This announcement was made on 1/8 at the "Top 10 Reputable Life Insurance Companies" ceremony held by Vietnam Report in Ho Chi Minh City. The ranking is based on three criteria: strong financial capacity reflected in annual financial reports, media reputation, and surveys of research subjects and stakeholders.
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Mr. Baek Jin Wook, representative of Hanwha Life Vietnam, receives the award. Photo: Hanwha Life |
Mr. Baek Jin Wook, representative of Hanwha Life Vietnam, receives the award. Photo: Hanwha Life
A company representative stated that this is the 9th consecutive year Hanwha Life has appeared on this ranking since 2017. This continued presence demonstrates the company's stable operations and sustainable growth in the Vietnamese market.
Hanwha Life has consistently improved service quality, diversified its product portfolio, designed practical insurance benefits, promoted digital experiences, and built strong customer relationships. "This award strengthens Hanwha Life's market position and affirms the trust of millions of customers who have been with us," the representative said.
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The company's management and sales team at the announcement ceremony. Photo: Hanwha Life |
The company's management and sales team at the announcement ceremony. Photo: Hanwha Life
In 2024, amidst new legal regulations and changing consumer behavior in the insurance industry, Hanwha Life reported positive business results. Insurance premium revenue reached over 3,640 billion VND, and total assets exceeded 20,600 billion VND, a 12% increase compared to 2023. Thanks to effective cost management and operational optimization, the company achieved a pre-tax profit of nearly 710 billion VND, marking the 6th consecutive year of profitability.
Simultaneously, Hanwha Life Vietnam has continually improved its solvency margin. Specifically, the ratio reached 381% at the end of 2022, increased to 389% at the end of 2023, and further reached 414% by the end of 2024, four times higher than the minimum legal requirement.
According to the company representative, this increase demonstrates the company's financial strength and long-term commitment to its customers. Furthermore, Hanwha Life Vietnam's actual payment capacity is evident in the nearly 459 billion VND in insurance benefits paid in 2024 (a 10% increase compared to 2023) to over 48,000 cases, with 96.18% of claims received online. In the first 7 months of this year, the company paid out an additional 235 billion VND in benefits to nearly 27,000 cases nationwide.
In addition to its financial strength, Hanwha Life has also expanded its customer service network. To date, the company has over 130 transaction points and more than 38,800 financial advisors nationwide. In the first 7 months of the year, the company opened 16 new general agency and agency offices in key provinces and cities to increase customer touchpoints and better serve the community.
These new offices, spanning from north to south, are a strategic step for the company to increase customer touchpoints and bring life insurance products closer to communities across the country.
After 17 years of operation in Vietnam, Hanwha Life has built a diverse product portfolio and continuously improved customer benefits. Recently, the company launched new insurance products: the "Dong Hanh Vung Buoc" universal life insurance, 100 critical illness insurance, and accident insurance.
These new products are designed with optimized benefits and flexibility, empowering customers to proactively manage risks and protect their health and finances for themselves and their families. This aligns with the new Law on Insurance Business, which aims to enhance customer benefits.
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The company's new products. Photo: Hanwha Life |
The company's new products. Photo: Hanwha Life
Alongside business development, Hanwha Life Vietnam actively engages in corporate social responsibility activities to spread goodwill within the community. In the first 7 months of the year, the company organized 13 charity programs in various provinces and cities, including Hai Phong, Gia Lai, Ninh Binh, and Can Tho. These programs provided scholarships, bicycles, and financial support to over 400 disadvantaged children, students, women, and elderly individuals.
According to the company representative, Hanwha Life Vietnam will continue to uphold its "customer-centric" approach in its sustainable development strategy and enhance service quality. Leveraging the management experience, ethical business culture, and financial strength of Hanwha Group (South Korea), the company remains committed to its goal of becoming the "Most Trusted Life Insurance Company" in Vietnam.
Hoang Dan
