Photo: Hanwha Life Vietnam
Insurer receives approval to raise charter capital from $103 mn to $233 mn.
by Linh San
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The Hanwha Life Vietnam Insurance Co. has recently obtained approval from the Ministry of Finance to increase its charter capital.
Its charter capital will increase from over $103 million to $233 million under its new license and will see the insurer listed among the largest life insurance companies in the country.
The capital injection demonstrates Hanwha Life Vietnam’s long-term commitment to Vietnam and its solid financial foundation, which will help it boost investment and development services with the aim of serving customers better.
CEO and Chairman of the Member Council Mr. Back Jong Kook said that strong financial resources are an important criterion for every life insurance company to help customers face all of life’s risks. The increase in capital will also bring better-quality customer services.
Founded in 2009, Hanwha Life Vietnam now records among the most impressive growth in the local insurance industry. New premium revenue growth averaged 41 per cent annually from 2013 to 2017; 10 per cent higher than the industry average.
Total revenue growth was 54 per cent during the period, or 24 percentage points higher than the overall market growth of 30 per cent. Hanwha Life Vietnam has established a broad distribution network with more than 120 customer service centers nationwide and 40,000 dedicated financial consultants.
Aside from its business development efforts, Hanwha Life also makes significant contributions to the local community. It outlaid about $1.3 million in donating 45,677 health insurance cards to the poor and in building 160 houses of charity and three healthcare centers in northern Bac Kan and Hoa Binh provinces.
In Vietnam, Hanwha Life has received strong support from South Korea’s Hanwha Group, offering experience and financial capacity. The Hanwha Group is now one of the Top 10 conglomerates in South Korea. In 2017 it was ranked 246th on the Fortune 500 largest enterprises in the world. It is currently strengthening its presence in Vietnam, with projects totaling nearly $500 million, including a solar power plant in the Mekong Delta’s Long An province, a security equipment factory at the Que Vo Industrial Zone in northern Bac Ninh province, and the first and only aircraft engine factory in the country, at the Hoa Lac Hi-Tech Park in Hanoi.
Hanwha Life will continue to develop and increase its competitiveness in Vietnam’s life insurance market. With support from the Hanwha Group, Hanwha Life Vietnam will be a “hub” for the Group in developing and investing in other countries in Southeast Asia.
- Hanwha Group
- life insurance
- Hanwha Life Vietnam