French insurance firm makes domestic debut In Vietnam
HA NOI - The Prevoir Vietnam Life Insurance Company, a subsidiary of leading French life insurance group Prevoir, started operations in Vietnam today with chartered capital of US$10 million.
Prevoir Vietnam will offer insurance services and trade re-life insurance, as well as putting investment into Vietnam by buying government bonds, corporate bonds and shares, trade in real estate, capital into corporations and provide loans under credit organisation laws.
The biggest difference in operations of the company is that it will provide its services via a network of post offices, rather than agents, as other insurance firms do.
In September, Prevoir Vietnam signed a contract with the Vietnam Post and Telecommunications Corporation (VNPT) to distribute its life insurance services via VNPT's network of post offices for the next 10 years.
"VNPT has a strong service distribution network with more than 3,000 post offices in 64 provinces. It also has a successful track record in providing a postal savings service," Prevoir Viet Nam's acting CEO Tran Ba Phuoc said.
According to the company, its life insurance products are designed to be simple and flexible in selecting payments, premium payment terms and sums insured.
Bertrand Voyer, Prevoir CEO, said Prevoir has chosen Vietnam's network of post offices to be its product distribution system because the group has achieved good results from the such a network in France.
The group expects to gain the same results in Vietnam via post offices.
VNPT deputy general director Hoang Tho Thai said the partnership deal in the insurance sector reflected the company's business diversification as part of its transformation into an economic group.
Vietnam News Agency - December 14, 2005.
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