Hanwha Life Vietnam Pledges Strong Investment, Long Time Commitment to Vietnam

11:00:46 AM | 23/4/2019

Hanwha Life Vietnam Insurance Co., Ltd., a member of the Hanwha Group (Korea), recently celebrated its 10th anniversary in Vietnam, putting a key milestone to its journey of ceaseless development, and further pledges long time commitment and even more robust investment in the local market.

The anniversary ceremonially took place at Vinpearl Luxury resort in Danang, with the participation of Mr Cha Nam Gyu, CEO of Hanwha Life (Korea), Mr Goo Do-Kyo, Director of Sale of Hanwha Life (Korea), Mr Phung Ngoc Khanh, Director General of Insurance Supervisory and Authority (ISA), and business partners, employees and financial consultants of Hanwha Life Vietnam.

Mr. Back Jong Kook, Chairman cum General Director of Hanwha Life Vietnam, said at the ceremony: “Hanwha Life Vietnam is the first Korean insurance firm to enter and invest in Vietnam. Throughout the past decade, with its strong growth, Hanwha Life has never ceased to evolve and contribute to the development of the insurance industry in Vietnam. In the meantime, Hanwha Life has also made significant contributions to the community.”

In 2005, Korea Life (a former name of Hanwha Life) opened its representative office in Hanoi, setting foot on the Vietnam market. Only two years and a half later (June 2008), Korea Life obtained its license from the Vietnamese Ministry of Finance, with a starting charter capital of USD 60 million and headquarters in HCMC. In April 2009, the firm launched three sales offices in Hanoi and HCMC, setting the momentum for solid network development from there on. Toward the end of 2013, Korea Life successfully built a network of 29 customer service centers, and for the first time, gained premium earnings of more than USD 10 million. This is a very meaningful number for a recently formed life insurance firm.




Mr. Cha Nam Gyu, CEO of Hanwha Life (Korea) shakes hand with Mr. Phung Ngoc Khanh – Director General Insurance Supervisory and Authority (ISA)

In January 2013, Korea Life was renamed to Hanwha Life to be globally brand-consistent with Hanwha Group, as it continued delivering on its strategy of widening the business network and eyed a goal of reaching break-even point by 2017. To make good on this strategy, in June 2014, Hanwha Life Vietnam injected to USD 45 million, brought its total capital USD 105 million and expanded its customer service network to include 50 customer service centers. Importantly, the firm’s total premium earnings doubled that of 2013, to USD 20 million. This laid firm foundation for Hanwha Life to grow strongly as the gross premium earnings for 2016 reached USD 50 million, and the company arrived at its break-even point one year earlier than the plan.

Following a strategy of ceaseless network buildup and increasing investment in the local market, at the end of 2018, Hanwha Life Vietnam raised its capital for the second time to USD 233 million and became one of the most financially powerful life insurance companies in the market. Also in 2018, Hanwha Life Vietnam’s premium revenue was recorded at USD 100 million, as the firm ran a 120-outlet customer service network nationwide and amassed a 40,000-strong team of financial consultants.

Not just contributing to the growth of the Vietnamese economy, over the past ten years, Hanwha Life Vietnam has been financing more than VND 30 billion for numerous community-based projects. Of these, Hanwha Life Vietnam presented 50,313 health insurance cards to poor people and built more than 160 ‘houses of love’ across the country. Added to that, the company has built four health centers and two schools, and offered as gifts a large number of scholarships and bicycles, as well as put together various benevolent events to aid poor children in many places across the country. After a decade in operation, Hanwha Life Vietnam has to date contributed to the government coffers in Vietnam an accumulated VND 263 billion in tax money.



Mr. Cha Nam Gyu, CEO of Hanwha Life (Korea) and Mr. Back Jong Kook, Chairman and General Director of Hanwha Life Vietnam at the ceremony

Recognizing to the firm's positive contributions to the community, in September 2018, HCMC People's Committee awarded Certificate of Merit to Hanwha Life Vietnam, and personally presented HCM City’s Badge to Mr. Back Jong Kook for the good work he has done for the protection and construction of HCMC. In 2017, Hanwha Life Vietnam was honorably named among the Top 10 Sustainably developing businesses in Vietnam in an event jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Business Council for Sustainable Development (VBCSD), and various relevant ministries and line agencies. Previously in December 2015, Hanwha Life Vietnam was honored with the “Social responsibility” award by the Korean Consulate, Vietnamese Ministry of Planning and Investment, and Korean Ministry of Commerce, Industry and Energy.

Reaching its 10-year milestone, Hanwha Life Vietnam also marks a step forward in developing its outlook for the future. Mr. Back Jong Kook, Chairman cum General Director of Hanwha Life Vietnam emphasized that “Hanwha Life Vietnam will make every effort to remain productive and contribute to raising Vietnam’s status in a context of international economic integration. With the strong backing of its parent company, I believe that Hanwha Life Vietnam will be achieving incessant growth in the years to come.”

Hoa Pham