Bao Viet
 |
|
| Joint-stock company | |
| Traded as | : BVH |
| Industry | Insurance |
| Founded | 1964 |
| Headquarters | Hanoi, Vietnam |
|
Key people
|
Lê Quang Bình (chairman) Nguyễn Thị Phúc Lâm (director) |
| Revenue | 14,872 bn VND (2011) |
| 1,521 bn VND (2011) | |
| Total assets | 43,581 bn VND (2011) |
| Owner | Ministry of Finance (Vietnam) |
| Website | http://www.baoviet.com.vn/Home |
Bao Viet (also Bao Viet Holdings Vietnamese: Tập đoàn Tài chính-Bảo hiểm Bảo Việt) is the largest Vietnamese insurance company and Vietnam's seventh largest listed company by market capitalisation. It is state-owned and has a strategic partnership with HSBC, which also holds 18% of Bao Viet's shares. HSBC is, however, soon to be replaced by Sumitomo Life. Besides various insurance products, Bao Viet has diversified into stock market trading, fond management and real estate. It also has subsidiaries in banking, hotels and construction. Bao Viet has been losing market shares in recent years and has also been making losses in the insurance sector since 2009.
Bao Viet was set up following Government Decision 179/CP from 17 Dec 1964. It started operating on 15 Jan 1965, providing traditional insurance products in two branches in Hanoi and Haiphong with a total staff of 20 people and a capital stock of 10 million VND. It was transformed into a corporation (Tổng Công ty) in 1989. Subsidiary BAVINA was set up in England in 1992. By 1996, it was among the 25 largest state companies in Vietnam and was ranked as a special class state company. The government decided to turn Bao Viet into a major finance and insurance group in 2003, enabling it to offer a broad range of financial products other than insurance - a decision that was not implemented until 2007. In 2007 the company established partnerships with national groups such as Vinashin and international companies, namely HSBC. HSBC acquired a stake of 10% and options for another 15% in 2007 and bought another 8% in 2009. From 2007 to 2008 Bao Viet was also restructured, including registration as a joint-stock company and the setting up of several wholly owned subsidiaries in the insurance sector. Bao Viet stocks have been traded in since 2009.
Bao Viet had a share of 23.7% in the insurance market (excluding life insurance) in 2011. This has been gradually decreasing from 38.4% in 2005. Bao Viet is still the market leader, but PetroVietnam Insurance is very close behind. Smaller competitors with just over 10% market share include Bao Minh and PJICO. In general, the insurance market has become more competitive, with companies other than the big four doubling their combined market share to over 30% between 2005 and 2011.
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Wikipedia