Hanwha Life Insurance Enters the Chinese Market
[20 December, 2012] Hanwha Life has entered Chinese market, the most competitive insurance market in the world. The company announced that it has hold an opening ceremony to kick off the official operations in China of “Sino-Korea Life Co., Ltd, hereinafter referred to as ‘Sino-Korea Life’)”,which has been established in partnership with Zhejiang International Business Group.
Hanwha Life, now the second Korean life insurance company to enter the Chinese life insurance market, is using this as the momentum it needs to step up to being a global insurance company. Sino-Korea Life is the first foreign-owned life insurance company in Zhejiang Province.
The head office of Sino-Korea Life is in Hangzhou City, Zhejiang Province. With paid-in capital of CNY500 million(approx. KRW90 billion), Hanwha Life has split the investment equally with Zhejiang International Business Group while, given the specialized nature of insurance business, it still takes full charge of the daily management of the joint company.
“Our entrance into the Chinese market, which is set to grow into the world’s largest insurance market, will provide a new growth engine for Hanwha Life as a global insurance company. With this as our momentum, we will be able to positively consider business expansion in other emerging markets in Asia”, said Vice Chairman of Hanwha Life Eun-chul Shin.
“The business strategy for the joint company has been established with a focus on thorough localization and we completed the development of participating insurance and investment insurance products that are best suited for the needs of local customers. Sino-Korea Life plans to target a wider customer base by promoting a multi-channel strategy that strengthens individual channels, as well as Bancassurance and B2B sales. Plus, the company will differentiate itself among existing insurance companies by combining Korea’s top-level expertise of Hanwha Life, in terms of sales training, customer service and underwriting. With this, the company’s first aims are to rank in the top 3 foreign-owned companies in Zhejiang Province and earn a premium income of CNY240 million(approx. KRW44 billion) by 2015", said Sino-Korea Life CEO Donwan Koo.
“This joint company is the first foreign-owned insurance company to locate its head office in Zhejiang Province. As such, the company reflects the regional policy for financial service development in Zhejiang Province", said a Zhejiang Government official.
“We expect Sino-Korea Life to make a contribution to the growth and improvement of financial and insurance markets", the official added.
Hanwha Life has managed branches and offices in Vietnam, the United States, the United Kingdom, Japan and now with a joint life insurance company established in China, the company operates 7 overseas units in 5 countries.
“Hanwha Life is expected to grow 6~7% a year on average by 2015, which is through a primarily domestic growth-based strategy. Once an overseas growth strategy is implemented, the growth rate will be higher”, said an official from Hanwha Life.
Established in 1946, Hanwha Life is a leading life insurance company and also the oldest in South Korea. Early on, we played a critical role in developing the insurance industry and the country's economic growth—always with our customers in mind.
For more information, visit: www.hanwhalife.com/english/
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 61 domestic affiliates and 258 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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