Hanwha Life Insurance has become the first domestic insurance company to venture into overseas banking.The company announced on April 24 that it will acquire a 40 percent stake in Nobu Bank held by Lippo Group, the sixth largest conglomerate in Indonesia. The process of equity investment will be fin
Despite major property and casualty insurance companies lowering automobile insurance premiums for two consecutive years in April 2022 with a reduction ranging from 1.2 percent to 1.4 percent, and in February last year with a reduction ranging from 2.0 percent to 2.5 percent, they have recorded prof
Last year, insurance companies recorded a net profit exceeding 13 trillion won (US$9.68 billion), marking a record high performance in history.According to the “2023 Insurance Company Management Performance” report released by the Financial Supervisory Service on March 26, the combined net profit of
The number of subscribers to employment insurance increased compared to the same period last year, but the growth was primarily driven by an increase in foreign nationals. As a result of population decline, subscribers in their 20s and 40s have been decreasing for 17 and 4 consecutive months, respec
Hanwha Life Insurance is accelerating efforts to discover and nurture future talent in Vietnam in order to foster mutual growth with local communities as a global company.On Feb. 29 (local time), Hanwha Life signed a memorandum of understanding (MOU) with its local partner, the Vietnam-Korea Univers
Hanwha Life Insurance President Kim Dong-won attended the Davos Forum held in Switzerland from Jan. 15 to 19.Visiting Davos for the second consecutive year, President Kim Dong-won conducted over 10 business meetings during the event. He focused on determining the direction of Hanwha Life Insurance’s
This year has seen a significant improvement in the profits of insurance companies, largely attributed to the substantial increase in insurance gains following the introduction of the new IFRS17 international accounting standard. As banks, which have made large-scale interest income this year, are p
While the number of foreign nationals subscribing to domestic personal medical insurance is on the rise, it has been observed that the incurred losses and loss ratios of foreign policyholders under personal medical insurance have also increased.According to the “Status of Foreign Nationals’ Personal
As the issue of expanding insurance premium payments through credit cards remains unresolved and in limbo, the insurance industry is becoming increasingly concerned. This unease is fueled by predictions that the usage volume of convenient payment services like Kakao Pay and Naver Pay will surpass cr
Hyundai Securities said in a company analysis report on Samsung Life Insurance on Sept. 22 that Korea’s biggest life insurer is expected to continue to increase its dividends in the mid to long term as it needs to serve as a major source of funds for deferred payment of the large inheritance tax by
In the first half of this year, insurance companies achieved a net profit of nearly 10 trillion won (US$7.56 billion), driven by increased sales of guaranteed insurance policies and the positive effects of implementing new accounting standards, specifically IFRS9 and IFRS17.According to the prelimin
As AIA Life Insurance prepares for the launch of its sales company in September, the company has started offering a remarkable incentive to competitors’ agents: up to 200 percent of their previous year’s salary. This represents a substantial increase of 18 to 190 percentage points above the industry
On Aug. 21, Hanwha Life’s Vietnam subsidiary announced that it had achieved cumulative profitability for the first time since its establishment in 2008. It is the first time for a domestic insurance company, fully funded and set up as a sole proprietor, to achieve this overseas.Eight years after its