Metlife establishes a joint venture in Vietnam

The American insurer Metlife has joined Bank for Investment and Development of Vietnam (BIDV) and its subsidiary Bank for Investment and Development of Vietnam Insurance Corporation (BIC) to set up a life insurance company. The new insurer will be endowed with a capital of 48 million USD, 60% of which will be detained by MetLife. BIDV and BIC’s shares are respectively of 35% and 5%. Since the takeover of Alico from AIG in 2010 for 16.2 billion USD, the American insurer is present in 10 Asian countries.