Hanwha Life Insurance's Credit Rating Outlook Upgraded by Six Major Domestic and International Credit Rating Agencies

Hanwha Life announced on the 1st that its credit rating outlook has been upgraded by all three major domestic credit rating agencies as well as the three major global credit rating agencies this year.

The global credit rating agency Fitch upgraded Hanwha Life's credit rating outlook from 'Stable (A/Stable)' to 'Positive (A/Positive)' on the 29th of last month.

Fitch highly evaluated Hanwha Life for demonstrating solid capital soundness and stable profit generation after the adoption of the new International Financial Reporting Standard (IFRS17). Fitch stated that it upgraded the rating outlook from 'Stable' to 'Positive' because Hanwha Life is expected to maintain financial soundness in the mid to long term. It also gave high marks for Hanwha Life's excellent brand, business capabilities, market position, and profitability improvement.

A Hanwha Life official interpreted, "Despite the challenging domestic and international economic environment, not only the three major domestic rating agencies but also the three major global rating agencies have all upgraded the credit rating outlook," adding, "This means that Hanwha Life has demonstrated solid financial soundness and favorable profitability."

In March, the global credit rating agency S&P upgraded the credit rating outlook from 'Stable' to 'Positive.' In June, Moody's also upgraded the credit rating outlook to 'Positive.' In the same month, the three major domestic credit rating agencies consecutively upgraded their credit rating outlooks.