Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Hanwha insurers invest combined $67.85 mil. in CHA Biotech
Logo of CHA Biotech / Courtesy of CHA Biotech
By Nam Hyun-woo
Hanwha Group’s two insurance units committed a total of 100 billion won ($67.85 million) to invest in CHA Biotech, part of a strategic investment to find synergy between digital healthcare and insurance.
According to CHA Biomedical Group, Friday, Hanwha General Insurance and Hanwha Life Insurance will participate in CHA Biotech’s third-party rights issuing, purchasing new shares of the biopharmaceutical firm worth 70 billion won and 30 billion won, respectively.
Through the investment, the insurers seek to combine their insurance business infrastructure with CHA Biotech’s digital healthcare capabilities and explore new business opportunities.
The companies said the investment will strengthen mid- to long-term cooperation by linking healthcare and financial services, while gradually expanding a life cycle-based value chain.
The announcement came a day after IT service firm LG CNS decided to make a 10 billion won equity investment in CHA Biotech. CHA Biomedical Group said the investments will help stabilize its financial structure and generate broader synergies across the healthcare ecosystem through strategic partnerships with key industries, including artificial intelligence, IT, finance and construction.