Mirae Asset Life Insurance announced on May 14 that it has launched a joint corporation, Mirae Asset Prevoir Life Insurance, in cooperation with Vietnam-based Prevoir Vietnam Life Insurance.
Korean insurer bought a 50 percent stake in Prevoir Vietnam Life Insurance when the Vietnamese company issued 51.7 billion won worth of new shares. The Korean firm will be the largest shareholder of the joint venture.
Prevoir Vietnam Life Insurance is the 10th largest life insurance company in Vietnam and has recorded the biggest growth in insurance premiums for the past four years, according to Mirae Asset Life Insurance. Currently it is focusing on bancassurance in partnership with seven local banks.
With the new corporation, all major entities of Mirae group have set foot on Vietnam including Mirae Asset Daewoo Co., Mirae Asset Global Investments Co., Mirae Asset Capital Co.
Chairman of Mirae Asset, Park Hyun-joo said at the opening ceremony of the new corporation held in Hanoi, Vietnam on May 11, “Mirae Asset will do its best as a global financial group that provides high-quality assets for customers with its differentiated business and long-term partnership in Asia and Europe as well as in Vietnam.”