Japanese insurer Sumitomo Life has sent some members to join the board of directors of Bao Viet Holdings and dispatched a number of experts to learn about daily operations of the local firm to set up a long-term cooperation plan. Sumitomo Life has completed procedures to acquire an 18% stake in Bao Viet Holdings from HSBC, making it a foreign strategic partner of the local group. Speaking at the press... 

The life insurance industry having just passed a tough year practicing prudence is setting a realistic growth target for this year. The industry aims to achieve premiums of over VND19.7 trillion in 2013, a growth of 10% year-on-year. Last year, the industry obtained VND18 trillion, up 12% from 2011, which is considered a success in an extremely tough year for the industry players. The growth target... 

Sumitomo Life Insurance will buy HSBC Holdings Plc’s (HSBA) 18 percent stake in Vietnam’s biggest insurer Bao Viet Holdings (BVH) for 7.1 trillion dong ($340 million) in cash. The sale is expected to complete in the first quarter of 2013, according to an e-mailed press release from HSBC today, ending the pair’s five-year partnership. Sumitomo Life’s acquisition comes amid mounting interest...