[THE INVESTOR] Mirae Asset Life Insurance said on July 5 it has acquired a 50 percent stake in Prevoir Vietnam, the Vietnamese subsidiary of French insurance giant Groupe Prevoir, for 1.1 trillion Vietnamese dong (US$48.41 million).

The Korean insurer will participate in the management for the next five years as the biggest shareholder. The remaining stake is owned by Prevoir.

 

Prevoir established the Vietnamese subsidiary in Hanoi in 2005. The local unit is one of the top 10 insurance companies in the market.

Mirae Asset said it aims to further expand partnership with Asian insurers. The firm has become the fourth-largest insurer in Korea with the recent acquisition of PCA Life Insurance.

By Song Seung-hyun (ssh@heraldcorp.com)