Samsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012

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1 Separate Financial Statements

2 Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes in Equity 6 7 Statements of Cash Flows Reports of Independent Accountants Review of Internal Accounting Control System Reports on the Operations of the Internal Accounting Control System

3 Report of Independent Auditors To the Shareholders and Board of Directors of Samsung Life Insurance Co., Ltd. We have audited the accompanying separate statements of financial position of Samsung Life Insurance Co., Ltd. ( the Company ) as of, and the related statements of comprehensive income, changes in equity and cash flows for the years then ended, expressed in Korean won. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements, referred to above, present fairly, in all material respects, the financial position of Samsung Life Insurance Co., Ltd. as of March 31, 2013 and 2012, and its financial performance and cash flows for the years then ended, in accordance with International Financial Reporting Standards as adopted by the Republic of Korea( Korean IFRS ). 1

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5 Separate Statements of Financial Position (In millions of Korean won) Notes Assets Cash and cash equivalents 37 \ 2,236,996 \ 1,591,407 Financial assets at fair value through profit or loss 4,9 2,066, ,461 Available-for-sale financial assets 5,9 110,014,189 93,856,295 Held-to-maturity financial assets 6,9 857,386 1,057,835 Loans receivable and other receivables 7,9 29,271,395 27,503,794 Derivative financial assets for hedge accounting 8,9 293, ,882 Investments in subsidiaries, associates and joint ventures 10 2,004,184 2,002,066 Assets held for sale 41 52,906 - Investment property 11 4,431,312 4,137,435 Property and equipment 12 1,689,521 1,632,638 Intangible assets , ,333 Current income tax assets 20 95,204 86,316 Other assets 14 4,136,663 4,044,283 Separate account assets 15 28,161,584 23,801,700 Total assets \ 185,475,116 \ 160,589,445 Liabilities and Equity Liabilities Insurance contract liabilities 16 \ 121,195,651 \ 106,655,592 Policyholders' equity adjustment 18 7,492,055 6,041,938 Financial liabilities at fair value through profit or loss 9,19 183, ,372 Other financial liabilities 9,19 987, ,912 Derivative financial liabilities for hedge accounting 8,9 813,166 1,283,285 Deferred income tax liabilities 20 4,456,884 3,315,558 Provisions 21 97,376 93,471 Other liabilities , ,224 Separate account liabilities 15 28,277,936 23,983,652 Total liabilities 164,139, ,866,004 Equity Capital stock , ,000 Capital surplus 23 6,131 6,131 Capital adjustments 23 (556,205) (262,361) Accumulated other comprehensive income 23 12,959,157 9,594,719 Retained earnings 23 8,826,354 8,284,952 Total equity 21,335,437 17,723,441 Total liabilities and equity 185,475, ,589,445 The accompanying notes are an integral part of these separate financial statements. 3

6 Separate Statements of Comprehensive Income Years ended (In millions of Korean won) Notes Operating revenue Premium income 24 \ 22,052,096 \ 14,726,219 Reinsurance income , ,401 Interest income 26 5,467,188 5,379,227 Gain on financial assets at fair value through profit or loss ,846 48,767 Realized gains on available-for-sale financial assets , ,904 Gain on loans receivable and other receivables 27 9,534 8,977 Gain on derivative financial instruments for hedge accounting , ,334 Gain on foreign currency transactions 35 41, ,778 Fee and commission income 32,514 24,444 Dividend income 198, ,885 Rental income 322, ,648 Separate account commission received 829, ,494 Separate account revenue , ,917 Other operating income 28 45,930 52,939 30,383,281 22,660,934 Operating expenses Increase in policy reserves 16 14,418,228 7,341,593 Insurance claims paid 9,363,179 9,171,226 Reinsurance expenses , ,452 Acquisition and administration expenses 29 1,477,387 1,477,662 Amortization of deferred acquisition costs 14 2,146,773 1,840,398 Asset management expenses , ,352 Interest expenses 35,330 36,522 Losses on financial assets at fair value through profit or loss 27 27, ,386 Realized losses on available-for-sale financial assets 27 95,673 41,514 Losses on loans receivable and other receivables 27 1,141 - Losses on derivative financial instruments for hedge accounting 27 32, ,388 Losses on foreign currency transactions , ,634 Separate account expense , ,917 Other operating expense , ,019 29,177,536 21,620,063 Operating income 1,205,745 1,040,871 4

