DB Insurance (Korea) signed a contract to buy 75% of BSH Insurance shares

On June 13, 2023, a group of shareholders of Saigon - Hanoi Insurance Corporation (BSH) signed a contract to transfer 75% of its shares to DB Insurance Co., Ltd (DBI) - the leading non-life insurance company in Korea. The transaction is expected to take place by order matching and/or negotiation through the UPCOM trading system after receiving approval from the Ministry of Finance and completing procedures in accordance with the law.

The above information was officially posted on the website of Saigon - Hanoi Insurance Corporation on June 14.

Accordingly, a group of 21 shareholders (including 19 individuals and 2 organizations) signed a contract to transfer 75 million shares (equivalent to 75% of shares) of BSH to DBI. In addition, the group of shareholders also proposed that the Board of Directors of the Corporation include it in the meeting agenda and submit it to the 2023 Annual General Meeting of Shareholders (scheduled to be held on June 20) to request approval of not having to conduct a public tender offer.

DB Insurance (Korea) officially signed a contract to buy 75% of BSH Insurance shares

Known as a famous comprehensive non-life insurance company in Korea with a series of prestigious awards and a global network of operations, DBI's cooperation and support will bring many development opportunities for Vietnamese insurance, and be a lever to contribute to promoting the Vietnamese insurance market to regional level and reaching out to the world.

Specifically, with its domestic customer base, scale and existing relationships in Korea, DBI can bring new opportunities to BSH Insurance and other insurance companies that DBI invests in Vietnam, including the ability to access a large customer base from this potential country. In addition, DBI's solid foundation in Asia and business network in many developed countries in the world such as the United States, China, etc. can be leveraged through partners with BSH, contributing to business expansion and accelerating the growth rate of the enterprise.

In addition to the above positive contributions, through DBI's strategic partnership with Vietnamese partners, businesses in general will be supported by DBI, sharing business knowledge on distribution channels, product development, customer service, human resource development and training, technology transfer and upgrading, etc. Moreover, DBI can provide a significant source of growth capital and use a team of experienced personnel to promote and expand the insurance market in Vietnam as well as other countries in the region.

As one of the markets with potential for insurance development, Vietnam has also received great attention from DBI. In 2015, DBI marked its entry into the Vietnamese insurance market through investing in an insurance company in Vietnam. In February 2023, Vietnam Aviation Insurance Corporation (VNI) also announced that DBI would receive the transfer of 75% of VNI's shares after receiving approval from the Ministry of Finance and completing procedures in accordance with the law.

About Saigon - Hanoi Insurance Corporation (BSH):

As a business belonging to the T&T Group ecosystem, BSH is a pioneer in promoting the "three-legged tripod" financial model of 3-party cooperation between Finance, Securities and Insurance companies to launch exclusive joint products, exploitation and cross-selling programs, bringing customers an ecosystem of sustainable benefits.

Currently, BSH is a partner of big names in the world insurance industry: Swiss Re, Munich Re, CCR, Korean Re, Trans Re, Catlin...; meeting the insurance capacity for constructions, projects, and asset categories worth billions of USD. The enterprise currently has 52 member units, with nearly 90 business offices serving nationwide.

With continuous efforts to fulfill the role and mission of an enterprise operating in the insurance sector, BSH has been recognized and honored to receive the following awards: Top 10 leading brands in Vietnam in 2020, Top 25/500 fastest growing enterprises in Vietnam in 2022, Top 10 largest non-life insurance companies in Vietnam today, and is in the Top of enterprises with the fastest growth rate in the current Vietnamese insurance industry.

About DB Insurance Co., Ltd (DBI):

Established in 1962, within the DB Group ecosystem, DBI is known as a famous comprehensive non-life insurance company in Korea with a series of prestigious awards and a global network of operations. DBI is also the first Korean non-life insurance company to be included in the Dow Jones Sustainability World Index (DJSI) for many consecutive years. DBI's reputation was also affirmed earlier when in 2017, DBI became the first non-life insurance company in Korea to achieve CCM (Customer-Centered Management) certification for 6 consecutive times.

By the end of 2022, DBI's total assets reached over 48.93 billion USD with direct insurance premium revenue reaching 12.56 billion USD.