Hanwha Life Financial Services, a corporate insurance agency (GA) subsidiary of Hanwha Life, announced on July 7 that it has acquired an additional 49% stake in IFC Group, a major GA headquartered in Busan, thereby making it a wholly owned subsidiary.
This is Hanwha Life Financial Services’ second major GA acquisition, following the purchase of People Life in 2023. The move serves as a milestone in the company’s aggressive merger and acquisition (M&A) strategy and demonstrates its efforts to strengthen its leadership in the GA industry.
IFC Group is a leading GA in the Busan and Yeongnam regions, with approximately 2,000 insurance planners operating out of 114 headquarters and branches nationwide. Through this acquisition, Hanwha Life Financial Services has secured a solid sales base in the Yeongnam region.
Currently, Hanwha Life Financial Services has a total of approximately 34,000 planners, including 4,000 from People Life and 2,000 from IFC Group. The company holds the top position in the GA industry in terms of both organizational size and revenue.
Lee Seungwoo, Head of Financial Strategy at Hanwha Life Financial Services, said, "With the acquisition of IFC Group, we have established strong nationwide sales competitiveness," adding, "We will continue to actively consider additional acquisitions of high-quality GAs that can create strategic synergy."
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