April 20, 2024

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Hanwha Life Insurance will slow down this year, eBEST Investment and Securities said Feb. 22, lowering the target price to 5,000 won (US$4.44) from 6,500 won and downgrading that recommendation to a “hold” from a “buy.”

In the fourth quarter last year it has turned to red from the previous quarter, as it underperformed in stock management while costs increased, eBEST analyst Park Hye-jin said.

The insurer’s annual profit in 2018 dropped 31.6 percent from the previous year and there is no indication that it will improve this year. Health insurance in particular is overshadowed by property insurance and conventional whole life insurance and critical illness insurance are slow in sales, she said.

By Hwang You-mee (glamazon@heraldcorp.com)