Jeong Jong-pyo, CEO of DB Insurance, has reaffirmed the company’s commitment to expanding its global business and strengthening its presence in the Vietnamese market by hosting a global performance awards event in Nha Trang, Vietnam.
According to Vietnamese media outlet DNSE on the 15th, DB Insurance recently held an awards ceremony in Nha Trang to recognize insurance planners who achieved outstanding sales performance in the past year. The event also aimed to encourage global talent and reinforce collaboration with local affiliates. Over 800 top-performing employees from various countries attended the ceremony, including CEO Jeong.
This marked Jeong’s first visit to Vietnam in one year and ten months, since June 2023. In addition to attending the awards ceremony, Jeong met with Kim Kang-wook, head of the company’s local subsidiaries, to review business performance and discuss mid- to long-term strategies. He also emphasized the importance of improving profitability. Kim currently oversees two DB Insurance subsidiaries operating in Vietnam.
DB Insurance first entered the Vietnamese market in 2011 by establishing a representative office in Ho Chi Minh City. In 2015, the company acquired approximately 37% of the state-owned insurer PTI, and in 2023, it expanded its presence by acquiring a 75% stake in both Vietnam National Aviation Insurance (VNI) and Saigon-Hanoi Insurance (BSH).
The company is actively expanding its footprint in the Vietnamese market through VNI and BSH. As of 2023, BSH held a 4.2% market share in terms of gross written premiums, ranking 9th, while VNI held a 3.6% share, ranking 10th.
Meanwhile, VNI is currently undergoing a name change. At an extraordinary shareholders’ meeting held in February, a resolution was passed to rename the company DBV Insurance Corporation (DBV). The change is intended to eliminate confusion with aviation-related insurers, as Vietnam Airlines is no longer a shareholder, and to better align the brand with DB Insurance’s broader business strategy.
