Shinhan Bank Vietnam and Samsung Vina Insurance Company team up to distribute property insurance products in Việt Nam. — Photo courtesy of the bank

Shinhan Bank Vietnam has signed an agreement with Samsung Vina Insurance Company to distribute to its corporate customers the latter’s property insurance products.

Kang GewWon, CEO and general director of Shinhan Bank Vietnam, said: “I believe that this co-operation will help leverage the effectiveness, potential and strengths of both sides to improve the capacity and create competitive advantages for both Shinhan Bank and Samsung Vina Insurance.”

Ye Young Hae, general director of Samsung Vina Insurance, said: “Samsung Vina Insurance and Shinhan Bank Vietnam share a similar vision: a business development strategy focused on sustainable and effective growth and risk management while sharing customers’ risks with high-quality services.

“This signing ceremony lays the foundation for the relationship between the two parties and for further successes in the co-operation between Samsung Vina Insurance and Shinhan Bank.”

The non-life insurance market has changed dramatically in recent years with premium revenues growing steadily every year.

In particular, according to data from the Vietnam Insurance Association, property insurance revenues in the first half of the year accounted for 29 per cent of total premiums after growing at 10.9 per cent over the same period last year.

Shinhan Bank said it expects to bring practical values to business customers through a co-operative relationship with Samsung Vina Insurance, one of the reputable insurance companies in the Vietnamese market, and enable them to have more suitable insurance options and access to comprehensive banking solutions at one transaction point. — VNS