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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hanwha Life's Vietnamese subsidiary achieved a cumulative net profit surplus in 15 years since its establishment in 2008. It is the first overseas local subsidiary established by a Korean insurer with 100% investment alone.
Hanwha Life Insurance said on the 20th that the earned surplus of its Vietnamese subsidiary recorded 1,615 billion dong (about 9 billion won) as of the first half of this year, completely eliminating the deficit accumulated since its establishment in 2008. Hanwha Life Insurance's Vietnamese subsidiary posted its first net profit in the overseas market in 2016, eight years after its establishment, and has been making a steady surplus until the first half of this year since 2019.
The top contributor to Hanwha Life Vietnam Corporation's cumulative surplus is 'localization'. In fact, Hanwha Life hired 551 employees (as of the end of last year) as local workers, excluding a total of three corporate presidents and staff. The number of Hanwha Life Insurance's Vietnamese branches, which was only two in Ho Chi Minh and one in Hanoi at the time of operation in 2009, also increased to 128 at the end of last year, establishing a nationwide sales network. The market share (based on import insurance premiums) is 11th among 19 domestic and foreign life insurance companies operating in Vietnam.
Hanwha Life's Vietnamese subsidiary aims to become the fifth-largest insurer in the Vietnamese market in 2030 and achieve a pre-tax profit of 1,000 billion won per year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
