Investment Strategy
Hanwha Life Insurance is South Korea’s second-largest life insurer, part of the Hanwha Group conglomerate that ranks among the country’s top ten chaebols. The company serves millions of policyholders with life insurance, annuity, and health products. Hanwha Life’s general account investment portfolio of approximately $100 billion makes it a significant institutional investor in Asia.
The portfolio has traditionally been concentrated in Korean government bonds and domestic fixed income, but the company has been aggressively diversifying into overseas assets and alternatives. Foreign bonds and equities have grown significantly as portfolio allocations, driven by the need for higher returns to support long-duration life insurance liabilities in a low-rate domestic environment.
Hanwha Life allocates approximately 12% of its portfolio to alternatives, one of the higher allocations among Korean insurers. The alternatives program spans private equity, real estate, infrastructure, and private credit. The company has been an active participant in global buyout fund commitments and has built a substantial overseas real estate portfolio, including investments in US and European commercial properties. Infrastructure investments include allocations to energy, transport, and digital infrastructure assets globally.
How to Approach
GPs seeking to engage with Hanwha Life should target the investment team in Seoul. The company has been actively building its global GP roster and is receptive to new manager relationships, particularly in private equity, infrastructure, and private credit. Hanwha Investment & Securities serves as the group’s gateway for many alternative investments. Placement agents with Korean institutional relationships are valuable intermediaries. The company’s affiliation with the broader Hanwha Group means it can also facilitate introductions to other group entities with investment mandates.
Frequently Asked Questions
How does Hanwha Life invest in alternatives?
Hanwha Life allocates approximately 12% of its general account to alternatives, including private equity, real estate, infrastructure, and private credit. The company has been actively expanding its overseas alternatives program, investing in US and European buyout funds, global infrastructure, and real estate. Hanwha Investment & Securities, an affiliate, supports the group's alternative investment capabilities.
What is Hanwha Life's relationship to Hanwha Group?
Hanwha Life is a core subsidiary of Hanwha Group, one of South Korea's largest conglomerates with operations spanning defense, energy, chemicals, finance, and solar energy. The group's scale and diversification provide Hanwha Life with access to a broad network of investment relationships and co-investment opportunities.
How can international GPs engage with Hanwha Life?
International GPs should approach Hanwha Life's investment team in Seoul, or through Hanwha Investment & Securities for alternatives. The company has been building relationships with global managers and is receptive to strategies offering diversification beyond the Korean domestic market. Placement agents with Korean institutional experience can facilitate introductions. The diligence process is thorough and typically involves multiple meetings with the investment committee.
