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[THE INVESTOR] Hanwha Life Insurance will invest 150 billion won ($131.77 million) into its Indonesian unit to strengthen its foothold in the fast-growing market, the firm said on July 21.
To expand its life insurance business in Indonesia, the firm will commit 80 billion won into the sales channel to boost the number of branches to 44 by 2025 from the current 10.
To expand its life insurance business in Indonesia, the firm will commit 80 billion won into the sales channel to boost the number of branches to 44 by 2025 from the current 10.
“The future of Korea’s insurance industry, which has reached a saturation point, depends on readiness to dominate the promising overseas market in advance,” the firm’s official said.
The company hopes to create a revenue breakthrough through the investment into the Indonesian unit, he added.
According to industry data, Indonesia’s life insurance market is expected to grow at a compound annual growth rate of 10 percent by 2020.
Hanwha Life also said it will buy Indonesia’s long-term government bonds which is expected to yield over 7 percent in a bid to increase its bond portfolio’s return.
By Park Han-na (hnpark@heraldcorp.com)
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Articles by Korea Herald
