Italy's largest insurer Assicurazioni Generali SpA (GASI.MI) has won approval to open a life insurance unit in Vietnam as part of its emerging country expansion, Generali said on Wednesday.
The Vietnam unit, based in Ho Chi Minh City, will be operational within six months and is fully owned by Generali, the company said in a statement.
It aims to capture a share of the fast-growing Vietnam market, where insurance premiums grew 15 percent in 2009.
"This clearance gives a further boost to our expansion strategy in countries with high growth potential," Chief Executive Sergio Balbinot said in the statement.
"Generali can be a major player in this market," he said without further details.
Life insurance spending represents only 0.7 percent of Vietnam's gross domestic product, Generali said. It added that Vietnam wanted to triple overall insurance spending per head by 2012.
Generali is targeting Asia and other emerging markets and has set up an asset management tie with China's Guotai (1788.HK) and a private banking activity in Singapore.
Generali shares were up 0.78 percent at 15.50 euros at 1121 GMT, just off Tuesday's two-month high. The STOXX Europe 600 insurance sector .SXIP was up 0.15 percent.
The Vietnam unit, based in Ho Chi Minh City, will be operational within six months and is fully owned by Generali, the company said in a statement.
It aims to capture a share of the fast-growing Vietnam market, where insurance premiums grew 15 percent in 2009.
"This clearance gives a further boost to our expansion strategy in countries with high growth potential," Chief Executive Sergio Balbinot said in the statement.
"Generali can be a major player in this market," he said without further details.
Life insurance spending represents only 0.7 percent of Vietnam's gross domestic product, Generali said. It added that Vietnam wanted to triple overall insurance spending per head by 2012.
Generali is targeting Asia and other emerging markets and has set up an asset management tie with China's Guotai (1788.HK) and a private banking activity in Singapore.
Generali shares were up 0.78 percent at 15.50 euros at 1121 GMT, just off Tuesday's two-month high. The STOXX Europe 600 insurance sector .SXIP was up 0.15 percent.
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