Chairman Park Hyeon-joo, 2nd R, and other executives are joined by key officials of Prevoir Life Insurance led by CEO Patricia Lacoste, R, of Prevoir Group, after taking over 50 % stake in the local life insurance firm, an affiliate of Prevoir Group at a gathering for the occasion in Hanoi, Vietnam, on May 11. (Photo: Mirae Asset)

Mirae Asset Life Insurance’s joint venture life insurance firm, Mirae Asset Prevoir Life Insurance Co., received its license to start operations from local financial authorities on May 11, Mirae Asset Life sail.
The life insurance firm, an affiliate of Mirae Asset Group, said the local joint-venture life insurance firm was set up in July last year with Prevoir Life Insurance Co. by taking a 50 percent stake in the life insurance firm for 1.4 trillion won, and participating in the capital increase for the company by the issuing new shares.
Mirae Asset has become a major shareholder of the local life insurance firm whose premium payment receipts ranked the 10th in Vietnam last year.
Prévoir Group was among the first life insurance companies created at the beginning of the 20th century. It was created in 1910 with as a core business the protection of families by offering life insurance. Prévoir Group is a family-owned company, independent of any financial group. The Korean financial group now as four of its affiliates operating in the S.E. Asian country, Mirae Asset Daewoo, Mirae Asset Wealth Management and Mirae Asset Capital.
Mirae Asset Wealth Management was the first Mirae Asset affiliate to arrive in Vietnam in 2006 and set up its office to launch a bridgehead for the financial group.
In February, the company took over a local asset management firm, Tin Phat jointly with Vietnam Investment Corp. Mirae Asset Daewoo came to Vietnam in 2007 and has been operating ever since as the first Korean securities firm in the S.E. Asian country. The company has the third largest capital pool among 74 securities firms in the S.E. Asian nation.
Chairman Park Hyeon-joo said he will lead Mirae Asset companies in Vietnam to serve their local customers with segregated businesses from Europe and other countries in Asia on a long-term partnership. He made the statement while attending a launching ceremony for the joint-venture life insurance firm on May 11 in Hanoi.
“Our roots are firmly embedded in the dynamic and strategically important markets in which we invest, giving us an extensive network of the industry’s leading emerging market investment professionals spanning the globe,” he said. “Part of our success has been driven by our extensive on-the-ground, research driven capabilities centered on major emerging economies.
“Our Asian heritage and presence is testament to our commitment to the region. Our offices collaborate across borders to generate best in-class investment ideas and leverage research insights to deliver quality financial products to our investors. At Mirae Asset Global Investments, we live our investments.”
Raised in Asia, Mirae Asset has created a global network with a specific focus on emerging markets. This network enables our teams positioned around the globe to capitalize on market-specific investment opportunities efficiently, as and when they arise, so that we can continually meet our clients evolving guidelines for investments.
At Mirae Asset, asset management is at the heart of our business and it enables us to focus on what we are best at. We are not tied to any bank-dominated financial groups and our ability to formulate differentiated, leading investment products is not constrained by any responsibility to affiliates.
Mirae Asset is dedicated to providing innovative products and solutions across major equity fixed income, ETF and alternative asset classes, delivered through a diverse set of investment vehicles.
“Our extensive research capabilities and presence across the emerging markets enable us to formulate views that set us apart from the pack. Furthermore, our size and scale gives us access to best in class market data and insight that we utilize to constantly evaluate our own independently formed investment decisions,” according to the company.