Kyobo Life Insurance Co., Ltd

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1 MARCH 2010 GLOBAL INSURANCE COMPANY PROFILE Kyobo Life Insurance Co., Ltd Seoul, Korea Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED)2 BUSINESS ACTIVITIES 2 DISTRIBUTION CHANNELS 3 ORGANIZATION STRUCTURE AND OWNERSHIP 3 OWNERSHIP STRUCTURE 4 MANAGEMENT INFORMATION 4 COMPANY HISTORY 4 PEER GROUP 5 WEBSITE 5 MOODY S RELATED RESEARCH 5 Analyst Contacts: HONG KONG Sally Yim Vice President Senior Analyst Daniel Wong Analyst Jerry Chien Team Managing Director Company Overview Kyobo Life Insurance Co., Ltd (Kyobo Life), headquartered in Seoul, Korea, is the country s third-largest life insurance company, with a market share of 13.4% (based on total premium income) for FY2008 (ended March 31, 2009). The Shin family owns a majority share of 40.3%, Daewoo International, 24.0%. Kyobo Life s products include whole life insurance, investment-linked products, annuities, retirement products, protection-type products, and health and disability insurance. In FY2008, annuities comprised the largest business line, followed by critical illness and whole life insurance. Its products are sold to customers mainly through financial planners. Other distribution channels include financial advisors, direct sales, agency marketing, bancassurance, and its own group sales force. For FY2008, premium income in the general account was KRW 6.9 trillion. Total assets and shareholders equity as at March 31, 2009 were KRW 51.9 trillion and KRW 3.1 trillion respectively. This report, exclusively provided to you by Moody s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody s analytic purposes. For Moody s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody s Credit Opinion on this company, please [Click here].

2 Financial Highlights (as Reported) Note: The financials presented below are those reported by the entity and are not adjusted for Moody s analytic purposes. For Moody s generated ratios on Kyobo Life Insurance Co., Ltd, see <Kyobo Life Insurance Co., Ltd page on moodys.com>. Kyobo Life Insurance Co., Ltd FY2008 FY2007 FY2006 FY2005 FY2004 Revenues (KRW Bil.) 10,035 10,262 11,560 11,474 11,398 Net Income (KRW Bil.) Total Assets (KRW Bil.) 51,861 47,839 44,263 39,610 36,473 Shareholders Equity (KRW Bil.) 3,132 2,659 1,919 1,677 1,527 Note: Fiscal year ends March 31. Business Activities Kyobo Life provides a wide variety of products and services to its five million customers. Its products include whole life insurance, investment-linked products, annuities, retirement products, protectiontype products, and health and disability insurance. In addition, Kyobo Life provides financial planning services to individuals, and corporate welfare consulting services to companies catering to the insurance needs of their employees. Annuities comprised the largest business line, accounting for 21% of total premium income in FY2008, followed by critical illness, 15%, and whole life, 13%. FY2008 Product Mix by Premium Income Variable Savings 6% Variable Protection 5% Annuities 21% Variable Annuities 10% Whole Life 13% Retirement 10% Health/ Disability 12% Source: Company data, Moody's Critical Illness 15% Savings 4% Other Protection 4% 2 MARCH 2010 COMPANY PROFILE: KYOBO LIFE INSURANCE CO. LTD

3 Distribution Channels Kyobo Life s distribution channels include financial planners, financial advisors, direct sales, agency marketing, bancassurance, and its own group sales force. The bulk of its products are sold to customers through financial planners, which contributed 67.0% of premium income in FY2008. The secondlargest channel is agency marketing, contributing 12.1%. In order to target high net-worth individuals and boost sales of complex insurance products, the company has a small group of high-performing salespeople as financial advisors. Most of its bancassurance business comes from three Kookmin Bank, Woori Bank, and Hana Bank of the big 4 banks in Korea. It aims to improve its relationship with a number of banks to sustain market share. FY2008 Distribution Channel by Premium Income Group sales force 11.5% Bancassurance 6.7% Direct sales 2.7% Financial planner 67.0% Agency marketing 12.1% Source: Company data, Moody's Organization Structure and Ownership Simplified Organization Chart (as of December 2009) Kyobo Life Insurance IFSR: A2 Life insurance 2009): KRW 3.5 trillion Net income (FY2008): KRW % 50% 85% 89.8% 50% 100% 100% 19.5% 100% Kyobo Securities Securities 2009): KRW Net income (FY2008): KRW 16.2 Kyobo AXA Investment Managers Investment trust 2009): KRW 54.2 Net income (FY2008): KRW 3.5 Kyobo Book Centre Publication and sales of books 2009): KRW 60.6 Net income (FY2009): KRW 9.6 Kyobo Information and Communication System integration 2009): KRW 9.8 Net income (FY2008): KRW 1.0 Saengbo Real Estate Trust Real estate trust 2009): KRW 62.7 Net income (FY2009): KRW 58.2 Kyobo Realco Building management equity (December 31, 2009): KRW 15.8 Net income (FY2008): KRW 3.4 Kyobo Insurance Investigation Co. Ltd. Insurance investigation 2009): KRW 3.3 Net loss (FY2008): (0.8) A&D Credit Information Co., Ltd. Credit information equity (December 31, 2009): KRW 15.9 Net income (FY2009): KRW 1.8 Kyobo Life Asset Management Co. Ltd Securities investment 3 MARCH 2010 COMPANY PROFILE: KYOBO LIFE INSURANCE CO. LTD

