Samsung Life Insurance, the biggest life insurer in South Korea, is seeking to make inroads into Vietnam through an equity investment in Bao Viet Life, the Southeast Asian country's largest life insurer.
Industry sources said Samsung Life is in talks with Bao Viet Life to acquire part of the latter's shares, reported The Korea Times. Bao Viet is Vietnam's largest life insurer with nearly 200,000 employees and life planners at its 75 branches across the country. The insurer has a 18.9% share of the insurance market.
The life insurer is fully owned Bao Viet Holdings in which the Vietnamese government owns a 72% stake. Bao Viet Holdings is listed on the Ho Chi Minh bourse.
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