Hanwha 63 Building in Yeouido, Seoul (Hanwha Life) Global credit rating agency S&P Global Ratings has upgraded the financial strength ratings of Hanwha Life Insurance and Hanwha General Insurance to A+ from A, citing stronger financial fundamentals, stable profitability and growing contributions from overseas businesses.The ratings agency assigned a stable outlook to both insurers, according to Hanwha General Insurance on Friday.S&P said the upgrade reflects the strengthened capital position and earnings stability of Hanwha Group's insurance operations, supported by geographic diversification and international business expansion.According to the ratings report, overseas operations accounted for about 19 percent of Hanwha Life's consolidated net profit, with key contributions coming from markets such as Indonesia and Vietnam.S&P also projected improvements in the group's financial profile as its businesses continue to expand across Southeast Asia.The agency cited Hanwha Life's strong position in Korea's life insurance market and Hanwha General Insurance's competitive standing in the nonlife insurance sector as additional factors supporting the upgrade.It recognized the growing synergies between the two insurers, which S&P views as an important strategic advantage."The upgrade reflects global recognition of not only our insurance competitiveness but also the successful overseas expansion and portfolio diversification achieved across our financial businesses," a Hanwha Life official said."We will continue to enhance corporate value through sustainable growth built on a solid financial foundation."