Thursday , June 13 2024

Toll booth operator Tasco buys French insurer

Transport infrastructure developer Tasco has bought out Groupama Vietnam General Insurance Company from its French owner, Groupama Assurances Mutuelles for an undisclosed sum.

It said the deal is an important step in its development strategy to provide personal insurance products for vehicles and their owners.

At its annual meeting in April Tasco had announced plans to acquire a domestic non-life insurance company, saying its vehicle showrooms and millions of customers of its subsidiary, VETC Electronic Toll Collection Company, were competitive advantages that no other insurers had.

It reported revenues of nearly VND460 billion (US$19.6 million) in the first half of this year, a slight decrease year-on-year, and pre-tax profits of nearly VND125 billion.

Electronic toll collection on highways began nationwide in August. Some 2.5 million vehicles use them, and the figure is expected to double in the next five years.

VETC operates 79 out of the 114 electronic toll stations in the country.

Tasco plans to acquire more stakes in Saigon General Service Corporation (Savico), a leading automobile distributor, and then, by 2026, increase the number of showrooms to 120 from the current 73.

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