Insurance provider Dai-ichi Life Vietnam has received the licence to raise its capital to $117 million, from $100 million, so as to invest in new distribution channels in Viet Nam.

With this go-ahead from the finance ministry, Dai-ichi Life Vietnam will become one of the top life insurance companies in terms of market capitalisation in the country.

“Dai-ichi Life Vietnam commits to become a ‘lifetime partner’ with Viet Nam and Vietnamese people by striving to pioneer in new aspects, bring significant changes for the sake of the community and realise our objective of becoming the best life insurer in Việt Nam,” said Takashi Fujii, chairman of Dai-ichi Life Vietnam and chairman of member council of Dai-ichi Life International Asia Pacific.

The company has committed to donate VND1.2 billion (US$53,300) to the HCM City Sponsoring Association for Poor Patients at a ceremony to mark its 10th anniversary in Viet Nam on January 18.

The company’s Corporate Social Responsibility (CSR) foundation, For A Better Life, will support the association to perform a charity programme, “Bring Sight to the Poor Blind”, for three years, from 2017 to 2019.

In 2016, Dai-ichi Life Vietnam clocked impressive performance, with its total premium for the year crossing VND5,300 billion ($235.5 million), an increase of 51 per cent over 2015, and a 14.4-time rise since it was established in 2007.

Since its establishment, the company has expanded its network to 200 offices, around 900 employees and 60,000 financial consultants, and serves 1.6 million customers across Viet Nam.

From a small business with a modest market share of 4.4% in 2007, Dai-ichi Life Vietnam’s market share rose over 10% by the end of 2016, affirming its position among the four largest life insurance companies in the country. — VNS