KB Insurance Co. captured the 27th Dasan Financial Gold Award 2017 in the insurance sector in recognition of its services not only to the development of the insurance industry, but also for the consumers of insurance under its slogan, “the People’s Partner for Life.”
The insurance affiliate of KB Financial Group traces its history back to 1959 when it was founded under the name Bumhan Marine Insurance Co. KB Insurance Co. celebrated its 59th anniversary this year.
In 2015, the company became an affiliate of KB Financial Group and declared its vision to become the top insurance firm in Korea by guaranteeing risk management and consulting services.
The key words to describe its operation and its strategies are: customer-oriented, professional-minded, transparent, cooperative and communicative.
The company generated outstanding profit levels despite low interest rates over the past few years, with its assets doubling in five years to 24.8 trillion won as of last September. The company had 3.08 million subscribers in 2010, which jumped to 4.7 million in September, while the subscribers of its auto insurance rose to 1.93 million in the same period from 1.41 million.
KB Insurance Co., Ltd. is a financial service provider that offers non-life insurance products and services to individuals and corporate. The company offers coverage for various risks including fire, liability, package, title, guarantee, auto, bicycle, maritime, injury, technology, long-term non-life, driver, savings, illness, property damage, injury, nursing and pension. It provides commercial insurance, automobile insurance long-term insurance, and asset management solutions.
The company also offers brokerage, claim, call center management, and monitoring and research marketing, and call center managing and build call center system services. KB Insurance is headquartered in Seoul. A.M. Best has affirmed the financial strength rating of “A-“ (Excellent) and the issuer credit rating of “A-” of KB Insurance Co., Ltd. The outlook for both ratings is stable. The rating affirmations reflect KB Insurance’s adequate risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Although the company’s risk-adjusted capitalization declined in recent two years, it remains adequate to support the current ratings. More recently, KB Insurance disposed its treasury shares to KB Financial Group Inc., which led to the increase in capital and surplus of KB Insurance. Partially offsetting factors include increasing competition in the domestic market and volatile operating results. Indeed, the company experienced material deterioration in underwriting results from its branch operation in the United States over the past two years.
KB Insurance is well-positioned at its current rating level. Downward rating actions could occur if there is a material deterioration in the company’s risk-adjusted capitalization due to significant losses from underwriting results or its investment portfolio.
Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.
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A view of the KB Insurance building in Gangnam District in Seoul.
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