Cathay Financial to launch property subsidiary in Vietnam

Taiwan-based Cathay Financial Holding Co Ltd, the island’s largest financial services company by market value, said yesterday that it has secured approval from Vietnam regulators to set up a property insurance subsidiary in the country.

The move is part of the company’s effort to expand its presence outside Taiwan as the local market has been overdeveloped.

Cathay Life Insurance Co, the life insurance arm of Taiwan-based Cathay Financial, said in August that it plans to raise its overseas investments proportion of its overall investment portfolio to 40% by the end of this year, up from 37.2% at the end of June.

In the first nine months of this year, the company’s unaudited net profit was NT$4.23 billion, down from NT$7.85 billion in the same period of last year.

Tags: Cathay Financial, property insurance

Posted by VBN on Nov 4 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry