Shinhan Life Vietnam Announces 2024 Financial Report

Shinhan Life Insurance Vietnam Limited Liability Company (Shinhan Life Vietnam) has officially announced its Financial Report for 2024, showcasing a revenue of 402 billion VND and a minimum solvency margin of 4,496%. These results are expected to propel the company's comprehensive growth objectives for 2025.

Shinhan Life Vietnam offers a diverse portfolio of products designed to provide comprehensive and flexible insurance solutions, addressing the varied protection, savings, and investment needs of Vietnamese customers. Throughout 2024, the company continued to focus on enhancing its infrastructure, strengthening the training of its staffs and agents, and preparing for a phase of accelerated growth in the near future.

Amid opportunities and challenges in 2024, Shinhan Life Vietnam has recorded several notable results. Total revenue reached 402 billion VND, with net revenue from insurance business operation amounting to 256 billion VND, reflecting a 19% growth compared to the previous year, and the total assets stood at 2,337 billion VND.

The minimum solvency margin of 4,496%  in 2024 ensures the company maintains effective solvency throughout its insurance operations.

In its forth year of operation in the Vietnamese market, the company remains steadfast on its journey toward sustainable business development while making meaningful and long-term contributions to the community.

Specifically, Shinhan Life Vietnam officially launched its Financial Consultant channel (FC Channel) at the beginning of 2024. This event underscores the company’s strong commitment to partnering with and providing Vietnamese customers with the most comprehensive and suitable financial protection solutions. Additionally, in 2024, the Company relocated to a new headquarters within the same building as other companies under the Shinhan Financial Group in Vietnam, optimizing collaboration between parties and delivering quality financial services.

Beyond its business activities, the company is dedicated to continuing its journey of "Bring Wonders to Life" through charitable programs and tangible community initiatives. Since commencing operations in Vietnam, Shinhan Life has contributed over 2.8 billion VND to various charitable and community-sharing activities, aiming to integrate business with fulfilling social responsibilities. In addition to routine activities such as supporting medical expenses for children with cancer and providing free meals for patients and their families, the company also focuses on investing in education programs, aiming to provide opportunities and access to knowledge for children and youth, thereby promoting their sustainable development in the future.

In 2025, Shinhan Life Vietnam will continue to expand its business operations, strengthen distribution channels, and launch insurance products at reasonable costs to accompany and provide customers with the qualified and suitable financial protection solutions.

T.N (Vietnam Business Forum)