Kyobo Life Insurance and Dongbu Insurance were found to be least charitable firms in the insurance industry, despite reaping high profits in the recent fiscal quarter, according to regulatory filings and media reports.
Kyobo Life, which is among the top three domestic life insurers, donated or engaged in social contribution worth 3.8 billion won ($3.5 million), or 0.86 percent of its third-quarter net profit of 438 billion won last year.
Dongbu, which posted a net profit of some 330 billion won in the same period, spent 300 million won, or 0.1 percent of its earnings, on social programs. Dongbu is among the top nonlife insurance companies alongside Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance.
The Financial Supervisory Service, the national financial enforcement agency, made it mandatory for all insurers to disclose their social contributions as a means to boost sector-wide charity as they earn profits primarily from insurance plan sales to the public.
Hyundai Marine & Fire Insurance, LIG Insurance, Prudential Life Insurance, Mirae Asset Life and ING Life are also among insurers that contributed less than 1 percent of their earnings, the regulatory filings said.
On the other hand, KB Life Insurance was the biggest social contributor, donating about 7.5 percent of its net profit last year, followed by Samsung Life Insurance with 5.42 percent and Samsung Fire & Marine Insurance 4.36 percent.
(
hkp@heraldcorp.com)
