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Hanwha Life

Hanwha Life

Hanwha Life outperforms in asset quality stability, sales, and product development. And we’re moving forward, digitizing our advanced capabilities so we can lead in the financial markets of the future worldwide.

Established in 1946, Hanwha Life is not only a leading life insurance company but also it is the first and oldest in South Korea. Early on, we played a critical role in developing the industry and the country’s economic growth. In 2018, while expanding, we made sure to remain structurally sound, reporting total assets of USD 102 billion. At the end of 2018, we achieved a 212.2 percent risk-based capital (RBC) ratio, demonstrating the soundness of our asset quality. Our strong ratings from domestic and international agencies attest to our creditworthiness. We have received sterling AAA credit ratings from South Korea’s top rating agencies for the past twelve years. We also earned global credit ratings of A1 from Moody's and A+ from Pitch credit rating agencies in 2018.

Hanwha Life is committed to adding innovative products and services that meet a wide range of customer needs. By upgrading our customer, product, and channel (CPC) strategy, we provide customized products and services that solidify our LIFEPLUS brand.

We also innovate by aligning our offerings to customer life stages. Using Big Data to analyze customer needs, behavior, and interests, we systematically apply this knowledge to better satisfy customers. To this end, we’ve trained our customer service professionals at call centers to deliver improved care.

Our efforts have been rewarded with the Grand Prize – the Korea Service Award from the Korea Standards Association in the life insurance sector for eight consecutive years through 2017. We were also inducted into the Hall of Fame. The Quality Index survey, managed by Korea Management Asset Consulting, gave us top ranking for nine straight years for customer service and eight years for our call centers. Since our first certification in 2007, the Korea Fair Trade Commission has awarded Hanwha Life with six consecutive Certifications for Excellence in Consumer-Centered Management (CCM).

To increase sales and profitability, we are focusing on value-based sales, improving product features, and expanding protection- type and variable insurance sales. We are also diversifying our investment assets and applying risk management to aggressively and preemptively respond to changes in the financial market. In 2019, we continue to sharpen our competitiveness in the market by using multi-channels to provide differentiated products and services and by enhancing communications across headquarters, sales reps, and customers. However, in anticipation of changes to the market, we’re upgrading our digital capabilities, product development, digital technology, and our governance- oriented data support.

In the international market, we lead the industry. Our Vietnam subsidiary was founded in 2008, the first of its kind by a South Korea company. With an effective localization strategy and a strong nationwide sales network, we turned a profit in 2016, a first for a South Korean insurer in Vietnam. Our Chinese subsidiary, Sino-Korea Life Insurance, is expanding its sales territory by entering new markets. In Indonesia, our subsidiary is building a balanced profit structure with a long-term perspective. Moving forward, we are setting the foundation to provide digital financial services in major Asian hubs while we pursue non-insurance products and digital financial businesses in Southeast Asia.

In 2019, Hanwha Life continues to secure profitable structures that support value-based sales and primary profit expansion. We plan to expand our global business and secure growth engines in Fintech and Big Data. We push for innovation and, with each success, we’re inspired to drive forward as a world-class life insurance company.

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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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