Hanwha Life is expanding beyond insurance through the acquisition of Acuon Capital and a KRW 500bn ($367mn) capital investment in Hanwha Investment & Securities.
The company’s board approved both transactions on Sept. 30. Hanwha Life plans to acquire management control of Acuon Capital, currently owned by private equity firm EQT, through a joint investment with Centroid PE. Hanwha Life will purchase a 50.54% stake for KRW 440bn ($323mn).
Acuon Capital owns 100% of Acuon Savings Bank, meaning the transaction will give Hanwha Life control of both businesses once regulatory approvals and other required procedures are completed.
The acquisition adds specialized credit finance to Hanwha Life’s existing operations in insurance, securities and asset management. The company plans to offer individual and corporate customers a wider set of services covering insurance, lending and investment.
Hanwha Life also expects the capital finance business to provide revenue outside its traditional insurance operations. Acuon Capital brings experience in corporate finance, investment finance and asset-based lending, areas Hanwha Life plans to use across its wider financial businesses.
Acuon Capital, established in 2006, had total assets of about KRW 4.6tn ($3.38bn) in the first half of 2026. The company has operated independently from major financial holding companies and large corporate groups, developing businesses in corporate finance, investment finance and asset-based finance.
Hanwha Life plans to use those capabilities alongside other Hanwha companies, including non-financial affiliates. It expects cooperation across the group to broaden customer and sales channels and support further activity in asset-based finance.
Acuon Capital’s funding position is also expected to improve after joining Hanwha Life. A stronger credit profile could reduce funding costs and support further business growth.
Acuon Savings Bank, established in 1972, is one of South Korea’s five largest savings banks. It had total assets of KRW 5.1tn ($3.75bn) at the end of June 2026, operated three financial centers in Seoul and Busan and employed about 380 people.
Its products include consumer lending, mortgages and financing for small and medium-sized companies and individual business owners. The bank also operates its own IT infrastructure and digital platform for non-face-to-face sales.
Hanwha Life plans to combine Acuon Savings Bank with its existing Hanwha Savings Bank subsidiary. The combined savings bank businesses would have about KRW 6.5tn ($4.77bn) in assets, which Hanwha Life expects would make the group the fourth-largest participant in the sector.
The deal would also expand Hanwha’s savings bank presence beyond Incheon and Gyeonggi into Seoul, Busan, Ulsan and Gyeongsangnam-do. That would give the group coverage across the greater Seoul metropolitan area and the Yeongnam region.
Completion of the Acuon Capital acquisition remains subject to regulatory approval and other required procedures.
Hanwha Life’s board also approved participation in a paid-in capital increase for Hanwha Investment & Securities. Hanwha Life and its wholly owned subsidiary Hanwha Asset Management will each invest KRW 250bn ($184mn), bringing their combined investment to KRW 500bn ($367mn).
The capital increase is intended to support Hanwha Investment & Securities as it seeks designation as a Comprehensive Financial Investment Business Operator.
Hanwha Life expects the designation to strengthen the securities company’s corporate finance operations. The group also expects potential benefits through its direct and indirect ownership interests in Hanwha Investment & Securities, including broader investment and business portfolios.
Combined with the Acuon Capital acquisition, the investment would give Hanwha Finance businesses spanning insurance, securities, asset management and credit finance.
For corporate customers, Hanwha Life sees an opportunity to connect Hanwha Investment & Securities’ capital markets activities with Acuon Capital’s credit finance operations. Retail finance would also expand through Acuon Savings Bank and its asset base of more than KRW 5tn ($3.67bn).
The company plans to use customer relationships across its subsidiaries to expand the range of financial products available through the group.
“This investment marks an important turning point in our efforts to move beyond insurance and become a comprehensive financial group,” a Hanwha Life official said.
The official added that Hanwha Finance plans to use businesses across insurance, securities, asset management and credit finance to provide customers with a broader range of financial services.
