Friday , May 24 2024

Shinhan insurance arm to expand Vietnam operations

Shinhan Life, a subsidiary of South Korean Shinhan Financial Group, that entered Vietnam nine months ago, will open its second business center next month.

The life insurer’s success in HCMC has encouraged the expansion, and the new branch will be set up in Hanoi.

Since entering Vietnam in January, Shinhan Life has cooperated with other Shinhan affiliates including Shinhan Bank and Shinhan Card to gain quick access to the Vietnam market.

Only five percent of the country’s 98.5 million citizens held insurance plans at the end of last year, and the life insurance penetration (the percentage of total life insurance premium paid in a year to GDP) was 2.08% in 2020, according to data from Statista.

The total revenue of Vietnamese insurers is expected to grow 18 percent year-on-year this year, The Korea Times reported.

Vietnam is the first foreign market in which Shinhan Life has established an official business branch.

It is considering expanding operations to other cities and introducing more insurance plans if its operation in Hanoi thrives.

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