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Samsung Fire & Marine acquires 20% stake in Vietnamese insurer PJICO

Collected: 2017.05.07

Distributed: 2017.05.10

Source: Go Direct

Samsung Fire & Marine Insurance CEO Ahn Min-soo shakes hands with PJICO CEO Dao Nam Hai after a ceremony celebrating a deal to acquire a 20 percent stake in PJICO on May 5 in Hanoi, Vietnam. [photo by Samsung Fire & Marine Insurance]

South Korea’s Samsung Fire & Marine Insurance Co. took over a 20 percent stake in Vietnamese non-life insurer PJICO, its first stake acquisition deal with a foreign insurance company, the company said on Sunday.

PJICO, founded by Vietnamese state-run Petrolimex, is the fifth largest non-life insurer in the Southeast Asian country with a market share of 7 percent as of 2015. Samsung Fire who set up its Vietnamese subsidiary in Ho Chi Minh City in 2002 recorded insurance premiums of 53.8 billion won ($47.3 million) and pre-tax income of 6.9 billion won last year.

With the acquisition, the Korea’s leading non-life insurer aims to expand its presence in the Vietnamese market by developing insurance products that can meet the demands of local people.

In a ceremony held last Friday to celebrate the takeover deal, Samsung Fire’s chief executive officer Ahn Min-soo discussed ways to strengthen cooperation with Vietnamese deputy finance minister Vu Thi Mai, director of State Securities Commission’s Inspection Department Vu Thi Chan Phoung and deputy director of the Insurance Supervisory Authority Nguyen Quang Hyuen.

By Kim Tae-sung

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