business

Hanwha Life's Strategy Strengthens Business In Indonesia

Hanwha Life, a South Korean life insurance company that has been operating in Indonesia for a decade, has revealed its three main strategies to support the company's growth.

Steven Namkoong, CEO of Hanwha Life Indonesia, stated, "Entering a new decade for Hanwha Life in Indonesia, we will continue to grow even bigger. By 2024, Hanwha Life aims for gross premium income to grow by over 50% or reach more than Rp255 billion."

In the first semester of 2024, Hanwha Life recorded an 83.93% increase in gross premium income from Rp68.70 billion to Rp126.35 billion (yoy), and paid claims and benefits amounting to Rp72.96 billion. Hanwha Life also reported total assets of Rp2.14 trillion and a solvency ratio (RBC) of 1,061.48%, well above the minimum RBC requirement of 120% set by the OJK.

"For the past ten years, we have served more than 130 thousand customers through 26 marketing offices in Java, Bali, Sumatra, Kalimantan, and Sulawesi. In 2024, Hanwha Life embraces the Orange Wave spirit, bringing positive energy to the financial journey of the Indonesian people, while focusing on three major steps," explained Steven Namkoong, CEO of Hanwha Life Indonesia.

First, developing new products that meet the needs of the Indonesian people, such as Universal insurance products with features inspired by Korea, which will be launched in the third quarter of 2024.

Second, implementing digital innovation and transformation to create an easy and enjoyable insurance experience. For example, introducing the Orangetopia application with metaverse technology. This innovation led Hanwha Life to win the Warta Ekonomi Indonesia Digital Innovation Award 2024 and the Infobank Digital Brand Awards 2024 in March and April 2024.

Third, expanding Hanwha Life's presence in Indonesia. Hanwha Life in Korea has big plans to expand its business portfolio to the banking industry by collaborating with one of the private banks in Indonesia.

In early May 2024, Hanwha Life Korea signed a deal with Lippo Group regarding investment in Nobu Bank.

Hanwha Life is committed to always implementing good corporate governance, risk management, and compliance, thus receiving the Indonesia Regulatory Compliance Award 2024 from HukumOnline.com for the Gold - Notable Enterprise in Regulatory Compliance category at the end of May 2024.

PT Hanwha Life Insurance Indonesia is licensed and supervised by the Financial Services Authority (OJK) since October 24, 2013. Hanwha Life is one of the Top 15 Best and Strongest Life Insurances in Indonesia 2023 according to CNBC Indonesia Ratings, and also part of the Hanwha Group which is among the Top 10 large conglomerates in South Korea.

---

Tag: Hanwha South Korean Steven Namkoong