RoK insurer expands business in Vietnam
The Republic of Korea’s Hanwha Life Insurance on November 5 said the company aims to become the fifth biggest insurers in Vietnam by 2020.
Hanwha Life Vietnam General Director Baek Kong-guk stressed that Vietnam’s economy has grown around 6% a year since 2009 when the company entered this promising market.
Insurance demand in the country has been on the rise although its annual gross domestic product (GDP) per capita stands at about US$2,000, he added.
After establishing a sales network across Vietnam in the past seven years, the company is seeking stable growth in both profit and market share in the country (about 8%).
A company’s spokesman said Hanwha Life has employed locals for most of its positions in Vietnam. Only three of the 238 employees are Korean.
The company has also pledged to increase social activities, such as building health care centres, kindergartens and houses for impoverished people in northern areas of Vietnam.
Founded in 1946, Hanwha Life Insurance is the oldest life insurance company in RoK. It has grown to be the country’s leading life insurer with total assets of US$84 billion and an AAA solvency rating from prominent rating agencies.
In Vietnam, the company was honoured with Golden Dragon Award in the five consecutive years of 2010, 2011, 2012, 2013 and 2014 for the “Best financial services”. As of May 2015, Hanwha Life Insurance boasted more than 69,000 customers throughout Vietnam.
Insurance demand in the country has been on the rise although its annual gross domestic product (GDP) per capita stands at about US$2,000, he added.
After establishing a sales network across Vietnam in the past seven years, the company is seeking stable growth in both profit and market share in the country (about 8%).
A company’s spokesman said Hanwha Life has employed locals for most of its positions in Vietnam. Only three of the 238 employees are Korean.
The company has also pledged to increase social activities, such as building health care centres, kindergartens and houses for impoverished people in northern areas of Vietnam.
Founded in 1946, Hanwha Life Insurance is the oldest life insurance company in RoK. It has grown to be the country’s leading life insurer with total assets of US$84 billion and an AAA solvency rating from prominent rating agencies.
In Vietnam, the company was honoured with Golden Dragon Award in the five consecutive years of 2010, 2011, 2012, 2013 and 2014 for the “Best financial services”. As of May 2015, Hanwha Life Insurance boasted more than 69,000 customers throughout Vietnam.