Products & Services > Affiliates > Hanwha Life
Established in 1946, Hanwha Life is a leading life insurance company that is both the first and the oldest in South Korea. Early on, we played a critical role in developing the insurance industry and the country’s economic growth.
In 2017, we expanded but made sure to stay structurally sound. We reported total assets of USD 102.96 billion. At the end of 2017, we achieved a 206.4 percent risk-based capital (RBC) ratio, demonstrating the soundness of our asset quality. Our strong credit ratings from both domestic agencies and abroad attest to our creditworthiness. We have received sterling AAA credit ratings from South Korea’s top rating agencies for the past eleven years. From abroad, we received global credit ratings of A1 from Moody's and A+ from Pitch international credit rating agencies.
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 15 exclusive sales rights for our original insurance policies, an industry high.
We also innovate to improve our interactions with our customers and their overall experiences before, during, and after the purchase of our products and services. It begins with customer-centric marketing and selling with the customers in mind —by aligning our offerings to their life stages. Using Big Data to capture and analyze customer needs, behaviors, interests, and patterns, we’ve learned and systematically applied this knowledge to better customize and satisfy our customers. And to this end, we’ve improved call centers, training our customer service professionals to be readily available and deliver better customer care.
Certificates and awards from government organizations and customer satisfaction survey firms have recognized these efforts. We won the Grand Prize at the Korea Service Awards 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. Quality Index survey, managed by Korea Management Asset Consulting, ranked us at the top for eight straight years for customer service and seven 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 ConsumerCentered Management (CCM) and our tenth anniversary certificate of merit.
To increase sales and profitability, we are focusing on value-based sales, improving product features, and expanding protectiontype and variable insurance sales. We are also diversifying investment assets and risk management to aggressively and preemptively respond to changes in the financial market. One such investment is in building a foundation to lead in Fintech, in the future. We are participating in the Internet-only K-Bank and launching Dream Plus 63 Gangnam branch, the largest Fintech nurturing center in South Korea.
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 an effective localization strategy and a strong 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, quickly rising to become the largest foreigninvested insurance company in Zhejiang Province.
In Indonesia, our subsidiary is working to build a balanced profit structure with a long-term perspective based on a value-focused strategy. In executing our strategy in the second phase, we expect to increase our global market share in Asian countries like Cambodia and Myanmar.
In 2018, Hanwha Life continues to secure profitable structures that support value-based sales and advanced asset management. 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 continue the drive and to operate as a world-class life insurance company.
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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.
- Hanwha General Insurance Established in 1946, Hanwha General Insurance is the first South Korean insurance company funded solely by domestic capital. Throughout history, we’ve played a pivotal role in developing South Korea’s general insurance industry. Today, we’re a major insurer with total assets of nearly USD 14 billion. We use advanced services to enhance customer value and offer a comprehensive product portfolio ranging from long-term insurance to auto and general insurance. We created a Consumer Protection charter, improved service quality and minimized customer inconvenience to provide an overall superior customer experience. We also expanded the scope of what our call center agents could do to ensure a one-call, one-stop system. In addition, we were the first South Korean insurer to introduce an electronic signature system, making it easier for customers to complete transactions from their mobile devices. We have even introduced a mobile application called Smart Insu, catering to the ways and needs of our customer. More than 100,000 customers have installed the app.
- Hanwha Asset Management Founded in 1988, Hanwha Asset Management has grown into a comprehensive asset management company offering a full range of financial instruments, including stocks, bonds, MMFs, fund of funds, social overhead capital, derivatives, real estate, ETFs, and PEFs in both domestic and overseas capital markets. At the end of 2017, we were among South Korea’s top three asset management companies with USD 82.17 billion in assets under management (AUM). We have top-tier expertise and well-organized systems in all areas, including product development, research, compliance, and risk management. All our products and services cater to the needs of our customers because we apply our principles and management philosophy to placing our customers first before anything else.
- Hanwha Investment & Securities Established in 1962, Hanwha Investment & Securities provides comprehensive asset management services, including brokerage and acquisition of stocks, bonds, and derivatives, as well as sales and asset management services for various financial products. With our differentiated systems and high-quality talent, we have successfully established ourselves as a reliable asset management partner. Our financial products and customer-oriented services are offered domestically and overseas.