Double the benefits for customers as BSH and DB Insurance “come together under one roof”

BSH – DB Insurance: Golden Partnership, Unlocking Myriad Potentials

On February 27, 2024, the announcement ceremony of DB Insurance (DBI) being a foreign strategic shareholder of BSH Insurance was solemnly held at the JW Marriott Hotel in Hanoi. Accordingly, DBI officially became a foreign strategic shareholder, holding 75% of the charter capital of BSH, equivalent to 75 million shares (UPCOM code: BHI), with the remaining shares belonging to the ownership of the Vegetexco Corporation – Vegetable and Fruit Company (Vegetexco – 10.1%), Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB – 4.29%) and other shareholders.

As a result, BSH officially joins the list of insurance companies with foreign investment (DNBH). According to statistics from the Vietnam Insurance Association, in the past 5 years, BSH has been one of the fastest-growing companies in the market with an average annual growth rate of 39.2%. At the end of 2023, BSH’s original insurance premium revenue reached 2,949 billion VND, ranking in the Top 4 in terms of market share in the motor vehicle insurance sector. In terms of revenue scale, BSH currently ranks 9th out of 32 largest insurance companies in the market. In terms of investment activities, the estimated short-term return on investment for 2023 is 22%, higher than the market average (over 11%).

As the second largest non-life insurance company in South Korea with 60 years of experience in the industry, DBI possesses strong financial capacity, a well-thought-out business strategy, and an operational network in many countries such as the United States, China, and some Southeast Asian countries including Vietnam. DBI’s insurance premium revenue in 2023 reached 13.2 billion USD, with a profit of 1.2 billion USD. DBI is rated A+ by AMBest – a global credit rating agency, and is also ranked A by the S&P credit rating agency.

Doubling the Strength, Doubling the Benefits for Customers

In his speech at the ceremony, Mr. Do Quang Vinh – Chairman of the BSH Board of Directors stated that the occasion of welcoming strategic partner DBI is an important milestone for BSH in the development phase, with a higher position, and he believes that this cooperation will bring new opportunities for both companies. With strong financial capacity, long-term experience in the insurance sector, and a global operational network, combined with the brand position and existing customer base of BSH in the Vietnamese market, it is expected that this cooperation will create breakthroughs and shape the sustainable development future of BSH.

Mr. Do Quang Vinh – Chairman of BSH Board of Directors speaking at the ceremony (Photo: BSH)

Mr. Jeong Jong Pyo – CEO of DB Insurance stated that DBI is responsible, together with other shareholders, the leadership and all employees, for building and developing BSH into the strongest operating insurance company in Vietnam and the Indochina Peninsula. To achieve this goal, DB Insurance commits to becoming a reliable companion in the realization of BSH’s future vision and goals.

Mr. Jeong Jong Pyo – CEO of DBI speaking at the ceremony (Photo: BSH)

Therefore, with the commitments from the two leaders of BSH and DBI, customers can trust that the cooperation between the two reputable insurance brands of Vietnam and South Korea will “double” the benefits for customers in the future. Accordingly, the three pillars that BSH and DBI focus on developing include: improving capabilities in core business areas, especially by applying digital innovation to develop BSH into a leading digital insurance company, providing customers with the best experience when using BSH’s services; pursuing a business strategy that puts customer value first, DBI will work with BSH to create a beloved insurance company by listening to customer opinions and providing timely products and services that customers desire; DBI and BSH will work together to build a company that is loved by employees, workers, and Vietnamese society.