Techcombank (TCB) Insurance Profit Doubles to VND 1,700B in 9M

Overview

Techcombank (HOSE: TCB) reported net income from insurance services of nearly VND 1,700 billion for the first nine months of the year, more than double the VND 800 billion recorded in the same period of 2024, according to the bank’s consolidated financial statements. Insurance revenue reached VND 2,150 billion, 2.4 times the prior-year figure and close to 60% above the full-year 2024 total, marking a recovery in bancassurance after two years of industry-wide contraction.

Key Facts

• Insurance service revenue for 9M reached VND 2,150 billion, 2.4x the same period last year.
• Net insurance income came in at nearly VND 1,700 billion after deducting VND 430 billion of insurance costs.
• Net insurance income rose more than 112% from VND 800 billion a year earlier.
• Insurance contributed 15% of total fee income, up from 10% previously.
• The 9M figure already exceeds Techcombank’s previous peak of more than VND 1,750 billion, set in 2022 during the exclusive Manulife distribution partnership.
• Techcombank holds an 80% stake in Bảo hiểm Nhân thọ Kỹ thương (Techcombank Life) and 68% in Bảo hiểm Phi nhân thọ Techcombank (Techcombank Non-Life).
• The bank ended its 10-year exclusive bancassurance agreement with Manulife before the current reporting period.

What Happened

According to the consolidated financial statements cited in the report, Techcombank’s insurance service revenue for the first nine months of the year reached VND 2,150 billion. After subtracting VND 430 billion in insurance costs, the bank booked net insurance income of nearly VND 1,700 billion, versus VND 800 billion in the same period last year. The article states that the nine-month revenue alone surpassed the highest level Techcombank recorded across the 2020-2025 period.

That earlier peak, above VND 1,750 billion in 2022, was driven mainly by the exclusive distribution partnership with Manulife, when Techcombank led the market in insurance premium exploitation revenue. A sector-wide crisis then pulled cross-selling revenue down sharply for two consecutive years before a recovery in 2025. Techcombank subsequently ended the 10-year Manulife exclusivity, framing the change as an opportunity to rebuild the insurance business around a strategy the article describes as “hard to replicate.” The bank now holds controlling stakes in two insurers established within the past two years.

Market Context

TCB closed at VND 34,200 on 25 October 2026 on HOSE. The insurance contribution is a fee-income story rather than a credit story: it lifts non-interest income at a time when Vietnamese banks are navigating compressed net interest margins and slower credit growth. Techcombank has historically traded as a premium franchise on the strength of its retail and wealth fee base, and bancassurance recovery supports that positioning relative to peers more dependent on lending spreads. The broader Vietnamese market has seen bank shares oscillate with deposit-rate and credit-quota expectations, making fee diversification a differentiator in how the sector is valued.

Strategic Significance

The thesis here is ownership, not distribution. By taking 80% of Techcombank Life and 68% of Techcombank Non-Life, the bank converted a fee-sharing arrangement with a third-party insurer into consolidated insurance economics, which is why revenue can scale faster than a pure agency model allows. The 15% share of total fee income shows the rebuild is material rather than marginal. The key question for long-term holders is whether this level is a new baseline or a rebound off a depressed 2024 comparison, particularly as the two in-house insurers are still young and their underwriting and claims experience is unproven through a full cycle.

What to Watch

• Full-year 2025 insurance revenue against the VND 2,150 billion nine-month base, to test whether growth is sustained into Q4.
• Disclosure of the split between Techcombank Life and Techcombank Non-Life revenue in subsequent filings.
• Claims and expense ratios at the two in-house insurers as their books mature.
• Any new bancassurance distribution agreements that would supplement the owned-insurer model.
• Q4 and full-year 2025 consolidated results for total fee income composition and the insurance share.