7 Separate Statements of Comprehensive Income Years ended (In millions of Korean won) Notes Non-operating revenue 28 45, ,698 Non-operating expenses 28 70,997 69,531 Profit before income tax 1,179,792 1,184,038 Income tax expense , ,257 Profit for the year \ 935,402 \ 932,781 Other comprehensive income(losses) for the year, net of tax Change in value of available-for-sale financial assets Change in value of held-to-maturity financial assets Change in value of derivative financial instruments for hedge accounting Shares of other comprehensive income(loss) of subsidiaries, associates and joint ventures Other comprehensive income on separate account 3,132,537 2,157,693 (639) (572) 174,107 (58,691) - (78,064) 58,433 12,312 3,364,438 2,032,678 Total comprehensive income for the year \ 4,299,840 \ 2,965,459 Earnings per share (in Korean won) 34 Basic earnings per share \ 4,806 \ 4,702 Diluted earnings per share \ 4,806 \ 4,702 The accompanying notes are an integral part of these separate financial statements. 5

8 Separate Statements of Changes in Equity Years ended (In millions of Korean won) Capital stock Capital surplus Capital adjustments Accumulated other comprehensive income Retained earnings Total Balance at April 1, 2011 \ 100,000 \ 6,131 \ 13,493 \ 7,562,041 \ 7,752,171 \ 15,433,836 Comprehensive income Profit for the year , ,781 Gains(Losses) on valuation of available-forsale financial assets - - 2,157,693-2,157,693 Gains(Losses) on valuation of held-tomaturity financial assets (572) - (572) Gains(Losses) on valuation of derivative financial instruments for hedge accounting (58,691) - (58,691) Shares of other comprehensive income(loss) of subsidiaries, (78,064) - (78,064) associates and joint ventures Other comprehensive income(loss) on separate account ,312-12,312 Transactions with shareholders Cash dividends (400,000) (400,000) Acquisition of treasury stock - - (275,854) - - (275,854) Balance at March 31, 2012 \ 100,000 \ 6,131 \ (262,361) \ 9,594,719 \ 8,284,952 \ 17,723,441 6

9 Separate Statements of Changes in Equity Years ended (In millions of Korean won) Capital stock Capital surplus Capital adjustments Accumulated other comprehensive income Retained earnings Total Balance at April 1, 2012 \ 100,000 \ 6,131 \ (262,361) \ 9,594,719 \ 8,284,952 \ 17,723,441 Comprehensive income Profit for the year , ,402 Gains(Losses) on valuation of available-forsale financial assets ,132,537-3,132,537 Gains(Losses) on valuation of held-tomaturity financial assets (639) - (639) Gains(Losses) on valuation of derivative financial instruments for hedge accounting , ,107 Other comprehensive income(loss) on separate account ,433-58,433 Transactions with shareholders Cash dividends (394,000) (394,000) Acquisition of treasury stock - - (287,227) - - (287,227) Others - - (6,617) - - (6,617) Balance at March 31, 2013 \ 100,000 \ 6,131 \ (556,205) \ 12,959,157 \ 8,826,354 \ 21,335,437 The accompanying notes are an integral part of these separate financial statements. 7

