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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.

In 2016, as we expanded, we made sure to remain structurally sound, reporting total assets of USD 87.15 billion. At the end of 2016 we achieved a 198.7 percent risk-based capital (RBC) ratio, which demonstrates the soundness of our asset quality. We have also received a sterling AAA credit rating from South Korea's top rating agencies for the past ten 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 license 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 innovate when in our customer interactions. Through our customer-centric marketing and sales, we've aligned our offerings to –life stages of our customers. We then improved our call center and customer center services. Certificates and awards from government organizations and customer satisfaction survey firms have recognized our efforts. We ranked No. 1 for seven consecutive years through 2016 and won the Korea Service Awards from the Korea Standards Association in the life insurance sector. In the 2016 Korea Service Quality Index survey, managed by Korea Management Asset Consulting, we also ranked at the top for customer service for seven years in a row and for five consecutive years for our call centers. Hanwha Life is further recognized for its social contributions in several arenas, including help for youth, health, community, culture, and the environment.

Hanwha Life is aggressively entering new markets. Recently we became the only insurance company to participate in the first Internet-only bank consortium, which earned us a bancassurance position.

Using Fintech and Big Data technology, we launched the industry's first mid-range lending programs. We also debuted DreamPlus 63, the largest Fintech nurturing center in South Korea to lead the rapidly changing financial environment and establish a steppingstone for global expansion. We also gained a contract worth USD 10 million with Anthemis, a UK-based Fintech investment company. In the international market, we lead the industry. Our Vietnam subsidiary was founded in 2008, the first of its kind by a company from South Korea. With a strategy based on localization and a nationwide sales network, we turned a profit in 2016, a first for a South Korean insurer. 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 having diversified its sales channels and establishing bancassurance alliances. We continue to look forward and continue to increase our global market share through Fintech-based business models 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. To realize this vision, we established three mid-to long-term strategies in 2017. First, we will provide new contract-value-based products. Second, we will improve fundamental profit and loss management of our insurance business. Lastly, we will improve return on asset operation. Our plan is to grow into a global top-tier insurance company through digitization and by fostering a culture of innovations where employees are inspired to act as youthful as a startup employees.

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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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