Viet Nam is a potential market for life insurance services as the people's incomes and living conditions as well as their awareness on the issue are improving rapidly.
Katsutoshi Saito, General Director of the Japanese Dai-ichi Mutual Life Insurance group made the remark in a recent interview with Dau tu (Investment) newspaper.
Dai-ichi Life will inaugurate its first wholly-owned life insurance company in a foreign country, in Viet Nam, on March 7. Dai-ichi Viet Nam Life Insurance, which the Dai-ichi group bought from the Life Insurance Bao Minh CMG to Dai-ichi group, is also Japan's first insurance company in Viet Nam.
Dai-ichi Viet Nam Life Insurance will provide a wide range of services to meet the various demands of the Vietnamese clients, said General Director Saito. It will also collaborate with other companies and relevant agencies to develop the life insurance sector in Viet Nam.
Dai-ichi Viet Nam plans to increase its statutory capital to US$25 million from the current 12.2mio US$.
The company now has nearly 100,000 insurance contracts, its first year's revenue in 2006 were VND126 billion (7.8mio US$).
Source: VNE
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