Korea Deposit Insurance Corporation (KDIC) has finalized the differential evaluation grades for the 2024 fiscal year for 269 insured financial institutions including insured banks, insurance companies, financial investment companies, and savings banks, and notified them of their deposit insurance premium rates corresponding to those grades on June 13.
This evaluation targeted 285 insured financial institutions that had closed the books as of December 31, 2024.
KDIC has implemented the Differential Deposit Insurance Premium Rate System since 2014 and conducts evaluations annually.
This year’s evaluation results are as follows: 25 companies received an A+ rating, 17 companies received an A rating, 127 companies had a B rating, 34 companies had a C+ rating, and 66 companies received a C rating.
Compared to 2024, the number of companies with a discount rating (A+ or A) shrank by 11, while that of companies with a surcharge rating (C+ or C) ascended by 11.
By industry, the banking industry, led by Seoul-based commercial banks, reflected improvements in performance, among others, and had a relatively high proportion in the discount grades (A+ and A).
Companies in the insurance and financial investment industries were evenly distributed around B grade, while the savings bank industry showed a relatively high proportion in surcharge grades (C+ and C) due to the deterioration of asset soundness and profitability caused by an economic downturn.
Meanwhile, the estimated deposit insurance premium for the fiscal year of 2024 is 2,477.3 billion won, which is a decrease of 37.5 billion won (1.5 percent) compared to 2,514.8 billion won in fiscal 2023 despite an increase of 25.7 billion won due to an increase in insured deposits caused by changes in evaluation grades.
KDIC has provided the “2024 Fiscal Year Differential Evaluation Rating and Deposit Insurance Premium Rate Guidebook,” which contains the evaluation results for each insured financial institution.
In accordance with Article 30-2 of the Deposit Insurance Act, information regarding differential evaluation ratings and differential deposit insurance premium rates of individual companies may not be disclosed to anyone other than employees of relevant financial institutions.
The guidebook includes point distributions for each differential evaluation indicator, evaluation points of respective companies, and annual trends, which can be utilized for improving evaluation grades and managing operational risks.
“Going forward, KDIC will operate the Differential Deposit Insurance Premium Rate System in a manner that encourages insured financial institutions to voluntarily engage in sound management and appropriately receive rewards for their efforts in risk management,” a KDIC official said.
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