BNP Paribas Cardif announces that Vietcombank Cardif Life Insurance Company (VCLI), its Vietnamese subsidiary, has signed a bancassurance partnership agreement with Saigon Commercial Bank (SCB).
The savings and protection insurance products to be developed by VCLI will be distributed through the SCB network of more than 230 branches and transactions offices. The first product to be deployed by SCB and VCLI will integrate protection into deposits to insure SCB clients against unexpected risks of death and TPD.
VCLI benefits from the extensive expertise of insurer BNP Paribas Cardif, a pioneer in the bancassurance market which celebrates its 40th anniversary this year and has become a global specialist in personal and property insurance, with a presence in 37 countries across Europe, Asia and Latin America.
This alliance reflects BNP Paribas Cardif’s longstanding strategy of developing partnerships with major players, as SCB is amongst the top five joint stock commercial banks in Vietnam with total assets of about VND 154,000 billion (5.54 billion euros) and more than 4,000 bank staff.
With an economy growing by 5% in 2012, a population of around 90 million and a still low banking penetration rate, Vietnam offers a promising market for financial services and life insurance.
BNP Paribas Cardif has had a presence in Asia for 15 years, with operations in seven countries: China, India, Japan, South Korea, Taiwan, Thailand and Vietnam, including six joint ventures (with Bank of Beijing in China (1), SBI in India, Shinhan in South Korea, TCoB in Taiwan, Thai Life in Thailand and Vietcombank in Vietnam).
About Vietcombank Cardif Life Insurance
Vietcombank Cardif Life Insurance (VCLI) (www.vcli.vn), which is fully dedicated to develop bancassurance business in Vietnam banks, is a Joint-Venture company between Vietcombank (45%), BNP Paribas Cardif (43%) and SeABank (12%). In Vietnam, VCLI is supported by the worldwide bancassurance expertise and experience from BNP Paribas Cardif as the creator of bancassurance since 1973. Therefore, VCLI has successfully implemented Credit Life in Vietcombank, SeABank and OCB and is now ranked the No. 1 (2) in Credit Life market, with a market share of 64% first year premium (year-to-date by Dec 2012).
About BNP Paribas Cardif
BNP Paribas Cardif (www.bnpparibascardif.com) integrates the life and property & casualty insurance subsidiaries of BNP Paribas. It develops savings and protection products and services which are distributed via a wide range of channels. Present in 37 countries with a diversified geographic footprint, BNP Paribas Cardif has strong positions in Europe, Latin America and Asia.
In 2012, it had gross written premiums of 24.3 billion euros, with 56% of gross written premiums generated outside France. BNP Paribas Cardif counts nearly 10,000 employees(3), of whom 68% work outside France.
With a strong commitment to exemplary Corporate Social Responsibility, BNP Paribas Cardif develops responsible products and services, supports diversity within the company, deploys an internal environmental policy and supports economic and financial education.
BNP Paribas Cardif is marking 40 years of operations in 2013.
(1). BNP Paribas Cardif signed an agreement with Bank of Beijing in July 2013. This transaction is subject to approval by regulatory authorities.
(2). According to AVI report of Term Life Insurance (less than 5 years), year 2012.
(3). Headcount for legal entities controlled by BNP Paribas Cardif: over 8,000 employees.