Increasing the charter capital of Hanwha Life Vietnam will help strengthen its investment commitment and come along with Vietnam in the long term, while simultaneously making the company one of the largest life insurers by charter capital.
|The office of Hanwha Life Vietnam in Ho Chi Minh City |
On July 10, Hanwha Life Vietnam Insurance Co., Ltd. was approved by the Ministry of Finance to increase charter capital through Licence No.51/GPDC6/KDBH. Under the new licence, Hanwha Life’s charter capital increased from $103 to $233 million.
Back Jong Kook, CEO cum chairman of Hanwha Life Vietnam’s member council, said that having strong financial resources is an important criterion for life insurance companies to help customers face every risk in life. The increase in capital confirmed the long-term investment commitment of Hanwha Group and Hanwha Life in Vietnam. At the same time, it brings better quality customer services.
Founded in 2009, Hanwha Life Vietnam has grown into one of the fastest growing firms in the insurance industry. 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.
Currently, Hanwha Life Vietnam has built up a wide distribution network with more than 120 customer service centres nationwide and 40,000 dedicated financial consultants.
63 Building, Hanwha Life headquarters in Korea
Aside from business development efforts, Hanwha Life makes large contributions to the local community. The company donated about VND31 billion ($1.34 million) through 45,677 health insurance cards for the poor, as well as built 160 charity houses and 3 health care centres in Bac Kan and Hoa Binh provinces.
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.
During its operations in Vietnam, Hanwha Life received strong support from Hanwha Group (Korea) in experience and financial potential. Hanwha Group is now one of top 10 conglomerates in Korea. In 2017, Hanwha Group was ranked 246th on Fortune’s list of the 500 largest enterprises in the world.
Hanwha Group is strengthening its presence in the Vietnamese market with projects worth nearly $500 million, including a solar power plant in Long An province, a security equipment factory in Bac Ninh’s Que Vo Industrial Zone, and 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 Southeast Asia.