Fitch expects Hanwha Life to sustain earnings strength

This was supported by a strong contractual service margin.

Fitch Ratings expects Hanwha Life Insurance to maintain stable capital and earnings performance, supported by a strong contractual service margin (CSM), disciplined underwriting, and proactive asset-liability management.

The insurer’s K-ICS ratio fell to 163.7% in 2024 from 183.8% in 2023 but remains well above regulatory requirements.

Hanwha Life’s CSM reached $6.6b (₩9.1t), with new business CSM at $1.5b (₩2.1t).

Return on equity rose to 7.2% in 2024. Investment risk is considered manageable, with overseas exposure largely hedged.

The company also reduced its asset-liability duration gap ahead of expected interest rate cuts, helping to support long-term earnings stability.