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Generali starts operations in Vietnam

  • Operating license granted by Ministry of Finance in Hanoi
  • Vietnam is the second fastest growing economy in Asia after China

Trieste – Generali is ready to begin operations in Vietnam. The Vietnamese Ministry of Finance granted today in Hanoi the Managing Director of Generali Group Sergio Balbinot a licence to run Life insurance operations. The new company, Generali Vietnam Life Insurance Company, is wholly owned by Generali and headquartered in Ho Chi Minh City, where a representative office opened at the end of 2009.

Economic conditions in Vietnam are extremely favourable to the development of the insurance industry, which grew by 22% in 2010 alone thanks to conducive demographic factors (population of 88 million, of which 60 million active) and a low insurance penetration ratio (just 1.6% of GDP) coupled with a domestic saving ratio close to 30%. GDP grew by 6.78%, beating the USD 100 billion threshold. Another extremely important element is the remarkable result attained by the Government in bringing down the poverty ratio from 22% in 2005 to the current 9.45%, which positions Vietnam in the ranks of middle income countries.

The new licence extends the Generali Group’s presence in Asia to 8 countries: China, India, Thailand, Philippines, Japan, Hong Kong, Indonesia and Vietnam. The area represents a strategic market for Generali, in view of its high economic growth and high household saving propensity.

Over the last few years, Generali has strengthened its position in the region: in 2010 the Group reported 43.6% growth in premium income in the area as a whole.

Generali has been operating in China since 2002 and is now one of the most important foreign life insurers in the country. Today, it is active in 10 provinces, through a network of more than 6,000 agents and 830 financial advisors.
In India, Generali has been operating since 2007 and can count on more than 50,000 agents and 3,400 financial advisors.


Generali starts operations in Vietnam 95 kb