Hanwha wants life insurance unit renamed by October

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Hanwha wants life insurance unit renamed by October

Korea Life Insurance, an affiliate of Hanwha Group, may change its name to Hanwha Life Insurance this year, potentially as early as October, industry sources said yesterday.

The company will hold a shareholder’s meeting and put the name change to a vote tomorrow, they added.

Board members of the nation’s leading insurance company agreed to the new name earlier this month.

Hanwha Group acquired the insurance company 10 years ago but decided to rename it to celebrate the conglomerate’s 60th anniversary.

The move is also aimed as boost the marketing synergy effect with its six other financial affiliates, all of which use the conglomerate’s name.

Hanwha delayed the move due to opposition from its second-largest Korea Deposit Insurance, which feared it could cause the company’s stock to slide.

Hanwha Group executives are now trying to sell the idea to other shareholders, sources said.

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