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Friday, 3 July 2015

KorEconomics 101 (한국경제학개론), Part XXI: Kyobo Life Insurance - Education, Books and Insurance.

Kyobo Life Insurance (Hangul/Hanja/Romanization:교보생명보험/敎保生命保險/Kyobo Saengmyeong Boheom) is a South Korean life insurance company headquartered at Kyobo Life Insurance Building - 1 Jongno, Jongno 1-ga 1-beonji, Seoul Jongno-gu. Kyobo Life is one of the big 3 life insurance companies in South Korea along with Samsung Life Insurance and Hanwha Life Insurance. The building which housed two embassies; Austria and Finland is sharing the same area with the Monument of 40th Reigning Anniversary of Emperor Gojong-Gwangmu and located opposite to the Statue of Chungmugong Yi Sunshin, a Korean admiral who defend Korea-Joseon Dynasty from Invading Japanese Forces during Imjin Invasion (1592).

Kyobo Life was founded in 1958 under its previous name, Daehan Education Insurance Co., Ltd based on the philosophy of "promotion of education and formation of national capital." Since establishment, Kyobo Life has worked tirelessly to put its core values of customer-centricity, honesty and sincerity, challenge and creativity into action. Furthermore, Kyobo Life's transparent and sustainable management practices have built a trust-based relationship between the company and its customers. Kyobo Life has continuously pursued customer-driven management over the decade and it became the top quality service provider in the insurance industry. In April 3rd 1995, Daehan Education Insurance Co., Ltd. changed its name into Kyobo Life Insurance Co., Ltd.

Kyobo Life provides various insurance products and services to individual and corporate customers in South Korea. It offers various protection, annuity, and savings products and services, as well as financial consulting services to individual customers. The company also provides corporate pension plan, private health insurance, and optional corporate welfare system, as well as corporate welfare consulting services to corporate customers. In addition, it offers loan products, such as mortgage-backed securities and insurance policyholder loans.

The company won the Customer Satisfaction Management Award for 5 consecutive years from 2000 to 2004, becoming the first financial institution to be inducted to the 'Hall of Fame'. In addition, Kyobo Life became Korea's first and only life insurer to be honored as Asia's best insurer by winning the 'Life Insurance Company of the Year' award in the 2009 Asia Insurance Industry Awards. It also became Korea’s first life insurer to receive an A2 insurance financial strength rating from Moody’s in 2008 and has maintained the same A2 rating since then and throughout the recent global financial crisis.

In FY 2011 (April 2011 to March 2012), Kyobo Life recorded total asset of 66.9 trillion won and premium income of 10.8 trillion won, exhibiting healthy volume growth. The net income during the period stands at 583.6 billion won, with capital pegged at 5.4 trillion won. The company's solvency margin ratio as one of the financial soundness criteria is 247.1%, which is more than twice the recommended level.

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