Moody's lifts Hanwha Life to A1
Hanwha Life Insurance has been upgraded by global credit ratings agency Moody's, which cited the South Korean insurer's solid brand strength, strategic distribution network and improved profitability.
The rating was raised to A1 from A2 with a stable outlook, the Seoul-based company said Monday.
'Hanwha Life is generating high contractual service margins through increased sales of guarantee products, backed by its strong brand franchise and sales capability,' Moody's said. The agency also noted the company's shift toward higher-margin products via its general agency arm, Hanwha Life Financial Service.
The insurer's capital strength and sound asset-liability management were also key factors in the upgrade. Moody's said it expects Hanwha Life to maintain a stable K-ICS risk-based capital ratio, even amid interest rate volatility, by minimizing its duration gap through stable new business inflows and increased investment in long-term bonds.
The move follows a similar upgrade by Fitch Ratings earlier this month, which raised Hanwha Life's rating to A+ from A, also with a stable outlook, further bolstering the global credibility of Korea's second-largest life insurer.
'Recognition from two of the world's top three credit rating agencies affirms Hanwha Life's competitiveness in global markets,' a company official said. 'We will continue to build trust with customers and investors as a leading Korean insurer.'
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