Liberty Insurance increases its Vietnam capital to $64 mil.

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Liberty Insurance Limited said Friday its has increased its investment capital as part of its expansion plan to become one of the five largest non-life insurers in the Vietnamese market.

The capital increase of VND209 billion, to a total of more than VND1.2 billion (US$64 million), will help the company continue the development of its distribution systems, information technology investments, human resource training programs, product diversification and customer service quality benchmarks, Carlos Vanegas, CEO of Liberty Insurance, said in a statement.

"With financial strength, we can timely meet the financial obligations of our customers and partners while building a solid foundation for company development," he said.

Liberty, a member of US-based Liberty Mutual Group, was awarded the investment license to operate in Vietnam in 2006. According to the company, it currently holds the seventh position out of 29 non-life insurance companies in Vietnam, based on net premium revenue.

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