Aviva plc has announced the acquisition of VietinBank’s entire 50% shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Limited 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, the second-largest in the market.
Chris Wei, Executive Chairman Aviva Asia and Global Chairman of Aviva Digital, said, “With Aviva’s insurance and digital expertise and a strong partnership with a leading bank, we are optimistic about our growth prospects in Vietnam. We have developed a deep and successful relationship with VietinBank and will continue to build on our strong foundations.”
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. Vietnam is an attractive insurance market with double digit life premium growth in the past three years and one of the world’s lowest life insurance penetration levels, at less than 1% of GDP1. The insurance industry is expected to benefit from the country’s projected GDP growth of more than 6% annually2 over the next three years.
1 Source: Swiss Re, The Vietnamese insurance market, Jan 2017
2 Source: World Bank, Global Economic Prospects, Jan 2017
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