France’s Prevoir lands insurance licence in Vietnam

29th March 2005, Comments 0 comments

HANOI, March 29 (AFP) - France's Prevoir group has received a license to operate in Vietnam's life insurance industry, the company said Tuesday.

HANOI, March 29 (AFP) - France's Prevoir group has received a license to operate in Vietnam's life insurance industry, the company said Tuesday.

"Prevoir Vietnam will officially operate by the end of 2005," the company said in a statement, adding the license was granted on Monday.

With a registered capital of USD 10 million (EUR 7.73 million), Prevoir Vietnam will have three investors, namely Prevoir Vie with 70 percent, Proparco, the investment arm of the French development agency AFD with 20 percent and French reinsurance company Scor Vie with 10 percent.

The local insurance market has recently opened up to a number of local and foreign players after operating under a state monopoly.

There are five life insurers operating in Vietnam, including state-owned Bao Viet, Canada's Manulife, Britain's Prudential, AIA of the United States and Bao Minh CMG, a Vietnamese-Australian joint venture.

© AFP

Subject: French News

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