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Vietnam Air, Bao Minh sign $4 bln insurance deal

Sun Jan 13, 2008 8:55pm EST

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HANOI, Jan 14 (Reuters) - Vietnamese insurance firm Bao Minh BMI.HN, 16.6 percent owned by French insurer AXA (AXAF.PA), said it had signed a $4 billion insurance contract with national carrier Vietnam Airlines.

The 64 trillion dong ($3.97 billion) deal would cover aircraft and the nine million passengers expected to fly the national carrier this year, Ho Chi Minh City-based Bao Minh said in a statement on its Web site (www.baominh.com.vn).

In another statement, Bao Minh, or the Ho Chi Minh City Insurance Corp, said its net profit last year rose 45 percent from 2006 to 145 billion dong as revenues firmed 18 percent to 1.71 trillion dong.

Shares in Bao Minh, Vietnam's second-largest insurer after unlisted Bao Viet, closed up 3.8 percent at 76,800 dong last Friday, valuing the firm at around $510 million.

The company, 63 percent owned by Vietnam's Finance Ministry, holds about one fifth of Vietnam's non-life insurance market. Industry reports estimated revenues of the country's non-life insurance sector jumped nearly 30 percent to 8.35 trillion dong last year. ($1=16,104 dong) (Reporting by Ho Binh Minh; Editing by Valerie Lee)



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