company diversify its distribution system.

“Manulife is contributing to the transformation of the life insurance industry, and for us it makes sense to partner with someone like ACB who also shares our ambition to transform and innovate for the customer,” Hoe Shin Koh, chief partnership distribution officer of Manulife Vietnam, said.

During the initial rollout ACB customers will have access to two key life insurance products, one unit-linked and the other a critical illness product called ‘Enhance’.

ACB customers will receive advice from staff trained by Manulife.

ACB is among the banks whose bancassurance business is growing rapidly.

It has 365 branches and transaction offices.

“The new partnership is expected to deliver significant value to ACB customers who can benefit from Manulife’s long history of providing life insurance solutions and quality advice,” Tu Tien Phat, deputy CEO of ACB, said.

“ACB and Manulife’s experience in the market also gives us both a deep understanding of our clients’ unique financial situation so we can better cater to their evolving needs throughout their lives.”

Manulife Vietnam was the first wholly foreign-owned life insurance company in Viet Nam and is the largest life insurer in terms of charter capital.— VNS