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Hanwha Life targets to break even in 2017

Released at: 16:36, 17/07/2015

Hanwha Life targets to break even in 2017

Insurer releases business results for first half and its goals for the year as a whole and the future.

by Quynh Nguyen

Hanwha Life Vietnam has announced that in the first half of the year it recorded steady growth, with total insurance premium revenue of VND153 billion ($7.03 million), up 56 per cent compared with the same period of 2014.

The insurer is currently implementing a strategy to expand its network nationwide. As at June it had 20 sales offices in major cities and 28 offices in small and medium-sized cities. This year it plans to expand the network to 60 locations around the country.

It also targets to break even in 2017. According to a representative from Hanwha Life, the company has advantages in capital support from its parent company in South Korea, which helped it increase its charter capital to VND1.9 trillion ($87.4 million). “With steady growth over the years Hanwha Life Vietnam is confident to reach the break even point in the shortest time possible and be among the Top 5 leading life insurance companies in Vietnam,” she said.

Along with goals of expanding and breaking even, this year Hanwha Life also aims to diversify its product lines and participate in community activities.

Hanwha Life Vietnam was established in 2008 and its charter capital is one of the highest among insurers in Vietnam.

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