Company receives permission from MoF to raise charter capital to $87 million, with a further increase to come this quarter.
The Ministry of Finance has given approval to Dai-ichi Life Vietnam to raise its charter capital from $72 million to $87 million. The company will now implement its plan to increase its capital to $100 million within the first quarter of this year.
This is the second time in its nine years of operation that Dai-ichi Life Vietnam has increased its charter capital to promote business expansion and investment, marking a milestone in its journey to reach its goal of becoming the leading life insurance company in Vietnam.
With charter capital of $100 million Dai-ichi Life Vietnam would join the ranks of life insurance companies with the largest market capitalization in Vietnam.
The company’s total premium revenue reached over VND3.5 trillion ($157.5 million) in 2015, an increase of 40 per cent over 2014. Total premium revenue has grown more than nine-fold in the its nine years and it has maintained its position as the fourth-largest life insurer in the country.
On January 18 Dai-ichi Life Vietnam and Vietnam Post signed a contract on exclusive and long-term insurance agencies, in particular in remote localities.
Speaking at the signing ceremony, Mr. Takashi Fujii, Chairman of the Member Council of Dai-ichi Life Vietnam, said the cooperation with Vietnam Post was part of the company’s strategy to diversify distribution channels to provide the opportunity for all people in Vietnam to access the company’s life insurance products and services.
The cooperative arrangement was a milestone for both in contributing to strengthening relations between Vietnam and Japan.