Samsung Fire & Marine buys stake in Vietnamese insurer

Samsung Fire & Marine Insurance Co., South Korea's top non-life insurance company, has agreed to buy a 20 percent stake in a Vietnamese non-life insurer.

Samsung Fire & Marine buys stake in Vietnamese insurer

It is as part of its efforts to tap deeper into the Southeast Asian country, source from the Yonhap.

Under the deal with a Vietnamese state-run oil firm, Petrolimex, Samsung Fire will buy the stake in PJICO, Vietnam's fifth-largest non-life insurer with a 7 percent market share.

The value of the deal was not disclosed.

Samsung Fire established its operations in Vietnam in 2002, and its insurance premiums reached 53.8 billion won (US$47.3 million) there last year, with its pretax income totaling 6.9 billion won.

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