S&P assigns A to Hanwha Life

S&P said it assigned an A issuer rating to Hanwha Life Insurance Co. Ltd. with a stable outlook.

“The ratings on HLI reflect our view that the insurer will maintain its very strong market presence and moderate capitalization. HLI's established business franchise and good access to customers nationwide underscore its very strong business profile. We expect HLI's improving profitability amid rising interest rates, modest business growth prospects and broadly stable investment asset allocation to underpin its capitalization,” S&P said in a press release.

The agency noted HLI plans to sell $750 million to $1 billion of tier 2 subordinated notes in the coming months, which is equivalent to 7%-10% of shareholders’ equity as of Sept. 30.

The outlook reflects the view HLI will maintain its capital buffers, deliver adequate earnings to cover its financial obligations, and sustain very strong market presence over the next 18-24 months, S&P said.

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