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Last updated: Thursday, August 16, 2018

 

Hanwha Life Commits Long-term Investment in Vietnam Market

Posted: Monday, July 16, 2018

Hanwha Life Vietnam Insurance Co., Ltd announced that the company has recently received approval from the Ministry of Finance to increase chartered capital by issuing license No 51/GPDC6/KDBH in July 10th.

Under the new license, chartered capital of Hanwha Life increase from over US$103 million to $233 million. With new capital injection, Hanwha Life Vietnam has listed among the largest life insurance companies in the local market in term of chartered capital.

Capital injection has strongly demonstrated to Hanwha Life Vietnam's long-term commitment in Vietnam market as well as a solid financial foundation that will help boost its investment and development services with an aim to serve our customers better and better.




With new capital injection, Hanwha Life Vietnam has listed among the largest life insurance companies in the local market in term of chartered capital

Mr. Back Jong Kook, CEO cum Chairman of Member Council said that strong financial resources are an important criterion for every life insurance companies to become reliable financial foundation that helps customers to face with every risk in life. The increase in capital confirmed the long-term investment commitment of Hanwha Group and Hanwha Life in the Vietnam market. At the same time, it brings better quality of customer service to Hanwha Life’s customers.

Founded in 2009, Hanwha Life Vietnam has quickly risen to the group of impressive growth in the insurance industry. Over the past five years (2013- 2017), new premium revenue growth averaged 41%, up 10% in comparison with the industry average. At the same time, total revenue growth was 54%, 24% higher than the overall market growth of 30%. Currently, Hanwha Life Vietnam has built up a wide distribution network with more than 120 customer service centers nationwide and 40,000 dedicated financial consultants.

Aside from business development efforts, Hanwha Life is an enterprise to make great contributions to the local community. The company granted about VND31 billion to donate 45,677 for health insurance cards for the poor, 160 charity houses and 3 health care centers in Bac Kan and Hoa Binh provinces. After nearly 10 years of operation, Hanwha Life Vietnam has received many prestigious awards such as Golden Dragon Award during 6 consecutive years from 2010 to 2015 with the title of "Best Financial Services", Business Award Social Responsibility in 2015 and was honored in the Top 10 Most Sustainable Enterprises of Vietnam in 2017.

During operation in Vietnam, Hanwha Life received the strong support from Hanwha Group (Korea) for experience and financial potential. Hanwha Group now is one of top 10 conglomerates in Korea. In 2017, Hanwha Group was ranked 246th in the Fortune 500th largest enterprises in the world. Presently, Hanwha Group is strengthening its presence in the Vietnamese market with projects totaling nearly USD500 million: Solar power plant in Long An province; Security equipment factory in Que Vo Industrial Zone, Bac Ninh; The first and only aircraft engine factory in Hoa Lac Hi-Tech Park.

In the near future, Hanwha Life will continue to develop and increase its competitiveness in the life insurance market in Vietnam. In addition to the above-mentioned projects, Hanwha Life Vietnam will make good efforts to affirm Vietnam position in the integrated economy stituation. With the support from Hanwha Group, Hanwha Life Vietnam will be the "hub" for Hanwha Group to develop and invest into other countries in the South East Region.

Nam Pham








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