Korea Life renames itself Hanwha Life Insurance

Korea Life Insurance Co., an insurance unit of Korea's Hanwha Group, said Tuesday that it officially changed the corporate name to Hanwha Life Insurance Co.

The life insurer, established in 1946 as the country's first life insurer, was acquired by local conglomerate Hanwha Group in 2002.

Hanwha Life is Korea's No. 2 life insurer with net assets valued at 70.2 trillion won ($63.1 billion) as of end-June, the corporate data showed.

Hanwha Life also said it plans to expand its business overseas, including opening a new branch in China by the end of this year. (Yonhap)