Do Thi Kim Lien, founder of AAA Assurance Corporation.—VNS Photo

HCM CITY (Biz Hub)– Do Thi Kim Lien, founder of the AAA Assurance Corporation (AAA) has sold her entire stake to Insurance Australia Group Ltd. (IAG).

Lien said the move is part of her new financial investment strategy this year, giving her more time for other activities.

As the Honorary Consul of South Africa in HCM City, Lien said she would focus more on developing activities to promote political and trade ties between Viet Nam and South Africa.

She would also engage in more charity work, including giving scholarships to poor students, and building bridges and schools, she said.

Lien said Viet Nam's insurance market remains an attractive destination for many foreign investors.

Lien, 45, founded HCM City-based AAA Assurance Corporation in 2005. She helped raise the corporation's revenue from VND5 billion (US$ 239,000) in 2005, to VND218 billion ($ 10.4 million) in 2008. Despite the impact of the global economic crisis on Viet Nam in 2009, AAA brought in revenue of VND320 billion ($ 15.3 million) and was selected as one of Viet Nam's 50 most famous brands.

The corporation was awarded the National Famous Brand Names Award 2010 by the Ministry of Industry and Trade.

With the additional shares, IAG now holds 60.9 per cent of the corporation's total shares, becoming the majority shareholder.

In June 2012, IAG forked out $16 million to buy 30 per cent of the corporation. The Australian group also sent four representatives to sit on the AAA management board. In March 2013, Lien announced her retirement and handed the position of AAA general director to IAG representative Jon Delalande.

In a meeting of shareholders on July 26, Lien stepped down, paving the way for IAG representative Justin Paul Breheny to be voted as the new chairman.

Total premiums last year reached VND40.96 trillion ($1.93 billion), an increase of 12 per cent over 2011, according to a report tabled at a recent meeting of the insurance industry.

Life insurance premiums accounted for VND18.19 trillion ($860.9 million), a year-on-year increase of 13.7 per cent, while non-life insurance premiums were worth a combined VND22.77 trillion ($1.07 billion), up 10.69 per cent from 2011.—VNS