ACB plans to establish a non-life insurance company with a charter capital of 500 billion, designed products independently instead of relying on bancassurance

Asia Commercial Bank (ACB) is considering establishing ACB Non-Life Insurance Company (ACBI) with a charter capital of 500 billion VND, aiming to design insurance products independently without relying on bancassurance. From 2025 to 2030, ACBI anticipates focusing on non-life insurance products for assets, fire, and personal insurance, with projected revenue reaching 2.3 trillion VND by 2030. To achieve this, ACBI will diversify its insurance products and services while enhancing customer trust. After five years, the company expects to generate a pre-tax profit of 365 billion VND and achieve a market share of over 1.5%. ACB also points out that the Vietnamese non-life insurance market still has significant potential, especially in under-explored segments and health insurance. Owning an insurance company will allow ACB to control service quality, create additional value for clients, thereby increasing customer satisfaction and loyalty.