South Korea’s Hana Financial Group is expanding into the eldercare business through its insurance arm, as the nation’s financial giants vie for a slice of the rapidly growing senior services market.
Hana Life Insurance’s board approved the creation of a long-term care subsidiary, making it the third major Korean financial group to enter the sector after KB Financial and Shinhan Financial. The move comes as South Korea faces one of the world’s fastest-aging populations.
The new unit plans to open adult daycare centers in late 2025, followed by a high-end care facility near Seoul in 2026. This expansion follows Hana’s October launch of its senior-focused brand, Hana the Next, which combines financial and lifestyle services for retirees.
Chairman Ham Young-joo told investors in Hong Kong that serving senior clients is crucial to the group’s strategy. The push into eldercare signals how Korean financial firms are diversifying beyond traditional banking as they adapt to demographic shifts.
The initiative mirrors similar moves by Japanese banks, which have already established senior care businesses to offset declining traditional revenue streams in their aging home market.
