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    A000370   KR7000370007

HANWHA GENERAL INSURANCE CO., LTD.

(A000370)
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S.Korea's major insurers say will stop underwriting new coal power

06/22/2021 | 07:56am EST

SEOUL (Reuters) - South Korea's three major non-life insurers told Reuters on Tuesday they will no longer provide coverage for new coal power projects, including their construction and operation.

DB Insurance, Hyundai Marine & Fire Insurance and Hana Insurance, said they will stop underwriting coal power projects.

DB Insurance added it will gradually retract its existing insurance coverage to operating coal plants, while the other two said they will keep their existing insurance coverage.

The confirmation follows pressure from a network of civic groups named Korea Beyond Coal, which has advocated for a complete coal phase-out in Korea by 2030.

In a statement on Tuesday, the network said the three major insurers, together with Hanwha General Insurance, had said they would no longer insure the construction and operation of new coal power projects.

Hanwha General Insurance could not immediately be reached for confirmation.

National Assembly member Lee So-young's office said the total coal underwritings by major South Korean insurers were around 59.2 trillion won ($52.18 billion), with Samsung Fire & Marine, DB Insurance and Hyundai Marine & Fire being the three biggest coal insurers.

Late last year, insurance affiliates of South Korea's biggest conglomerate Samsung Group, including Samsung Fire & Marine Insurance, pledged to step up their coal-free policies by banning investments in the coal industry.

($1 = 1,134.5600 won)

(Reporting by Joori Roh; editing by Barbara Lewis)

By Joori Roh


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DB INSURANCE CO., LTD. -2.72% 53600 End-of-day quote.22.51%
HANWHA GENERAL INSURANCE CO., LTD. -3.41% 3825 End-of-day quote.-0.26%
HYUNDAI MARINE & FIRE INSURANCE CO., LTD. -2.19% 24600 End-of-day quote.8.13%
SAMSUNG FIRE & MARINE INSURANCE CO., LTD. -2.82% 206500 End-of-day quote.10.13%
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Financials
Sales 2021 5 982 B 5,01 B 5,01 B
Net income 2021 177 B 0,15 B 0,15 B
Net Debt 2021 - - -
P/E ratio 2021 2,56x
Yield 2021 3,31%
Capitalization 447 B 373 M 374 M
Capi. / Sales 2021 0,07x
Capi. / Sales 2022 0,07x
Nbr of Employees 2 858
Free-Float 44,7%
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Last Close Price 3 825,00 
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Managers and Directors
Sung-Soo Kang Chief Executive Officer & Director
Seong-Su Han Managing Director & Compliance Officer
Kyung-Muk Lee Independent Director
Young-Min Baang Independent Director
Seung-Yong Ahn Independent Director
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