Hanwha Life Upgraded to 'A1' by Global Credit Rating Agency Moody's

Hanwha Life announced on May 25 that global credit rating agency Moody's has upgraded Hanwha Life's credit rating from 'A2·Positive' to 'A1·Stable'.

Previously, Hanwha Life had also received credit rating upgrades from the three major domestic credit rating agencies?Korea Ratings, Korea Investors Service, and NICE Investors Service?as well as from global credit rating agency Fitch.

Hanwha Life 63 Building.

Moody's stated, "Hanwha Life is generating a high contractual service margin (CSM) by expanding sales of protection-type products based on its strong brand recognition and sales capabilities," and added, "The company is improving its product portfolio to focus on profitability, leveraging the excellent sales capabilities of Hanwha Life Financial Service, the largest insurance general agency (GA) in Korea."

Moody's further commented, "Despite the tightening of capital regulations and declining interest rates, Hanwha Life has maintained stable capital soundness through robust asset-liability management (ALM)." The agency also projected, "By consistently generating new contract CSM and expanding investments in long-term bonds, Hanwha Life will minimize duration gaps and demonstrate a stable capital adequacy ratio (K-ICS) against future interest rate risks."

A Hanwha Life representative stated, "Receiving credit rating upgrades not only from the three major domestic credit rating agencies but also from global agencies such as Moody's and Fitch signifies that Hanwha Life's strong profitability and stable financial soundness are recognized as competitive in the global market." The representative added, "As a leading global insurance company representing Korea, we will continue to strengthen trust among both customers and domestic and international investors."