Vietnam’s top insurer seeks foreign partner

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baovietBaoviet Holdings, Vietnam’s top insurer, said it was seeking shareholders’ approval to find up to three foreign strategic partners in the corporate governance and financial services sectors, the Vietnam Economic Times newspaper reports.

The firm will sell shares worth between 400 billion and 615 billion dong ($19-29 million) to the strategic partners and raise its registered capital by at least 5.9 per cent before March 31, 2015, the report said.

Baoviet is the largest Vietnamese insurance company and Vietnam’s seventh largest listed company by market capitalisation. It is state-owned and has a strategic partnership with HSBC, which currently holds 18 per cent of Baoviet’s shares. Besides various insurance products, Baoviet has diversified into stock market trading, fond management and real estate. It also has subsidiaries in banking, hotels and construction.

Baoviet has a share of around 24 per cent in the insurance market in Vietnam (excluding life insurance). This has been gradually decreasing from 39 per cent in 2005. Baoviet is still the market leader, but PetroVietnam Insurance is very close behind. Smaller competitors with just over 10 per cent market share include Bao Minh and PJICO. In general, the insurance market has become more competitive, with companies other than the big four doubling their combined market share to over 30 per cent since 2005.

In the Vietnamese life insurance market Baoviet is the second largest provider after Prudential. Other competitors include Manulife, Dai-ichi Life, and Ace Life, with market shares of up to around 10 per cent each.

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Reading Time: 1 minute

Baoviet Holdings, Vietnam’s top insurer, said it was seeking shareholders’ approval to find up to three foreign strategic partners in the corporate governance and financial services sectors, the Vietnam Economic Times newspaper reports.

Reading Time: 1 minute

baovietBaoviet Holdings, Vietnam’s top insurer, said it was seeking shareholders’ approval to find up to three foreign strategic partners in the corporate governance and financial services sectors, the Vietnam Economic Times newspaper reports.

The firm will sell shares worth between 400 billion and 615 billion dong ($19-29 million) to the strategic partners and raise its registered capital by at least 5.9 per cent before March 31, 2015, the report said.

Baoviet is the largest Vietnamese insurance company and Vietnam’s seventh largest listed company by market capitalisation. It is state-owned and has a strategic partnership with HSBC, which currently holds 18 per cent of Baoviet’s shares. Besides various insurance products, Baoviet has diversified into stock market trading, fond management and real estate. It also has subsidiaries in banking, hotels and construction.

Baoviet has a share of around 24 per cent in the insurance market in Vietnam (excluding life insurance). This has been gradually decreasing from 39 per cent in 2005. Baoviet is still the market leader, but PetroVietnam Insurance is very close behind. Smaller competitors with just over 10 per cent market share include Bao Minh and PJICO. In general, the insurance market has become more competitive, with companies other than the big four doubling their combined market share to over 30 per cent since 2005.

In the Vietnamese life insurance market Baoviet is the second largest provider after Prudential. Other competitors include Manulife, Dai-ichi Life, and Ace Life, with market shares of up to around 10 per cent each.

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