Luu Thanh Tam (L), vice chairman and general director of Bao Long Insurance Corporation, and deputy general director of ACB Nguyen Thanh Toai shake hands after signing the strategic cooperation agreement on Wednesday - Photo: Thanh Thuong

In celebration of its 17th anniversary, Nha Rong Insurance JSC has changed its name to Bao Long Insurance Corporation and announced to increase chartered capital to VND500 billion in the near future.

At the anniversary ceremony in HCMC on Wednesday, the insurance company said it has shifted to using the new brand system. Luu Thanh Tam, vice chairman and general director of Bao Long, said along with the new brand launch, the firm will renovate daily operations with an aim to develop in a much more sustainable way in the coming time.

Speaking to the Daily, standing vice chairman Nguyen Thuc Vinh revealed Bao Long will develop bancassurance products to increase profits thanks to the relationships with large corporate shareholders like Bao Viet Insurance Corporation, Eximbank, ACB, Vietcombank and Viet Dragon Securities Co.

According to Vinh, Bao Long will improve its financial capability by raising chartered capital from the current VND336 billion to VND500 billion and it also plans to establish ten more subsidiaries to broaden the present network of 15 members.

Specially, the ceremony saw Bao Long clinch strategic cooperation agreements with three local entities, namely ACB, Saigon Jewelry Holding Co., and the Association of Vietnam High-Quality Products.

As a non-life insurer, Bao Long targets to obtain VND398 billion in sales and VND39 billion in after-tax profits for this year’s business performance.

The Saigon Times Daily