Hanwha Life Insurance Upgraded to 'A+' Credit Rating by S&P

Solid Market Position and Capital Soundness Reaffirmed on Robust Sales Network

Investment Portfolio Focused on High-Quality Long-Term Bonds... Stable Profit Outlook

Domestic and Overseas Key Subsidiaries Drive Growth in Consolidated Net Profit

"Key Subsidiary Hanwha General Insurance Also Upgraded from A to A+"

Hanwha Life Insurance announced on May 29 that global top three credit rating agency Standard & Poor's (S&P) has raised its credit rating from A to A+. The rating outlook has been assessed as 'Stable'.

Hanwha Life Headquarters in Yeouido, Seoul. Hanwha Life

The key factors behind the upgraded credit rating include: ▲ Hanwha Life Insurance's strong market position within the domestic insurance market ▲ its expansion and diversification of business and profit contributions through subsidiaries both in Korea and abroad ▲ and the maintenance of sound financial stability through improved profitability.

Hanwha Life Insurance presented content from the S&P report.

First, S&P forecast, "Hanwha Life Insurance is expected to maintain a solid market position in the domestic market, underpinned by its stable business foundation and a broad sales network, which includes Hanwha Life Financial Services."

S&P also predicted, "With a sales strategy focused on highly profitable protection-type insurance products, the contractual service margin (CSM)—a key indicator of future profit-generating capacity—is expected to continue growing."

In its assessment of capital adequacy, S&P wrote, "Premium income continues to increase, and the investment portfolio, centered on high-quality long-term bonds, is expected to remain stable."

S&P further noted, "Overseas subsidiaries, including those in Indonesia and Vietnam, accounted for approximately 19% of Hanwha Life Insurance's consolidated net profit last year, supporting overall profitability."

The report continued, "The overseas business base is gradually expanding, mainly in Southeast Asia, and we expect that profitability will consistently improve, supported by a diversified business base through domestic and overseas subsidiaries. The increased profits are expected to be a positive factor in securing stable capital."

A Hanwha Life Insurance representative stated, "S&P has recognized not only our core competitiveness in insurance operations but also the tangible results of our global expansion and portfolio diversification strategies through subsidiaries, as reflected in our profitability. Going forward, we will continue to strengthen our foundation for growth and enhance corporate value based on stable financial soundness."

Meanwhile, with the upgrade of Hanwha Life Insurance's rating, the credit rating of its key subsidiary, Hanwha General Insurance, was also raised from A to A+.

This content was produced with the assistance of AI translation services.