Hanwha Life

Hanwha Life - Hanwha 63 SQUARE

Hanwha Life

Established in 1946, Hanwha Life is not only a leading South Korean life insurance company but also the first and oldest in the nation. For the past 75 years, we have played a critical role in developing the industry and the country’s economic growth. In 2021, we ensured our sound structure, reporting total assets of USD 112.76 billion as we are committed to adding innovative products and services that meet a wide range of customer needs.

In the insurance business, we introduced a business model that separated products and services, which led to a subsidiary, Hanwha Life Financial Services, in 2021. Our bold challenges and innovations in launching South Korea’s first subscription insurance products for daily benefits and variable insurance fund digital management services, which rely on an AI robo-advisor, are leading the industry. We plan to further maximize our sales competency and efficiency by strengthening product development and digital business support capabilities.

New business is contributing to digital innovation and the growth in value as we achieve the No. 1 digital experience in sales channels and marketing platforms while identifying new opportunities. In addition, we are exploring a range of life care solutions to make customer lives enriched and more comfortable.

In investments, we seek to increase the return on investments by continually discovering high-yield investment targets centered on alternative investments. We are also implementing management innovation while thoroughly responding to any risks. In preparing for a new business performance disclosure system, we are increasing the contractual service margin for new insurance, securing a stable risk-based capital (RBC) ratio under the new Korean Insurance Capital Standard and strengthening ESG management.

Upgrades to our customer, product and channel (CPC) strategy are customizing products and services that solidify our LIFEPLUS brand. We are also innovating offerings that align with customer life stages. Using big data to analyze customer needs, behavior and interests, we systematically apply deeper knowledge to better satisfy customers. In addition, we are promoting a consumer-oriented organizational culture and continuously improving consumer-centered systems and processes. Our efforts have been rewarded with Certifications for Excellence in Consumer-Centered Management (CCM) in 2021. Since our first certification in 2007, the Korea Fair Trade Commission has awarded eight consecutive certifications to Hanwha Life.

LIFEPLUS offers customers tailored insurance and financial solutions

LIFEPLUS, the co-brand of several Hanwha financial affiliates
that helps customers find ideal life balance

Hanwha Life launched startup accelerator DREAMPLUS

A Founders Lounge of DREAMPLUS, the startup accelerator launched by Hanwha Life

We’re committed to helping our subsidiaries in their local markets around the world. We provide all the support necessary for subsidiaries to improve competitiveness and succeed. In our Vietnam subsidiary, for example, we implemented an effective localization strategy and strengthened its nationwide sales network. As a result, the Vietnam subsidiary became a success story, achieving profitability-a first for a South Korean insurer in Vietnam. In China, our subsidiary Sino-Korea Life Insurance is planning more thorough localization and digital-based growth. In Indonesia, our subsidiary is building a balanced profit structure that is adding value to growth and an increase in market share. Moving forward, we are setting the foundation to establish us as a comprehensive financial solutions provider across major Asian hubs. We will promote digital financial products as we pursue future growth engines.

Hanwha Life will continue to strengthen responsible management in the five areas of insurance, new business, strategy, investment and management innovation as we also secure competitiveness. We will set the foundation for sustainable growth by expanding global business and upgrading digital capabilities that fuel future growth engines.

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Related Affiliates

Hanwha's businesses span aerospace & mechatronics, materials, green energy, finance, retail & services. 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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