ACE Life continues to achieve record growth in 2009

ACE Life Insurance Co. Ltd. continued to see its business jumping ahead last year with premiums amounting to nearly VND490 billion, or about US$26 million, a sharp increase of 59% year on year, the company said in a statement.

ACE Life said in the statement on Monday that it obtained a profitable business by the end of 2009, which is “a significant achievement for a life insurer after just four years of operations.”

“Profitability is a must for any businesses to thrive. We are truly proud to be recognized as a profitable business given last year’s challenging business conditions and within such a short period of operation,” said Lam Hai Tuan, CEO of ACE Life Vietnam.

The life insurer said it “remains a market leader in terms of coverage value, with an average face amount value of over VND300 million per policy. In 2009, ACE Life’s new business market share reached nearly 10%, meeting the target set by ACE Life.”

The result is even more significant given the fact that ACE Life’s agency strength accounts for only 5% of the whole life insurance sector.

ACE Life is known for its Universal Life products launched into the Vietnam market since March 2006. Specifically, ACE Life offers nine Universal Life products, meeting demands of individuals and groups between the ages of 0 and 80 who have different financial capabilities and social economic status.

ACE Life, a subsidiary of the ACE Group of Companies implemented several initiatives in 2009 to improve the quality of customer care service, including the launch of an online policy information service, a market first Quality Control Center and an SMS service to policyholders.

Tags: ACE Life, Vietnam insurance, Vietnam insurance industry, Vietnam insurance markets