Samsung Fire Maintains A+ Rating

Standard & Poor's gives the top rating for 6 years in a row for stability and high growth prospects despite financial crisis

Samsung Fire and Marine Insurance Co. said recently said it's credit ratings of 'A+, Strong' went unchanged in a new appraisal of its credit status by Standard and Poor's for 6 years in a row.
The company said its highly appreciative of the unrevised credit rating amid the ongoing world financial crisis as the famous credit rating agency sees Samsung Fire continue to maintaining stability and high growth prospects unaffected by the global crisis.
The U.S. credit agency especially highly evaluated financial health and long-term credit levels of Samsung Fire, allowing the company to continue to maintain the same credit rating it enjoyed for the past 6 years, Samsung Fire officials said. S&P also viewed the prospect of Samsung Fire's credit ratings as stable, they added.
They said S&P this time especially took time to evaluate the financial health of Samsung Fire amid the global financial crisis, the financial strength ratings and counter party ratings, one to measure the financial stability and the other to weigh the ability to pay for its debt obligations.
In the meantime, Samsung Fire's credit rating is the same as the sovereign credit rating and the highest among both private and public financial institutions in Korea. Among public entities, the Seoul Metropolitan Government, the Small Business Corp. and the Korea Rail Network enjoy the same rating as Samsung Fire's.
Samsung Fire's principal of management is to make contribution to society by creating the best products and services based on high-quality human resources and state-of-art technologies, the company said.
The emphasizes the following core Samsung values for sharing and compliance by its people: "Men of ability," "Orientation toward becoming the best," "Leading the change," "Right-way management," "Symbiosis relationship." The company will set and execute management principles that will guide the thoughts and actions of its employees as it complies with laws an ethics and fulfill its corporate social roles and social responsibility.
The company will honor laws and ethics and also value individuality and diversity, the company's management principle No. 1 says. The company will also compete fairly and on equal footing in compliance with laws and commercial morality. The company will maintain transparency through accurate documentation and it will also take a neutral stand, choosing not to be involved in politics.
The company will foster a clean organizational culture, the No.2 management principle says. The company will draw a clear line between official and private matters in all business activities. The company will protect the intellectual property rights of the company and other people. It will also maintain a sound organizational culture.
In principle No.3, the company said it will respect customers, shareholders, and employees. We will prioritize management activities that guarantee customer satisfaction, the company says. We will seek to practice shareholder value-centered management. We will try to enhance the quality of life for employees.
In principle No. 4, the company says it will value the natural environment, safety and health. It will strive to exercise environment-friendly management. It will also prioritize mankind's safety and health.
In principle No. 5, the company says it will do its best in carrying out its social responsibility as a global corporate citizen. We will respect the social and cultural characteristics of local communities and implement symbiosis activities. We will establish relationship of coexistence and mutual prosperity with business partners.
A.M. Best, an insurance credit ratings agency in the United States affirmed the financial strength rating of A+ of Samsung Fire and Marine Insurance Co. At the same time, the credit rating agency upgraded the issue credit rating to "aa" from "aa-"
The ratings reflect Samsung Fire's prudent capitalization, dominant market position and stable profitability structure. The ratings also recognize the company proactive management strategy and excellent risk management. The agency noted that Samsung Fire has a leading market position in the Korean non-life insurance industry. The agency particularly noted Samsung Fire's efficient off-line distribution network and its product development capabilities. nw

President Chi Dae-sub of Samsung Fire and Marine Insurance Co.