Hanwha Life expands distribution system through co-operation

Officials from Hanwha Life Vietnam and WorldLink Vietnam signing the partnership deal

On July 27, Hanwha Life Vietnam signed an agreement for a strategic co-operation with WorldLink Vietnam. Accordingly, WorldLink Vietnam will be in charge of consulting and distributing Hanwha Life Vietnam’s life insurance products.

Besides, it also has a strategic tie-up with BOM Finance Service Vietnam to distribute is products through the latter’s distribution system.

Speaking at the signing ceremony, Back Jong Kood, chairman of the board directors of Hanwha Life Vietnam, stated that expanding the network and diversifying distribution channels is part of Hanwha Life’s development strategy in Vietnam. The purpose of the above co-operation is to make it easy for customers to approach financial products.

A member of Hanwha Group, one of the 10 largest companies in Korea, the company derives an advantage from its deep pockets with the charter capital of VND4.9 trillion ($216.8 million).

Hanwha said that this year it would continue building towards its goal of becoming one of the leading life insurance companies in terms of service quality, productivity, and sales growth.

It expects to earn a policy income of VND1 trillion ($44.24 million) this year.

Founded in 2009, Hanwha Life Vietnam has become one of the fastest growing firms in the insurance industry. After nearly 10 years of operation, Hanwha Life Vietnam has received many awards, such as the Golden Dragon Award—which it held for six consecutive years from 2010 to 2015 for "Best Financial Services"—or the Business Award Social Responsibility in 2015 and was one of the Top 10 Most Sustainable Enterprises of Vietnam in 2017.

Over the past five years (2013- 2017), new premium revenue growth averaged at 41 per cent, up 10 per cent in comparison with the industry average. At the same time, total revenue growth was 54 per cent, 24 per cent higher than the overall market growth of 30 per cent.