41 Credit Unions Recognized for Outstanding Performance in Shinhyup Mutual Aid 2024
Net Profit of 53.7 Billion KRW and New Contract Conversion Performance of 29.2 Billion KRW Achieved
▲Kim Yoon-sik, President of the National Credit Union Federation of Korea, is delivering a commemorative speech at the '2024 Mutual Aid Awards Ceremony and 2025 Vision Declaration Ceremony' held on the 8th at the Daejeon Credit Union Central Training Institute. Photo by National Credit Union Federation of Korea.
The National Credit Union Federation of Korea (NACUFOK) announced on the 9th that it held the '2024 Mutual Aid Awards Ceremony and 2025 Vision Declaration Ceremony' at the Daejeon Credit Union Central Training Center. This event was organized to encourage and reward credit unions, individuals, and regional headquarters that achieved outstanding mutual aid performance throughout 2024 based on the nationwide credit union mutual aid business evaluation results, and to officially declare the vision and direction for the 2025 mutual aid business.
At this year’s awards ceremony, 41 credit unions in the union category, 10 employees in the individual category, and 4 regional headquarters were named as award recipients. Additionally, 7 employees who contributed to the activation of mutual aid received merit awards in recognition of their dedication.
During the event, NACUFOK declared the vision "Shinhyup Mutual Aid, Lighting the Light of Hope!" and expressed its commitment to fulfilling its role as a trusted financial partner for members despite uncertain market conditions.
Kim Yoon-sik, Chairman of NACUFOK, emphasized in his congratulatory speech that "Shinhyup Mutual Aid is a symbolic business that realizes the spirit of cooperatives," and stressed that "strengthening marketing capabilities to proactively respond to a super-aged society is of utmost importance."
Son Sung-eun, CEO of the Credit and Mutual Aid Business, also stated, "Despite the challenging financial environment, Shinhyup Mutual Aid has laid the foundation for a leap forward," and added, "We will continue to respond flexibly to changes and communicate with the field to become a trusted financial cooperative."
Meanwhile, marking its 53rd anniversary this year, the Shinhyup mutual aid business has grown to mutual aid assets worth 6.1082 trillion KRW as of the end of 2024. Last year, it achieved new contract conversion performance of 29.2 billion KRW and a net profit of 53.7 billion KRW. The solvency ratio (RBC ratio), a representative stability indicator for mutual aid and insurance companies, stands at 334%, demonstrating that Shinhyup mutual aid assets are being managed stably.
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