The Viet Nam Bank for Agriculture and Rural Development (Agribank) took part in Viet Nam’s non-life insurance market with the opening of the Agribank Insurance Joint Stock Company (ABIC) on August 8.
The company has a chartered capital of 160 billion VND (nearly 1 million USD) and includes four founding shareholders: Agribank holding 47.81 percent of stake, the National Reinsurance Joint Stock Company (10 percent), and the Agribank Financial Leasing Companies 1 and 2 (6.56 percent each).
Besides providing common non-life insurance products, ABIC will develop new products that benefit farmers and contribute to the rural development.
The company has set a target of attaining a revenue of 150 billion VND (9.37 million USD) in the three initial years and joining the top tens of leading insurance enterprises in Viet Nam after five years of operation.
Source: VNA
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