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VIETNAM Italian life insurer penetrates Vietnamese market

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VIETNAM Italian life insurer penetrates Vietnamese market

Post  1alaskan on Fri May 11, 2012 9:06 pm

Italian life insurer penetrates Vietnamese market

VietFinanceNews.com - Generali Vietnam Life (GVL) officially opened its headquarters in HCM City on May 10.

"The establishment of Generali in Vietnam is a key component of our group's expansion strategy in the region, and increases our presence in Asia to a total of eight markets," said Terence Wong, head of the company's Southeast Asia operations.

To mark the opening, the company launched its Individual Life and Group Business products to the market after being granted a business licence by the Ministry of Finance in April last year.

Generali Vietnam General Director Lam Sui Kong believes Vietnam's low insurance density, around US$8.6 premium per capita, and insurance penetration at 0.7 percent premium per GDP, provides large room for business growth.

Generali has an initial charter capital of VND600 billion (US$28.5 million).


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