Hanwha Life
- Life insurance
- Mortgage, personal loans
- Trusts, funds, retirement pensions
Established in 1946, Hanwha Life is a leading South Korean life insurance company and also the first and longest–standing in the nation. For the past 77 years, we have played a critical role in developing both the industry and the country’s economic growth. In 2023, we proved our robust foundation for growth, reporting total assets of around USD 89.19 billion in line with our commitment to adding innovative products and services that meet a wide range of customer needs.
In the insurance sector, we introduced a business model that separated the products and services divisions, leading to the establishment of Hanwha Life Financial Services in 2021. We enhance sales efficiency through the use of two digital platforms: OrangeTree, which provides sales support, and OrangeTouch, which manages customer relationships. Our bold challenges and innovations in launching AI–based automated insurance claim underwriting and a cancer insurance product integrated with cancer care services are leading the industry. In 2023, we fortified our sales channel competitiveness by acquiring People Life, an independent life insurance general agency. We plan to further maximize our sales competency and efficiency by strengthening product development and digital business support capabilities.
Our Center of Excellence (COE) division is contributing to digital innovation and growth in value by providing an unparalleled digital experience in sales channels and marketing platforms while identifying new opportunities for growth. In investments, we seek to increase returns by continually identifying high–yield targets that center on alternative investments. To respond to potential risks, we also implemented a new system in the strategic planning division. With this, we are increasing the contractual service margin (CSM) for new insurance to lay the foundation for future profits or losses, securing a stable risk–based capital (RBC) ratio under the new Korean Insurance Capital Standard, and strengthening ESG management.
In addition, by reshaping our LIFEPLUS brand as a wellness program that goes beyond finance, Hanwha Life is providing customized services that cater to differentiatedexperiences and life–stage–based customer needs. Through preemptive investment and advancement in financial services based on technologies such as AI and big data, we are enhancing our systematic approach to customer relationship management infrastructure. In addition, we are promoting a consumer–oriented organizational culture and continuously improving our services and processes for consumers. Our efforts were 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 nine consecutive certifications to Hanwha Life.
LIFEPLUS, the co-brand of several Hanwha financial affiliates that helps customers find ideal life balance
Globally, we are committed to helping our subsidiaries drive future growth in their local markets by strengthening the competitiveness necessary for their success. We are pioneering the global financial market by expanding our business overseas to markets like the U.S. and Southeast Asia, establishing our presence in the largest number of global markets among other competitors in South Korea. In Vietnam, for example, we implemented an effective localization strategy and strengthened our nationwide sales network, resulting in great success within the market. Recently, we laid the foundation for a global comprehensive financial company by completing the acquisition of a majority stake in Lippo General Insurance in Indonesia. In May 2024, we finalized a partial acquisition agreement with Indonesia’s Nobu Bank, becoming South Korea’s first insurance company to enter the overseas banking sector. We will continue to strive forward as a global integrated financial group by providing digital financial solutions tailored to each region and pioneering overseas financial markets, focusing on major Asian, U.S., and Middle Eastern regions.
Founders Lounge of DREAMPLUS, the startup accelerator launched by Hanwha Life
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