Korea Financial Group and Hanwha Life Financial Services Form Strategic Partnership

Korea Financial Group announced on the 5th that it will invest 100 billion KRW in Hanwha Life Financial Service, the general agency (GA) sales company of Hanwha Life, and establish a strategic collaborative relationship within the group.

At the investment contract signing ceremony for Hanwha Life Financial Service held at the 63 Building in Yeouido, Korea Financial Group Vice Chairman Lee Kang-haeng, Korea Investment Private Equity CEO Kim Min-gyu, Hanwha Life Vice Chairman Yeo Seung-joo, and Hanwha Life Financial Service CEO Lee Kyung-geun attended. Through the contract, Korea Investment PE and Korea Investment Value Asset Management will invest a total of 100 billion KRW in Hanwha Life Financial Service in the form of convertible preferred shares (CPS), acquiring an 11.1% stake.

In addition to a simple financial investment, various forms of collaboration across business divisions will be promoted. Korea Investment & Securities' financial investment products will be integrated into Hanwha Life Financial Service's sales channels, while customers of Korea Investment & Securities seeking insurance services will be connected to Hanwha Life and Hanwha General Insurance. The plan is to create synergy between businesses. They will mutually prioritize the provision of products and services and continue strategic cooperation in various ways, including jointly developing new products and services to expand customer services.

Hanwha Life Financial Service is a GA subsidiary that was spun off from its parent company Hanwha Life in April 2021. It has approximately 25,000 financial planners (FPs) and over 500 sales offices. It rose to become the number one GA company in the industry upon its launch. Hanwha Life Financial Service plans to leverage this collaboration to grow into a financial company providing "total comprehensive financial services" and pursue an initial public offering (IPO).

Korea Financial Group Vice Chairman Lee Kang-haeng said, "By combining the financial know-how that both companies have independently accumulated, we expect to broaden the investment base of customers," adding, "We will strengthen a mutually practical and strategic cooperative relationship for the joint growth of both companies."

Hanwha Life Vice Chairman Yeo Seung-joo explained, "Two major financial corporations representing insurance and securities have come together beyond the boundaries of their industries," and said, "We expect to create new financial services that will result in customer satisfaction and expanded sales channels." He added, "Through strategic collaboration and investment attraction, we will establish a new turning point in finance."

On the 5th, Lee Kang-haeng, Vice Chairman of Korea Financial Group, and Yeo Seung-joo, Vice Chairman of Hanwha Life Insurance, along with others, held an investment attraction signing ceremony for Hanwha Life Financial Services at the 63 Building in Yeouido, Seoul, and took a commemorative photo. From the right: Lee Kang-haeng, Vice Chairman of Korea Financial Group; Kim Min-gyu, CEO of KNTU PE; Lee Kyung-geun, CEO of Hanwha Life Financial Services; Yeo Seung-joo, Vice Chairman of Hanwha Life Insurance.

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