Asia Commercial Joint Stock Bank (MCK: ACB) has submitted a proposal to its General Meeting of Shareholders seeking approval to establish a non-life insurance subsidiary, to be named ACB Non-Life Insurance Company Limited (ACBI).
ACBI’s non-life insurance operations are expected to cover a wide range of segments, including property, cargo, aviation, and motor vehicle insurance, among others permitted by law and deemed by the Board of Directors to best serve ACB’s strategic objectives.
ACB noted that the establishment of the non-life insurance subsidiary will be implemented in a prudent and well-managed manner, with no adverse short-term impact on the consolidated financial targets approved by shareholders. The move into the non-life insurance market is also expected to boost non-interest income, enhance capital efficiency, and strengthen ACB’s competitive position over the medium to long term.