10 Separate Statements of Cash Flows Years ended (In millions of Korean won) Notes Cash flows from operating activities Cash generated from operations Profit for the year \ 935,402 \ 932,781 Adjustments in expenses and revenues 37 11,005,995 3,813,394 Changes in operating assets and liabilities 37 (5,022,606) 497,307 6,918,791 5,243,482 Interests received 5,337,249 5,229,001 Interests paid (21,488) (19,618) Dividends received 227, ,015 Income taxes paid (253,279) (484,283) Net cash provided by operating activities 12,208,593 10,167,597 Cash flows from investing activities Proceeds from disposal of available-for-sale financial assets 10,470,049 8,946,128 Payment for acquisition of available-for-sale financial assets (21,123,450) (17,458,544) Proceeds from disposal of held-to-maturity financial assets 206, ,473 Settlement of derivative financial instruments for hedge accounting 77,311 (5,203) Proceeds from disposal of investments in subsidiaries, associates and joint ventures 20, ,538 Payment for acquisition of investments in subsidiaries, associates and joint ventures (75,595) (472,887) Payment for acquisition of investment properties (423,508) (532,077) Proceeds from disposal of investment properties 20,020 13,605 Payment for acquisition of property and equipment (54,201) (94,935) Proceeds from disposal of property and equipment 14,292 7,494 Payment for acquisition of intangible assets (38,183) (23,990) Proceeds from disposal of intangible assets 22, Others 2,102 40,145 Net cash used in investing activities (10,881,548) (8,820,228) Cash flows from financing activities Payment of dividends (394,000) (400,000) Payment for acquisition of treasury stocks (287,227) (275,854) Net cash used in financing activities (681,227) (675,854) Net increase in cash and cash equivalents 645, ,515 Cash and cash equivalents at the beginning of the year 1,591, ,695 Exchange losses(gains) on cash and cash equivalents (229) 197 Cash and cash equivalents at the end of the year 37 \ 2,236,996 \ 1,591,407 The accompanying notes are an integral part of these separate financial statements. 8

11 1. The Company Samsung Life Insurance Co., Ltd. (the "Company") was incorporated under the laws of the Republic of Korea on April 24, The Company is engaged in life insurance business as permitted by the Insurance Business Law of the Republic of Korea. On May 12, 2010, the Company was listed on the Korea Exchange. The following table lists numbers of available and discontinued products as of March 31, 2013: Products Available Discontinued Total Annuity with tax benefits Annuity Whole life, Term life insurance Endowment insurance Group insurance ,171 1,228 As of March 31, 2013, major shareholders of the Company and their respective shareholdings are as follows: Name of Shareholder Number of Shares (In thousands) Percentage of Ownership (%) Lee Kun-Hee 41, Samsung Everland Inc. 38, E-MART Co., Ltd 14, Samsung Foundation of Culture 9, Samsung Life Public Welfare Foundation 9, SHINSEGAE Co., Ltd 7, Employee stock ownership association 6, CJ CheilJedang Corp 5, Others 60, Treasury stock 5, ,

12 2. Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of these separate financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of Preparation The Company maintains its accounting records in Korean won and prepares statutory financial statements in the Korean language (Hangul) in conformity with the International Financial Reporting Standards as adopted by the Republic of Korea ( Korean-IFRS ). The accompanying separate financial statements have been condensed, restructured and translated into English from the Korean language financial statements. The Company s financial statements for the annual period beginning on April 1, 2011, have been prepared in accordance with Korean IFRS. These are the standards and related interpretations issued by the International Accounting Standards Board ("IASB") that have been adopted by the Republic of Korea. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the management to exercise judgment in the process of applying the Company s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the separate financial statements are disclosed in Note Changes in Accounting Policy and Disclosures (a) New and amended standards adopted by the Company The Company has adopted the Korean-IFRS 1001, Presentation of Financial Statements, during the year and accordingly, the standard requires the Group s operating income to only include income and expense incurred from the major operating activities.. The Company applies the accounting policy retroactively in accordance with the amended standards and the comparative separate statement of the comprehensive income is restated by reflecting adjustments resulting from the retrospective application. As a result of the changes in the accounting policy, other income and expenses of \41,100 million and \67,189 million, respectively, for the year ended March 31, 2013 (2012: \51,419 million and \68,868 million, respectively), which include gain and loss on disposal of property, and equipment, classified as operating income under the previous standard, were excluded from operating income. Consequently, operating income for the years ended, is higher by \26,089 million and \17,449 million, respectively, as compared to the amounts under the previous standard. However, there is no material impact on net income and earnings per share for the years ended. 10

