"Subsidiary’s 31,000 Insurance Planners
Sales Organization Stability Also Recognized"
Hanwha Life announced on May 9 that global credit rating agency Fitch has upgraded its credit rating from A to A+.
A Hanwha Life representative explained, "We received high marks for our continuous improvement in profitability (ROE) and stable financial soundness, as well as our strong risk management capabilities following the adoption of the new insurance accounting standard (IFRS17)."
The representative added, "We were also positively evaluated for the stability of our sales organization, which is based on the channel competitiveness of our subsidiary Hanwha Life Financial Service and its approximately 31,000 insurance planners, as well as our strong brand image. In addition, our strategy to expand overseas business received favorable reviews."
Last year, Hanwha Life expanded the size of its core sales organization, which is fundamental to insurance operations, and strengthened its competitiveness through digital innovation, including artificial intelligence (AI) technology, across all areas of customer service, sales, and products. As a result, the company recorded a consolidated net profit of 866 billion won.
In March, Hanwha Life received the highest credit ratings from Korea Ratings, Korea Investors Service, and NICE Investors Service, the three major domestic credit rating agencies.
A Hanwha Life representative stated, "This Fitch rating upgrade demonstrates that our stable financial base, profitability, and mid- to long-term asset and liability management strategies are trusted in the market. We expect this will enhance the external credibility of our policyholders and both domestic and international investors."
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