India International Insurance (III), the Singapore-based joint venture of India’s five state-owned insurance companies, is planning to further expand its geographical footprint in Asia.

III director N. S. R. Chandraprasad was quoted by Press Trust of India as saying that the joint venture is planning to foray into Vietnamese and Malaysian markets in the near future.

Chandraprasad, who also serves as the chairman-cum-managing director of National Insurance Company, one of the five partner companies, said III has grown its business to provide coverage valued millions of dollars since its establishment in 1987.

”But going forward, our plans are to expand III businesses and product lines,”Chandraprasad added.

General Insurers’ Public Sector Association of India CEO M. Parshad said the operations of five parent companies, having a network in 27 worldwide markets, will provide strong support to III’s furure expansion.

III pays annual dividend of approximately SGD39m ($8.80m) to its parent companies, which also include General Insurance Corp of India, The New India Assurance, The Oriental Insurance and United India Insurance, each holding 20% share in it.

The firm offers general insurance products and services to personal and commercial business lines across the country.