This year’s “Top 10 Reputable Life Insurance Companies” ranking was researched and conducted by Vietnam Report based on scientific and objective principles, along with in-depth analysis from experts. The ranking results are based on three main criteria: financial capacity reflected in the latest financial reports, media reputation evaluated through Media Coding, and surveys of research subjects and stakeholders updated as of May 2024. The award ceremony, organized by Vietnam Report and VietNamNet newspaper, will take place in Hanoi in August 2024.
Hanwha Life Vietnam has been honored as a reputable insurance company for eight consecutive years.
2023 was a challenging year, presenting difficulties in restoring the insurance industry’s growth, especially positive growth for life insurance. With a flexible strategy, risk management, and efficient financial management, Hanwha Life Vietnam achieved impressive financial indicators. The company maintained a significant growth rate for renewal premiums in 2022, stability in the renewal premium ratio, and contract maintenance in 2023, with total insurance premium revenue of over VND 3,800 billion; pre-tax profit of over VND 1,002 billion, a 59% increase compared to 2022; and a significant increase in the company’s assets of over VND 2,000 billion, bringing the total asset value to over VND 18,300 billion, a nearly 15% increase compared to 2022.
As a result, in 2023, Hanwha Life Vietnam successfully eliminated accumulated losses and recorded consecutive years of profit growth, marking the first year of profitable operations in Vietnam.
Hanwha Life Vietnam also stands out as a life insurance company with strong financial potential in the market, with a charter capital of up to VND 4,891 billion. The company inherits the values of its parent company, Hanwha – the 7th largest conglomerate in Korea and among the top 100 most influential companies globally in 2024. This provides a solid foundation for its sustainable development strategy, focusing on customer-centric services in the Vietnamese market over the past 16 years.
Hanwha Life Vietnam has paid out more than VND 1,250 billion in insurance benefits to over 150,000 cases related to critical illnesses, death, accident-related disabilities, and medical support, among others, in the last three years. In 2023 alone, the company’s total insurance payouts exceeded VND 415 billion for over 52,900 cases. The average time for processing insurance benefits was also reduced by half, from 6 days in 2022 to 3 days in 2023 per case.
Currently, the company serves over 1 million customers nationwide with a high-quality, professional, and dedicated staff. As of May 2024, with over 36,000 financial consultants, more than 100 general agencies, and over 120 customer service points across provinces and cities, Hanwha Life Vietnam aims to provide customers with seamless, convenient, safe, and fast experiences.
The company also promotes investment activities and research and development of product and service portfolios to offer diverse and practical financial solutions to its customers. Products such as “Life Fun:D – Sống thỏa chất”, “Tôi chọn an yên”, and “An khang tài lộc” are tailored to meet the needs of Vietnamese people.
A representative of Hanwha Life Vietnam shared: “We are proud to be honored in the Top 10 Reputable Life Insurance Companies for the eighth consecutive year. For Hanwha Life Vietnam, customer trust is one of the essential motivators that help us maintain connections with existing customers and increase opportunities to serve potential ones. This, in turn, contributes to the recovery and growth of the insurance market. Hanwha Life is committed to long-term companionship, providing practical protection values, and meeting the diverse needs of the Vietnamese people.”
Hanwha Life Vietnam actively engages in social responsibility activities in many localities.
In addition to business development, Hanwha Life Vietnam actively promotes community activities focusing on three main areas: child protection, education promotion, and community health care. In 2024, on the occasion of its 16th anniversary in Vietnam, Hanwha Life launched a series of community events, “Trao bảo vệ, trọn an tâm,” in many provinces and cities nationwide to bring practical and sustainable values to society and improve the quality of life for the people.
In 2024, Vietnam’s economy is expected to recover positively, creating favorable business conditions. According to a recent survey by Vietnam Report, 45.5% of businesses anticipate the insurance industry to grow by 5-10% this year.
Moving forward, Hanwha Life Vietnam will continue to implement effective growth strategies, sustainable development, and a customer-centric approach to realize its vision of “becoming the most trusted life insurance company in Vietnam.”
For detailed information, please visit: https://www.hanwhalife.com.vn
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