Manulife to become VietinBank’s exclusive insurance partner with Aviva purchase – VnExpress International


By Dat Nguyen  &nbspDecember 15, 2020 | 11:42 am GMT+7
Manulife to become VietinBank’s exclusive insurance partner with Aviva purchase  Manulife to become VietinBank’s exclusive insurance partner with Aviva purchase - VnExpress International WEBshutterstock568928311 16080 4268 7086 1608001366

The logo of VietinBank is seen at a building in Ho Chi Minh City. Photo by Shutterstock/TK Kurikawa.


Canadian insurer Manulife will acquire the Vietnamese business of British company Aviva and its 16-year bancassurance deal with VietinBank.

It will take over the exclusive partnership with VietinBank when the deal is completed, Manulife and the lender agreed on Monday.

The state-owned lender chose Manulife as its bancassurance partner because of its long-term commitment to Vietnam, deputy director of VietinBank, Nguyen Duc Thanh, said at the agreement signing ceremony.

He said his bank’s board expects the bancassurance business to grow by 30 percent annually and contribute 6-8 percent of the income from services.

Manulife expects the partnership to increase its market share in the country from 20 percent to 30 percent in the coming years. It is currently the exclusive insurance partner of the country’s largest private lender, Techcombank.

Aviva did not reveal the value of the sale but said in a statement that it expects the transaction to increase its net asset value and solvency surplus by around GBP100 million ($133.67 million).

The company is looking to sell its operations in continental Europe and Asia to focus on Britain, Ireland and Canada.

Vietnam had 18 life insurance companies with combined premium revenues of VND106.6 trillion ($4.6 billion) last year, up 24 percent year-on-year. In terms of new contracts, Manulife led the market for the first time last year with 17.7 percent followed by Bao Viet Holdings with 16.49 percent and Prudential Vietnam with 15.78 percentn, according to the Ministry of Finance.

e.VnExpress

What's Your Reaction?

Cry Cry
0
Cry
Cute Cute
0
Cute
Damn Damn
0
Damn
Dislike Dislike
0
Dislike
Like Like
0
Like
Lol Lol
0
Lol
Love Love
0
Love
Win Win
0
Win
WTF WTF
0
WTF

Comments 0

Your email address will not be published. Required fields are marked *

Manulife to become VietinBank’s exclusive insurance partner with Aviva purchase – VnExpress International

log in

Become a part of our community!

reset password

Back to
log in
error: Content is protected !!
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Open List
Ranked List
Ranked List
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF