Hanwha Life Acquires 40% Stake in Indonesia's Nobu Bank
First Domestic Insurer to Enter Overseas Banking Sector
"We support Hanwha Financial's relentless challenge for innovation. Let's move forward together toward becoming the global No.1 company expanding into the world market."
This is a message left by Kim Seung-yeon, Chairman of Hanwha Group, during his visit to the Hanwha Life headquarters in Yeouido. He visited Hanwha Life headquarters to commend the efforts of Kim Dong-won, the Chairman's second son and Chief Global Officer (CGO, President) of Hanwha Life, who recently achieved results such as acquiring an Indonesian bank.
According to Hanwha Life on the 26th, Chairman Kim visited the Hanwha Life headquarters at the 63 Building in Yeouido, Seoul, the previous day to encourage employees of Hanwha Financial affiliates and to urge innovation and challenges as a comprehensive financial group. Representatives and employees from Hanwha Life, Hanwha General Insurance, Hanwha Investment & Securities, Hanwha Asset Management, Carrot General Insurance, Hanwha Life Financial Service, PeopleLife, and Hanwha Life Lab attended the event. President Kim Dong-won, who leads Hanwha Life's global financial business, was also present.
Chairman Kim Seung-yeon of Hanwha Group is taking a selfie with employees of Hanwha Financial Group affiliates. [Source=Hanwha Life]
At the event with employees, Chairman Kim said, "The path of innovation in the financial industry is even more difficult, but we are now expanding our business areas overseas, starting with a life insurance company in Vietnam and now moving into non-life insurance and securities in Indonesia." He added, "As a result, Hanwha has entered a new business area, banking, through investment in a local Indonesian bank."
He also emphasized, "These achievements will serve as exemplary cases of a 'Great Challenger' who transcends limits and boundaries." Earlier this year, Chairman Kim urged in his New Year's address that we must become 'Great Challengers' who constantly challenge ourselves and innovate to achieve unprecedented goals.
In March, Hanwha Life received approximately 5.4 billion KRW in cash dividends from its local subsidiary in Vietnam. This is the first case of a domestic insurance company receiving cash dividends from an overseas subsidiary. It was the first dividend after achieving cumulative profits for the first time in 15 years since entering Vietnam in 2008. On the 23rd, Hanwha Life also acquired a 40% stake in Nobu Bank, a local Indonesian bank, becoming the first domestic insurance company to enter the banking industry.
Insurtech company Carrot General Insurance launched a digital innovation insurance product called 'Per-Mile Auto Insurance,' achieving a renewal rate of over 90%, demonstrating high customer satisfaction. This product model is being exported to local non-life insurance companies in Indonesia, expanding its reach into the global market.
Hanwha Financial affiliates plan to establish themselves as a 'global comprehensive financial group' by expanding beyond life and non-life insurance into banking, including securities and asset management in overseas markets.
Chairman Kim visited the most frequented in-house caf? and library at the 63 Building and engaged in informal conversations with employees. At a meeting with Carrot General Insurance's MZ generation (Millennials + Generation Z) employees, he received an explanation about the 'plug,' a core technology that records driving data for the Per-Mile Auto Insurance. When an employee mentioned that they might soon see Carrot General Insurance's plug installed in cars overseas, Chairman Kim responded, "I look forward to the digital achievements in finance."
During a meeting with Hanwha Life's e-sports team 'HLE,' Chairman Kim encouraged them, saying, "Thank you for widely promoting the Hanwha name to the 10-30 generation through e-sports." After trying on the team uniform given by the players, he took selfies and signed autographs with them.
As Chairman Kim descended to the first floor to leave the 63 Building, about 200 employees saw him off with applause.
Chairman Seung-yeon Kim of Hanwha Group (left) is signing the guestbook together with Dong-won Kim, Chief Global Officer (CGO) and President of Hanwha Life Insurance. [Source=Hanwha Life Insurance]
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