Company will Bring its 160 years of Experience to the Rapidly Growing Vietnam Market
New York Life announced today it received a license to establish a wholly owned life insurance company in Vietnam. The Prime Minister of Vietnam, Mr. Phan Van Khai in a ceremony attended by the US Commerce Secretary Gutierrez, presented the license to New York Life’s Chairman & CEO, Sy Sternberg.
Sternberg said, “We are very gratified with Vietnam’s decision. New York Life looks forward to sharing its experience and to being an active member in the vibrant Vietnamese business community.”
“Around the globe, New York Life is known for its steadfast service when our customers need us, a commitment to innovative products and a highly trained career agent force. We are committed to demonstrating our reputation for financial strength, integrity and humanity as we prepare to serve the people of Vietnam,” said Mr. Sternberg.
The company will distribute its products in Vietnam largely through a career agency force, modeled after New York Life’s sales management system, which was developed and refined over the course of the last century in the U.S. This system is used in all of the company’s international ventures. In the U.S., New York Life is one of the leading providers of life insurance products to the Vietnamese-American community.
Gary Benanav, chairman of New York Life International said, “This license to operate in Vietnam is a further step in solidifying New York Life’s presence as an Asian leader in life insurance and follows on our recent expansion into other important Asian markets.”
“Over the years, New York Life has demonstrated its commitment to Vietnam as that country has prepared itself to become an increasing force in the global trading system. Now with a license to operate, we look forward to continuing to be a long-term partner in the development of the Vietnamese economy and the further growth of its insurance market,” said Mr. Benanav, attending the ceremony in Washington. “I am confident New York Life’s expertise will contribute to Vietnam’s economic development as the country reaches its goal of World Trade Organization accession.”
New York Life International offers insurance products through its subsidiaries and affiliates in Mexico, Argentina, China, Hong Kong, India, the Philippines, South Korea, Taiwan, and Thailand.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Visit New York Life’s Web site at www.newyorklife.com for more information.
For more information please contact:
Ms. Nantawan Kijthanacharoen/ 01-8356540
Ms. Kanchanaporn Srimora/ 01-5554478
Corporate Communications
Tel: 02-6553000 ext. 3839 or 3416
Email:
[email protected];
[email protected]
www.scnyl.com End.