In an effort to entice overseas companions and unlock contemporary funding alternatives, the Army Insurance coverage Company (MIC) has inexperienced lit a plan to search for strategic buyers in 2023 as a part of its ongoing 2022-2026 strategic roadmap, with the target of clinching a top-3 spot when it comes to market share by 2026.
MIC, the non-life insurer arm of MB Group, introduced a daring new technique at its latest AGM on April 20, which centered on attracting overseas funding, forging strategic partnerships, and a possible merger and acquisition deal.
The transfer comes amidst rising demand for revolutionary insurance coverage merchandise in Vietnam, the place MIC is already a serious participant within the trade.
In charting a brand new course for development, MIC is searching for to faucet into the experience and assets of a strategic accomplice, with the purpose of augmenting its operational scale, bettering monetary efficiency, and driving new ranges of innovation. This might embody upgrading its IT infrastructure, diversifying its product portfolio, and increasing its gross sales channels, amongst different initiatives.
As a part of this effort, MIC has already attracted curiosity from main funding corporations, with the Finland-based PYN Elite Fund changing into a serious shareholder with a stake of almost 6.13 per cent.
Chairman of the Board of Administrators Uong Dong Hung stated, “Nevertheless, the company stays dedicated to discovering the correct strategic accomplice that may greatest meet its wants and drive its long-term success.”
With its sights set on changing into a regional chief within the insurance coverage trade, the corporate is taking daring steps to place itself for fulfillment, together with reaching out to potential companions from Europe and Japan.
This 12 months, MIC will proceed to execute its 2022-2026 strategic plan, which entails designing a novel enterprise mannequin, creating a cutting-edge digital platform, leveraging knowledge, and capitalising on MB Group’s ecosystem benefits.
The insurer goals to say a spot within the high three when it comes to market share by 2026 and to guide the digital transformation cost.
Furthermore, MIC has determined to channel over VND100 billion ($4.3 million) of the funds raised in 2023 in the direction of investing in infrastructure and IT options, thereby enhancing its technological prowess. In the course of the shareholders’ assembly, Hung lauded this degree of funding as being fairly substantial when in comparison with that of different trade gamers.
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