International Finance

Mirae Asset Prėvoir aims to rank among top 5 life insurance companies in Vietnam

Mirae Asset Prėvoir , MAP Life, insurance company, Vietnam, Mirae Asset Financial Group, Korea, National Citizen Bank, bancassurance
After the M&A deal, Mirae Asset Prévoir (or MAP Life) creates a new angle to the Vietnamese life insurance market

2018 Transformation Journey

MAP Life is a harmonious combination of Mirae Asset Life which is a member of Korea-based Mirae Asset Financial Group—a leading independent financial services group in Korea, and Prévoir, a French independent insurance group with a rich heritage of over 108 years of serving the investment and protection needs of individuals and families worldwide.

With the joining of Mirae Asset Life, 2018 marked a significant milestone for MAP Life in Vietnam: Prévoir Vietnam changed the name of its life insurance to Mirae Asset Prévoir (“MAP Life”) in the country. MAP Life is the unique to the life insurance industry, where the transaction is done between two FDI partners and the only insurer named among “Top 10 Best M&A Deals 2017-2018.”  Although, the brand name has changed, its commitment remains the same: to provide customers, business partners, employees and other stakeholders with superior products and services that both Prévoir and Mirae Asset Life have developed over the years.

Having over 14 years of experience operating in Vietnam, the company (now known as MAP Life) is focusing on developing in-depth understanding of customers’ needs, building a strong base for financial soundness, and strengthening diversified distribution channels with an aim to provide local customers with increasing value propositions. So far, the company is proud to be among a few life insurers in Vietnam which has remained profitable in the past 3 years.

Since inception, MAP Life has been adopting a uniquely novel business model that best utilises strategic partners. Up to now, MAP Life has expanded its partnership to include local and foreign financial institutions on the basis of a win-win cooperation, meaning customers, partners, and MAP Life win.

Expectations in life insurance marketTop 5 in 2017-2021

In the middle of 2017, MAP Life focused on developing its sales forces, expanding over 10 new sale offices across the country besides the bancassurance partnership with the leading commercial banks and exclusive distribution agreement with National Citizen Bank. With strong support from both Prévoir and Mirae Asset Life, and their valuable experience, MAP Life is executing its strategy for rapid and sustainable growth. In 2018, MAP Life continued to successfully expand its partnership with financial institutions including Mirae Asset Finance Company and F88 Business JSC.

“We have been increasing investment, consolidating and upgrading infrastructure to serve the customers, continuing to develop distribution channels and diversify the product portfolios. Continuing to expand sales offices in provinces and cities apart from forging the strategic partnership in bancassurance and financial institutions” Chairman and CEO of MAP Life Mr. Khamsaya Soukhavong said.

MAP Life is currently one of the leaders in the Vietnamese life insurance market in terms of new policies issued per year. As of December 2018, being the top 5 in terms of profitability in life insurance market and a solvency margin up to 2,000%, MAP Life has a solid foundation and financial strength to ensure its long-term commitments to its clients and to the Vietnamese market, working toward its mission: “providing one-stop shop for fulfilling customers’ lifestyle aspiration.”

With the strong contribution to the life market, MAP Life is honoured to receive local and international awards in 2018 such as Golden Dragon 2017-2018, Top 10 Most reputable 2017-2018, Top 100 Best products, services for families and children, and The fastest growing partnership life insurance company 2018 awarded by International Finance Magazine, UK.

Map Life continues to pursue its initial strategy in an effort to maintain a sustainable growth through its ambition to be among the top 5 best insurance companies in the coming years.

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