ACB Bank receives license to establish non-life insurance company

Asia Commercial Joint Stock Bank (ACB) has received a business license from the Ministry of Finance to establish ACB Insurance Co., Ltd. The new non-life insurance entity will be headquartered in Ho Chi Minh City.

The company has a charter capital of 500 billion VND, with ACB Asset Management Company (ACBA) holding a 91% stake and ACB Securities (ACBS) holding the remaining 9%. Through these subsidiaries, ACB will indirectly own the new insurance firm.

ACB Insurance is authorized to provide various services, including health, property, motor vehicle, and fire and explosion insurance. The company’s strategic focus will be on high-demand segments such as property and personal insurance. Projections suggest gross insurance premium revenue could reach 2,300 billion VND by 2030.