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Vietnam limits shadow investment package sales at banks

Vietnam limits shadow investment package sales at banks

The Ministry of Finance has prohibited banks from selling insurers’ investment packages two months before and after customers take loans to prohibit lenders from tricking borrowers into buying them.
Insurance premiums decline for first time in years

Insurance premiums decline for first time in years

Manulife Vietnam gets new CEO

Manulife Vietnam gets new CEO

Insurance premiums slip for the first time

Insurance premiums slip for the first time

Insurance premiums dropped 1.62% year-on-year to VND117 trillion ($4.93 billion) in the first six months, the first decline after years of double-digit growth.
July 6, 2023 | 03:35 pm PT
Finance ministry finds 4 insurers flouted bancassurance regulations

Finance ministry finds 4 insurers flouted bancassurance regulations

Prudential, MB Ageas Life, Sun Life, and BIDV Metlife are guilty of misleading customers, who do not understand what they are buying, Ministry of Finance investigators have said.
July 1, 2023 | 12:37 am PT
Bancassurance revenue plunges by half

Bancassurance revenue plunges by half

Banks saw revenues from insurance dropping by half year-on-year in the first quarter after years of high growth.
June 4, 2023 | 04:00 am PT
All accusations of fraud will be examined: Manulife chairman

All accusations of fraud will be examined: Manulife chairman

Though most accusations of fraud against Manulife Vietnam are unfounded, it would review all complaints and offer solutions to customers, including lowering premiums, its chairman, Sachin Shah, has said.
April 26, 2023 | 09:56 pm PT
$1B insurance contracts signed through banks in 2022

$1B insurance contracts signed through banks in 2022

Nearly one million life insurance policies worth almost VND23.8 trillion (US$1.01 billion) were sold through banks last year.
April 25, 2023 | 12:23 am PT
Over 100 HCMC residents claim defrauded by bank, insurance firm

Over 100 HCMC residents claim defrauded by bank, insurance firm

A total of 112 Ho Chi Minh City residents have gathered at a police office to accuse Saigon Commercial Bank and insurer Manulife of defrauding them.
April 21, 2023 | 01:57 am PT
‘I just did it for money’: bank employees expose seamy side of selling insurance

‘I just did it for money’: bank employees expose seamy side of selling insurance

Bancassurance has been hugely profitable in recent years, but former bank employees are now admitting they resorted to dishonest means to sell insurance.
April 17, 2023 | 03:02 pm PT
When consultants con prospective depositors into buying insurance

When consultants con prospective depositors into buying insurance

Nga and her husband went to a bank to open a savings account, but the poor couple are now saddled with insurance premium payments of VND50 million a year.
April 15, 2023 | 03:55 pm PT
Insurance companies to compensate families of helicopter crash victims

Insurance companies to compensate families of helicopter crash victims

Insurance companies will pay $200,000 to the family of a pilot killed in a helicopter crash in northern Vietnam, while coverage for the four deceased passengers will be negotiated between the transport company and their families.
April 12, 2023 | 01:23 am PT
Vietnam’s non-life insurance market continues to lure foreign capital

Vietnam’s non-life insurance market continues to lure foreign capital

Vietnam’s non-life insurance market has continued to attract foreign investors in the first months of this year.
April 10, 2023 | 08:44 pm PT
Insurance sales at banks boom

Insurance sales at banks boom

More than a dozen lenders achieved bancassurance revenues of over VND1 trillion ($42,633 million) from new customers last year, according to Vietcombank Securities.
April 3, 2023 | 09:57 pm PT
How insurance policies become banks' golden egg

How insurance policies become banks' golden egg

Selling insurance products fetch banks trillions of Vietnamese dong (VND1 trillion = $42 million) in revenues each year, but with this comes dissatisfaction from customers who say they are "forced" to pay premiums to acquire loans.
February 23, 2023 | 08:51 pm PT
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