KB News Desk
Hanwha Life Insurance said its major overseas businesses generated a combined net profit of 103 billion won ($72.8 million) in the first half, nearing the 117.8 billion won they earned for all of last year as its push to diversify beyond insurance began to pay off.
The overseas operations accounted for about 11 percent of Hanwha Life’s consolidated net profit of 904.5 billion won for the six-month period.
Its Vietnamese life insurance unit posted 32 billion won in net profit, up 23 percent from 26 billion won a year earlier. The growth was supported by improved insurance margins and stronger investment income, helped by higher local interest rates.
Newly added banking and securities businesses also provided a significant boost. US brokerage Velocity Clearing and Indonesia’s Nobu Bank each recorded 29 billion won in first-half net profit.
Velocity benefited from higher interest income and stronger investment returns as US financial markets remained supportive, while Nobu Bank benefited from stronger interest income on expanding mortgage lending, alongside growth in fee income.
The results reflect Hanwha Life’s broader push to build a more diversified overseas financial portfolio spanning insurance, banking and securities.
In the second half, the company plans to expand bancassurance partnerships in Vietnam and Indonesia to further strengthen its earnings base.
“Our early push for global expansion and portfolio diversification is beginning to bear fruit, putting our global business on a stable growth trajectory,” a Hanwha Life official said. “We will continue to strengthen our sustainable earnings base and enhance our presence in global markets.”
