Australian insurer buys 30 pct stake in Vietnam's AAA

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Insurance Australia Group Limited (IAG) has entered into a conditional agreement to acquire 30 percent of Vietnam-based AAA Assurance Corporation (AAA).

The CEO of AAA, Do Thi Kim Lien, said: "With a population of 90 million and low level of insurance penetration, Vietnam is market with big potential that will continue growing in the coming years."

IAG Managing Director and Chief Executive Officer, Mike Wilkins, said the investment, valued at approximately US$16 million, marked another step in IAG's strategy to boost its Asian footprint.

"Our goal is for our business in Asia to represent 10 percent of IAG's Gross Written Premium on a proportional basis by 2016," he said.

AAA is predominantly a motor insurer, selling directly to customers through a network of regional and city-based branches. Since its establishment in 2005, AAA has grown to become the sixth largest motor insurer in Vietnam.

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