Bank receives permit to establish life insurance firm, named TCLife, under Techcombank management
In a strategic move, Techcombank, one of Vietnam's leading banks, has established a new life insurance company named TCLife. The company received approval from the Ministry of Finance in July 2025 and is set to offer life insurance, health insurance, and related services. This initiative is part of Techcombank's long-term strategy to tap into the growth potential of Vietnam's life insurance sector, driven by favourable demographic trends and rising household incomes.
TCLife, headquartered at Tower C5, D'Capitale, 119 Tran Duy Hung Street, Yehn Hoa Ward, Hanoi, will start its operations with a total asset base of VND 728 billion in the first year. The company aims to achieve significant growth, expanding its assets to VND 16,080 billion by the fifth year, marking a 22-fold increase. This growth is expected to be driven by revenues generated through insurance premiums and long-term value creation through Techcombank’s equity participation.
In addition, Techcombank has formed an exclusive bancassurance partnership with Manulife, which will officially end on October 14, 2024. This partnership aligns with the creation of TCLife to strengthen its insurance offerings.
Simultaneously, Techcombank plans to invest VND 285 billion to increase its majority ownership (up to 68%) in Techcom Non-life Insurance Corporation (TCGIns). This move signifies a dual expansion strategy into both life and non-life insurance markets, aiming to build a diversified financial services ecosystem and secure a stronger market position in Vietnam’s growing insurance industry.
Techcombank's TCLife is also committed to digital innovation. The company is actively investing in digital transformation, focusing on digital customer engagement and agile product development, which will support scalable and sustainable growth of TCLife’s product offerings in alignment with Techcombank’s overall digital vision.
By the fifth year, Techcombank anticipates a 22-fold increase in TCLife’s total assets, with projected net earnings of VND 605 billion in the third year. The remaining 20% of TCLife will be held by firms within the Vingroup ecosystem.
In conclusion, Techcombank’s TCLife aims for substantial growth in assets and revenue by leveraging bancassurance partnerships, demographic and income trends, and digital innovation. This expansion, complemented by parallel expansion in non-life insurance, is aimed at establishing a comprehensive insurance ecosystem in Vietnam.
- Techcombank's strategic move to establish TCLife, a new life insurance company, involves an initial total asset base of VND 728 billion, aiming for a 22-fold increase to VND 16,080 billion by the fifth year, a significant portion of which will be generated through insurance premiums and long-term value creation through Techcombank’s equity participation in the business.
- To further strengthen its insurance offerings, Techcombank has formed an exclusive bancassurance partnership with Manulife, which ends in October 2024, and plans to increase its majority ownership in Techcom Non-life Insurance Corporation, signifying a dual expansion strategy into both life and non-life insurance markets.
- Techcombank's TCLife is also investing heavily in digital transformation to foster innovative digital customer engagement, agile product development, and scalable growth, aligning with Techcombank’s overall digital vision and aiming to establish a comprehensive, digitally advanced insurance ecosystem in Vietnam.
