South Korean insurer Hanwha Life Vietnam Insurance Company Ltd recently said that it would make every effort to remain productive and contribute to raising Viet Nams status in the context of the countrys international economic integration.

Speaking at a ceremony to celebrate its 10 years in Viet Nam, Back Jong Kook, chairman cum general director of Hanwha Life Vietnam, said the companys 10th year anniversary was a “key milestone for the companys journey of ceaseless development”.

He pledged long-term commitment to Viet Nam and even more robust investment in the local market, emphasising that “with the strong backing of its parent company, I believe that Hanwha Life Vietnam will be achieving incessant growth in the years to come.”

Hanwha Life Vietnam, a member of the Hanwha Group (Korea), was the first Korean insurance firm to enter and invest in Viet Nam.

Over the past decade, with its strong growth, Hanwha Life has never ceased to evolve and contribute to the development of the insurance industry in the country, it said. During that time, the insurer also made significant contributions to the community.

In 2005, the company opened its representative office in Ha Noi. Only two and a half years later in June 2008, Korea Life obtained a license from the Ministry of Finance, with a starting charter capital of US$60 million and headquarters in HCM City.

Following a strategy of network buildup and increasing investment in the local market, at the end of 2018, Hanwha Life Vietnam raised its capital for the second time to $233 million and became one of the most financially powerful life insurance companies in the market.

Also, in 2018, Hanwha Life Vietnams premium revenue totaled $100 million as the firm ran a 120-outlet customer-service network nationwide and amassed a 40,000-strong team of financial consultants.

Hanwha Life Vietnam has offered more than VND30 billion in financing for numerous community-based projects. Of these, Hanwha Life Vietnam presented 50,313 health insurance cards to the poor and built more than 160 so-called “houses of love” across the country.

After a decade in operation, Hanwha Life Vietnam has contributed an accumulated VND263 billion ($10.3 million) in taxes to government coffers. — VNS