Illustrative image (www.pjico.com.vn) Vietnam Economic Times quoted newly released statistics by the Ministry of Finance (MoF) as showing there are 30 non-life insurance companies (NLICs), including one branch of a foreign NLIC, and two reinsurance companies, operating within Vietnam. The non-life insurance market enjoyed stable growth throughout 2018, with total assets estimated at VND81.806 trillion (US$3.56 billion), up 8.5 per cent against the previous year. The direct insurance revenues of NLICs were predicted at roughly VND45.694 trillion (US$1.99 billion) in 2018, rising by 9.9 per cent on year. GM_EN_PC_ARTICLE_Native_ads The original claim amount of NLICs last year was forecast at VND19.476 trillion (US$848.99 million), a year on year increase of 21.19 per cent. Local NLICs continued to expand their business network during 2018 with 19 new branches, one transaction office, and another agency established. GM_EN_PC_ARTICLE_Inpage_Banner Last year, … [Read more...] about Non-life insurance companies record US$1.14 billion in owner’s equity
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Vietnam non-life insurance company partners with Korean bank
At the signing ceremony (Photo: VNA) Hanoi (VNA) – Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank. The two sides will jointly build added benefits to meet the increasing demand of customers for package insurance. PJICO insurance products will be delivered through the Korean bank’s network system, including motor vehicle insurance, health insurance, and property insurance. Woori Bank is a leading Asian bank and the oldest of its kind in the RoK with 119 years of operation and 410 branches in 25 nations. PJICO is a member of Petrolimex with 23 years of establishment and development. -VNA … [Read more...] about Vietnam non-life insurance company partners with Korean bank
Non-life insurance companies in Vietnam open doors for more investments
The Hanoitimes - Domestic non-life insurance companies expect the additional investment capital will help them expand distribution networks and enlarge market shares in the prosperous but competitive market. Bao Long Insurance Corporation has so far approved a plan to increase capital through share issue, with priority for foreign investors. Accordingly, the company’s capital will increase from the current VND600 billion (US$25.53 million) to VND1 trillion (US$42.55 million). Currently, Saigon Commercial Bank and Eximbank are two large shareholders of Bao Long, holding 81.1 percent and 6.51 percent of the insurer’s charter capital, respectively. Bao Minh Insurance Corporation gets investments from France’s AXA Insurance Shareholders of AAA Assurance Corporation have also planned to issue shares valued at VND310 billion (US$13.19 million) for capital hike after getting a nod from the Ministry of Finance. AAA’s board of directors expected the issue will be … [Read more...] about Non-life insurance companies in Vietnam open doors for more investments
Liberty Insurance ranks in top 10 best non-life insurance companies in 2018
Clients study Liberty Insurance’s products. — VNS Photo Liberty Insurance has been named among the top 10 non-life insurers in Viet Nam for 2018. It is also the only limited liability company and the first 100 per cent foreign direct investment company to be ranked in this list, according to independent research compiled by Vietnam Report. Insurance firms were selected based on financial capacity, media credibility and client satisfaction. “Vietnam Report’s research shows the new trends in the insurance industry; technology, product development and networks. This aligns perfectly with the strategic vision Liberty has been developing to optimise product and service experience for our customers," the company said in a statement. Liberty Insurance is a member of Liberty Mutual Insurance, a Boston-based diversified global insurer established in 1912. As of December 31, 2017, Liberty Mutual Insurance had US$125.6 billion in consolidated assets and $38.3 billion in … [Read more...] about Liberty Insurance ranks in top 10 best non-life insurance companies in 2018
Insurance company assists disadvantaged children in Quang Binh
Bicycles presented to pupils (Photo: PANO)Additionally, AIA provided two sets of computers to the Dong Hoi SOS Village. According to Mr. Wayne Besant, AIA General Director, through the program, the AIA wants to share love and bring presents to disadvantaged children in Vietnam. “We are glad to work with the National Fund for Vietnamese Children to disseminate information for raising social awareness on the protection of child rights, and joining hands to help people live longer, healthier and better,” he said. In 2018, 12 events of the program are expected to be held across the country, with some 2,700 bicycles and 100 life insurance contracts (worth VND20 million each) to be presented to disadvantaged children./. Compiled by BTA … [Read more...] about Insurance company assists disadvantaged children in Quang Binh