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The insurance market is heated up with a series of big deals

The insurance market is heated up with a series of big deals

Friday 18, 10 2019
Ever since the start of September, Vietnam's life insurance market has continuously welcomed information on bancassurance and M&A cooperation deals with great value.
Recently, Reuters reported that many large insurance companies are competing with each other to buy business units in Singapore and Vietnam of British insurance company Aviva. The deal could be worth 2.5 billion USD.

In Vietnam, Aviva has started operating in the field of life insurance since 2011 with the precursor of it being the Vietinbank Aviva Insurance - a joint venture between Aviva and VietinBank. By April 2017, Aviva completed acquiring 50% of VietinBank's shares and officially owned 100%, signed an exclusive 18-year exclusive agreement to distribute Life Insurance products through VietinBank's network. Thus, if the transfer is successful, VietinBank will have a new partner.

Meanwhile, Vietcombank is also likely to announce an insurance distribution agreement soon. Bloomberg cites a familiar source that FWD has surpassed many rivals, including Prudential, to cooperate with Vietcombank. Vietcombank will receive the initial payment of USD 400 million. Earlier, Bloomberg estimated that the total value of the deal could reach 1 billion USD, which is the largest Bancassurance deal to date.

While waiting for the above “great deals" to be closed in the coming time, in early September, two life insurance companies with large market shares, Prudential and Manulife, officially announced their new banking partners.

On 9th September, ACB and Manulife held a signing ceremony of a cooperation agreement on the distribution of insurance products. Accordingly, during the first period of cooperation, ACB customers can participate in two key insurance products, including Prosperous Prosperity and Bao An Nhu Y.

Also on 9th September, Prudential signed an agreement with Shinhan Bank Vietnam to deploy the bancassurance model. Also on 9th September, Prudential signed an agreement with Shinhan Bank Vietnam to deploy the bancassurance model. Currently, the number of domestic and foreign partner banks with Prudential Vietnam has increased to 7.
 

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