South Korean life insurance company, Hanwha Life Insurance Indonesia recorded payment of claims and benefits of IDR 35.48bn ($2.17m) in the first quarter of 2025. This is an increase of 12.67% compared to the same period last year of IDR 31.49bn.
Based on the company's statement released yesterday (1 June), premium income amounted to IDR 88.47bn, an increase of 8.7% from the previous year’s IDR 81.36bn.
Hanwha Life announced total assets of IDR 2.16tn at the end of March 2025, with a level of solvency (RBC) at 878.63%.
Hanwha Life Indonesia’s chief marketing strategy officer Chang Woo Han said that the company made various efforts to expand the policy segmentation. According to him, Hanwha Universal Life introduced the concept of K-Insurance in financial planning, along with the popularity of Korean culture in Indonesia ranging from K-Food, K-Pop to K-Drama.
According to him, the main value of life insurance that Hanwha Universal Life provides comes in the form of long-term financial protection, while also introducing structured and safe Korean-style financial planning.
Hanwha Life closed in 2024 in stable financial condition, with total assets of IDR 2.13tn, investment assets of IDR 1.92tn, and a level of solvency of 1010.8% or almost 9 times the minimum requirement of 120% set by the Financial Services Authority (OJK).