American insurer Chubb to acquire Liberty Mutual’s insurance business in Vietnam
Chubb Limited, an insurer listed on the New York Stock Exchange (NYSE) as CB, will acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam.
In a Monday announcement, Chubb said LMG Insurance in Thailand and Liberty Insurance in Vietnam offer a range of consumer and commercial property and casualty (P&C) products, including automotive, accident & health and non-motor insurance such as fire/property and industrial all-risk.
Liberty Insurance is among the biggest foreign automotive insurers in Vietnam.
This portfolio is coupled with complementary distribution through 56 branches, 2,600 brokers and agents, and 26 finance partners. The combined operations produced approximately $275 million in net premiums written in 2024, Chubb highlighted.
Liberty Mutual Insurance application. Photo courtesy of DreamTimes.
The transactions are expected to complete by the second quarter of 2025 for the Thailand business and late 2025/early 2026 for the Vietnam business. The moves are also subject to regulatory approvals and other closing conditions, Chubb emphasized.
The United States-headquartered Liberty Insurance, a leading non-life insurer in Vietnam, now operates several Vietnam offices in Ho Chi Minh City, Hanoi, Hai Phong, Nghe An, Danang, Dong Nai, Can Tho, and Binh Duong.
In the first half of 2024, it earned a post-tax profit of VND10.3 billion ($404,113), less than half of VND23 billion in H1/2023, according to its latest semi-annual report.
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