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Sumitomo Life to boost Bao Viet's business
The Bao Viet Insurance Company and its strategic partner Sumitomo Life of Japan on Wednesday inked a plan on the first phase implementation of a technical support and capability transfer agreement.
This will be based on a deal first signed late last year after fact-finding tours by both sides to study their business operation and development demand.
Under the plan, the Japanese insurer will support its Vietnamese partner in life insurance, non-life insurance and risk management for one year.
Bao Viet General Director Tran Trong Phuc said the agreement is expected to help the group become a finance-insurance leader in Viet Nam.
Sumitomo Life replaced HSBC Insurance (Asia-Pacific) Holdings Ltd as the new strategic partner of Bao Viet Holdings in December last year when HSBC sold its entire 18 per cent stake in Bao Viet to the Japanese company.
Observers have reacted positively to the switch to Japan's fourth-largest insurers, saying that Sumitomo Life should help Bao Viet Holdings reach the next level in its long-term ambitions.
During HSBC's five-year partnership it supported Bao Viet in corporate governance and insurance technique.
In contrast, Sumitomo Life said it would support Bao Viet in distribution quality and the development of new insurance products – two core factors in running a successful insurance company.
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