Kyobo Life Insurance in talks with potential Vietnamese partners

December 28, 2021 | 10:42

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Kyobo Life Insurance, South Korea's third-biggest insurer, has expressed intentions to partner up with Vietnamese insurers.

Kyobo Life Insurance in talks with potential Vietnamese partners

Kyobo Life Insurance is the third-largest insurer in South Korea

In particular, Kyobo Life said this month that it has been negotiating with Bao Long Insurance and BIDV Metlife, two Vietnam-based insurers, to expand its footprint in the Southeast Asian country.

This was Kyobo Life’s announcement during Vietnamese National Assembly Chairman Vuong Dinh Hue’s official visit to South Korea earlier this month.

Pyun Jung Bum, chairman and general director of the Kyobo Organisation, remarked that the group pays special attention to Vietnam as one of Korea's three largest life insurance enterprises with a commercial expansion plan in Southeast Asia.

Moreover, the foreign insurer also showed its desire to engage in the healthcare and startup sectors in order to help Vietnam's digital transformation.

Meanwhile, Kyobo Life is reportedly preparing to file for an IPO with the Korean Exchange by the end of this year, with the objective of going public on the main exchange in the first half of 2022.

After tapping into public funds, Kyobo Insurance will expand its reach across other emerging nations, notably Vietnam.

By Tri Lam

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