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Baoviet Life Insurance invests $141.6m in bonds
The Baoviet Life Insurance Corporation, bought VND3 trillion (US$141.6 million) worth of 30-year government bonds, accounting for 77 per cent of the volume issued by the Ministry of Finance.
This is the first time the 30-year bonds have been issued in Viet Nam.
General Director of Baoviet Life Insurance Than Hien Anh said the investment in long-term government bonds aims to strengthen the strategic orientation of effective and sustainable growth of the company.
In addition, the investment will ensure a stable long-term income for the company, she said.
Besides, it also contributes to providing financial resources for the country's economic development, as well as infrastructure projects, she said.
Previously, Prudential Vietnam, a local branch of the United Kingdom-based insurance and financial services company Prudential, on January 4 bought investment certificates for these bonds, worth VND500 billion ($22.21 million).
Baoviet Life Insurance Corporation, a subsidiary of Bao Viet, was established in 1996, and mainly operates in life insurance, receives or cedes re-insurance in life, healthcare insurance and personal accidents. In 2014, the company had total asset of VND30.6 trillion ($1.44 billion) and revenue of VND10.76 trillion ($508 million).
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