Techcombank wants to establish a life insurance company.

Techcombank wants to establish a life insurance company with a minimum capital of VND 1,300 billion to enhance its competitiveness.

Techcombank wants to establish a life insurance company - Photo: QUANG DINH

Life insurance companies must have a minimum charter capital of 1,300 billion VND.

According to the proposal seeking shareholder approval, Vietnam Technological and Commercial Bank (Techcombank) plans to establish Techcombank Life Insurance Joint Stock Company (TCLife), with a minimum charter capital of VND 1,300 billion, and Techcombank will own at least 50% of the company's capital.

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Techcombank believes that the life insurance market in Vietnam still has a lot of potential and opportunities for development.

Furthermore, it helps banks proactively offer diverse and superior products to customers, bringing financial benefits such as: receiving fee revenue at competitive rates, along with increasing the total asset value from their capital contribution in life insurance companies.

Earlier in 2024, Techcombank terminated its exclusive insurance distribution agreement with Manulife and completed the payment of a fee of VND 1,800 billion to Manulife.

The market still has a lot of potential.

Similarly, regarding non-life insurance, Techcombank believes that the Vietnamese non-life insurance market has experienced steady and sustainable growth over the years, and that increasing Techcombank's investment in TCGIns will help boost pre-tax profits on Techcombank's consolidated financial statements annually.

Therefore, Techcombank will spend VND 285 billion to acquire 57% of the capital of Techcom Non-Life Insurance Joint Stock Company (TCGIns) from its largest shareholder, NewCo Investment and Development Company. As a result, Techcombank's ownership in the company will increase from 11% to 68%.

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TCGIns currently has a charter capital of 500 billion VND and was newly established in October 2024. This company provides products such as property insurance; insurance for cargo transportation, aviation, motor vehicles, and various types of health insurance...

Source: https://tuoitre.vn/techcombank-muon-lap-cong-ty-bao-hiem-nhan-tho-20250221213950385.htm