13 (b) New standards and interpretations not yet adopted New standards, amendments and interpretations issued but not effective for the financial year beginning April 1, 2012, and not early adopted by the Company are as follows: - Amendments to Korean-IFRS 1019, Employee Benefits According to the amendments to Korean-IFRS1019, Employee Benefits, use of a corridor approach is no longer permitted, and therefore all actuarial gains and losses incurred are immediately recognized in other comprehensive income. All past service costs incurred from changes in pension plan are immediately recognized, and expected returns on interest costs and plan assets that used to be separately calculated are now changed to calculating net interest expense(income) by applying discount rate used in measuring defined benefit obligation to net defined benefit liabilities(assets). This amendment will be effective for the Company as of January 1, 2013, and the Company is assessing the impact of application of the amended Korean-IFRS1019 on its separate financial statements as of the report date. - Enactment of Korean-IFRS 1113, Fair value measurement Korean-IFRS 1113, Fair value measurement, aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across Korean-IFRSs. Korean-IFRS 1113 does not extend the use of fair value accounting but provides guidance on how it should be applied where fair value measurement is already required or permitted by other standards within Korean-IFRSs. This amendment will be effective for the Company as of January 1, 2013, and the Company is assessing the impact of application of the enacted Korean IFRS 1113 on its separate financial statements as of the reporting date. - Amendment of Korean IFRS 1001, Presentation of Financial Statements Korean-IFRS 1001, Presentation of Financial Statements, was amended to require other comprehensive income items to be presented into two groups on the basis of whether they are potentially reclassifiable to profit or loss subsequently. This is effective for annual periods beginning on or after July 1, 2012, with early adoption permitted. The Company expects that the application of this amendment would not have a material impact on its separate financial statements. 11

14 - Enactment of Korean IFRS 1110, Consolidated Financial Statements Korean IFRS 1110, Consolidated Financial Statements, builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included in the consolidated financial statements of the Parent Company. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The standard provides additional guidance to assist in the determination of control where this is difficult to assess. This enactment will be effective for annual periods beginning on or after January 1, 2013, and the Group is reviewing the impact of this standard. - Enactment of Korean IFRS 1111, Joint Arrangements Korean IFRS 1111, Joint Arrangements, aims to reflect the substance of joint arrangements by focusing on the contractual rights and obligations that each party to the arrangement has rather than its legal form. Joint arrangements are classified as either joint operations or joint ventures. A joint operation is when joint operators have rights to the assets and obligations for the liabilities, and account for the assets, liabilities, revenues and expenses, while parties to the joint venture have rights to the net assets of the arrangement and account for their interest in the joint venture using the equity method. This enactment will be effective for annual periods beginning on or after January 1, 2013, and the Group is reviewing the impact of this standard. - Enactment of Korean IFRS 1112, Disclosures of Interests in Other Entities Korean IFRS 1112, Disclosures of Interests in Other Entities, provides the disclosure requirements for all forms of interests in other entities, including a subsidiary, a joint arrangement, an associate, a consolidated structured entity and an unconsolidated structured entity. This enactment will be effective for annual periods beginning on or after January 1, 2013, and the Group is reviewing the impact of this standard. 12

15 2.2 Subsidiaries and Associates The financial statements of the Company are separate financial statements based on Korean-IFRS 1027, Consolidated and non-consolidated financial statements. In accordance with Korean-IFRS 1027, the Company accounts for investments to subsidiaries and associates using cost method, and for beneficiary certificates using fair value method. 2.3 Segment Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the steering committee that makes strategic decisions. 2.4 Foreign Currency Translation (a) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ( the functional currency ). The separate financial statements are presented in Korean won, which is the controlling entity s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to monetary assets and liabilities are presented in the statement of comprehensive income within Gains(Losses) on foreign currency transactions The changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analyzed between translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in profit or loss, and other changes in carrying amount are recognized in other comprehensive income. 13

