Chubb Life Vietnam honored with Certificate of Merit from the Vietnam’s Prime Minister

06:05 | 27/05/2020 Companies

Chubb Life Vietnam was honored to receive the Certificate of Merit from Vietnam’s Prime Minister for achievements in the insurance industry and its significant contribution to the Vietnam community.

Mr. Lam Hai Tuan, Chairman and Country President of Chubb Life Vietnam, said: “We are extremely honored and grateful to have received this Certificate of Merit on Chubb Life’s 15th anniversary in Vietnam. This recognizes our contribution to the life insurance industry and to the Vietnamese economy overall.”

chubb life vietnam honored with certificate of merit from the vietnams prime minister

Chubb Life Vietnam prides itself on introducing new insurance solutions to the market, one of those being “Universal Life”, a permanent life insurance solution with an investment savings element. With its diverse range of Universal Life solutions that can cater to customers age up to 80 years of age, Chubb Life’s Universal Life portfolio now accounts for the company’s greatest market share. The Company has also continued to develop solutions that suit the different needs of the people in Vietnam, and now offers a comprehensive range of insurance products, including investment-linked insurance, whole life insurance, term insurance, combined insurance, health insurance and personal accident insurance.

As result of its strategies and superior product offerings, Chubb Life is one few insurers in Vietnam to have generated profits since their fifth year of operation and has continued to operate profitably for 11 consecutive years, adhering to the highest standards and fulfilling its responsibilities to the local communities in which it operates. To date, the company has reinvested more than VND 10,000 billion into the Vietnam economy..

In Vietnam, Chubb Life is seen as both a successful insurer and one that always upholds professional ethics. The Company has regularly received prestigious awards and certifications such as ‘Certifications of Merit from the General Department of Taxation’ and ‘The People's Committee of Ho Chi Minh City for its outstanding achievements in insurance business operation’, as well as being ranked in the Top 10 for the Vietnam Insurance Reputation Awards for four consecutive years.

Chubb Life is also the only life insurance company in Vietnam to have received the corporate award (the “Global Ethic” symbol) and the General Director award (the “Lighthouse” symbol) from the Vietnam Federation of UNESCO Associations for three consecutive years. The Company also won the “International Life Insurer of the Year” and “New Insurance Product of the Year” awards for Vietnam market in 2018 from Insurance Asia, a prestigious Finance and Insurance magazine.

Mr. Lam Hai Tuan added: “Looking back at the landmark achievements over the past 15 years, I am very proud of what we have achieved. We have built a strong life insurance company following global standard, operated and managed by an all-Vietnamese team.”

Employing the people-centered strategy, Chubb Life is proud to have successfully invested in and trained a talented and ethical workforce – the next generation of leaders for Chubb Life and the broader domestic and international life insurance market. The Company has also proudly participated in laying the foundation for Chubb Life Myanmar and also played an active, fundamental role in Chubb Group’s many regional and international projects.

As of March 31st 2020, more than 27,360 Vietnamese families have received insurance benefits from Chubb Life with a total amount of approximately VND 1,280 billion, of which the highest insurance payment for a single case was up to VND 10 billion. At the same time, nearly half a million Vietnamese families are being protected by Chubb Life Vietnam, which means hundreds of thousands of lives are supported, thousands of critical patients have recovered, and countless children’s dreams for the future are nurtured.

Besides maintaining an exceptional business performance, Chubb Life Vietnam also constantly strives to support the community in the most practical ways. Founded by Chubb Life Vietnam in 2005, the “Crossing Waves Fund” has, in collaboration with Chubb Charitable Foundation – International, contributed more than VND 25 billion to the construction of eight new schools and awarded many scholarships to underprivileged students, thus helping brighten the future for the younger generation in Vietnam.

Ngoc Han