Aviva Vietnam Life Insurance Company ("Aviva Vietnam") received the approval from Ministry of Finance to increase its charter capital to VND 2,856,391,000,000. This is the third increase of charter capital of Aviva Vietnam since its official establishment in 2017.
Formerly known as VietinBank Aviva Life Insurance Company - a joint venture between Vietnam Joint Stock Commercial Bank for Industry and Trade (“VietinBank”) and Aviva Life Insurance Group ("Aviva") from the United Kingdom - Aviva Vietnam was established when Aviva acquired VietinBank's stake in 2017. Aviva Vietnam signed an exclusive long-term cooperation contract with VietinBank in distributing life insurance products in Vietnam.
Considering the potential for development of Vietnam life insurance industry, Mr. Paul Nguyen, CEO of Aviva Vietnam asserts: "Vietnam is an attractive market due to the low level of penetration of insurance, the stable economic growth along with the expansion of the middle class. The decision to increase the capital of Aviva Vietnam shows that the company is optimistic about future growth prospects. We are committed to continuing to bring customers the most superior products, while continuing to promote activities with the development of society ".
In 2019, Aviva Vietnam booked the annual premium turnover of nearly 1,000 billion VND and reached a growth rate of 66%, more than 3 times the average overall market growth rate (20%).
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2. Dân trí: https://dantri.com.vn/kinh-doanh/aviva-viet-nam-tang-von-dieu-le-len-hon-2800-ty-dong-20200414172531104.htm
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