DGB Financial Changes Subsidiary Name Ahead of iM Bank's Transition to Commercial Bank
DGB Life announced on the 20th that it will change its name to iM Life in line with DGB Financial Group's new leap as a commercial financial group.
On the 5th, DGB Financial Group officially announced the name changes of its affiliates, including the bank, in line with iM Bank (formerly DGB Daegu Bank) transitioning to a commercial bank. The 'iM' symbolizes the letters i and M, representing a sprout and the fluttering wings of a bluebird, respectively. The middle part of the M signifies DGB Financial Group's strength in 'warm relational finance.' It embodies an image that transcends boundaries, expressing the group's brand slogan, 'Go Beyond.'
Through this name change, iM Life is preparing for a new leap forward. The company plans to focus on sales-based activities by expanding brand awareness and further solidifying its position in the variable insurance market. As of May this year, iM Life's variable insurance net assets reached 1.2639 trillion KRW, ranking 9th in the industry, marking about a fourfold growth compared to 326.1 billion KRW at the end of 2020, when it ranked 17th. This is the result of company-wide structural improvements to strengthen its variable insurance capabilities and efforts to provide customers with higher performance through differentiated management strategies.
Kim Seong-han, CEO of iM Life, explained, "In preparation for the new International Financial Reporting Standard (IFRS17), we transformed our sales structure to focus on variable insurance with all employees," adding, "This is why we were able to establish a solid market position in the variable insurance sector within a short period."
iM Life plans to expand its variable insurance assets to 2 trillion KRW by 2026 through strengthening expertise in new products, proactively identifying customer needs, and focusing on improving customer returns.
Based on the group's mid-term strategy 'Shin·Ba·Ram' (Exciting, Right, Different) financial strategy, iM Life will also pursue ethical management and realize win-win finance. To this end, iM Life will establish a firm foundation of soundness and internal control, focusing on increasing insurance contract service margin (CSM) and maximizing capital efficiency. Additionally, it plans to enhance expertise in the investment sector through agile responses to changes in internal and external market environments.
CEO Kim stated, "With advancements in sales capabilities, management strategies, and organizational culture, iM Life has established a solid growth foundation as a mid-sized insurance company," adding, "Now, as a life insurance company with the substance of a commercial financial group, we will move toward a broader horizon as a distinguished variable insurance specialist that considers customers' futures."
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