16 Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available-forsale, are included in other comprehensive income. 2.5 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. 2.6 Financial instruments Classification The Company classifies its financial instruments in the following categories: financial assets or liabilities at fair value through profit or loss, loans and receivables, available-for-sale financial assets, held-to-maturity financial assets and other financial liabilities at amortized cost. Management determines the classification of financial instruments at initial recognition. (a) Financial assets or liabilities at fair value through profit or loss Financial assets or liabilities at fair value through profit or loss are financial assets or liabilities held for trading. A financial asset and liability is classified in this category if acquired principally for the purpose of selling or repurchasing in the short term. Derivatives or embedded derivatives are also categorized as held for trading unless they are designated as hedges. Assets or liabilities in this category are classified as financial assets or liabilities at fair value through profit or loss. (b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. (c) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Company intends and is able to hold to maturity. If the Company were to sell other than an insignificant amounts of held-to-maturity investments, the whole category would be tainted and reclassified as available-for-sale. 14

17 (d) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. (e) Financial liabilities measured at amortized cost The Company classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, as financial liabilities carried at amortized cost and as trade payables, borrowings, and other financial liabilities in the statement of financial position Recognition and Measurement Regular purchases and sales of financial assets are recognized on the trade date. Investments are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of comprehensive income. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest rate method. Gains or losses arising from changes in the fair value of the financial assets carried at fair value through profit or loss are presented in the statement of comprehensive income within Gain(Loss) on financial assets at fair value through profit or loss in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the statement of comprehensive income as part of Dividend income when the Company s right to receive dividend payments is established. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognized in equity are included in the statement of comprehensive income as Change in value of available-for-sale financial assets. Interest on available-for-sale and held-to-maturity securities calculated using the effective interest method is recognized in the statement of comprehensive income as part of Interest income. Dividends on available-for-sale equity instruments are recognized in the statement of comprehensive income as part of Dividend income when the Company s right to receive dividend payments is established. 15

18 2.6.3 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously Impairment of Financial Assets (a) Assets carried at amortized cost The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event ) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or a group of financial assets that can be reliably estimated. The criteria that the Company uses to determine that there is objective evidence of an impairment loss include: Significant financial difficulty of the issuer or obligor; A breach of contract, such as a default or delinquency in interest or principal payments; For economic or legal reasons relating to the borrower s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; It becomes probable that the borrower will enter bankruptcy or other financial reorganization; The disappearance of an active market for that financial asset because of financial difficulties; or Observable data suggesting that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, even though the decrease cannot be identified with respect to individual financial assets in the portfolio. Impairment loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted using the initial effective interest rate. The carrying amount of the asset is reduced by the impairment loss amount and the amount of the loss is recognized in the statement of comprehensive income. In practice, the Company may measure impairment loss based on the fair value of financial asset using an observable market price. 16

19 If, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (for example, an improvement in debtor s credit rating), the reversal of the previously recognized impairment loss is recognized in the statement of comprehensive income. (b) Assets classified as available-for-sale The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. For debt securities, the Company uses the criteria refer to in (1) above. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the asset is impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss is removed from equity and recognized in the income statement. Impairment losses recognized in the separate income statement on equity instruments are not reversed through the income statement. If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement. 2.7 Derivative Financial Instruments and Hedging Activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged Derivative financial instruments for trading All derivative financial instruments, except for derivatives that are designated and qualify for hedge accounting, are classified as financial instruments held for trading and measured at fair value. A gain or loss arising from a change in fair value is recognized in profit or loss as part of net gains on financial instruments at fair value through profit or loss. 17

20 2.7.2 Derivative financial instruments for hedge accounting (a) Fair value hedge If derivatives qualify for a fair value hedge, the gain or loss from remeasuring the hedging instrument at fair value is recognized in profit or loss as part of operating income and expense and the gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognized in profit or loss as part of other operating income and expenses. Hedge accounting is discontinued prospectively if the hedging instrument expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for hedge accounting or the Bank revokes the designation. Once hedge accounting is discontinued, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is fully amortized to profit or loss by the maturity of the financial instrument. (b) Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income, whereas the gain or loss relating to the ineffective portion is recognized immediately in the current profit or loss. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). Hedge accounting is discontinued prospectively if the hedging instrument expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for hedge accounting. Once hedge accounting is discontinued, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the statement of comprehensive income. However, when a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately recognized in the current profit or loss Embedded derivatives An embedded derivative is separated from the host contract and accounted for as a derivative if, and only if the economic characteristics and risks of the embedded derivative are not closely related to those of the host contract and a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative and the hybrid(combined) instrument is not measured at fair value with changes in fair value recognized in profit or loss. A gain or loss arising from a change in the fair value of embedded derivative separated from host contract is recognized in profit or loss as part of net gains on financial instruments at fair value through profit or loss. 18

