Friday, November 24, 2017

Aviva acquires entire shareholding in Vietnam JV

Aviva announced the acquisition of VietinBank’s entire 50% shareholding in its life insurance joint venture VietinBank Aviva Life Insurance (Aviva Vietnam) and signing of a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network of over 1,100 branches and transaction offices, the second-largest in the market.

As a result of the transaction, Aviva Vietnam is now a wholly owned subsidiary of Aviva with a key focus on growing the business across all key distribution channels.

This move also simplifies Aviva’s operating structure in the region.

The transaction is subject to customary closing conditions including regulatory approvals.

Aviva Vietnam was founded in 2011 and has since built a strong presence in the market, becoming a top ten life insurer by premium.

 

Share

Related Articles

Videos

Zainudin Ishak, Malaysian Re

Partner Content

Follow InsuranceAsia News

Print Edition

WINTER 2017

Defending Asia's evolving risks