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Hanwha Life earns A1 rating from Moody’s on improved profitability
Hanwha Life Insurance’s headquarters in Seoul / Courtesy of Hanwha Life Insurance
By Jun Ji-hye
Moody’s has raised Hanwha Life Insurance’s credit rating from A2 to A1 and assigned a stable outlook, the insurer said Monday.
In its rating rationale, the global credit rating agency said that Hanwha Life’s improved product mix and strengthened distribution capabilities — particularly through its general agency subsidiary — supported the upgrade.
"The company’s minimal asset-liability duration gap will provide its regulatory solvency with strong resilience against interest rate risks amid declining interest rates," the agency noted, adding that it expects the firm to maintain solid capitalization and strong profitability over the next 12 to 18 months.
This marks the latest in a series of upgrades for the insurer, following rating improvements in March by Korea’s three major credit rating agencies and an upgrade by global agency Fitch in May.
"The credit rating upgrades by both domestic and global agencies, including Moody’s and Fitch, reflect growing recognition of our strong profitability and financial stability in the global market," a Hanwha Life official said.