Dai-ichi Life sets up fund management firm in Vietnam
01 April 2014
Category: News, Asia, Japan, Vietnam
By Maya Ando
Japan’s Dai-ichi Life Insurance Company has launched an asset management division in Vietnam after receiving local government approval to do so. The new firm – Dai-ichi Life Vietnam Fund Management – is an offshoot of Dai-ichi Life Insurance Company of Vietnam, and will concentrate on the asset management side of the business. With initial capital of 120 million yen (US$1.16 million), the new venture will be run by a staff of ten, which includes Takashi Fujii, chairman and president of Dai-ichi Life Insurance of Vietnam, who will head up the new entity.
The establishment of the asset management arm is intended to strengthen product development, and asset management and insurance investments for the life insurer, said the firm in a statement. Dai-ichi Life Insurance Company of Vietnam is the fourth-largest life insurer in Vietnam with market share of 8% and total assets of about 16.4 billion yen as at the end of 2012. The life insurer started to sell annuity product in October 2013.
The Japanese life insurer has a presence in Australia, China, Hong Kong, India, Indonesia, Taiwan, Thailand, Vietnam, the United Kingdom and the United States. Also in the statement, Dai-ichi Life said it aims to expand its share in the domestic life market and to accelerate the expansion of its overseas life businesses.