Insurer expands presence in Vietnam, Indonesia while pursuing broader digital shift

Hanwha 63 Building in Yeouido, Seoul (Hanwha Life)
Hanwha 63 Building in Yeouido, Seoul (Hanwha Life)

Hanwha Life, one of South Korea’s major life insurers, is pursuing new growth opportunities through overseas expansion and digital transformation.

While many Korean insurers have moved into Southeast Asia in recent years, Hanwha Life has drawn attention for the scope and pace of its initiatives, extending its business beyond the traditional insurance sector.

In Indonesia, the company became the first Korean insurer to acquire a foreign bank by purchasing Nobu Bank earlier this year. Hanwha Life said it plans to leverage Nobu Bank’s regional network and combine it with its own expertise in digital finance to reach the country’s large, young consumer base — more than half of whom are under 30.

Hanwha Life is also deepening its footprint in Indonesia’s insurance market through a collaboration with Lippo General Insurance, a local firm it co-invested in alongside Hanwha General Insurance. Lippo General Insurance recently received an A- (Excellent) financial strength rating from the credit-rating agency AM Best, supported by Hanwha Life’s capital base and management oversight.

Hanwha Life has also continued to build its presence in Vietnam, its first overseas market, where it launched operations 17 years ago. Hanwha Life Vietnam has remained among the country’s top 10 insurers for nearly a decade, with almost all of its 600 employees recruited locally.

Beyond Asia, the insurer expanded into the United States this year with its acquisition of Velocity Clearing, a New York–based brokerage specializing in trade clearing and settlement services. The deal marked the first time a Korean insurer has acquired a US brokerage.

According to Hanwha Life, these moves are part of Hanwha Group’s broader financial strategy, which seeks to create value, not only through physical expansion, but by integrating finance, technology and global networks.

The company has also been increasing its focus on artificial intelligence. In 2024, Hanwha Life established an AI division at its headquarters, launched an AI Lab in June, and later opened the Hanwha AI Center in San Francisco in partnership with Hanwha General Insurance and Hanwha Asset Management.

Hanwha Life said it is applying AI and big data technologies to enhance its services and internal operations. The company's "AI Translator" and "AI Agent" services have recently been designated as innovative financial services by the Financial Services Commission, recognizing its efforts in digital finance development.

Hanwha Life and other Hanwha financial affiliates said they plan to continue expanding their use of technology and overseas partnerships as part of a long-term effort to strengthen their position in the global financial market.


jwc@heraldcorp.com