Aetna International Forms Insurance Joint Venture In Thailand
HARTFORD, Conn., January 29, 1998 — Aetna International, Inc., the international arm of Aetna (NYSE: ΑET), today announced an agreement to form two joint venture companies with Osotspa Company Limited, a leading Thai conglomerate,. The two companies --Osotspa Life Insurance Co. and Osotspa Insurance Company Limited-- will provide life insurance and property casualty products respectively.
"This alliance with Osotspa presents an excellent opportunity for Aetna to enter a new market in the Asia Pacific region at a time when valuations are modest," said Frederick C. Copeland, Jr., president of Aetna International. "Currently, only a small fraction of the Thai population owns insurance, and with the government’s ongoing plan to liberalize the insurance industry, we believe the demand for insurance products will increase exponentially in the years ahead as the economy stabilizes and begins to grow again."
Copeland added, "We are particularly pleased to be partnering with Osotspa, a company with an outstanding reputation that is recognized throughout Thailand for its quality products and services."
"Our joint venture with Aetna International positions us well for growth in Thailand," said Surat Osathanugrah, Chairman of Osotspa Company Limited. "By combining Aetna’s expertise in the insurance and financial services sector with our long history in Thailand, we are hopeful the joint venture will become a leader in the country’s growing insurance sector."
Aetna’s proposed joint venture in Thailand represents the Company’s continued commitment to growth in selected emerging markets. Aetna International currently offers life and health insurance and financial services products to more than 13 million customers in 14 countries, primarily in Latin America and the Pacific Rim. Most recently, Aetna International announced a partnership in Venezuela with Seguros Mercantil, the insurance subsidiary of Mercantil Servicios Financieros, and a joint venture with China Pacific Insurance Company, the second largest life insurer in China.
Founded in 1891, Osotspa Company Limited is a leading Thai conglomerate that is engaged, both directly and through its subsidiaries, associated companies and joint venture interests, in a wide range of businesses including manufacturing and distribution of beverages, pharmaceuticals, consumer and industrial products, and providing business services such as advertising and marketing.
Aetna is one of the nation’s largest insurance and financial services organizations, with three primary businesses: Aetna U.S. Healthcare, Aetna Retirement Services and Aetna International.
For more information about Aetna Inc., please visit the company's website at
www.aetna.com.
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