BIDV MetLife to join insurance market next year
(VOV) - The Bank for Investment & Development of Vietnam (BIDV), and Bank for Investment and Development of Vietnam Insurance Corporation (BIC) and MetLife Inc. have signed a contract to establish a life insurance joint venture (JV) in Vietnam.
Under the contract, the Hanoi-based JV named BIDV MetLife will focus on life and health insurance with a charter capital of VND1 trillion.
BIDV MetLife aims to become one of the top life insurance businesses in the Vietnamese market. To this end, BIDV MetLife and BIDV will sign and implement an exclusive distribution agreement through the branches in order.
The JV, which is expected to begin operation in 2014, will provide banking and insurance products to meet diversified customer demands and increase the competitiveness of Vietnam’s life insurance market, reduce sale costs and bring more benefits to customers.
According to BIDV, Vietnam is considered as one of the fastest growing economies and life insurance markets in Asia. The life insurance market will grow at a rate of 15% in the next five years as only 5 percent of the Vietnamese population has life insurance.
Established in 1868, as the largest life insurer in the US, Metlife has increased its presence in Asia for more than 60 years.
It was listed as one of the "World's Most Admired Companies" by Fortune Magazine in 2011, and placed 40th in the 2013 Fortune 500.