Samsung Life mulls 20% stake in Vietnam’s Bao Viet

Yet another South Korean insurer is eyeing an investment in the fast-emerging market of Vietnam, with Samsung Life considering purchasing 20% of Bao Viet Life. The life insurance arm of the giant Korean conglomerate said that it is currently in negotiations to buy one-fifth of Bao Viet, but has refused to reveal more about the deal, the Korea Times reported. There are hurdles to be addressed regarding some legal issues with the Vietnamese government,” a Samsung Life spokesperson was quoted as saying in the report. Bao Viet Life is the largest Vietnamese life insurer, and, as of October 2018, it had the largest life insurance market share in the country at an estimated 18.6%. Last year, its revenue grew by 32.5% year-on-year to VND29.34 trillion (around US$1.34 billion). Its parent company Bao Viet Holdings is a state-controlled firm and is worth US$2.9 billion.