Kyobo Life Insurance rated ‘AAA’ for sixth year

Kyobo Life Insurance was given an “AAA” credit rating by NICE, one of the top three South Korean credit rating agencies, for the sixth consecutive year.

The insurance company announced on Tuesday that it received the top grade in NICE’s Insurer Financial Strength Rating. The IFSR is an overall assessment of an insurer’s financial health, profitability and risk management skills, it noted. The “AAA” grade signifies that it is unlikely that its financial strength will drop due to environmental changes.

NICE evaluated Kyobo Life Insurance highly for maintaining its leading position in the local insurance market for its excellent brand recognition and the stable profit it has been making by profit-oriented business operation and security-oriented asset management.

Kyobo Insurance’s net profit marked 545 billion won ($471 million) last year, and its total assets are over 360 billion won. Its return on equity has ranked first place among large insurance companies since 2004.

By Park Min-young (claire@heraldcorp.com)