MB Ageas Life Insurance Company Limited (MB Ageas Life) had officially announced its business results in 2019 with an effective business year, maintaining outstanding growth and improving financial strength. The year 2019 marked the third year in which MB Ageas Life operated in Vietnam and started to gain profits.
Specifically, according to MB Ageas Life ‘s financial statements, in 2019, this insurance company achieved total revenue of more than 2.422 trillion dong, nearly doubling over the same period in 2018, in which net income from business activities reached more than 2.295 trillion dong.
In an effort to develop the business network, effectively exploit the bancassurance channel and apply digital technologies to business activities, MB Ageas Life had recorded a profit before tax of more than 205 billion dong.
MB Ageas Life had also become an idol in the field of life insurance business with a profit right after the first three years of operation (the average time for insurance enterprises to gain profits in the new market was usually five years to seven years).
Not only was it profitable after more than three years of operation, but 2019 was also an impressive business year for MB Ageas Life, further confirming the strong growth potential and reaching the top six positions in the insurance market in Vietnam on the total revenue of new exploitation fees.
Especially with the bancassurance channel, MB Ageas Life had made great progress compared to the overall growth of the whole market.
Bancassurance activities had been invested and applied in the right direction in recent years, helping MB Ageas Life to reach the top three companies having the newest market share of the bancassurance market in Vietnam with new insurance premium revenue via bancassurance channel of more than 1.525 trillion dong. The growth rate of premiums through the insurance bancassurance channel increased by 50 percent compared to 2018.
The success of MB Ageas Life was created by successfully utilising the strength of shareholders such as MB Group as a leading shareholder with more than 25 years of operation, having many advantages when approaching customers, partners, and an extensive trading system. The other two shareholders of MB Ageas Life were Ageas of Belgium and Muang Thai Life from Thailand, which were very experienced in life insurance, as well as different business strategies.
Finishing three years of operation, in 2019, MB Ageas Life was honored to receive the International Prize for the fastest growing life insurance business in Vietnam voted and awarded by International Finance Magazine. This was a special award showing recognition of an international organisation for MB Ageas Life a young life insurer that had grown rapidly in the past.
‘The financial shield’ protecting customers
With continuous growth over the years, MB Ageas Life Insurance was then a shield for financial health for more than 140,000 customers. After three years of operation, in 2019, this insurance joint venture had paid insurance benefits to nearly 700 customers with the value of over 31 billion dong, helping families of unfortunate customers had a source of financial stability soon.
