Hanwha Financial Holds Vision Declaration Ceremony Ahead of Fund-Based Retirement Pension Reform

Four affiliates: life insurance, general insurance, securities, and asset management

Strengthening investment expertise, governance, and internal controls

Addressing retirement asset management needs in the DC and IRP markets

Hanwha Financial’s four affiliates—Hanwha Life Insurance, Hanwha General Insurance, Hanwha Investment & Securities, and Hanwha Asset Management—said on November 2 that they had held the “Hanwha Financial Retirement Pension 2030+ VISION Declaration Ceremony” at the 63 Building in Yeouido, Seoul, on October 30, in step with the government’s planned overhaul of the retirement pension system.

Hanwha Financial executives and employees pose for a commemorative photo at the “Hanwha Financial Retirement Pension 2030+ Vision Declaration Ceremony,” held at the 63 Building in Yeouido, Seoul, on the 30th of last month. From fifth left in the front row are Jang Byeong-ho, CEO of Hanwha Investment & Securities; Lee Kyung-geun, CEO of Hanwha Life; Kwon Ki-seop, former chair of the Economic, Social and Labor Council; Na Chae-beom, CEO of Hanwha General Insurance; and Lim Dong-jun, CEO of Hanwha Asset Management. Hanwha Life

Hanwha Financial held the ceremony to declare its vision of leading the retirement pension market, worth more than 500 trillion won, after the government announced on October 29 its “Plan to Strengthen the Functions of Retirement Pensions,” which includes requiring retirement benefits to be funded externally and promoting fund-based retirement pensions.

At the ceremony, Hanwha Financial outlined its key priorities: strengthening professional asset-management capabilities, establishing sound governance and internal control systems, and enhancing its competitiveness in products, services, and digital technologies.

The group plans to build the expertise and management capabilities needed to introduce fund-based retirement pensions and respond to customers’ retirement-asset management needs in the defined contribution (DC) and individual retirement pension (IRP) markets.

It also shared its preparations to date for fund-based retirement pensions. Under the theme “The Direction and Preparations for a Korean Fund-Based Pension Model,” it presented its plans to build professional asset-management capabilities and governance, as well as examples of collaboration with Willis Towers Watson (WTW), a global retirement pension provider headquartered in the United Kingdom.

In addition, the group reviewed each company’s business status and key areas for improvement in a report on progress in its retirement pension initiatives.

Kwon Kiseop, former chair of the Economic, Social and Labor Council and former vice minister of labor, delivered a special lecture on “The Future of Retirement Pensions and the Role of Financial Companies.”

“In the era of fund-based retirement pensions, it is important to establish transparent governance and fiduciary responsibility that put subscribers’ long-term interests first, and to provide pension solutions suited to each stage of life,” Kwon said. “I hope Hanwha Financial will lead this change.”

Lee Kyunggeun, CEO of Hanwha Life Insurance, said, “This was an opportunity to share the direction each Hanwha Financial company should pursue in response to changes in the retirement pension market and to review the preparations needed for future businesses. We will do our utmost to provide retirement pension services that customers can entrust with confidence.”

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