Hanwha Financial Group announces retirement pension expansion strategy

Four Hanwha Financial Group affiliates, including Hanwha Life, Hanwha General Insurance, Hanwha Investment & Securities, and Hanwha Asset Management, have unveiled their ‘Retirement Pension 2030+ Vision’ to prepare for upcoming government regulatory changes.

The strategy focuses on strengthening professional asset management capabilities, establishing robust governance and internal control systems, and enhancing digital competitiveness. This initiative follows the South Korean government's recent announcement of measures to strengthen retirement pension functions, which includes the introduction of fund-based retirement pensions and mandatory external accumulation of retirement benefits.

During the vision ceremony held in Seoul, the companies discussed preparing for the fund-based model, including collaboration with the UK-based consulting firm WTW. The group aims to expand its presence in the retirement pension market, which is estimated to be worth 500 trillion won, by addressing demands in the Defined Contribution (DC) and Individual Retirement Pension (IRP) sectors.