Annual first year premiums of Hanwha Life Vietnam has increased strongly over the past years. — Source the company

Hanwha Life Vietnam Insurance Co reported first year premium revenues of VND1.05 trillion (US$45.3 million) last year, a year-on-year increase of 20 per cent.

The strong growth was thanks to the Korean company’s strategy of expanding its network, diversifying distribution channels, improving customer service quality, and embracing technology 4.0.

The premium figures have been rising strongly from VND176 billion ($7.57 million) in 2013 to VND371 billion ($15.97 million) in 2015 and VND690 billion ($29.7 million) in 2017.

Back Jong Kook, chairman and general director of the company, said; “Over the past 10 years our sales team and employees have dedicated their efforts to enable Hanwha Life Vietnam to develop to the point it has today."

By co-operating with fintech partners such as Thebank.vn and Gobear last year, the company further diversified its distribution channels.

It added 32 new offices and general agents last year and plans to add 30 more this year.

At the end of last year it had over 150 service points with 44,000 financial consultants and over 400 permanent employees.

It has a charter capital of nearly VND4.9 trillion ($211.27 million), one of the highest in the market. — VNS