Fubon Life gets the thumbs up

Fubon Life Insurance Vietnam, an insurance arm of Taiwan’s Fubon Financial Holding, was granted approval to set up on Thursday (December 23) by the Vietnamese authorities.

image source: Reuters

The company, having its headquarters in Hanoi and a branch based in Ho Chi Minh City, will go into operation in the first quarter of 2011. The life insurer is 100 per cent backed by its Taiwan parent company.

“The approval grant [for set up Fubon Life Insurance Vietnam] marks an important milestone for Fubon Financial Holding in tapping into Vietnam’s market, as well as advancing the group’s position across Asia,” said the vice chairman for Fubon Life Kenneth Shih.

The event comes after Fubon Financial Holding opened its Vietnam-based subsidiary Fubon Insurance, operating as a non-life insurance and the Vietnam branch of Taipei Fubon Bank.

Richard Tsai, vice chairman for Fubon Financial and chairman for Fubon Life, described the Fubon Life Insurance Vietnam’s establishment as one of the three keys to boost the group’s partnership with Taiwanese enterprises.

“With this market tapping, Fubon Financial did extend our operation from banking, non-life insurance to life insurance,” he said.

Fubon Financial is Taiwan’s second largest financial holding company with main subsidiaries comprising Taipei Fubon Bank, Fubon Insurance, Fubon Life and some other financial ones. – VIR

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