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The anniversary took place at Vinpearl Luxury resort in the Danang city in Vietnam’s central region, featuring the presence of Cha Nam Gyu, CEO of Hanwha Life (Korea), Goo Do-Kyo, director of Sale of Hanwha Life (Korea), Phung Ngoc Khanh, director general of Insurance Supervisory Authority (ISA), and business partners, employees and financial consultants of Hanwha Life Vietnam.
Reaching its 10-year milestone, Hanwha Life Vietnam also marks a step forward in developing its outlook for the future.
“Hanwha Life Vietnam will make every effort to remain productive and contribute to raising Vietnam’s status in a context of international economic integration. With the strong backing of its parent company, I believe that Hanwha Life Vietnam will be achieving incessant growth in the years to come,” said Back Jong Kook, chairman cum general director of Hanwha Life Vietnam
On the occasion, the company’s top leader recalled on the company’s development journey in the Vietnamese market, saying that Hanwha Life Vietnam is the first Korean insurance firm to enter and invest in Vietnam.
Throughout the past decade, with its strong growth, Hanwha Life has been evolving and making contributions to the development of Vietnam’s insurance industry. In the meantime, Hanwha Life has also made significant contributions to the community.
In 2005, Korea Life (a former name of Hanwha Life) opened its representative office in Hanoi, setting foot in the Vietnam market. Only two years and a half later (June 2008), Korea Life obtained its license from the Vietnamese Ministry of Finance, with a starting charter capital of $60 million and headquarters in Ho Chi Minh City.
In April 2009, the firm launched three sales offices in Hanoi and Ho Chi Minh City, setting the momentum for solid network development from there on. Toward the end of 2013, Korea Life successfully built a network of 29 customer service centres, and for the first time, gained premium earnings of more than $10 million. This is a very meaningful number for a recently formed life insurance firm.
In January 2013, Korea Life was renamed to Hanwha Life to be globally brand-consistent with Hanwha Group, as it continued delivering on its strategy of widening the business network and eyed a goal of reaching break-even point by 2017.
To make good on this strategy, in June 2014, Hanwha Life Vietnam injected to $45 million, brought its total capital to $105 million and expanded its customer service network to include 50 customer service centres.
Importantly, the firm’s total premium earnings doubled that of 2013, to $20 million. This laid firm foundation for Hanwha Life to grow strongly as the gross premium earnings for 2016 reached $50 million, and the company arrived at its break-even point one year earlier than the plan.
Following a strategy of ceaseless 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 Vietnam’s premium revenue hit a record $100 million, as the firm ran a 120-outlet customer service network nationwide and amassed a 40,000-strong team of financial consultants.
Not just contributing to the growth of the Vietnamese economy, over the past ten years, Hanwha Life Vietnam has been financing more than VND30 billion ($1.3 million) for numerous community-based projects.
Of these, Hanwha Life Vietnam presented 50,313 health insurance cards to poor people and built more than 160 ‘houses of love’ across the country.
Added to that, the company has built four health centres and two schools, and offered as gifts a large number of scholarships and bicycles, as well as put together various benevolent events to aid poor children in many places across the country.
After a decade in operation, Hanwha Life Vietnam has to date contributed to the Vietnamese coffers an accumulated VND263 billion ($11.4 million) in taxes.
Recognising to the firm’s positive contributions to the community, in September 2018, Ho Chi Minh City People’s Committee awarded Certificate of Merit to Hanwha Life Vietnam, and personally presented the City’s Badge to its top leader Back Jong Kook for the good work he has done for the protection and construction of the southern growth hub.
In 2017, Hanwha Life Vietnam was honourably named among the Top 10 Sustainably developing businesses in Vietnam in an event jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Business Council for Sustainable Development (VBCSD), and various relevant ministries and agencies.
Earlier, in December 2015, Hanwha Life Vietnam was honoured with the CSR Award by the Korean Consulate, Vietnamese Ministry of Planning and Investment, and Korean Ministry of Commerce, Industry and Energy.