[Photo provided by Mirae Asset Life Insurance Co.]
South Korea’s Mirae Asset Life Insurance Co. launched its merged entity with Prevoir Vietnam Life Insurance, the latest bearing the Mirae name to join the rapidly growing Southeast Asian financial market.
The Korean insurer bought a 50 percent stake in Prevoir Vietnam Life Insurance last year after the Vietnamese firm issued new shares worth 1.1 trillion dong ($48.5 million). Mirae Asset Life Insurance said Monday it would be the largest shareholder in the new entity.
Prevoir Vietnam Life Insurance is Vietnam’s 10th largest life insurer showing the fastest growth in insurance premiums over the past four years, according to Mirae Asset Life Insurance. It currently focuses on bancassurance in alliance with seven local banks.
With insurance added, all companies under the Mirae umbrella have presence in the Vietnamese market, including Mirae Asset Daewoo Co., Mirae Asset Global Investments Co., Mirae Asset Capital Co.
“Mirae Asset will become a global financial group that provides high-quality assets through differentiated services and long-term partnerships in not only Vietnam but across Asia and Europe,” Group Chairman Park Hyeon-joo said at the opening ceremony of the new entity on Friday.
Vietnam’s insurance market has been growing fast from an influx of foreign insurers and new products, a move spurred by government deregulation and rapid economic growth. In addition to Mirae Asset Life Insurance, some other Korean companies that have entered the market include Samsung Fire & Marine Insurance Co., DB Insurance Co. and Hanwha Life Insurance.
By Kim Tae-sung and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]