Mirae Asset Life Insurance, a South Korean insurer, has launched a merged entity with Prevoir Vietnam Life Insurance.
The dongA.com – a South Korean news channel reported, the South Korean life insurance company announced Monday that it had held a launching ceremony on Friday for its merged entity with Prevoir Vietnam Life, whereby changing the name of the Vietnamese firm to “Mirae Asset Prevoir Life Insurance.”
In July 2017, the South Korean insurer bought a 50 percent stage of Prevoir Vietnam Life Insurance, the tenth largest insurer in Vietnam, for 1.1 trillion VND (about 51.7 billion Korean won). Having completed the payment over the past 10 months, Mirae Asset has decided to change the name of its Vietnamese entity and participate in management in earnest.
Mirae Asset Prevoir Life Insurance has boasted a steady growth, posting the largest premium income in Vietnam for the past four years. Currently, the Vietnamese headquarters are focusing on bancassurance in collaboration with seven local banks, with an exclusive alliance with NCB, a large-sized bank in Vietnam.
Mirae Asset management established a local office in Vietnam in 2006 as the first South Korean asset management company to do so, and since then, Mirae Asset Financial Group has expanded its financial territory, branching out into securities business, asset management, finance, as well as insurance.
By Yoo-Hyun Kang