Network Partner Profile
- Established in 1946 as the country's first life insurer, Korea Life was acquired by local conglomerate Hanwha Group in 2002. Korea Life officially changed its name to Hanwha Life Insurance in Oct 2012.
- Underwrites all types of life, endowment, term and annuity insurance for both individual and group clients.
- Ranked second in 2012 in terms of group life business, and in terms of total premium and market share.
- Total premium income in 2012 exceeded KRW 11.9 trillion (USD 10.5 billion).
- Total assets under management in 2012 amounted to KRW 70.3 trillion (USD 64.4 billion).
- Serves customers through 6 regional headquarters, 68 support groups and 707 branches.
- AAA rating in insurance financial strength ratings (NICE Investors Service, Korea ratings, for 5th con-secutive year).
- Placed second in the National Customer Satisfaction Index (NCSI) survey, and won first prize in the life insurance category at the Korea Service Grand Prix 2012 run by the Korea Standards Association.
- Member of the Swiss Life Network since 1987.
- Local dividends are guaranteed and fixed on all products except group term insurance.
- Tariffs are set for all coverages. However, vol-ume and danger grade discounts are available on premiums for group term insurance and group medical care security insurance.
- Corporate and individual tax is not imposed on premiums and therefore group contract holders can save tax amounting to between 16.5% and 29.7% of premiums paid.
Coverages and Products
Types of Employee Benefits - Coverage available and poolable:
- Group Life
- Disability Lump Sum (rider)
- Accidental Death & Dismemberment (rider)
- Medical (rider)
- Critical Illness (rider)
Types of Employee Benefits - Coverage available:
- Old Age Lump Sum (rider)
- Endowment (rider)
- Retirement Pension