Hanwha Life’s Vietnamese unit has recorded a cumulative profit in 15 years, making it the first overseas South Korean insurance business to achieve such a feat.
In the future, the life insurer aims to post a pre-tax profit of KRW100 billion from the subsidiary by 2030, as well as becoming one of the top five insurers in Vietnam.
“We will make K-finance history by spreading Hanwha Life’s financial system and success DNA in the local market,” Hanwha Life CEO Yeo Seung-joo said in a report from Korea Economic Daily.
Hanwha Life opened its Vietnam unit in 2009 after securing a license the previous year; in its first year of operation, it recorded a loss of VND35.5 billion. Last year, the insurer reported a net profit of VND502.6 billion.
This positive turn for the company comes following its disastrous Q2 results; parent company Hanwha Corp stocks plunged as its operating profits fell by as much as 77.71% YoY.
The downturn may have something to do with market saturation. In recent months, more domestic insurers have been seeking overseas expansions, including Hanwha Life and its Vietnam business.
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