Following an impressive first 10 years, the first Korean life insurance firm in Viet Nam, Hanwha Life Vietnam Insurance Co., Ltd., now stands ready to achieve a new goal – that of becoming one of the top life insurance companies in the country.
Built on a solid decade-long bedrock
Capitalising on its strengths like financial might and the 70-year experience in the vibrant Korean financial market of its holding company Hanwha Life, Hanwha Life Vietnam has been very impressive in its first decade of existence.
As pointed out by a respected insurance expert, Hanwha Life's impressive success in Viet Nam has been a result of sound market positioning and strong human resources localisation strategy.
Leaders of Hanwha Group, Hanwha Life Vietnam and Representatives of ISA, performed the ceremony to celebrate Hanwha Life Vietnam 10 years of establishment.
Back Jong Kook, chairman cum general director of Hanwha Life Vietnam, said: “Even though we are an insurance company with 100 per cent Korean investment, Hanwha Life Vietnam has only three Korean nationals and the remaining close to 300 employees are Vietnamese.
“Its highly skilled Vietnamese staff, with deep understanding of the local market and customer's needs, has helped Hanwha Life quickly grow its customer base all over the country and create a formidable competitive edge in the market.”
Just a decade into operation, Hanwha Life has cemented its rock solid position in Vietnam reflected by the 120 points of service, nearly 40,000 professional financial consultants and 300 permanent employees.
Throughout this decade-long journey, Hanwha Life Vietnam has consistently achieved a stellar growth rate and remained among the fastest growing life insurance firms in the market.
Back Jong Kook said: “We are proud to be one of the few life insurance companies to break even and make a profit after just eight years of operations, which was, by the way, one year earlier than planned.
“At the same time, with constant growth in premium earnings from new policies and improved contract retention, Hanwha Life Vietnam touched the milestone of US$100 million in gross premium revenues in 2018.”
The year 2018 was also a major landmark in the company’s history in the country as Hanwha Life Vietnam raised its charter capital for the second time to $233 million to become one of the most financially powerful companies in the market.
Over the last 10 years Hanwha Life Vietnam has not only proved itself through impressive business growth numbers, but has also contributed substantially to the local community and helped improve the lives of poor people in many places across the country with meaningful community-based projects worth up to VND30 billion.
Prepared to set new goals
With its GDP growth rate consistently above 6 per cent and life insurance market growth of around 25%, Viet Nam has been identified as a key market of Hanwha Group in Southeast Asia.
Cha Nam Gyu, vice president of Hanwha Group, and CEO of Hanwha Life (Korea), said at Hanwha Life Vietnam’s 10th anniversary: “Hanwha Life Vietnam is preparing itself for further steps forward built on the success of the past ten years. The parent company will provide assistance to launch Hanwha Life Vietnam as a model success story for constant growth.”
Mr. Cha Nam Gyu, CEO of Hanwha Life (Korea) and Mr. Back Jong Kook, chairman cum general director of Hanwha Life Vietnam at the ceremony.
To be more specific, with the financial consulting business as its backbone, Hanwha Life Vietnam will branch out to markets in major cities and strengthen its competitiveness to make a difference.
Through the bancassurance channel, the company will be more aggressive in carrying out work related to this domain, focusing on providing necessary support for the growth of the group insurance business.
Furthermore, Hanwha Life Vietnam will also provide more financial services to provide better access and choices for varying customer groups. Added to that, Hanwha Life Vietnam will renovate its financial services on a digital platform.
Speaking about the road ahead, Back Jong Kook said: “A decade has passed. Now we look to new and challenging goals ahead. With the strong backing of our parent company, we will make Hanwha Life one of the top life insurance firms in Viet Nam and a stronghold for Hanwha Group to grow its business and invest in other markets in the region.”