Biggest Life Insurance Firm

Samsung Life celebrates its 49th founding anniversary with assets over 100 tln won

Samsung Life Insurance Co. celebrated its 49th founding anniversary on May 5 at its international conference room located in downtown Seoul with over 400 persons attending including officers, staff and consultants. Among the various events held at the ceremony were the adoption of a new resolution, entitled, "Resolution to Look after Customers." President Lee Soo-chang, the new CEO of the largest life insurance company and the flagship company of Samsung Group, in his congratulatory speech, said the second-phase of customer care management, which kicked off early this year, should take a firm root this year so that the brand that trustworthy life partner could be made known both at home and abroad correctly and widely. He also said "change and reform,"should be carried out to boost our ability to cope with changes in business environment. An eye-drawing event that took place at the ceremony was the presentation of the resolution to take care of its customers, who have been a big support for the company's growth until now with a global level first-class care. President Lee personally handed over the copies of the resolution to the two invited customers at the event.
The resolution, which President Lee personally explained to the customers at the ceremony, includes the provision that the company will listen to the voice of its customers respectfully, make the products that the customers want, keep customers'happiness through planner sales, pay insurance money fast and correctly, and protect customers'assets through stable management, which carries all the intention of the company's employees.
In the meantime, Samsung Life started out as Dongbang Life Insurance Co. in 1957 and was taken over by Samsung Group in 1963 and continued to make a rapid growth in the past 40 years since then at the top of the industry acting as a locomotive for the development of national economy and boosting the welfare for the people.
In 1957, the initial year of the company's operation, insurance premiums collected and assets totaled 8 million won each, but insurance premiums collected between April 2005 and March, this year amounted to 20.6 trillion won with total assets at 99.6 trillion won, making surprise growth during half century of operation. As of the end of April, the company's assets exceeded 100 trillion won, making the company's 49th founding anniversary doubly significant because the company has become the first one in the secondary financial sector with that much assets.
President Lee declared that all of us should make an all-out effort to make the company a global first-class firm in the first half of this century with the company's assets exceeding 100 trillion won.
He recalled that the company has made an outstanding record in the development of the Korean life insurance industry in the first half century of its operation. Last year, the economy was hard with the competition in the finance industry growing stiffer. But all officers and staff of the company came altogether to practice the management ideal of taking care of customers to the last letter. As a result, the company won the top award in the financial sector in the authoritative National Customer Satisfaction Index, in addition to being named the first in the external customer satisfaction evaluation, which came as a result of customer love and trust in the company.
Samsung Life, the president said, is preparing for another take-off in response to customers expectations and unchangeable trust to become a global life insurance company and to do its role and social responsibility befitting its corporate image. He said the company has been able to upgrade its management effect that of an advanced one through restructuring and stable growth. This year, the company's management has set its target mission for realizing to become a global first-class company and all officers and staff, along with consultants will join together to achieve the goal not rattled by any rough situation under the slogan of "Partner for Life." nw

President of Samsung Life Insurance Co. Lee Soo-chang at the ceremony marking the company's 49th founding anniversary May 5.