DB Insurance becomes a strategic shareholder of BSH, holding 75% of charter capital

(Dan Tri) – Saigon – Hanoi Insurance Corporation (BSH) announced that DB Insurance (Korea) is a foreign strategic shareholder with 75% of charter capital.

BSH becomes a foreign invested insurance company

On February 27, 2024, the announcement ceremony of DB Insurance (DBI) as a foreign strategic shareholder of BSH Insurance was held at JW Marriott Hotel, Hanoi.

Accordingly, DBI became a foreign strategic shareholder holding 75% of BSH's charter capital, equivalent to 75 million shares (code: BHI). The remaining shares are owned by the Vegetable and Agricultural Products Corporation - JSC (Vegetexco) holding 10.1%, Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) holding 4.29% and other shareholders.

Mr. Do Quang Vinh - Chairman of BSH Board of Directors and Mr. Jeong Jong Pyo - General Director of DBI - performed the flag planting ceremony.

marking the merger between BSH and DBI (Photo: BSH).

Thus, BSH has been included in the list of foreign-invested insurance companies. According to statistics from the Vietnam Insurance Association, in the past 5 years, BSH has been among the fastest growing companies in the market with an average growth rate of 39.2% per year.

By the end of 2023, BSH's original insurance premium revenue reached VND 2,949 billion, ranking 4th in terms of market share in motor vehicle insurance exploitation. In terms of revenue scale, BSH currently holds the 9th position out of 32 largest insurance companies in the market. Regarding investment activities, the estimated short-term profitability ratio in 2023 is 22%, higher than the market average (over 11%).

As the second largest non-life insurance company in Korea with 60 years of experience in the industry, DBI possesses strong financial potential, a methodical business strategy and an operating network in many other countries such as the US, China and some Southeast Asian countries, including Vietnam.

DBI's premium revenue in 2023 will reach 13.2 billion USD, with a profit of 1.2 billion USD. DBI is rated A+ by AMBest - a global credit rating agency - and is rated A by S&P credit rating agency.

Double the power, double the benefits for customers

Speaking at the ceremony, Mr. Do Quang Vinh - Chairman of the Board of Directors said that the event of welcoming strategic partner DBI is an important milestone of BSH in the development stage with a higher position and believes that this cooperation will bring many new opportunities for both businesses.

According to Mr. Vinh, DBI's strong financial potential, long-term experience in the insurance sector and global operating network combined with BSH's brand position and existing customer network in the Vietnamese market are expected by both sides to create breakthroughs, shaping BSH's sustainable development future.

Mr. Do Quang Vinh - Chairman of BSH Board of Directors - spoke at the ceremony (Photo: BSH)

Mr. Jeong Jong Pyo – General Director of DB Insurance said that DBI has the responsibility, together with other shareholders, the board of directors and all employees, to build and develop BSH into an insurance company with strong operational capacity in Vietnam and the Indochina peninsula. To achieve this goal, DB Insurance is committed to becoming a reliable companion in realizing BSH's vision and future goals.

Mr. Jeong Jong Pyo – General Director of DBI – spoke at the ceremony (Photo: BSH).

Accordingly, BSH and DBI will focus on developing three pillars. Specifically, the two sides will improve their capabilities in core areas of operation, especially applying digital innovation to develop BSH into a leading digital insurance company, bringing customers the best experiences when using BSH's services.

The company will also pursue a business strategy that puts customer value first, DBI will work with BSH to create an insurance company that is loved by customers by listening to customer opinions, promptly providing products and services that customers want. In addition, DBI and BSH will join hands to build a company that is loved by employees, workers and Vietnamese society.

DB Insurance is a non-life insurance company belonging to the DB Group ecosystem - one of the leading economic groups in Korea.

Established in 1962, with more than 60 years of experience in the field of insurance exploitation and business, DBI is currently known as the second largest non-life insurance company in Korea with a global network of operations.

Saigon – Hanoi Insurance Corporation (BSH Insurance) was established on December 10, 2008, operating in three main areas: non-life insurance, reinsurance and financial investment. BSH Insurance currently provides non-life insurance products in the areas of health, motor vehicles, property and goods.

For more information, customers can find out and contact hotline 1900969609 and website https://bshc.com.vn/

According to Dan Tri newspaper

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