The Korean life insurer posted strong growth in business results and market expansion in the third quarter of 2017.
|Korean insurer Hanwha has been doing well in Vietnam this year
For the first nine months of 2017, Hanwha Life Vietnam achieved VND478 billion ($21 million) in first-year premium, up by a whopping 47 per cent from the same period last year.
This impressive growth helped Hanwha Life’s market share grow by 0.4 per cent year-on-year. In the same period, the Korean insurer has hired 19,000 new advisors.
To achieve these business results, Hanwha Life Vietnam has constantly expanded its network across Vietnam. By mid-August, the firm has opened 100 points of transaction nationwide, four months earlier than the expected.
Not stopping there, Hanwha Life has sped up its expansion efforts: in September alone, they have launched six agencies in the northern region (Hau Loc, Thach Thanh, and Ha Tinh 2) and the Central area (Thanh Khe, Cam Lo, and northern Quang Binh). As of October, the network included 108 points of transaction.
Hanwha Life revealed that it would continue to open new agencies in more provinces around Vietnam to better serve customers, increase brand presence, and support business growth.
Besides its impressive pace of network expansion, Hanwha Life also focuses on diversifying its distribution channels. The firm has partnered with two leading Korean banks in Vietnam—Shinhan Bank and Woori Bank—in a bancassurance deal, through which Hanwha Life can distribute their products via the networks of these two lenders.
Back Jong Kook, chairman and CEO of Hanwha Life, said that the positive performance during the third quarter was the result of the firm’s bigger network, better service quality, and a greater number of professional advisors.
“As part of our customer-centric culture, we always strive to satisfy the strictest requirements of our customers. We want our advisors to be professional, knowledgeable, and helpful to customers, and our ultimate goal is to become a leading life insurer in Vietnam, with sustainable long-term growth,” said Kook.
Founded in 1946, the $84-billion Hanwha Life is a member of Hanwha Group, one of the ten largest conglomerates in South Korea and among the 500 biggest firms worldwide. Hanwha operates in various businesses, ranging from chemicals, construction, and finance to solar energy.
Hanwha Life has been in Vietnam since 2009, employing 35,000 staff members and servicing 200,000 clients across the country.