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Mirae Asset Life Insurance Launches Joint Venture with Prevoir Vietnam Life Insurance
Foray into Vietnam
Mirae Asset Life Insurance Launches Joint Venture with Prevoir Vietnam Life Insurance
  • By Jung Suk-yee
  • May 15, 2018, 14:37
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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.

Park Hyun-joo, chairman of Mirae Asset (second from the right), Kim Jae-shik, CEO of Mirae Asset Life Insurance (fourth from the right), Patricia Lacoste, chairwoman of Prevoir group (far right) pose for a photo after launching the joint venture in Hanoi on May 11.
Park Hyun-joo, chairman of Mirae Asset (second from the right), Kim Jae-shik, CEO of Mirae Asset Life Insurance (fourth from the right), Patricia Lacoste, chairwoman of Prevoir group (far right) pose for a photo after launching the joint venture in Hanoi on May 11.

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.”