Insurance group Aviva has acquired the remaining 50% stake in VietinBank Aviva Life Insurance Limited.
VietinBank Aviva Life Insurance Limited was Aviva’s life insurance joint venture with Vietinbank, Vietnam’s second largest bank.
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To coincide with the takeover, Aviva also signed a new distribution contract with VietinBank to offer life and health insurance products through the latter’s network of more than 1,100 branches and transaction offices.
Deal Street Asia reported that the insurance company decided to consolidate its stake as part of its efforts to simplify its operating structure in the region.
“With Aviva’s insurance and digital expertise and a strong partnership with a leading bank, we are optimistic about our growth prospects in Vietnam. We have developed a deep and successful relationship with VietinBank and will continue to build on our strong foundations,” said Aviva Asia executive chairman and Aviva Digital global chairman Chris Wei.
Aviva also pledged to expand its distribution and digital capabilities.
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Aviva Vietnam was founded in 2011. The company is considered one of Vietnam’s top 10 life insurers by premium.
The Aviva Group currently has operations in six other Asian markets, namely Singapore, China, Indonesia, Hong Kong, Taiwan, and India.
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