There is ravenous appetite for M&A dealmaking in the insurance market Global insurance companies are vying with rivals to buy the Singaporean and Vietnamese businesses of Britain’s Aviva in a deal likely to be worth $2.5 billion. Aviva set foot in Vietnam in 2011 through a joint venture with VietinBank. In April 2017, Aviva bought out VietinBank from the insurance company in Vietnam, as well as signed an 18-year exclusive agreement for distributing life insurance products through VietinBank. So, if the M&A deal is completed, VietinBank will have to co-operate with a new partner. Asia’s fast-growing economies and its relatively low penetration by insurance make the region a promising market for global insurers – the regional market, worth $1.7 trillion in premiums, is expected to account for 42 per cent of global premiums by 2029 from about a third currently, a Swiss Re Institute report showed. However, some overseas insurers have been struggling to scale up in the face of tough competition from larger regional players, as well as regulatory restrictions on foreign ownership in large markets including China and India. The divestment of the Aviva units, if completed, would add to the last couple of years’ strong M&A momentum… Read full this story
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