Samsung Life and Samsung Fire & Marine hold the largest payment reserves among local life and non-life insurance companies, according to the Financial Supervisory Service.
FSS data showed that Samsung Life holds 99.1 trillion won ($91.7 billion) in provisions for insurance payments to customers, topping the list among Korea’s life insurers.
The amount held by the Samsung Group’s financial unit is equivalent to 35 percent of the combined reserves of 279 trillion won in the life insurance industry.
A Samsung Life spokesman said his company has been collecting about 20 trillion won in insurance premiums on average per annum, attributing the noteworthy performance to operating knowhow over the past 50 years.
“But as the amount of payments for accidents and savings-type products is also high, we have to accumulate provisions as much as possible,” he said.
Korea Life ranked second with 43.3 trillion won in reserves, followed by Kyobo Life with 39.6 trillion won, ING Life with 11.6 trillion won and Allianz Life with 11.4 trillion won.
For the non-life sector, Samsung Fire posted 21.6 trillion won in payment reserves, trailed by Dongbu Insurance with 10.2 trillion won, LIG Insurance with 8.7 trillion won, Meritz Fire with 5.7 trillion won and Hanwha General Insurance with 4.1 trillion won.
