Banking giant to sell life insurance by end of this year

At the 2025 Annual General Meeting of Shareholders held on the morning of April 26, Techcombank General Director Jens Lottner said that the bank has contributed capital to establish a non-life insurance company and has provided insurance products to the market such as auto insurance, motorbike insurance, etc.

Techcombank has also submitted its application to establish a life insurance company to the Ministry of Finance.

“Depending on when the Ministry of Finance grants the license, if nothing changes, by the end of 2025 Techcombank will introduce life insurance products to the market,” Mr. Jens Lottner revealed.

He also said that the bank's goal by 2035 is to achieve insurance revenue that is four times higher than in 2024, reaching VND84,000 billion.

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Techcombank Chairman of the Board of Directors Ho Hung Anh and General Director Jens Lottner answer questions from shareholders. Photo: TCB.

Previously, Techcombank's Board of Directors approved a plan to establish a life insurance company after terminating the exclusive insurance distribution cooperation with Manulife in 2024.

The insurance company is expected to be named Techcombank Life Insurance (TCLife), with a charter capital of VND1,300 billion, of which Techcombank will contribute 80% of the charter capital.

Also at the General Meeting of Shareholders this morning, speaking to shareholders, CEO Jens Lottner said that the income of this bank's employees has increased by 42% compared to 2020, while the number of employees at the bank has remained almost unchanged.

Mr. Jens Lottner also informed about the automatic profit account feature on the Techcombank app. To date, more than 3 million customers have enabled this feature, with 800,000 new customers registering for automatic profit in the first quarter of 2025 alone.

Faced with shareholders' concerns about increasingly fierce competition as many banks have recently implemented automatic profit-making features, Mr. Jens Lottner said that other banks are following Techcombank's model, but only in form, while Techcombank has applied deep AI to understand customers.

Techcombank is also the bank holding the top position in terms of market share of transactions via Napas 247 with 16% of the transaction market share. This is also the reason to believe that the bank wants to participate more deeply in the blockchain playground, crypto asset transactions, especially participating in the national switching sector.

Techcombank spends more than 7,000 billion VND in cash to pay dividends

The General Meeting of Shareholders approved the plan to pay cash dividends at a rate of 10% (shareholders owning 1 share will receive 1,000 VND in dividends).

With nearly 7,065 billion shares in circulation, Techcombank plans to pay approximately VND7,065 billion in cash dividends. This is the second consecutive year the bank has paid cash dividends.

The General Meeting of Shareholders also approved the pre-tax profit plan for 2025 of up to VND 31,500 billion, an increase of 14.4% compared to 2024.

As in previous years, Techcombank continues to issue ESOP shares to employees, with more than 21.38 million shares issued this year.

Previously, Techcombank announced its first quarter 2025 business results with pre-tax profit of VND 7,200 billion - the second highest pre-tax profit in the bank's history.

The ratio of non-term deposits (CASA) continued to be the highest in the industry, reaching 39.4%, with a balance of up to VND225 trillion.

Source: https://vietnamnet.vn/dai-gia-ngan-hang-se-ban-bao-hiem-nhan-tho-vao-cuoi-nam-nay-2395356.html