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Life insurers bank on developing industry

Life insurers bank on developing industry 22:06 | 03/06/2021 Life insurers are anticipating a rising middle-class population. Photo: Dung Minh Fresh data from the Vietnam Insurance Association (VIA) revealed that in the first quarter of 2021, the total insurance premium revenue reached more than VND14.9 trillion ($6.5 billion), up 6 per cent over the same period of last year. In terms of non-life insurance, reinsurance firm Swiss Re forecasted that this sector will reach a value of about VND70 trillion ($3.04 billion) in 2021, up 25 per cent compared to 2020. Yen Tran, analyst at KIS Securities commented on trends that have been prevalent for a couple of years. “The overall insurance penetration rate in Vietnam in 2019 was 60 basis points below the average rate in emerging markets and a distance from the 9.6 per cent in advanced markets,” Tran said. “Average insurance spending per capita was around $72 in Vietnam in 2019 versus an a

Banking partnerships maintain rapid pace

Banking partnerships maintain rapid pace 14:00 | 24/12/2020 Vietnam’s insurance market becomes increasingly crowded Last week, VietinBank and Manulife entered an agreement to establish an exclusive 16-year bancassurance partnership to better meet the growing financial and insurance needs of Vietnamese people. Manulife Vietnam will be the exclusive provider of bancassurance solutions to VietinBank customers in Vietnam soon after regulatory approval is obtained. This partnership will help to grow and further protect the health and wealth of Vietnamese individuals, families, and businesses by offering best-in-class insurance, wealth, and retirement solutions. As part of the transaction, Manulife Financial Asia Ltd. will also acquire insurance firm Aviva Vietnam. The acquisition of Aviva Vietnam will be subject to regulatory approvals. Manulife expects the partnership to be accretive to diluted core earnings per common share in 2022 and the impa

TOP NEWS: Aviva To Sell Interest In Vietnam Business To Manulife

TOP NEWS: Aviva To Sell Interest In Vietnam Business To Manulife Mon, 14th Dec 2020 09:05 (Alliance News) - Aviva PLC on Monday said it has agreed to sell its entire shareholding in its Vietnam unit to Manulife Financial Asia Ltd - which is part of Canadian insurance firm Manulife Financial Corp - for an undisclosed sum. The sale of Aviva Vietnam Life Insurance Co Ltd is part of the FTSE 100 life and general insurer s strategy to focus on its strongest businesses in the UK, Ireland and Canada, while reducing its focus in Asia and Europe. On Thursday last week, Aviva announced the completion of the sale of its Hong Kong joint venture Aviva Life Insurance Co Ltd to its partner Hillhouse Capital Ltd. It had said that disposal was the fourth this year as part of its simplification strategy.

LONDON BRIEFING: Pound Jumps As UK And EU Agree To Continue To Talk

LONDON BRIEFING: Pound Jumps As UK And EU Agree To Continue To Talk Mon, 14th Dec 2020 08:05 (Alliance News) - The pound rose sharply after the UK and EU agreed on Sunday to waive their self-imposed deadline for a post-Brexit trade agreement and continue talking, possibly right up to the end of the transition period on December 31. Against the dollar, the pound was up one-and-a-half US cents early Monday from its level late on Friday as the Sunday deadline had loomed. Also in focus for the stock market early Monday was takeover activity, after AstraZeneca announced a massive acquisition in the US, while an American video-games giant waded in with an agreed offer for the UK s Codemasters.

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