|Date joined:||17 June, 2021|
|Initiatives:||Principles for Sustainable Insurance|
Hanwha Life Insurance(HLI), were established in 1946 as Korea’s first life insurer and have played a major role in the development of the Korean life insurance industry. Over the past two decades, the “big three” life insurers by market share in terms of gross premiums in Korea have led the Korean life insurance market. They are the second largest life insurance company in Korea trailing Samsung Life as measured by total assets of US$117.2 billion and total gross premiums of US$13.6 billion (consisting of US$ 9.2 billion in general account and US$4.4 billion in separate account) as of and for the year ended December 31, 2020 on a standalone basis.
As the importance of sustainable management has been brought to the fore by recent paradigm changes, Hanwha Life Insurance is making strides socially, economically, environmentally and in other areas to become a global, sustainably managed insurer. By adopting PSI, HLI looks to address their stakeholders demanding higher levels of accountability and transparency concerning their handling of ESG issues. They hope to inform their stakeholders with much more detailed and abundance of data specific to their insurance business down the road.