Hanwha Life South Korea is a member of Hanwha Group, one of the top seven largest conglomerates in South Korea with total assets of over $179.7 billion, and ranked among the top 100 most influential enterprises globally in 2024.
As a leading life insurance company in South Korea, Hanwha Life has been at the forefront of developing both the insurance industry and the country’s economic growth for 78 years. In its growth strategy, Hanwha Life South Korea maintains a strong momentum and enhances its global market penetration.
In October this year, Hanwha Life South Korea announced it would acquire 100% of Hanwha Savings Bank’s shares and is expected to complete the process within the year. Hanwha Savings Bank, established in 1983, was formerly known as Samhwa Mutual Savings Bank. In 2008, it became part of the Hanwha Group, under the direct control of Hanwha Solutions. The M&A activity of Hanwha Savings Bank by Hanwha Life South Korea is part of the group’s strategy to consolidate its financial companies, aiming to streamline its governance structure.
In November, Hanwha Life South Korea continued its expansion by announcing the signing of an agreement to acquire 75% of Velocity Clearing, a US-based global financial services firm established in 2003. Velocity Clearing is renowned for offering a range of financial services, including clearing and settlement, securities lending, and brokerage services. This acquisition marks the first time a South Korean insurance company has acquired control of a foreign brokerage firm.
Earlier, in May 2024, Hanwha Life signed an agreement to acquire 40% of Indonesia’s Nobu Bank from Lippo Group, becoming the first South Korean insurance company to venture into foreign banking. This move completes Hanwha Life South Korea’s business ecosystem in Indonesia, encompassing banking, general/life insurance, asset management, and securities, paving the way for its expansion strategy into Southeast Asia.
Overall, the consolidation of Hanwha Savings Bank in South Korea and the business expansion in the US and Indonesia are significant steps in Hanwha Life South Korea’s strategy to become a comprehensive global financial group. With the solid foundation and expertise of the acquired companies, Hanwha Life South Korea will have a springboard to enhance its global capabilities, expand its scale, gain a strong position in the financial sector in strategic countries, and increase its access to investment maximization opportunities, thereby laying the foundation for sustainable, long-term growth.
At the same time, the aforementioned M&A deals are also in line with Hanwha Group’s strategy to strengthen its financial services, aiming to provide a globally connected network and enhance operational efficiency based on Hanwha Life South Korea’s effective governance, strong financial prowess, and extensive experience.
In Southeast Asia, after establishing a foothold in Indonesia, Vietnam will be the next market in its expansion roadmap for the financial and banking sector in the region.
Hanwha Life Vietnam, the group’s first member in the country since 2008, currently has a chartered capital of nearly VND 4,900 billion and is among the financially strong insurance companies.
Hanwha Life Vietnam not only erased accumulated losses but also continuously increased its assets
In the past two years, Hanwha Life Vietnam has achieved impressive business results. The company successfully erased accumulated losses and increased its total assets to over VND 18,300 billion by the end of 2023. By October 2024, total assets further increased to over VND 20,200 billion, a 10% year-on-year increase, propelling the company into the league of insurance companies with impressive asset scales.
Hanwha Life Vietnam enjoys a competitive advantage with its extensive business network and diverse distribution channels, including agency, bancassurance, and online distribution. Currently, the company has over 37,000 financial consultants and 128 customer service points nationwide, providing quick and convenient product and service experiences for its customers.
Hanwha Life Vietnam – a trusted brand among customers
The achievements of Hanwha Life Vietnam underscore its role as one of the growth engines of the Hanwha Group and demonstrate its long-term commitment to the key market of Vietnam, enhancing the group’s stature both domestically and internationally.
Moving forward, Hanwha Life Vietnam will continue to seek collaboration and investment opportunities with a strong focus on long-term sustainability. This approach will help establish a cohesive and robust ecosystem, ensuring continuous growth for Hanwha Life and contributing to the robust development of Vietnam’s economy.
