Shinhan Life Launches Subsidiary 'Shinhan Life Care' Dedicated to Senior Business

Shinhan CubeOn Company Name Change

At the launch ceremony held at Shinhan L Tower in Jung-gu, Seoul, Jin Ok-dong, Chairman of Shinhan Financial Group (third from the left), Kim Cheol-ju, Chairman of the Life Insurance Association (fourth from the left), Lee Young-jong, President of Shinhan Life (first from the right), and Woo Seok-moon, CEO of Shinhan Life Care (first from the left), are performing the ribbon-cutting ceremony with the attendees.

Shinhan Life announced on the 26th that it will officially begin operations by holding the launch ceremony of Shinhan Lifecare, a subsidiary dedicated to the senior business.

The senior business, represented by long-term care and silver towns, has faced difficulties in meeting the diverse demands of consumers due to high market entry barriers, despite the continuous increase in demand caused by rapid demographic changes such as low birth rates and aging population. With the baby boomer generation entering the elderly population, there has been a significant increase in demand for improved quality of care services and facilities located within existing urban areas rather than on the outskirts of cities.

In response, Shinhan Life has renamed its healthcare subsidiary Shinhan Cube On to Shinhan Lifecare and launched it as a dedicated subsidiary for the senior business to support the stable retirement life of the senior generation and fulfill corporate social responsibility.

The launch ceremony, which began at 10 a.m. on the same day, was attended by Jin Ok-dong, Chairman of Shinhan Financial Group, key group affiliates, and Kim Cheol-ju, Chairman of the Life Insurance Association. At the event, Woo Seok-moon, CEO of Shinhan Lifecare, announced a master plan to build a senior business ecosystem at the group level.

CEO Woo explained that the land acquisition has been completed with the goal of opening a senior care facility by 2025, and the first branch in Hanam Misa will be built as an urban-type care facility accommodating 60 to 70 people. He also expressed his ambition to expand nationwide to establish a new and differentiated senior housing culture and become a partner providing a comfortable retirement life for customers.

Based on experience in building long-term care facilities, Shinhan Financial Group plans to collaborate among its affiliates to create silver towns that encompass not only physical residential environments but also essential daily life support services such as ▲financial services ▲culture and arts ▲leisure sports ▲medical and healthcare, thereby establishing a new standard for elderly residential welfare facilities.

Jin Ok-dong, Chairman of Shinhan Financial Group, emphasized, “As the senior business is emerging as a core area of finance beyond the insurance sector, I hope Shinhan Financial Group will present the standard of comprehensive life care through its capabilities and network,” adding, “I hope Shinhan becomes a reliable partner responsible for customers’ comfortable retirement, recognized for making a difference.”

Lee Young-jong, President of Shinhan Life, stated, “With the entry into a super-aged society by 2025, demands for life care services covering the entire life cycle of customers are expanding,” and added, “Shinhan Life will fulfill its social responsibility to protect the retirement life of the people stably and thoroughly together with Shinhan Financial Group.”

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