SHINHAN LIFE VIETNAM ANNOUNCES ITS 2023 FINANCIAL REPORT: GROWTH WITH A SUSTAINABLE DEVELOPMENT DIRECTION
09-04-2024
Shinhan Life Vietnam has officially released its Financial Report for the year 2023, showcasing positive growth results with a revenue of 391 billion VND and a high minimum payout ratio of 10,721%. This affirms the company's commitment to sustainable development, offering a diverse product portfolio and prioritizing customer rights as the top priority.
After the two years of operation, Shinhan Life Vietnam is providing a relatively diverse product portfolio, offering comprehensive, flexible insurance solutions that meet various needs of protection and wealth accumulation for Vietnamese customers.
In the past year 2023, despite market fluctuations, the company continued to be developed and achieved positive growth.
- Total revenue reached 391 billion VND, achieving a growth rate of 73% compared to the period last year, with net revenue from insurance business operations reaching 214 billion VND.
- Total assets reached 2,380 billion VND.
The minimum solvency ratio in 2023 was at a high level of 10,721% ensuring that the company maintains efficiency in the face of potential risks and market fluctuations.
In 2023, Shinhan Life Vietnam made significant investments in technology to automate the distribution management system and build an ecosystem of digital applications (mega app) for business operations. This optimization enhances operational efficiency, data security, and improves customer service experience.
In addition to business activities, Shinhan Life Vietnam is committed to continuing its "Bring Wonders to Life" journey through practical charity programs and community initiatives. After two years of operation, Shinhan Life has contributed over 2 billion VND to charitable activities and community sharing, aiming to integrate business with fulfilling social responsibilities. Apart from regular activities such as supporting treatment fees for cancer patients or providing free meals for patients and their families, the company also focuses on investment programs for education, aiming to provide opportunities and access to knowledge for children and adolescents, towards sustainable development.
In 2024, Shinhan Life Vietnam will continue to expand its business operations, strengthen distribution channels, introduce insurance products at reasonable costs, and accompany Vietnamese customers to access the most comprehensive and suitable financial protection solutions.
About Shinhan Life Vietnam
Shinhan Life Insurance Vietnam Limited Liability Company entered the Vietnamese insurance market from February 2021, headquarters in Ho Chi Minh City, operates in the fields of life insurance, health insurance, and financial investment. With charter capital of VND 2,320 billion, fully contributed by its parent company Shinhan Life Insurance Corporation, Shinhan Life officially launched and operated its business in Vietnam in January 2022.
For more information, please visit: https://shinhanlifevn.com.vn
Contact point:
Trần Thị Tuyết Minh – Head of Marketing
Phone: 028 730 09920
Email: minhtran@shinhan.com or minhtran@shinhanlife.biz.vn