[Finance Awards] Hanwha Life turns to global markets, AI for future growth

Hanwha Life is accelerating its overseas expansion and digital transformation as it seeks new growth engines beyond Korea’s saturated insurance market.

While many Korean insurers have targeted Southeast Asia in recent years, Hanwha Life has stood out for the scale and ambition of its global push, expanding simultaneously across banking, insurance and digital finance.

In Indonesia, the company became the first Korean insurer to acquire a foreign bank when it purchased Nobu Bank earlier this year. Hanwha Life plans to integrate Nobu Bank’s regional network with its own digital finance capabilities to tap into Indonesia’s large and young population, more than half of whom are under 30.

The insurer is also strengthening its insurance presence in Indonesia through Lippo General Insurance, a company in which it jointly invested with Hanwha General Insurance. Lippo recently secured an A- (Excellent) financial strength rating from AM Best, supported by Hanwha Life’s capital and operational oversight.

Vietnam, Hanwha Life’s first overseas market, remains another key pillar. Seventeen years after entering the country, Hanwha Life Vietnam has remained among the top 10 insurers for nearly a decade and now operates with an almost entirely local workforce.

Beyond Asia, Hanwha Life this year became the first Korean insurer to acquire a US brokerage by purchasing Velocity Clearing, a New York-based firm specializing in trade clearing and settlement. The deal signals the company’s intent to broaden its financial footprint beyond traditional insurance and into global capital-market infrastructure.

These moves align with a broader Hanwha Group ambition to merge finance, technology and international networks to create new value across its financial affiliates.

Hanwha Life is also deepening its investment in artificial intelligence. In 2024, the insurer established an AI division, launched an AI Lab and opened the Hanwha AI Center in San Francisco in partnership with Hanwha General Insurance and Hanwha Asset Management.

The company is applying AI and big data across customer services and internal operations. Its AI Translator and AI Agent solutions were recently designated innovative financial services by the Financial Services Commission, reflecting regulatory recognition of its digital finance capabilities.

Hanwha Life said it plans to continue expanding overseas partnerships and advanced technologies as it positions itself as a global financial player.

andreahaneu@heraldcorp.com