Mirae Asset Life to buy 50% stake in Prevoir Vietnam

June 28 2017 by InsuranceAsia News Staff

Mirae Asset Life Insurance is poised to acquire a 50% stake in French group Prevoir’s business in Vietnam.

The Korean insurer has forged a deal to buy 50% equity in Prevoir Vietnam Life Insurance from the Hanoi-based company’s French parent firm.

This marks Mirae’s entry into the Vietnamese market. The firm is reported to have outbid a Chinese competitor for the transaction.

Mirae will purchase new shares of Prevoir Vietnam to form a 50:50 joint venture with Groupe Prevoir. The deal has been valued at W60 billion (US$52.6 million).

Prevoir ranks as the 10th biggest life insurer in Vietnam and raked in VND39 billion (US$1.7 million) in profit.

The company is still hounded by its accumulated losses though, which amounted to VND216.65 billion by the end of the last fiscal year.