Great Eastern, the biggest life insurance corporation of Singapore and Malaysia, on March 2 officially opened a representative office in Hanoi following reception of license from the Ministry of Finance in August 2004.
According to Francis Tan Seok Seng, chief of Hanoi representative office, this decision was highly appreciated by Great Eastern’s managing board, saying, Vietnam is seen as a potential insurance market based on study and research on legal framework, investment environment and clients’ trend. “Vietnam has total population of 80 million people of which 60% age less than 30 who will be targeted clients of life insurance,” said Seng.
Expectedly, Hanoi branch will promote cooperation relations with Vietnam agencies and organisations, improve awareness of Vietnamese people on important role of insurance, also develop professional insurance standards and operations. Additionally, Great Eastern said it would also cooperate with Bao Viet Training Centre in a bid to support for training and education.
In particular, Great Eastern said in the near future it planned to grant scholarships for students specialising in insurance or insurance statistical science at Vietnam universities. Great Eastern this year scheduled to grant 30 scholarships “Great Eastern” with total amount of 60 million dong to excellent students of National Economics University and Finance Institute.
Great Eastern is the biggest insurance corporation in Singapore and Malaysia with total asset value of more than US$21 billion and 2.4 million clients. Great Eastern has two successful distribution channels: agent channel and banking-finance channel, accounting for the biggest market share in Singapore (27.5%) and Malaysia (20.3%. The parent company of Great Eastern is Overseas-Chinese Banking Corp (OCBC) of Singapore, one of the Asian leading financial corporation with the banking credit rate ranked at tops within the region.