In Briefs (06-03-2008) ACE Life Insurance Co aims for high growth HCM CITY — The US-owned ACE Life Insurance Company this year targets growth in total premiums of 350 per cent compared to 2007, according to its chief executive officer. CEO Lam Hai Tuan said premiums from new contracts were expected to gain a 200 percent increase. By the end of February the company's total premium turnover had increased by 204 per cent on last year's figure of VND162 billion (US$10.2 million). Seafood export to increase in Dong Thap DONG THAP — Eight seafood processing plants in the southern province of Dong Thap exported 9,900 tonnes of seafood in the first two months of this year. Mostly exporting tra catfish, the plants generated a total revenue of US$30.65 million, a 90.9 per cent over last year. Along with the five plants that have expanded their capacity, the province plans to set up another eight new projects to increase the production of tra catfish to 200,000 tonnes per year. This … [Read more...] about ACE Life Insurance Co aims for high growth
New china life insurance
AIA to sell life insurance to VietBank clients
In Briefs (19-11-2009) AIA to sell life insurance to VietBank clients HCM CITY — AIA (Viet Nam) Life Insurance Co signed an agreement on Tuesday to sell insurance products to customers of the Viet Nam Trade and Commercial Joint Stock Bank. Under the agreement, AIA and VietBank, as it is called, will sell universal life insurance, critical illness return of premium, and personal accident insurance. AIA will send personnel to VietBank to provide consultancy and training to its staff. China inaugurates first factory in Dai An IZ HAI DUONG — A US$20 million medicinal food and cosmetics factory has been formally inaugurated in Dai An industrial zone, in the northern province of Hai Duong. The factory, invested by China's Tianshi group, will supply products for domestic consumers and the Eastern European and Asian markets. The factory, which will occupy a 30,000sq.m site, is China's first foreign direct investment project in the industrial zone. Bank launches floating interest … [Read more...] about AIA to sell life insurance to VietBank clients
Insurer eyes VN’s developing market
ERGO Insurance Group, one of Europe's leading insurers, this week signed a deal to hold 25 per cent stakes in the Vietnamese insurer Global Insurance Company (GIC), marking the first appearance of the company in Viet Nam. On a visit to Viet Nam, chairman of ERGO International's board of management Jochen Messemer and board member Andreas Kleiner shared with Viet Nam News their perspectives on the local insurance market. ERGO decided Viet Nam would become one of its new focuses in Asia. At present, the key markets in the region are China, India and South Korea. Why did you select Viet Nam? Jochen Messemer: When certain countries in Asia develop, other countries take over some of their roles. We believe that we will look for this in Viet Nam. Viet Nam is not only a fast growing country, but more and more skilled labour is taking over certain areas of production. This happened in China. It's a natural thing and we've seen it before in Europe. Portugal developed as it took over certain … [Read more...] about Insurer eyes VN’s developing market
Prudential launches record cash call to buy Asian insurer
LONDON, May 17, 2010 (AFP) - British insurance giant Prudential said Monday it will raise 14.5 billion pounds (17 billion euros, 21 billion dollars) from the sale of new shares to help fund a record takeover of Asian insurer AIA. "Prudential today announces further details of the proposed combination of the Prudential Group and the AIA Group, including the terms of its fully underwritten rights issue to raise approximately 14.5 billion pounds," a statement said. The British group had delayed by almost two weeks details of the record rights issue needed to fund the insurance sector's biggest ever takeover, as regulators voiced concerns about the enlarged company's capital strength. Prudential announced in March that it had agreed to buy AIA -- the Asian arm of troubled US insurer AIG -- for 35.5 billion dollars (29 billion euros). It expects to complete the takeover in the third quarter of 2010 while reports suggest Prudential may have to sell its British operations to fund the rest of … [Read more...] about Prudential launches record cash call to buy Asian insurer
Insurer focuses on south-east
HCM City — Life insurance firm Manulife Viet Nam on Wednesday unveiled its business plan focusing on the south-eastern region. With a population of 2.4 million people and an increase of 13.5 per cent in GDP in 2010 against 2009 - double the GDP growth rate of the whole country in 2010 - Dong Nai was one of the most promising markets for Manulife, after HCM City and Ha Noi, the company said. Being the first 100 per cent foreign-owned life insurance company licensed in Viet Nam in 1999, the company was one of the top three life insurance companies in the country with more than 9,000 agencies nation-wide, the company said. VN sees booming 3D TV market HA NOI — The growth of the 3D television market in Viet Nam has been 100 per cent over recent years while the market in Malaysia, Singapore has fallen off to 50-60 per cent, says LG Electronics Viet Nam managing director Yoen Tae Ko. Ko expects growth in the 3D TV market in Viet Nam to double. LG would launch nine new 3D … [Read more...] about Insurer focuses on south-east