Kyobo Life Insurance announced on May 23 that it has received the highest AAA rating for Insurer Financial Strength (IFS) from NICE Investors Service, Korea Ratings Corporation, and Korea Credit Rating.
The 'AAA' rating is the highest grade, awarded to companies with the strongest long-term capacity to pay insurance claims and outstanding financial soundness, sufficient to remain unaffected even in the event of external environmental deterioration.
Shin Changjae, CEO and Chairman of the Board of Kyobo Life Insurance.
Kyobo Life Insurance has maintained a leading market position in the industry based on its long-standing business history, strong brand recognition, and a sales organization centered on exclusive agents. Even after the introduction of International Financial Reporting Standards (IFRS17) in 2023, the company has improved its profit structure by expanding sales of protection-type insurance. Through a diversified portfolio that includes protection, savings, retirement pension, and variable insurance, Kyobo Life Insurance has secured stable profit-generating capabilities.
The company's investment asset yield has also consistently exceeded the industry average. By increasing the proportion of high-quality bonds in its asset portfolio, Kyobo Life Insurance has reduced the risk of asset losses. The proportion of substandard or non-performing assets relative to total managed assets remains low, earning the company high marks for asset soundness.
Proactive responses to regulatory tightening by financial authorities and the operation of a thorough risk management system are also cited as key factors in maintaining its credit rating. The company's strong capital-raising capacity, which is expected to help maintain excellent capital adequacy, has also drawn attention.
Credit rating agencies stated in their evaluation reports, "Kyobo Life Insurance is expected to maintain high financial stability in the future, based on its leading market position, long business history, strong brand recognition, and stable profit-generating capabilities," and assigned a 'Stable' outlook to the rating.
Kyobo Life Insurance has also received strong evaluations from international credit rating agencies. The company has been awarded an A1 rating from Moody's for ten consecutive years and an A+ rating from Fitch for thirteen consecutive years.
A Kyobo Life Insurance representative stated, "Our customer-centric management philosophy, long-term asset management strategy, and proactive risk management efforts have led to these positive evaluations," adding, "We will continue to fulfill our role as a trusted insurer by adhering to customer-oriented management that is true to the essence of life insurance."
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