Techcombank Establishes Life Insurance Company, Revealing Shareholders

Techcombank has announced a plan to establish a life insurance company named TCLife with a charter capital of 1,300 billion VND. The bank will contribute 1,040 billion VND, accounting for 80% of the shares, along with Vingroup as a large shareholder. The life insurance market in Vietnam has significant growth potential, with over 50% of the population in the working age and a very low participation rate (1.2% of GDP). GDP is expected to continue to grow significantly, and the insurance premium to GDP ratio is projected to reach 1.5% by 2030. Techcombank anticipates that after 5 years, TCLife will generate a net profit of 1,195 billion VND, with total assets increasing from 728 billion to 16,081 billion VND.