AIA Vietnam confirms normal operation

After hearing about the information that UK Prudential insurer will buy back the AIA Life Insurance arm from US giant AIA finance and insurance group, a communication representative of AIA Vietnam confirmed that it would resume normal operations and announced to wait for official decision from the holding company AIA Group.

The parent firm AIA Group ordered subsidiaries (including AIA Vietnam) to keep operations normal.

Similarly, another representative from Prudential Vietnam announced the firm will publicise official information later. If the deal is conducted, Prudential Vietnam will take over 200,000 insurance contracts and 12,000 insurance agents and 25 offices from AIA Vietnam nationwide.

Ministry of Finance said that so far there is no merger deal made by branches of two foreign insurers in Vietnam. Only foreign companies bought back Vietnamese firms. The ministry has not received any information on the deal.

On March 1 evening, UK Prudential confirmed that it would spend $35.5 billion buying back the life insurance branch of AIG Group in Asia. After merging AIA life insurance system, Prudential could become the largest foreign insurance conglomerate in Asia.

Vietnam Insurance Association reported that Prudential took the lead in terms of insurance premium market share at nearly 40 percent with total 1.67 million contracts and a network of 33,300 agents in 2009.

Tags: AIA Vietnam, Vietnam insurance, Vietnam insurance industry, Vietnam insurance markets

Posted by VBN on Mar 3 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