Hanwha Life Vietnam increase chartered capital

18:59 | 12/07/2018 Finance - Banking

Hanwha Life Vietnam Insurance Co., Ltd announced that we has recently received approval from the Ministry of Finance to increase chartered capital by issuing license No 51/GPDC6/KDBH in July 10th. Under the new license, chartered capital of Hanwha Life increase from over $103 million to $233 million.

With new capital injection, Hanwha Life Vietnam has listed among the largest life insurance companies in the local market in term of chartered capital.

Capital injection has strongly demonstrated to Hanwha Life Vietnam's long-term commitment in Vietnam market as well as a solid financial foundation that will help boost its investment and development services with an aim to serve our customers better and better.

Mr Back Jong Kook, CEO cum Chairman of Member Council said that strong financial resources are an important criterion for every life insurance companies to become reliable financial foundation that helps customers to face with every risk in life. The increase in capital confirmed the long-term investment commitment of Hanwha Group and Hanwha Life in the Vietnam market. At the same time, it brings better quality of customer service to Hanwha Life’s customers.

Founded in 2009, Hanwha Life Vietnam has quickly risen to the group of impressive growth in the insurance industry. Over the past five years (2013- 2017), new premium revenue growth averaged 41%, up 10% in comparison with the industry average. At the same time, total revenue growth was 54%, 24% higher than the overall market growth of 30%. Currently, Hanwha Life Vietnam has built up a wide distribution network with more than 120 customer service centers nationwide and 40,000 dedicated financial consultants.

Aside from business development efforts, Hanwha Life is an enterprise to make great contributions to the local community. The company granted about VND31 billion to donate 45,677 for health insurance cards for the poor, 160 charity houses and 3 health care centers in Bac Kan and Hoa Binh provinces. After nearly 10 years of operation, Hanwha Life Vietnam has received many prestigious.