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Banking & Finance

Hanwha Life Vietnam's new premium growth at 47%

Released at: 17:54, 17/10/2017 Insurance

Hanwha Life Vietnam's new premium growth at 47%

Photo: Hanwha Life Vietnam

$21 million in new premiums year-to-date up 47% year-on-year.

by Huyen Thanh

Hanwha Life Vietnam has taken in VND478 billion ($21 million) in new premiums this year, an increase of 47 per cent year-on-year and taking its market share up 0.4 per cent. In the first nine months it employed 19,000 new financial consultants and sales capacity per contract remains the highest in the market.

The company had 100 customer service centers across the country by mid-August and continues to expand. It launched six new general agencies, including Hau Loc, Thach Thanh and Ha Tinh 2 in the north, and Thanh Khe, Cam Lo, and North Quang Binh in the central region, raising the number of customer service centers to 108 nationwide.

Its network is expected to spread out around the country to better serve customers and increase its brand identity.

Moreover, it will focus on diversifying its distribution channels, in cooperation with two South Korean banks in Vietnam - Woori Bank and Shinhan Bank.

Mr. Back Jong Kook, Chairman of the Board of Directors and CEO of Hanwha Life Vietnam, said the strong growth in the third quarter of this year was due to the expansion of its distribution network, focusing on improving customer care services and professionalizing its team of financial consultants.

“Hanwha Life Vietnam always considers service quality as a foundation value,” he said. “To improve quality, we are ready to meet the strictest of needs among all customers. At the same time, we will improve the quality and professionalism of our financial consultant team so that they operate more and more professionally. Our goal is to become one of the leading life insurance companies in terms of quality and sustainable development in Vietnam.”

2016 was the first year the company recorded profit after eight years in Vietnam, of VND12 billion ($527,994).

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