Chubb to acquire Liberty Mutual's insurance businesses in Vietnam and Thailand

The two companies – Liberty Insurance in Vietnam and LMG Insurance in Thailand – offer a range of consumer and commercial property and casualty products, including automotive, accident and health and non-motor insurance such as fire/property and industrial all-risk. This portfolio is coupled with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations produced approximately $275 million in net premiums written in 2024.

The transactions are expected to be completed by the second quarter of 2025 (Thailand) and late 2025 / early 2026 (Vietnam) and are subject to required regulatory approvals and customary closing conditions.

This transaction allows Liberty Mutual to focus on its portfolio in Asia-Pacific, projected to be the largest property and casualty insurance market by 2045. The company will continue to execute on its strategy to capitalise on the greatest opportunities in the region through remaining operations in Australia, China, Malaysia, Hong Kong, Singapore and India.

"Thailand and Vietnam are well-performing businesses with real potential, and this transaction aligns them with an organisation that has the strategy and commitment to invest in the development of these markets," said Liberty Mutual president and CEO Tim Sweeney.

Goldman Sachs acted as financial advisor, and Baker McKenzie, Thailand and Baker & McKenzie (Vietnam) Ltd. provided legal advice to Liberty Mutual in the transaction.

Chubb reports significant rise in net income as P&C underwriting profit swells in Q3 Property and casualty (P&C) insurer Chubb has reported net and core operating incomes for Q3/2023 of $2.04 billion each, up 157.8 and 55.4 per cent, respectively. The news comes as its P&C arm delivered a combined ratio of 88.4 per cent with an underwriting income of $1.31 billion.

Liberty Insurance receives ‘Best Companies to Work for in Asia’ award Liberty Insurance Limited, a subsidiary of Liberty Mutual Insurance Group headquartered in the US, has been recognised by the region's leading HR Asia as the first non-life insurer in Vietnam to become an award recipient of Best Companies to Work for in Asia 2023.

Chubb Life Vietnam and Hong Leong Bank bring more choice to customers Chubb Life Vietnam, a subsidiary of Chubb Life Insurance Co., Ltd., and Hong Leong Bank formalised a strategic partnership agreement on June 12 aimed at delivering Chubb Life's Life Insurance solutions to more customers through an innovative distribution channel.