TCB Life: remarkable success
With the creation in April 2010 of TCB Life, a life insurance joint-venture with TCoB, Taiwan's second-largest bank, BNP Paribas Cardif positioned itself to tap burgeoning demand for bancassurance products in the country. After just nine months, results exceeded even the most optimistic projections, with one billion euros in assets gathered-already meeting the ambitious target set for 2012!
"This new partnership is based on an exclusive bancassurance agreement between TCB Life and the retail banking network of TCoB, which counts 300 branches, mirroring the French model," explains Xavier Guilmineau, Head of Cardif in Asia. The joint venture markets a very broad portfolio of products in both savings and protection. BNP Paribas Cardif also leverages TCoB's leadership in mortgage lending (where it holds 15 percent of the market) to sell creditor insurance, a product that still has limited penetration, in conjunction with the property loan.