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Press Release
Vietnam,
20008/07/15
ACE Insurance LimitedLegal 21st Floor Sunwah Tower
115 Ngyuen Hue Blvd
District 1,
Ho Chi Minh City
Vietnam |
+08 – 8278989 tel
+08 – 8219000 fax
www.acelife.com.vn | ACE LIFE’S STRONG GROWTH CONTINUES IN FIRST HALF 2008
Ho Chi Minh City, July 15, 2008. ACE Life Insurance Co., Ltd., part of the ACE Group of Companies®, global leaders in insurance and reinsurance, today announced its business results for the first half of 2008. The Company experienced a strong premium growth of 131% against the same period in 2007.
This growth is extremely impressive given the current volatility of the local financial markets. Mr. Lam Hai Tuan, CEO of ACE Life, said “Customers decide to buy an insurance product based on their trust in the service provider and the financial protection the product provides. The financial market is only temporarily volatile while the purchase of a life insurance product offers a lifetime of protection. Therefore, the customer’s need for life insurance will not be affected if the products and services purchased satisfactorily meet their requirements.”
ACE Life announced recently that it has decided to apply new interest rates on the Contract Account Value of its Universal Life insurance, applicable from July 1, 2008: 9%/year for a Flexible Premium Payment and 9.25%/year for a Single Premium Payment.
The Universal Life product offers several market leading benefits: whole-life protection, flexible premium payments, and personal bank account-style to allow temporary money withdrawal to cope with unexpected difficulties. In addition, it allows customers to raise the face value of the contract to meet new demands when their financial capacities improve, or to cope with higher prices in the face of inflation. This benefit of Universal Life is particularly appealing given the current two-digit inflation.
Apart from its headquarters in Ho Chi Minh City, ACE Life has now 12 offices nationwide with a strong force of 4,400 professional account representatives. The company places a strong emphasis on continuously improving the professionalism of account representatives and offering excellent customer service.
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ABOUT ACE LIFE
ACE Life is part of a leading insurance and reinsurance provider. The ACE Group has operations in more than 50 countries and has a strong presence in the Asia Pacific. ACE has over 16,000 employees globally and has the authority to provide services to 140 countries.
ACE Life were pioneers in introducing the Universal Life insurance package to Vietnam on March 3, 2006 which took the market by storm.. Indeed, since its introduction, as many as 96% of ACE Life’s customers have chosen Universal Life, with its three variants including Flexible Premium Payment options A & B, and Single Premium Payment.
In the fourth quarter of 2007, ACE Life moved to the third position among life insurers in Vietnam in terms of new premiums. This is an outstanding result for an insurance player which entered the market less than three years ago.
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Contact Information
Mr. Nguyen Thanh Dat
Manager, Public Relations
ACE Life INSURANCE CO., LTD
21st Floor Sunwah Tower,
115 Nguyen Hue Dist.1, Ho Chi Minh City
Tel: (+84.8) 827 8989
Fax: (+84.8) 821 9000
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