Bao Minh will list all its 43.4 million shares, becoming Vietnam's second insurer to trade on the stock market and the 22nd firm on the Hanoi market.
Bao Minh, valued at US$133.7 million based on its unofficial market share price of $3.08 in early October, has yet to say when it will make its market debut, though brokers expect this to take place early next month.
The Vietnam National Re-Insurance Corp. (VINARE) has already listed shares on the Hanoi OTC market.
The insurer became independent in late 1994 from the Ho Chi Minh City branch of state-run Vietnam Insurance Corp. (Bao Viet), the country's largest insurer which has a 40 percent market share. After a partial privatisation in 2004, the state still owns 63 percent of Bao Minh, which offers life and non-life insurance.
Premiums last year rose 12 percent to VND1.21 trillion ($75.4), Bao Minh said. Furthermore Bao Minh has business interest in hotels, tourism and stockbroking.
Vietnam's insurance market has seen rapid growth in recent years in line with the economy, the world's fastest growing after China. The sector's premiums in the first half of 2006 rose 18 percent to VND8 trillion ($498 million).
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