Samsung Life Insurance Flies High as Market Leader
- Focuses on risk management, overseas expansion for growth

As a flagship company of the Samsung Group, Samsung Life Insurance has been leading the Korean insurance industry since its founding in 1957. It has been named, "The First" in Korean economic history various times and have devoted itself to the mutual prosperity of our society and people.

Not only has the company made remarkable contributions to the Korean financial industry for nearly half a century supporting its development and growth, but also, they have truthfully fulfilled their responsibility as a corporate citizen through a broad range of public services.

After overcoming the financial crisis in 1998, the Korean economy underwent a great deal of difficulty with discouraging factors such as low interest rates, economic slowdowns and constant organizational restructuring throughout the society. Samsung Life has emerged successfully from that challenging period as a much stronger company and now is prepared to become a world class comprehensive financial services company that ranks among the top five Asian players in the next decade.

Samsung Life has grown a whopping 4,200 times since the establishment in 1967. In the low interest rate environment, the company will make wise investments and make a lead forward by ensuring stable risk management and constant profit and revenue generation.

Their effective and scientific organizational system supports the Samsung Life Insurance product sales channel that is entrusted with managing 64 trillion won of asset and 40 percent of its presence in the market. Also, its organization is suited for effective risk management(RM), an emerging issue in recent corporate management and CRM and MIS. Besides the sales channel, CRM and MIS, the company's organization consists of an asset management function that guarantees highest investment return and effective risk management, an overseas function designated for offshore expansion and profit-generation from foreign businesses, and a finance research center-a financial think tank.

Samsung Life believes "customer satisfaction" is founded on its members' contentment and customer success which results from HR and reward system that fully reflect an individual's performance. Together with its valuable customers, Samsung Life as a professional organization armed with appropriate risk management, global asset operation and advanced IT system will emerge as worldwide comprehensive financial service provider.

In terms of area of business, its organization can be broken down into domestic, overseas business and other areas. Domestic business is made up of domestic asset management that controls bond derivatives, real estate investment and loan businesses and personal and corporate insurance that deals with new product development and marketing through new channels. Overseas business is responsible for offshore investment, joint venture and reinsurance intermediary in advanced markets and emerging markets like southeast Asia.

Meanwhile, other businesses encompasses network of affiliates and invested institutions including Samsung Investment Trust Management, Samsung Futures and SERI(Samsung Economic Research Institute) and public welfare services such as silver town and Samsung Medical Center.

Samsung Life has been the leader of not only the life insurance industry in Korea, but also the economy as a whole since its establishment in 1950. During half century long company history, Samsung Life has established the foundation of modern life insurance industry and contributed to the development and growth of the national economy.

In 2002, Fortune 500 ranked the company in 20th(sales revenue base) in the life insurance industry worldwide.

Its market dominance(market share) is far beyond challengeable reach, almost half the market in both premium and asset(40 percent in premium income and 45 percent in asset volume), and its 10 million policyholders represent 1/5th of Korea's total population.

Both at home and abroad, the company operates a vast network of 80 branches, 1,030 offices, 1,500 agencies, highly trained professional financial planners and Life-Tech organizations. At 7 locations in 5 nations, the company runs investment organizations, joint venture, joint life insurance business and regional branches.

Through these operations, not only does the company provide various individual and group insurance products such as conventional insurance, savings products and investment products, but also carry out asset management through loans, securities, real estate and global investments.   nw

 


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