Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766
Increase of shareholdings in Bao Viet Tokio Marine Insurance Co., Ltd.
Tokio Marine Holdings, Inc. (President and Group CEO: Tsuyoshi Nagano, hereinafter the “Company”) announces that the Company reached a definitive agreement to raise its shareholdings in Bao Viet Tokio Marine Insurance Co., Ltd. (“BVTM”), a non-life insurance company in Vietnam, from 49.0% to 51.0% through its wholly owned subsidiary, Tokio Marine Asia Pte. Ltd. (hereinafter “TMAsia”), by way of acquisition of an additional 2.0% shares in BVTM.
Tokio Marine Group established BVTM in 1996 as the first joint venture insurance company with foreign investment in Vietnam, with Bao Viet Holdings (hereinafter “BVHD”), a leading insurance group in Vietnam. Since then, BVTM has been developing non-life insurance business for 20 years in Vietnam.
With an aim of promoting the penetration of Tokio Marine brand and accelerating its business expansion in Vietnam where the economic growth and the growing demand for insurance are anticipated, the Company reached a definitive agreement to raise its shareholdings in BVTM to 51.0% by acquiring 2.0% shares currently held by BVHD in May 2016. We intend to expeditiously proceed with necessary procedures and expect to complete the transaction by the end of June, 2016.
2. Non-Life Insurance Market in Vietnam
Amid stable economic growth and an increasing demand for insurance, Vietnamese non-life insurance market has recently achieved high growth in Southeast Asia recording premium income of approximately USD 1.4 billion in 2015 survey by the insurance authority in Vietnam.
With a large population of over 90 million with promising high proportion of younger generation, the Vietnamese insurance market is expected to continue growing in the Southeast Asia.
3. Company Profile of BVTM (As of the end of December 2015)
|Company Name||Bao Viet Tokio Marine Insurance Company Limited|
|Head Office||Hoan Kiem District, Hanoi, Vietnam|
|Main Business||Non-life insurance business|
|Year of Establishment||1996|
|Charter Capital||VND 300,000,000,000 (approximately JPY1.6 billion)|
|No. of Branches||Head Office, Ho Chi Minh Branch and 2 offices|
|Gross Written Premium
|VND352 billion (approximately JPY1.9 billion)
（no.18/ approximately 1.5％）
|No. of Employees||99|
|Shareholders||TMAsia 49.0%, BVHD 51.0%|