WINNERS GALLERY

DB Insurance executed the acquisition agreement for VNI (Vietnam National Aviation Insurance), ranked 10th in the damage insurance market in Vietnam on February 22, 2022. DB Insurance took over a 37.32% stake of PTI (Post & Telecommunication Insurance), Vietnam, ranked 5th (3rd at present) in market share in 2015. DB Insurance acquired a 75% stake of VNI securing the control of the company. VNI, established in 2008, is the good damage insurance company achieving a high growth rate and profitability for five recent years. VNI ranked 10th among 32 damage insurance companies and 3rd in the automobile insurance market (1st in statutory automobile insurance) with a market share of 3.7% as of 2021. In particular, VNI is recognized for its ability for potential growth because of the nationwide sales network and compensation infrastructure.

DB insurance decided to strengthen its business infrastructure in the insurance market in Vietnam in consideration of ▲ high economy growth ability, ▲ young population structure, ▲ global openness and ▲ accessibility to Indochina.

An official of DB Insurance said, “DB Insurance will acquire licenses and permits related to direct foreign investment and the acquisition of stakes in the first half and promote PMI (Post merger Integration) based on localization strategies.

Meanwhile, DB Insurance is focusing on business expansion in the USA. In spite of increasing losses in New York and the slowdown of sales in California, DB Insurance recorded a surplus in four offices in 2019 (based on internal accounting) for the first time. DB Insurance has been continuously expanding in scope since 2020. In particular, DB Insurance California is operating a variety of sales channels, including ▲ Korean consumers, ▲ local agencies and ▲ big MGA (Managing General Agent) on the basis of the a localization strategy and thorough market analysis. DB Insurance successfully entered the commercial automobile market by finding strategic partners.

DB Insurance such an achievement was realized as the sales of offices in Guam, Hawaii, California, and New York reached a certain level and improved stability. Business balance among the regions was secured by overcoming losses by profit in the other office.

DB Insurance is strengthening the activity to implement the sustainable business infrastructure in the USA, including an expansion of sales regions to Texas and Pennsylvania in 2020. DB Insurance will stabilize businesses with differentiated goods and operation per region.