Vietnam National Aviation Insurance Joint Stock Corp and Military Insurance Corp received new capital from foreign investors in the first quarter of 2023. — Viet Nam News
HANOI: Vietnam’s non-life insurance market has continued to attract foreign investors in the first months of this year.
Two domestic insurance companies, Vietnam National Aviation Insurance Joint Stock Corp (VNI) and Military Insurance Corp (MIC), welcomed new capital from foreign investors in the first quarter of 2023.
PYN Elite Fund, an investment fund from Finland, has announced it has bought 500,000 shares of MIC, raising its ownership rate from 4.99% to 5.29%.
After this transaction, PYN Elite Fund officially became the second largest shareholder in MIC, along with the parent company Military Commercial Joint Stock Bank, which holds 68.4% of MIC’s stake.
PYN Elite Fund, formerly known as Mutual Fund Elite, was established in early 1999 by PYN Fund Management (Finland). This is an investment fund targeting Asian markets.MIC is currently among the top companies with a charter capital of 1.3 trillion dong (US$55mil or RM245mil) with nearly 2,000 employees.
In a development strategy in the 2020 to 2025 period, MIC set the ambition to be the top three leading non-life insurance companies in Vietnam by 2025.
Previously, in February 2023, DB Insurance officially became the parent company of VNI with an ownership rate of 75% after signing a contract to receive share transfers from a group of shareholders, including 19 individual investors and one institutional investor in VNI.
DB Insurance has been present in the Vietnamese insurance market for more than ten years. In addition to VNI, this large South Korean group has also invested in the Post and Telecommunications Joint Stock Insurance Corp since 2015. — Viet Nam News/ANN
