AIA Vietnam Boosts Capital to Expand Operation
The US life insurer AIA Vietnam has got thump-up from Vietnam’s Ministry of Finance to increase its registered capital to VND600 billion (US$37.5 million), 3.7 times higher than initital capital when the firm started operation in August 2000.
Kenneth Juneau, general director of AIA Vietnam, said the increase of capital is aimed to strengthen its financials and help expand operations in Vietnam.
AIA will have enough capital to ensure insurance commitments and expansion plan, he said.
As reported by Vietnam Insurance Association, AIA Vietnam saw total premiums up 40.86 per cent on-year in the second quarter of 2007, higher than the 25.81 per cent average growth in the market.
The company attained revenue growth of 8.57 per cent in the period.
The number of new contracts increased by 127.58 per cent for main products, and by 23.34 per cent for supplementary products, much higher from the market’s average growth rates of 10.5 per cent and 14.78 per cent, respectively.
In a recent statement, Kenneth Juneau said that as many as 95 per cent of Vietnam’s insurance market now remains untapped, creating great opportunities for insurance sector. (Vietnam Economic Times, Labor)
Vietnamese
