Impressive Business Results
2023 marked the 15th anniversary of Hanwha Life in the Vietnamese market, and the company has achieved many notable accomplishments, as evidenced by impressive financial indicators. The company maintained a significant growth rate in renewal premiums in 2022, retained a stable rate of policyholders continuing to pay renewal premiums, and maintained contracts in 2023, with total insurance premium revenue reaching over VND 3,800 billion; pre-tax profit reached over VND 1,002 billion, an increase of more than 59% compared to 2022. Notably, the company’s assets increased by over VND 2,000 billion, bringing the total asset value to over VND 18,300 billion, an increase of nearly 15% compared to 2022.
2023 was also the year that Hanwha Life Vietnam successfully eliminated accumulated losses, recorded a record level of continuous profit, and marked the first year of profitable operations in the Vietnamese market.
With a customer-centric service strategy, Hanwha Life Vietnam is committed to protecting the interests of its customers. Over the past three years, the company has paid out over VND 1,100 billion in insurance benefits for benefits related to critical illness, death, disability due to accidents, and hospitalization expenses. In 2023 alone, Hanwha Life Vietnam’s total insurance payments reached nearly VND 415 billion for over 52,700 cases. The average time to settle insurance claims has also been reduced by nearly half, from 6 days in 2022 to just 3 days in 2023 per case.
In addition, in its investment activities, thanks to implementing a prudent strategy, strictly controlling risks, and optimizing returns, at the beginning of this year, the company completed the distribution of an additional VND 53 billion in special interest to customers with insurance contracts under the general linked insurance product line.
Mr. Hwang Jun Hwan – Chairman of the Board and General Director of Hanwha Life Vietnam, affirmed that the company will continue to improve the quality of its business operations
Mr. Hwang Jun Hwan – Chairman of the Board and General Director of Hanwha Life Vietnam said: “Despite the many fluctuations in the economy last year, we always saw these as opportunities for the company to demonstrate the effectiveness of its sustainable development strategy, which is customer-centric. We will continue to focus on investing in improving the quality of our business operations and customer service, driving growth for the journey ahead, and providing customers with the best possible experience.”
Sustainable Development in Vietnam
In the context of challenges facing the macro economy in general and the life insurance market in particular in 2023, Hanwha Life Vietnam remained steadfast and actively collaborated with ministries, departments, and agencies to implement solutions to contribute to market stability with the motto “effective and transparent.”
Accordingly, the Board of Directors and staff are constantly improving the quality of products and customer service to maintain long-term connections with customers and affirm the company’s credibility in the market. The company is also implementing a series of projects related to digital transformation, improving the quality of customer service, and promoting corporate social responsibility (CSR) activities.
In December 2023, Hanwha Life Vietnam launched the Hanwha Life+ application with many superior features, providing users with a seamless and convenient experience. The Hanwha Life+ app has helped streamline contract information change operations, allowing customers to submit applications online anytime, anywhere. The success of the digital transformation strategy is also reflected in the fact that 83% of customer insurance requests are processed online, contributing significantly to improving customer service quality.
Hanwha Life joins hands to seek out and nurture ICT talent
On the journey of “Improving the quality of life,” Hanwha Life Vietnam has been and is cooperating with government agencies and organizations, actively investing in a series of community activities (CSR) along three key areas: Child protection, education promotion, and community health care. CSR activities have also received the support and participation of all staff members, contributing to the company’s community spirit and strong commitment to its long-term association with Vietnam.
Most recently, Hanwha Life worked with educational authorities to search for and nurture talent in the fields of ICT and finance by sponsoring the “Central – Central Highlands Informatics Olympiad V, 2024,” which attracted more than 5000 students nationwide to participate and compete. After the competition, the company plans to bring the winning contestants and other outstanding students to South Korea to learn more about ICT, while also implementing programs such as building infrastructure, enhancing the capacity of future generations of lecturers, etc.
Hanwha Life Vietnam’s business results and community development efforts have been recognized with prestigious titles and awards, such as Top 500 largest enterprises in Vietnam for 4 consecutive years (2020-2023), Top 10 prestigious insurance companies in Vietnam for 7 consecutive years (2017-2023), Saigon Times CSR Award – Business for the Community for 3 consecutive years (2021-2023). Recently, Hanwha Life Vietnam was again honored with the “Leading Prestigious Life Insurance Service” at the Golden Dragon Awards in 2024, marking the 10th year the company has received this honor.
In the coming period, Hanwha Life Vietnam will continue to leverage its solid financial foundation to enhance the quality of human resources, diversify its product portfolio, promote digitization, improve the quality of customer service and care, and contribute to the realization of the goal of becoming “the most trusted life insurance company in Vietnam.”
