Vietnam insurer to pour US$5 million into Laos, Cambodia
The Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC) has announced it will pour nearly US$5 million into its subsidiary companies in Laos and Cambodia.
Under BIC’s plan recently approved by the Finance Ministry, the corporation will spend US$420,000 to increase its stake in the Laos-Vietnam Insurance Joint Stock Company (LVI) from the current 51 percent to 65 percent.
BIC will also buy back the 65 percent stake of the Cambodian Investment and Development Co., Ltd ( IDCC ) worth US$4.55 million in the Cambodia-Vietnam Insurance Joint Stock Company (CVI).
Established in 2008 with a chartered capital of US$3 million, LVI currently holds the second largest share in Laos’ insurance market.
Founded in 2009 with a chartered capital of US$7 million, CVI is now the fourth largest insurer in Cambodia, with an average annual premium growth of 70 percent in the 2010-2012 period.