AIA and VPBank agreed to a new 15-year exclusive bancassurance partnership agreement on March 15, extending cooperation by an additional four years.
Brought together by a shared set of values, with AIA’s Purpose of helping people “live healthier, longer, better lives” and VPBank’s mission to thrive “for a prosperous Vietnam”, the companies have developed a strong working relationship since the initial partnership was signed in 2017.
Wayne Besant, AIA Vietnam CEO (R), and Nguyen Duc Vinh, VP Bank CEO, signed an agreement to extend their strategic partnership. Photo by AIA Vietnam
The partnership will continue to provide customers with access to holistic financial products and services, including market leading life insurance and comprehensive health care programs. Further innovative products and a strong focus in enhancing mental, physical and financial well-being among Vietnamese will be a core focus of the enhanced partnership during the extended term.
VPBank and AIA Vietnam are two of the leading financial institutions in banking and insurance industries. Since the agreement on exclusive distribution of insurance was initially signed in 2017, VPBank has been among the banks with the highest sales of life insurance. Currently, the bank ranks third in the market. So far, AIA life insurance has been deployed in more than 250 branches of the bank.
Furthermore, VPBank is the leading bank in Vietnam in consumer finance and voted the leading digital bank by domestic and international organizations for several years. VPBank received the Digital CX Award by Digital Banker, winning the Best Mobile Banking Initiatives category in 2021.
AIA is the largest independent publicly listed pan-Asian life insurance group with a strong and growing presence in Vietnam. It is also the first and only life insurer in Vietnam to win the Asian Technology Excellence Award in 2021.
During the pandemic the two partners provided financial assistance to customers impacted by Covid, and also supported the country’s focus in proactively managing the pandemic.
The launch of financial solutions to AIA and VP Bank target clients. Photo by AIA Vietnam
“The extension of the exclusive partnership between VPBank and AIA Vietnam will allow AIA to continue to enhance the protection, long-term savings solutions and health and wellness needs of more families in Vietnam, enabling them to live healthier, longer, better lives,” Wayne Besant, AIA Vietnam CEO, said.
Nguyen Duc Vinh, VPBank CEO, shared: “In addition to enhancing the service proposition to our customers, we are excited through the extension of our partnership with AIA to bring further innovative products and services to the market, providing more financial solutions to our customers for their future well-being.”
AIA Vietnam is a 100 percent foreign-owned life insurer and a member of AIA Group. AIA Group Limited and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Australia, Brunei, Cambodia, Hong Kong SAR, Indonesia, Macau SAR, Mainland China, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan (China), Thailand, Vietnam, and a 49 percent joint venture in India.
AIA Vietnam officially started operations in Vietnam in February 2000. AIA Vietnam has established a network of more than 200 offices across 53 provinces and cities nationwide and offers more than 1,500,000 policies across the country.
Established in 1993, VPBank is currently one of biggest private banks in Vietnam. The bank operates in wide ranges of business including retail banking, corporate banking, wealth management and consumer finance. Since the end of 2021, total assets held by VPBank amounted to nearly VND548 trillion, increasing by 30.7 percent year-on-year.
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