Allianz partners with FPT Group to enter Vietnam’s general insurance market
The Memorandum of Understanding (MOU) proposes bringing the two complementary businesses together, with Allianz providing expertise and advice on best practices in insurance product customisation, financial technology, and asset management. FPT will provide access to its distribution channels and affiliates, advise and assist Allianz with local market knowledge, and connect the firm with FPT’s subsidiaries and partners.
The signing ceremony took place on the side-lines of the World Economic Forum in Davos and was attended by Prime Minister of Vietnam Nguyen Xuan Phuc, Allianz SE Board Member Sergio Balbinot, and FPT’s Founder & Executive Chairman Dr. Truong Gia Binh.
Sergio Balbinot, Member of Board Management, Allianz SE, said, “We are delighted to embark on the next stage of our partnership with FPT Group at an exciting time for the development of the Vietnamese economy. Allianz is well-placed to support the protection needs of local consumers by delivering innovative digital insurance solutions for a demographic ready to adopt them.”
Dr. Truong Gia Binh, Founder & Executive Chairman of FPT Group, said, “FPT and Allianz are the perfect match to address the needs of the growing Vietnam market. Allianz has the protection expertise to provide accessible and innovative insurance services, while FPT provides the local knowledge and a digital network reaching an expanding, educated and youthful population. Our partnership is exciting for the future growth potential of Vietnam, and we look forward to many successes.”
George Sartorel, Regional Chief Executive, Allianz Asia Pacific, said, “Today’s announcement outlines our intention to expand Allianz’s world-leading digital insurance products and services into Vietnam – a key emerging market and one of the fastest growing economies in Asia. FPT is the right partner for Allianz to enhance its ability to build a strong market position in the country, and further underscores our ambitious growth strategy in the wider region. We look forward to contributing to the continued development of Vietnam’s fast-growing insurance sector, boosting financial inclusion for the under-protected, and reaching an expanding pool of digitally-minded consumers.”
As the leading IT corporation in Vietnam with more than 10 years of experience in the insurance industry, FPT is well-placed to assist clients with end-to-end services, which are trusted by customers worldwide. Moreover, FPT guarantees an extensive ecosystem with technology expertise in multiple industries.
Vietnam is one of the fastest growing economies in Asia, with a general insurance market which is expected to experience robust growth. Combined with Vietnam’s high internet and mobile penetration, the country is well placed for increased access to digital insurance solutions.
The MOU details both Allianz and FPT Group’s intention to enter into a JV agreement for the establishment of a newly incorporated general insurance company in Vietnam. In line with local regulations, regulatory approval will be sought at the appropriate time.
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**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.