Hanwha Life Financial Services gets A+ credit rating

South Korea's Hanwha Life Financial Services said on Tuesday it received an A+ (Stable) credit rating from Korea Ratings, becoming the first domestic general agency (GA) to achieve a corporate credit rating.

Korea Ratings noted in its report that Hanwha Life Financial Services holds a top-tier market position within the GA industry and maintains a leading position when considering both the GA sector and exclusive sales organizations of insurance companies.

The company posted a net profit of 70.1 billion won ($55 million) last year, establishing a solid financial structure within three years of its inception.

Korea Ratings expects the profitability trend to continue with stable profit generation this year.

Hanwha Life Financial Services was launched in April 2021, becoming the first major insurance company to separate product development and sales.

It implemented its first dividend distribution last year, marking a turnaround to profitability within three years of its launch.

On June 16, the company issued overseas bonds worth $37 million (50 billion won), a first in the GA industry.

In September last year, it also secured an investment of 100 billion won from Korea Investment Private Equity.

Write to Mi-Hyun Jo at mwise@hankyung.com