Saigon-Hanoi Insurance Corporation Sells 75% Stake to South Korea's DB Insurance
DB Insurance has acquired a 75% ownership stake in Saigon-Hanoi Insurance Corporation (BSH), following its recent acquisition of Aviation Insurance, positioning itself as a major player in the Vietnamese insurance market. A consortium of 21 shareholders, including 19 individuals and two organizations, entered into an agreement on June 13 to transfer a substantial portion of BSH’s equity, involving the sale of 75 million shares to DB Insurance.
This transaction is subject to the requisite approval from the Ministry of Finance and compliance with relevant legal procedures. The shareholder consortium has recommended to the Board of Directors of BSH to include this matter on the agenda for the upcoming AGM scheduled on June 20, 2023, seeking approval for an exemption from the requirement to conduct a public tender offer. BSH has been recognized as one of the fastest-growing entities in the Vietnamese insurance industry, with strategic partnerships with renowned global insurance giants such as Swiss Re, Munich Re, CCR, Korean Re, Trans Re, and Catlin. The company operates through a network of 52 subsidiary units, with nearly 90 business divisions serving clients nationwide.
DB Insurance has also acquired a controlling stake of 75.18% in Aviation Insurance Corporation, assuming the role of the parent company and gaining control over its operations. DB Insurance is a leading non-life insurance provider in South Korea, with total assets of $48.93 billion and direct insurance premium income of $12.56 billion as of the close of 2022.