Hanwha Non-life Insurance receives 'A-' and 'a-‘ by AM Best

Hanwha Non-life Insurance receives 'A-' and 'a-‘ by AM Best. September. 07, 2016 07:10. by 박창규기자 kyu@donga.com.

Hanwha Non-life Insurance Co., Ltd. announced on Tuesday that it has acquired credit ratings of "A―" and "a―" for financial soundness and fulfillment of obligation respectively, from AM Best, a U.S.-based credit-rating agency. AM Best is one of the largest credit ratings agencies specialized in the insurance sector. Hanwha received an overall grade of “Excellent,” which is just one step lower than the highest grade of “Superior.”

The insurance company has increased its sales of guaranteed products and shown solid financial performance, maintaining its capital power through risk management, as well as its potential to draw financial support from its holding company, Hanwha Life Insurance.

“The AM Best result is a recognition of our efforts to improve our profitability, fiscal soundness, and business stability since 2013,” said an official at Hanwha Non-life Insurance.