BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, announces that it has signed a bancassurance partnership agreement with Hana Bank, one of the leading banks in Korea.
Following this agreement, ‘(NP) ELS Master Variable Life Insurance’(ELS Master VL) and ‘(NP) VIVA Immediate Annuity Insurance’(VIVA IA), BNP Paribas Cardif Life Insurance’s most representative products for being customer-oriented and innovative, are now available at 650 branches of Hana Bank nationwide.
‘ELS Master VL’ combines the benefits of Equity Linked Securities which have been perceived as one of the best solutions in a low interest rate era, and variable life insurance, a representative product for long-term asset management plan.
‘ELS Master VL’ makes diversified investment in index-type ELS through the ELS Master Equity Index Linked Fund, offering customers a safety net against the risk of falling stock price as well as relatively higher rate of return than the average deposit rate. Moreover, it enhances investment stability by transferring returns to bonds or bond-type funds while automatically re-investing the principal into more ELS, taking away policyholder’s concerns about the investment method.
In other words, policyholders can continue to invest in ELS with just a one-time insurance subscription at Hana Bank, while simultaneously pursuing profit and being relieved of worries about tax in the long term. (Tax benefits such as tax exemption are only applicable to policyholders who meet the conditions required by the relevant tax laws. )
In addition, customers can also subscribe to ‘VIVA IA’ at Hana Bank, a product that allows policyholders to receive stable annuity amidst changing economic environment. It does so by offering 1-year fixed interest rate (renewed every year upon start of the policy) and guaranteed minimum interest rate (offering annual compound interest rate of 2.5% for the first ten years and 1.5% after ten years).
Thanks to this partnership, Hana Bank customers can enjoy a broader and more comprehensive financial portfolio.
BNP Paribas Cardif Life Insurance now holds bancassurance partnerships with 14 banks and securities firms, and its insurance products are available at 3,350 nationwide branches of its partners.
This new alliance reflects BNP Paribas Cardif’s longstanding strategy of developing partnerships with major players.
About BNP Paribas Cardif
BNP Paribas Cardif (www.bnpparibascardif.com) integrates the life and property & casualty insurance subsidiaries of BNP Paribas. It develops savings and protection products and services which are distributed via a wide range of channels. Present in 37 countries with a diversified geographic footprint, BNP Paribas Cardif has strong positions in Europe, Latin America and Asia.
In 2012, it had gross written premiums of 24.3 billion euros, with 56% of gross written premiums generated outside France. BNP Paribas Cardif counts nearly 10,000 employees1, of whom 68% work outside France.
With a strong commitment to exemplary Corporate Social Responsibility, BNP Paribas Cardif develops responsible products and services, supports diversity within the company, deploys an internal environmental policy and supports economic and financial education.
BNP Paribas Cardif is marking 40 years of operations in 2013.
1 Headcount for legal entities controlled by BNP Paribas Cardif: over 8,000 employees.
About BNP Paribas Cardif Life Insurance
BNP Paribas Cardif Life Insurance (www.cardif.co.kr) is the Korean subsidiary of BNP Paribas Cardif. It was established as a joint venture between BNP Paribas Cardif and Shinhan Bank in October 2002.
Based on its bancassurance-specialized products and a unique partnership model, BNP Paribas Cardif Life Insurance offers its insurance products through about 3,350 branches of its 14 partners. It surpassed the break-even point 3 years after the establishment, and the amount of total assets stands at KRW 3.2848 trillion as of December 2012.
Contact: Hae Yeun PARK
Tel: 02-3788-8844 / Mobile: 010-2047-5719