Monday, 08/09/2025
   

Techcombank to launch new non-life insurance company

Techcom Non-Life Insurance Joint Stock Company (TCGIns) has received approval from the Ministry of Finance and is scheduled to begin operations in early November.

According to an announcement on October 14, Techcombank will hold an 11 revise cent stake in TCGIns, which will focus on providing non-life insurance services. The non-life insurance company will offer a wide range of products, including property insurance, cargo transportation insurance, aviation insurance, motor vehicle insurance, fire and explosion insurance, and health insurance.

Techcombank to launch new non-life insurance company
Techcombank to invest in new non-life insurance company. Source: Techcombank

TCGIns has a charter capital of VND500 billion (approximately $20 million), with Chung Ba Phuong serving as chairman of the board and legal representative.

He has previously held senior positions, including director of insurance at Techcombank, CEO of Generali Hong Kong, and various leadership roles at Generali, Manulife, and American International Group.

Techcombank’s move into non-life insurance follows the path of other Vietnamese banks such as VietinBank, Agribank, MB, SHB, and HDBank.

Industry experts point to the recent damage caused by Typhoon Yagi as a clear indication of the growing need for non-life insurance products to protect against risks.

Techcombank’s expansion into non-life insurance comes as the cross-selling of life insurance products has become more challenging. The bank recently ended its exclusive distribution partnership with Manulife, which had been one of the most prominent bancassurance deals, generating substantial upfront fees and annual commissions.

Theo VIR
  • Banking on advice to boost financial futures

    Banking on advice to boost financial futures

    Many commercial banks, with extensive customer bases, transparent transaction data and widespread branch networks, have trialled wealth management models offering investment consulting, insurance and financial planning services to VIP clients.

  • Government-backed STEM loans launched by VBSP

    Government-backed STEM loans launched by VBSP

    Vietnam Bank for Social Policies (VBSP) is introducing preferential loans to STEM students as part of efforts to build a stronger science and technology workforce.

  • S&P upgrades ratings of three banks, citing resilient economy

    S&P upgrades ratings of three banks, citing resilient economy

    The agency raised Vietcombank to BB+, Techcombank to BB and Eximbank to BB-, with stable outlooks, while upgrading Việt Nam’s BICRA to group 8 from 9.

  • Interest rate developments applied by credit institutions in July 2025

    Interest rate developments applied by credit institutions in July 2025

    State Bank of Vietnam has just released the interest rate developments of credit institutions in July 2025.

  • SBV's Action Plan on improving social policy credit in the new period

    SBV's Action Plan on improving social policy credit in the new period

    On August 27, 2025, the State Bank of Vietnam (SBV) issued the Action Plan of the Banking sector to implement Decision No. 1560/QD-TTg dated July 18, 2025 of the Prime Minister promulgating the Plan to implement Directive No. 39-CT/TW dated October 30, 2024 of the Central Party Secretariat on improving the effectiveness of social policy credit in the new period (Decision No. 3061/QD-NHNN).

  • Vietnamese banks standing strong although risks remain

    Vietnamese banks standing strong although risks remain

    Vietnam’s banking sector has been a key facilitator as well as beneficiary of the country’s robust economic growth. We forecast total system outstanding loans to double by the end of this year relative to five years ago. This makes Vietnam the second-largest banking system in ASEAN by assets, ahead of other larger and higher-income economies.

  • Vietnamese banks get ready to join crypto asset market

    Vietnamese banks get ready to join crypto asset market

    The newly issued Law on Digital Technology Industry will take effect from January 1 and is considered an important milestone, ending many years of legal ambiguity on issues related to crypto assets.

  • Credit trends set tone for key sectors

    Credit trends set tone for key sectors

    Credit across the banking system has surged at an unusually high pace this year, with a significant share directed towards real estate and securities, raising concerns over the sustainability of growth.

  • New chapter arrives for digital asset firms

    New chapter arrives for digital asset firms

    Opportunities for international collaboration and attractive growth potential have turned the Vietnamese cryptocurrency market into a vibrant playground.

  • Shinhan Bank expresses gratitude to business customers with free Ting Ting speakers

    Shinhan Bank expresses gratitude to business customers with free Ting Ting speakers

    Shinhan Bank Vietnam Ltd. (“Shinhan Bank”) has launched the “Customer Appreciation Day for Business Customers” across all 55 branches and transaction offices nationwide, featuring a free giveaway of Ting Ting Speakers. This initiative is dedicated to expressing gratitude to individual business owners, household businesses, private enterprises, and SMEs that have accompanied the Bank throughout the years.

Calculate deposit interest
VNĐ
%/year
month
Calculate deposit interest

Loan calculation
VNĐ
%/year
month
Loan calculation