FWD Vietnam Insurance Co., Ltd (FWD) had just announced to increase its charter capital from 3.675 trillion dong to over 13.937 trillion dong and then became the largest life insurance company in Vietnam by charter capital.
Huynh Huu Khang, general director of FWD Vietnam, said that Vietnam was one of the fastest-growing insurance markets in Asia. FWD was delighted to confirm their substantial investment by this increase in charter capital, which also demonstrated a commitment of responsibility to customers and partners, thereby helping to expand the company’s reach and accessibility nationwide.
FWD Vietnam was established in 2016 and was a member of the FWD Insurance Group, having a wide range of activities throughout Asia. With the strategy of prioritising the development of digital technology, FWD Vietnam was a differentiated insurance company with a solid foundation based on its strengths, including a breakthrough product, a distribution system focused on quality, digitising all different branding processes and strategies.
At the end of 2019, FWD Vietnam signed a 15-year exclusive insurance distribution cooperation agreement with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). Under this agreement, Vietcombank would distribute FWD’s life insurance products.
As part of the transaction, FWD also agreed to acquire Vietcombank Cardif Life Insurance Joint Venture (VCLI), which was a life insurance joint venture company between Vietcombank and BNP Paribas Cardif. FWD planned to integrate VCLI into its existing business operations in Vietnam after the transaction.
