August 27, 2021

[Corporate News] HDI Global, IFC join forces to develop PVI Holdings

HÀ NỘI — HDI Global SE and International Finance Corporation have entered into a strategic partnership to help strengthen PVI Holdings into a leading insurance company in Việt Nam and Southeast Asia.

HDI has sold a 6.29 per cent stake in PVI Holdings to IFC.

Together, they own more than 51 per cent, and own more than 54 per cent of voting rights.

IFC joins PVI Holdings as an additional long-term anchor investor alongside HDI Global and Vietnam Oil and Gas Group (PVN), who remain major shareholders.

HDI Global and IFC, including two investment funds managed by the IFC Asset Management Company – IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund — intend to join forces and improve PVI Group's corporate governance, risk management and compliance policies, aligning them with international best practices.

They also intend to consolidate PVI's position as the leading provider of insurance solutions in Vietnam’s commercial and industrial sectors and drive its expansion into Southeast Asia.

Besides, they seek to expand its status as a leading provider of non-life insurance products.

Long-term commitment

Following the sale of the shares to IFC, HDI Global will continue to remain the biggest shareholder in PVI Holdings with 45.9 per cent of the charter capital and 48.1 per cent of voting rights.

It intends to retain the investment and achieve majority shareholding over the long term.

Việt Nam is part of the emerging economic regions in Southeast Asia.

Through its shareholding in PVI Holdings, HDI Global is one of the leading property insurers in the region, and hopes to expand its dominance.

Since its purchase of stakes in PVI Holdings, HDI Global has played a significant role in supporting the regional expansion of the company with management know-how.

As a result, the insurer has created a large number of jobs for highly qualified people in Việt Nam.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries.

IFC Asset Management Company, one of its divisions, mobilises and manages capital for investment in businesses in developing and frontier markets.

As an industrial lines insurer, HDI Global SE meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements.

In addition to its prominent position in the German and European markets, the company also has operations in more than 150 countries through foreign branch offices, subsidiary and peer companies and network partners.

It is thus able to offer its customers local policies for their global operations, which ensure that the established service and insurance protection is extended for all covered risks worldwide.

HDI Global SE is a company under the Industrial Lines Division of the Talanx Group. The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Ex-change in the SDA.

The 3,700 employees in this division generated gross written premiums of 6.7 billion euros in 2020.

(vietnamnew.vn)

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