Hanwha Life Vietnam increases charter capital to $233 million

Increasing the charter capital of Hanwha Life Vietnam will help strengthen its investment commitment and come along with Vietnam in the long term, while simultaneously making the company one of the largest life insurers by charter capital. The office of Hanwha Life Vietnam in Ho Chi Minh City On July 10, Hanwha Life Vietnam Insurance Co., Ltd. was approved by the Ministry of Finance to increase charter capital through Licence No.51/GPDC6/KDBH. Under the new licence, Hanwha Life’s charter capital increased from $103 to $233 million. Back Jong Kook, CEO cum chairman of Hanwha Life Vietnam’s member council, said that having strong financial resources is an important criterion for life insurance companies to help customers face every risk in life. The increase in capital confirmed the long-term investment commitment of Hanwha Group and Hanwha Life in Vietnam. At the same time, it brings better quality customer services. Founded in 2009, Hanwha Life Vietnam has grown into one of the fastest growing firms in the insurance industry. Over the past five years (2013- 2017), new premium revenue growth averaged at 41 per cent, up 10 per cent in comparison with the industry average. At the same time, total revenue growth was 54 per cent, 24 per cent higher than the overall market growth of 30 per cent. Currently, Hanwha Life Vietnam has built up a wide distribution network with more than 120 customer service centres nationwide and 40,000 dedicated financial consultants. 63 Building, Hanwha Life headquarters in Korea Aside from business development… [Read full story]