UK insurer takes full ownership of life insurance joint venture
The UK insurer Aviva announced on April 21 that it has acquired VietinBank’s 50 percent stake in its life insurance joint-venture Vietinbank Aviva (Aviva Vietnam).
Illustrative image (Source: Internet)Accordingly, the Aviva Vietnam has become wholly-owned by Aviva with a focus on expanding its business across all key distribution channels and simplifying Aviva’s operating structure in the region.
The insurer also signed a distribution agreement with VietinBank (Vietnam Commercial Bank for Industry and Trade) to sell life and health insurance products through the bank’s network of more than 1,100 branches and transaction offices.
Aviva Regional Executive for China, Indonesia and Vietnam Randy Lianggara pledged to expand distribution channels and adopt digital technology to improve service quality in the country.
Established in 2011, Aviva Vietnam has become one of the top 10 insurers in Vietnam, which is one of the countries with the world’s lowest insurance penetration (below 1 percent of the gross domestic product).
Aviva now provides life and non-life, health, asset management insurances for 33 million customers across 16 markets worldwide. It is the leading insurance provider in the UK and is growing well in Europe, Asia and Canada.-VNA
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