21 2.8 Property and Equipment All property and equipment are stated at historical cost less depreciation and accumulated impairment loss. Historical cost includes expenditures directly attribute to the acquisition of the items. Subsequent costs are included in the asset s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Land is not depreciated. Depreciation is computed using the straight-line method for buildings and structures and the declining balance method for other property and equipment, based on the estimated useful lives of the assets as described below. Buildings Structures Vehicles Other property and equipment Estimated useful lives years 5-40 years 5 years 5-20 years The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other gains and losses, net in the income statement. 2.9 Investment property Investment property is held to earn rentals or for capital appreciation or both. Investment property is measured initially at its cost including transaction costs incurred in acquiring the asset. After recognition as an asset, investment property is carried at cost less accumulated depreciation and impairment losses. 19

22 2.10 Intangible Assets Intangible assets are stated at cost, net of amortization calculated using the straight-line method based on the estimated useful lives of the assets as described below. The assets useful lives and amortization method are reviewed at the end of each reporting period. Development costs Software Trademark Other intangible assets Estimated useful lives 5 years 5 years 5-20 years years An asset s carrying amount is written down immediately to its recoverable amount if the asset s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other gains and losses, net in the income statement Reinsurance assets The Company recognizes recoverable amount of ceded insurance from reinsurance companies as reinsurance assets, included in other assets of financial statements. The Company assesses at the end of each reporting period whether there are objective evidence that reinsurance assets are impaired. A reinsurance asset is impaired if, and only if that there is objective evidence, as a result of an event that occurred after initial recognition of the reinsurance assets, that the cedant may not receive all amounts due to it under the terms of the contract, and that event has a reliably measurable impact on the amounts that the cedant will receive from the reinsurer. When reinsurance assets are impaired the carrying amount of the asset is reduced by the impairment loss amount and the amount of the loss is recognized in the income statement. 20

23 2.12 Separate Accounts Separate accounts represent assets and liabilities that are maintained by an insurance entity and are established primarily for the purpose of funding fixed and variable annuity contracts, variable life insurance contracts, variable universal insurance contracts, group annuity contracts, and similar activities. The Insurance Business Law governs the structure of separate accounts and the Regulation on Insurance Supervision has developed certain regulations with respect to separate accounts. The Regulation on Insurance Supervision indicates that a separate account is legally segregated from the insurer s general account and the assets in the separate accounts are generally restricted from being charged with liabilities arising out of any other business of the insurer. Separate accounts are currently used to support group severance and variable insurance policies. In sponsoring a group severance insurance plan, the Company generally assumes the risk of investment gains or losses and guarantees the contract holder a specified interest rate. A variable insurance contract is a contractual arrangement that combines some features of an investment company, such as when the contract holder assumes the risk of investment gains or losses, with certain traditional insurance features, such as when the insurance company assumes the risk of mortality and administrative expenses. The fair value of the contract holder s account varies with the investment experience of the specific portfolio of securities, the securities held in the separate accounts. A separate account is not a legal entity, but an accounting entity with accounting records for variable or fixed-benefit contract assets, liabilities, income and expenses segregated as a discrete operation within the insurance company. The variable contract separate accounts do not affect the results of the insurance company s other separate accounts and its general account Impairment of Non-financial Assets Goodwill or intangible assets with indefinite useful lives are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. 21

