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Hanwha Life has become the first major life insurer to surpass 30,000 insurance agents through its 'Three GA Alliance,' formed as part of its 'separation of manufacturing and sales' strategy. This blog explores Hanwha Life’s insurance sales strategy, the achievements of the three GA alliance, and its future plans.   Hanwha Life has achieved a major milestone by becoming the first major life insurance company to exceed 30,000 insurance agents through its 'Three GA Alliance.' According to the Life Insurance Association, the number of agents under Hanwha Life's three major GAs—Hanwha Life Financial Services, Hanwha Life Lab, and People Life—reached 31,073 by the end of June 2023. This represents a 2,249 (7.8%) increase compared to the 28,824 agents reported at the end of December 2022 and a 3,506 (12.7%) increase from the 27,567 agents reported in June 2022. This number is about half of the 62,525 total agents for all 22 life insurance companies in South Korea ...

In the first half of 2024, Hanwha Life achieved noteworthy results despite facing several challenges. While overall profitability saw a decline, the strong sales of protection-oriented insurance products and the robust performance of new contract CSM indicated positive momentum. This post delves into Hanwha Life's key achievements in the first half of the year, analyzing the performance of its subsidiaries and overseas operations, and offering insights into future prospects. Analysis of Hanwha Life’s First Half Performance In the first half of 2024, Hanwha Life reported a net profit of 667.3 billion KRW, marking a 17.5% decrease compared to 809.1 billion KRW in the same period last year. Although this represents a drop in profitability, the robust sales of protection-focused insurance products led to a solid performance with new contract CSM reaching 996.5 billion KRW. These achievements highlight the effectiveness of Hanwha Life's profitability-centered management strategy, im...