Hanwha Life Financial Acquires PeopleLife... Launch of Korea's Largest Corporate Insurance Agency

Hanwha Life 63 Building

[Asia Economy Reporter Changhwan Lee] Hanwha Life Financial Service, a sales subsidiary of Hanwha Life Insurance and the largest insurance sales specialist company in Korea, announced on the 1st that it will acquire 'PeopleLife,' a large GA (General Agency) ranked around 6th in the industry.

Hanwha Life Financial Service signed a stock purchase agreement (SPA) for the acquisition of PeopleLife on the morning of the same day. PeopleLife is expected to be incorporated as a subsidiary of Hanwha Life Financial Service after approval from the Fair Trade Commission's corporate merger review and other procedures.

Through this acquisition, Hanwha Life expects to create complementary synergy by combining the traditional financial industry's know-how and digital capabilities with the strong sales power in the personal sales sector held by Hanwha Life Financial Service and the corporate sales specialized consulting capabilities of PeopleLife.

By owning three GAs (Hanwha Life Financial Service, Hanwha Life Lab, and PeopleLife), Hanwha Life will establish a powerful sales channel with approximately 25,000 agents. Through this, Hanwha Life emphasized that it has become a super-large GA with overwhelming scale and diversified sales models.

In advanced insurance markets such as the United States and Japan, the so-called 'separation of manufacturing and sales' has already become common to meet the increasing demand for financial advice and to secure efficient customer contact points. In Korea as well, the GA channel is gradually establishing itself as the main channel in the insurance market based on its superior sales competitiveness compared to exclusive channels.

Hanwha Life emphasized that the acquisition of PeopleLife will serve as a foothold to strengthen the overall structure and competitiveness of the GA industry and to become a trusted insurance sales specialist company by customers and society.

Yeo Seung-joo, CEO of Hanwha Life, said, "The acquisition of PeopleLife is part of a growth strategy to leap into a top-tier GA," adding, "Through this acquisition, we will further strengthen sales expertise and provide optimal financial services that add new value to customers' lives based on the management philosophy of 'Together Far.'"

This content was produced with the assistance of AI translation services.