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Banking & Finance

MB Ageas Life comes into being

Released at: 11:26, 20/01/2017

MB Ageas Life comes into being

Photo: MB Ageas Life

Joint venture insurer officially launched on January 16.

by Tue Lam

The MB Ageas Life Insurance Company Limited, known as MB Ageas Life, was officially launched on January 16.

The company is a life insurance joint venture between Belgium’s Ageas Group, Thailand’s Muang Thai Life Assurance, and Vietnam’s Military Commercial Joint Stock Bank (MB).

The Ministry of Finance issued License No. 74/GP/KDBH on July 21, 2016, establishing MB Ageas Life with charter capital of VND1.1 trillion ($48.4 million). It specializes in life insurance, health insurance, and financial investment and its head office is in Hanoi.

MB Ageas Life is a move by MB in response to the government’s strategic development of Vietnam’s insurance market under Decision No. 193/QD-TTg issued in 2012.

The strategy is directed at developing insurers with strong financial capacity, governance of international standard, effective operations, and competitiveness in the country and the region.

A number of cooperative agreements were also signed at the launch ceremony, including an insurance agency contract between MB Ageas Life and MB and a cooperation contract to provide insurance products between MB Ageas Life and the Mcredit Co., Ltd.

These are important partnerships that will help MB Ageas Life provide products and services with added value to customers, promoting the development of distribution systems through banking channels.

Mr. Le Huu Duc, Chairman of MB, emphasized at the launch ceremony that MB is now building a strategy to become a diverse financial corporation, in which the bank is the parent company with subsidiaries specializing in securities, fund management, real estate, insurance, debt management, and consumer finance.

“The strategy aims to provide financial solutions to customers, contribute to revenue growth, and bring the greatest benefits to shareholders, partners and customers,” he said.

MB Ageas Life believes that it will be successful in the Vietnam, contributing to the development of the insurance industry and bringing quality services to every Vietnamese citizen.

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