NongHyup expands insurance business in China, Vietnam

March 13 2018 by InsuranceAsia News Staff

Korean financial holding firm NongHyup Financial Group is expanding its insurance business in China and Vietnam as part of efforts to strengthen its overseas business portfolio.

In China, NongHyup said its two affiliates — NongHyup Property & Casualty Insurance and NongHyup Life Insurance — will be stockholders in an insurance firm that will be set up by All China Federation of Supply and Marketing Cooperatives (ACFSMC).

In Vietnam, NongHyup Financial Group is seeking new business opportunities with the insurance unit of Agri Bank, the largest Vietnamese lender.

The opportunities could include the option of buying a stake in a local insurance company.

Kim Yong-hwan, chief executive officer of NongHyup Financial Group, said the group will share its experience and skills with China and Southeast Asia and use these large markets and networks to expand business overseas.

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