24 2.14 Non-current Assets (or disposal group) Held for Sale Non-current assets (or disposal group) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. Assets that meet the criteria to be classified as held for sale to be measured at the lower of carrying amount and fair value less costs to sell, and depreciation on such assets to cease. The Company recognizes an impairment loss for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell, and recognizes a gain for any subsequent increase in fair value less costs to sell of an asset, but not in excess of the cumulative impairment loss that has been recognized previously Classification of insurance contracts The Company evaluates additional benefits of all the contracts, and classifies the contracts into two groups. The contracts where in the transfer of insurance risk is significant are recognized as insurance contracts, and the contracts that have the legal form of an insurance contract but do not expose the insurer to significant insurance risk are recognized as investment contracts. Insurance contracts and investment contracts with a discretionary participation feature are accounted for in accordance with Korean-IFRS 1104, and investment contracts without a discretionary participation feature are accounted for in accordance with Korean-IFRS The Company applies Korean-IFRS 1039 Financial Instruments: Recognition and Measurement to derivatives embedded in an insurance contract unless the embedded derivative is itself an insurance contract or a policyholder s option to surrender an insurance contract for a fixed amount is given. As of March 31, 2013, the Company does not have embedded derivatives qualified for separation from host contract Deferred Acquisition Costs In accordance with Article 31 of Accounting Standards for Insurance Industry, acquisition costs arising from long-duration contracts, excluding any excess amount over estimated acquisition costs, are deferred and amortized over the premium payment period or seven years, whichever is shorter. For cancellations, any unamortized portion is written off immediately. 22

25 2.17 Insurance contract liabilities The Company provides various insurance contract liabilities in accordance with the Insurance Business Act and regulations issued by the Financial Supervisory Commission and the Ministry of Finance and Economy as follows: a) Premium reserve is a net level premium reserve using interest and mortality assumptions used in computing cash surrender values. b) Reserve for outstanding claims represents refunds, dividends and claims reported and unpaid as of the date of the statement of financial position. In accordance with Article 4-3 of Detailed Enforcement Regulation on Insurance Supervision, the Company recognizes reserve for outstanding claims as an Incurred But Not Reported (IBNR), which is calculated by a rational statistical method based on the Company s experience. c) Unearned premium reserve represents the unearned portion of quarterly, semi-annual and annual premiums as of the date of the statement of financial position. d) Guaranteed benefit reserve guarantees a certain level of the insurance claims considering expected losses in the future. e) Dividends held as deposit for policyholders represent amounts payable to policyholders due to interest rate difference guarantee, mortality gains, excess interest, expense gains and long-term contracts. f) Reserve for asset revaluation represents amounts payable to policyholders with respect to the revaluation of real estate in g) Reserve for policyholders profit dividends represents undistributed earnings payable to participating policyholders which is determined based on participating policy profits. h) Reserve for assumed reinsurance premium represents amounts of all the policy reserves including reinsurance policyholders. In cases when the Company is reinsured, the reserve for ceded reinsurance premium represents amounts receivable from reinsurance companies and is deducted from policy reserves. 23

26 2.18 Policyholders Equity Adjustment a) Reserve for stabilization of policyholders dividends represents a part of the unpaid portion of policyholders share of the revaluation increase of real estate and can be utilized for the payment of dividends to participating policyholders in case the current year s dividend ratio is below that of the prior year. b) Fund for public projects represents a part of the unpaid portion of policyholders share of the revaluation increase of real estate. Annual income from the fund for public projects which is based on the average rate of investment income for the last three years must be contributed for public projects. c) At year end, unrealized holding gains and losses on available-for-sale securities are allocated to policyholders' equity adjustment by the ratio of the average policy reserve of the participating and nonparticipating contracts or the ratio of the investment source at the new acquisition year based on the date of asset acquisition Liability adequacy test The Company assesses at the end of each reporting period whether its recognized insurance liabilities are adequate, using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its insurance liabilities is inadequate in the light of the estimated future cash flows, the entire deficiency is recognized in profit or loss Provisions and Contingent liabilities Provisions are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Contingent liabilities are stated in the notes when: the Company has a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. 24

27 2.21 Current and Deferred Income Tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax assets and liabilities are not recognized if they arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 25

28 2.22 Employee Benefits (a) Retirement benefit obligations The Company has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, together with adjustments for unrecognized past-service costs. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in income, while costs are amortized over the vesting period. 26

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