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Phuong takes over this position from Simon Lam, who was responsible for building the Generali Group’s business in Vietnam, and has moved to take the position of Chief Executive Officer of Generali Insurance Thailand.
According to Sergio Di Caro, regional officer for Asia, Generali was heavily committed to growing its operations in South East Asia.
“Vietnam is one of our high priority countries in the region. Given his extensive market knowledge and industry experience, Phuong is very well qualified to lead the expansion of our life insurance business in Vietnam,” said Caro.
Phuong has over two decades of experience in the financial services sector. He joins Generali Vietnam from a leading foreign-owned Vietnam life insurance company where he held the position of CEO and general director.
Phuong was previously a senior vice president at the Manulife-Sinochem Life Insurance Company and was responsible for Chinese business operations with responsibility for products, marketing and corporate business.
Prior to that, he worked at one of the largest global insurance groups (responsible for Vietnam, Indonesia, India, Australia, New Zealand, Japan and South Korea) and Towers Watson.
Phuong holds a Bachelor Degree in Commerce from the University of Manitoba. He is fellow of the Canadian Institute of Actuaries, Institute of Actuaries of India and the Society of Actuaries.
According to Phuong, Generali Vietnam has over two years of successful development and serves more than 40,000 customers and insured members of over two hundred Vietnamese and foreign companies.
“With strong financial support and expertise from the Generali Group, the firm commitment of Generali Vietnam’s staff, I will do my best to maintain and enhance the momentum created during the past few years to help Generali Vietnam hold a solid market position in Vietnam, while making greater efforts to provide customers with innovative policies, new values and diversified financial solutions in order to satisfy increasingly demanding customer needs,” said Phuong.
He added that Vietnam has become one of the fastest growing markets with great potential. The high-premium growth rate and increasing GDP growth has helped Vietnam attract many foreign-owned insurance companies.
“Generali, one of the world’s leading groups, strongly believes in a great future, and will continue implementing appropriate strategies for this 90 million people market,” he added.
Generali Vietnam Life Insurance Limited Liability Company (Generali Vietnam) received its licence in April 20th 2011. The company opened its Hanoi office in June last year and a second sales office in Ho Chi Minh City in April 2014.