4 Ownership Structure Kyobo Life Insurance Co., Ltd: Large Shareholders NAME OF BENEFICIAL OWNER (AS OF DEC 2009) PERCENT Chang-Jae Shin 33.6% Daewoo International 24.0% Korea Asset Management Corporation 9.9% Corsair 9.8% Other Shin Family 6.7% Export-Import Bank of Korea 5.9% Finventures KBL 5.3% Source: Company data Management Information Chang Jae Shin Yongnam Hwang Yong Gil Shin Joo Hyun Hwang Jung Ro Lee Seung Euk Kim Chairman & CEO Vice Chairman President & Executive of B2B Senior Executive Vice President & Executive of Corporate Operations Senior Executive Vice President & Head of Insurance Service Division Senior Executive Vice President & Executive of B2C Company History Kyobo Life was founded in 1958 as Daehan Kyoyuk Insurance Co., Ltd. Over the years, it has set up a number of subsidiaries to engage in other businesses: 1979: Set up Kyobo Real Estate Management 1980: Established Kyobo Book Centre 1994: Acquired Daehan Securities and renamed it Kyobo Securities Co., Ltd 1995: Acquired Korea Computing Information and renamed it Kyobo Information & Communication Co., Ltd 1998: Set up Saengbo Real Estate Trust 2001: Acquired Korea Direct and renamed it Kyobo Auto Insurance Co., Ltd (KAI) 2002: Established A&D Credit Information and Kyobo Insurance Investigation 4 MARCH 2010 COMPANY PROFILE: KYOBO LIFE INSURANCE CO. LTD

5 In 1987, Kyobo Life set up representative offices in New York and Tokyo. In 1994, it changed its corporate name to Kyobo Life Insurance Co., Ltd from Daehan Kyoyuk Insurance Co., Ltd. In 2004, it set up a representative office in Beijing. In 2007, in order to focus on its core life insurance business, it sold 75% stake in KAI to AXA Group. On September 2, 2008, Kyobo Life and AXA Investment Managers launched their asset management joint venture, Kyobo AXA Investment Managers Peer Group» Dai-ichi Mutual Life Insurance Company» Meiji Yasuda Life Insurance Company» T&D Group» Cathay Life Insurance» Fukoku Mutual Life Insurance Company» Sumitomo Life Insurance Company Website For additional information, please see the company's website: MOODY S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY S, and are maintained by a third party over which MOODY S exercises no control. Accordingly, MOODY S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party. Moody s Related Research Credit Opinion:» Kyobo Life Insurance Special Comment:» Moody s Approach to Stress Testing Life Insurers, May 2009 (117454) Rating Methodology:» Moody's Global Rating Methodology for Life Insurers, September 2006 (98207) To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients. 5 MARCH 2010 COMPANY PROFILE: KYOBO LIFE INSURANCE CO. LTD

6 Report Number: Authors Daniel Wong Sally Yim Senior Production Associate Wing Chan Editor Alexis Alvarez-Suzuki 2010 Moody s Investors Service, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S ( MIS ) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody s Corporation ( MCO ), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Shareholder Relations Corporate Governance Director and Shareholder Affiliation Policy. Any publication into Australia of this Document is by Moody s affiliate Moody s Investors Service Pty Limited ABN , which holds Australian Financial Services License no This document is intended to be provided only to wholesale clients (within the meaning of section 761G of the Corporations Act 2001). By continuing to access this Document from within Australia, you represent to Moody s and its affiliates that you are, or are accessing the Document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this Document or its contents to retail clients (within the meaning of section 761G of the Corporations Act 2001). 6 MARCH 2010 COMPANY PROFILE: KYOBO LIFE INSURANCE CO. LTD

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