DB Insurance Expands Presence in Vietnam... Acquires Another Local Insurer

Local 10th Ranked VNI Insurance Acquires 75% Stake Contract

DB Insurance is acquiring the 10th largest non-life insurance company in the Vietnamese market. This marks their second acquisition of a Vietnamese non-life insurer, enhancing their local competitiveness.

On the 24th, DB Insurance announced that it signed a contract on the 22nd in Hanoi, Vietnam, to acquire a 75% stake in VNI Non-Life Insurance Company.

Established in 2008, VNI Non-Life Insurance held a 3.7% market share in 2021, ranking 10th among 32 non-life insurers, and ranked 3rd in the automobile insurance market share (1st in compulsory automobile insurance). It has nationwide sales and claims infrastructure, indicating significant potential for further growth. As of 2021, its equity capital was 54.7 billion KRW, and total assets were 181.1 billion KRW.

Previously, in 2015, DB Insurance also acquired a 37.32% stake in Vietnam's PTI, which ranked 5th in market share at the time (currently 3rd). Considering Vietnam's high economic growth rate, young population structure, openness to foreign markets, and accessibility to the Indochina Peninsula, the company views this market as a top priority in Southeast Asia and is pursuing a strategy to expand its business base.

A DB Insurance official stated, "We plan to complete the acquisition of shares and obtain permits related to overseas direct investment within the first half of the year and will promote PMI based on a localization strategy. Leveraging our experience in growing PTI Insurance, we will strengthen business competitiveness and develop it into a leading local company."

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