UK insurer takes full ownership of life insurance joint venture
The UK insurer Aviva announced on April 21 that it has acquired VietinBank’s 50 percent stake in its life insurance joint-venture Vietinbank Aviva (Aviva Vietnam).
Hanoi (VNA) – The UKinsurer Aviva announced on April 21 that it has acquired VietinBank’s 50percent stake in its life insurance joint-venture Vietinbank Aviva (AvivaVietnam).
Accordingly, the Aviva Vietnam hasbecome wholly-owned by Aviva with a focus on expanding its business across allkey distribution channels and simplifying Aviva’s operating structure in theregion.
The insurer also signed adistribution agreement with VietinBank (Vietnam Commercial Bank for Industryand Trade) to sell life and health insurance products through the bank’snetwork of more than 1,100 branches and transaction offices.
Aviva Regional Executive for China,Indonesia and Vietnam Randy Lianggara pledged to expand distribution channelsand adopt digital technology to improve service quality in the country.
Established in 2011, AvivaVietnam has become one of the top 10 insurers in Vietnam, which is one of thecountries with the world’s lowest insurance penetration (below 1 percent of thegross domestic product).
Aviva now provides life andnon-life, health, asset management insurances for 33 million customers across16 markets worldwide. It is the leading insurance provider in the UK and is growingwell in Europe, Asia and Canada.-VNA
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Illustrative image (Source: Internet) 
