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Saturday, May 18, 2024

Shinhan Life Vietnam announces 2023 Financial Report: Growth with a sustainable development direction

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Shinhan Life Vietnam has officially released its Financial Report for the year 2023, showcasing positive growth results with revenue of VND391 billion and a high minimum solvency 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 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 accumlation for Vietnamese customers.

In 2023, despite market fluctuations, the company continued to develop and achieved positive growth.

  • Total revenue reached VND319 billion, up by 73% compared to the previous year, with net revenue from insurance business operations reaching VND214 billion.
  • Total assets reached VND2,380 billion.

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 and 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 VND2 billion to charitable activities and community sharing, aiming to integrate business with fulfilling social responsibilities. Apart from regular activities such as supporting treament 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 activities, strengthen distribution channels, and introduce insurance products with reasonable premiums, accompanying and providing Vietnamese customers with access to comprehensive and suitable financial protection solutions.

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