S&P revises Hanwha view to negative

S&P said it revised its outlook on Hanwha General Insurance Co. Ltd. to negative from stable. At the same time, the agency affirmed its A long-term issuer credit rating on Hanwha General, the property and casualty insurance subsidiary of the Hanwha insurance group.

“We revised the outlook on HGI to negative to reflect our view of the credit profile of the wider Hanwha insurance group. We believe the group's subdued earnings prospects could reduce its capacity to cover its financial obligations on a sustained basis. We also expect the group's capital buffers to contract owing to higher reserve provisioning at its life insurance operations and reduced earnings from its P&C insurance operations,” said S&P in a press release.

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