Hanwha Life Insurance is targeting the super-rich by focussing on wealth succession and setting up a family office centre in Gangnam, Seoul, to provide one-stop financial butler consulting, linking insurance, securities, and asset management functions.
Hanwha Life is expanding asset transfer and management services, led by the Inheritance Research Institute, an in-house organisation, and supported by affiliates Hanwha Investment & Securities and Hanwha Asset Management.
Hanwha Life is also opening a specialised center catering to HNWIs in Cheongdam-dong.
It is expected that the asset management functions of Hanwha’s affiliates, such as non-insurance securities and asset management, will be integrated.
In particular, Hanwha Life Insurance is paying attention to the wealth succession market for asset owners in their 30s and 40s. This is based on the recognition that a comprehensive solution is needed not only for asset owners who inherit in line with the increasing demand for asset transfer, but also for the 30s and 40s generations who are set to get inheritance.
According to the National Tax Service, the value of inheritance and gift property in Korea in 2024 was KRW73.49 trillion. This is a three-fold increase from a decade ago (KRW24.76 trillion). Hanwha Life Insurance expects about KRW800 trillion in assets to be transferred, reported Maeil Business Newspaper.