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Hanwha Life

Established in 1946, Hanwha Life is a leading life insurance company with the longest history in South Korea. Early on, we served in a critical role in the development of the insurance industry and the country’s economic growth – always with our customers in mind. In 2016, we grew in size but made sure we remained structurally sound, even as we reported total assets of USD 82.2 billion. At the end of 2015, our premium income stood at USD 13.22 billion, and we had achieved a 277 percent risk-based capital (RBC) ratio, which shows sound asset quality. We have also received a sterling AAA credit rating from South Korea’s top rating agencies for the past nine years.

Hanwha Life leads the industry with innovative products and we’re committed to adding new services that meet a wide range of customer needs, including retirement and health insurance. Since we introduced our exclusive licenses system—the insurance industry’s equivalent of a patent—we have gained 12 exclusive sales rights for our original insurance policies, an industry high.

We also applied innovation to our customer interactions. Through our customer-focused marketing and sales, we tailored our offerings to the life events of our customers and improved our call center and customer center services. Our efforts have been recognized with certificates and awards from government organizations and customer satisfaction survey firms. We ranked No. 1 in the life insurance sector of the Korea Service Awards, hosted by the Korea Standards Association, for six consecutive years through 2015. In the 2015 Korea Service Quality Index survey, managed by Korea Management Asset Consulting, we were at the top for customer service for six consecutive years and for call centers for four consecutive years.

Hanwha Life is aggressively entering new markets. Recently we were the only insurance company to participate in the first internet-only bank consortium, which earned our firm an advantageous position in bancassurance. Using fintech and big data-based technology, we launched our industry’s first mid-range lending programs, and with these, we built a new credit ratings system for entering overseas markets. In the international market business, we lead our industry. Our Vietnam subsidiary was founded in 2009, the first entrant of its kind from South Korea. By 2016, we had established a nationwide sales network with our eye on becoming one of the nation’s leading insurance companies. Our Chinese subsidiary, Sino-Korea Life Insurance, entered new markets in Shanghai and Jiangsu province, and ranked as the largest foreign-invested insurance company in Zhejiang province. In Indonesia, our subsidiary is growing fast by diversifying sales channels, including bancassurance alliances. We continue to look forward, expecting to continue increasing our global market share in Asian countries; Hong Kong, Malaysia, and Singapore are next.

In 2015, Hanwha Life announced a new vision—to become a leading player in the global insurance industry. As part of this vision, four mid to long-term strategies were established in 2016: first, to develop world-class business competencies; second, to maximize management efficiency for sustainable growth; third, to continue to expand future growth engines; and finally, to build a change-driven organizational culture. Our plan is to grow into a global top-tier insurance company by establishing an autonomous responsible management culture and enhancing fundamental innovation and deep business competency.

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Related Affiliates

Hanwha's businesses span chemicals & materials, aerospace & mechatronics, solar energy, finance,
leisure & lifestyle, and construction. Through the integration of our growing number of affiliate enterprises worldwide, we are harnessing the power of sustainable, quality growth to continually increase the value we bring to our customers.

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