Following the global credit rating agency Fitch Ratings, Moody's also upgraded the credit rating of Hanwha Life.
Hanwha Life announced on the 26th that Moody's upgraded its credit rating from the previous 'A2' to 'A1' and assessed its outlook as 'stable.'
Moody's noted, "Based on excellent brand recognition and sales capabilities, Hanwha Life is expanding its sales of guaranteed products to generate insurance contract margins (CSM)." They added, "Improvement is being seen in the profitability-centered product portfolio based on the excellent sales capabilities of Hanwha Life Financial Services, the largest insurance sales specialist company in the country."
They also projected, "Despite strengthened capital regulations and falling interest rates, stable capital soundness was maintained based on sound asset-liability management (ALM)," adding that "through consistent new contract CSM generation and expansion of long-term bond investments, the duration gap will be minimized, which will provide a stable solvency ratio even amid future interest rate risks."
Previously, Fitch upgraded Hanwha Life's rating from 'A·Positive' to 'A+·Stable.' Hanwha Life received the highest credit rating from the three major domestic credit rating agencies (Korea Credit Rating, Korea Ratings, and NICE Investors Service) in March.
A representative from Hanwha Life stated, "The recognition of our excellent revenue and stable financial soundness in the global market means we have gained competitive strength."