Ace Life leads Vietnam’s insurance market

April 20, 2011 | 10:00

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ACE Life Insurance Company Limited (ACE Life), part of the ACE Group of Companies, said according to the 2010 insurance performance report from the Ministry of Finance, ACE Life currently leads the Vietnam life insurance market in terms of 2010 total sum assured.

The company maintains a leading position in the average sum assured per policy of more than VND361 million ($17,400). Considering the total sum assured of all existing policies, ACE Life is in the second position in the market though the company has been in operation for only five years.

ACE Life is also perceived as the life insurer which maintains a lowest rate of policy surrender which translates to a high level of customers’ trust in terms of consultation, underwriting as well as its customer service.

Over the course of 2010, ACE Life’s production reached VND731 billion (35.3 million), equivalents to 150 per cent that of 2009. This result has propelledACE Life to the second largest foreign invested life insurer in terms of first year premium in the market, with a 12 per cent market share.

This sterling performance is achieved by a sales force that makes up only 5 per cent of the whole market’s work force making the sales force 2.5 times more effective than the average productivity level in the life insurance market.

“We sustain our good track record in terms of the disciplined underwriting and customer services to grow even stronger in the future,” said Lam Hai Tuan, CEO of ACE Life Vietnam and senior vice president of ACE Life.

By Van Ngoc

vir.com.vn

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