| Type | Public |
|---|---|
| Industry | Insurance |
| Founded | 1957 |
| Headquarters | Seoul, South Korea |
| Key people | Keun Hee Park (CEO) |
| Products | Life Insurance, Health Insurance, Annuities |
| Revenue | US$ 21.8 billion (2010) |
| Net income | US$ 800.1 million (2010) |
| Total assets | US$ 117.7 million (2010) |
| Owner(s) | Lee Kun-hee 20.76% Samsung Everland Inc. 19.34% E-mart 7.38% (as of July 18, 2011)[1] |
| Employees | 6,266 (2010) |
| Parent | Samsung Group |
| Website | www.samsunglife.com |
Samsung Life Insurance (Korean: 삼성생명) (KOSPI #032830) is a multinational insurance company headquartered in Seoul, South Korea, and a subsidiary of the Samsung Group. It is the largest insurance company in South Korea and a Fortune Global 500 company.[2][3]
Samsung Life's principal products include life and health insurance and annuities. Samsung Life was a private company from its foundation in 1957 until it went public in May 2010. The IPO was the largest in South Korean history and made Samsung Life one of the country's most valuable companies measured by market capitalization.[4] Its headquarters are situated across from Namdaemun, a historic gate located in the heart of Seoul.
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Founded in 1957, the company quickly grew and attained a market leading position after just 18 months of operations. Since then, Samsung Life Insurance has maintained its market leadership in the industry through product innovation, marketing, and distribution. In particular, the growth was accelerated after the company was incorporated under Samsung Group in 1963.[5]
In 1986, the company opened representative offices in New York and Tokyo. It has also expanded in overseas operation through a joint venture in Thailand in 1997 and China in 2005. The company was the first life insurance company in Korea to achieve KRW 100 Trillion Won in assets in 2006.[6] On May 12, 2010, Samsung Life Insurance went public and the shares went for 110,000 won, or $96/share in one of the largest initial offerings and a record for the country, raising $4.4 billion.[7]
The Samsung Life brand is valued at KRW 6.75 Billion Won and is the most valuable brand in the financial services industry in Korea for 6 consecutive years.[8] The brand is synonymous with trust, reliability, and stability and consumers perceive the brand to be the most trusted brand in the insurance industry.[9] In 2006, the company repositioned the brand with four main promises that make up the essence of the brand: Trust, Expertise, Benefits, Consumer Focus. Trust symbolizes a promise with consumers that the company will remain financially sound and keep promises and will be there in the times of need. Expertise is a promise to utilize the knowledge of the company to its best ability to meet the needs of consumers in every stage of their life. Benefits are a promise to provide a wide range of superior services and information that make consumers at ease. Consumer focus is a promise to maintain relationships with consumers in every step of the way and listen to their needs.[10]
Samsung Life Insurance supports a number of social contributions over the years.
The Volunteer Club practices the philosophy of giving to the public through employee volunteer works in which more than 6,000 workers and 37,000 agents participate annually.[11]
In collaboration with business consultants, the company provides seed money to struggling single moms to start their own businesses successfully. The funds are raised through a matching grant in which Samsung Life donates equal to the amount raised by agents.
The company has partnered with The Korea Foundation for women in assisting spouses of international marriages to travel home to visit their families and friends
Samsung Life Insurance provides the services of 140 professionally trained postnatal caregivers to 2,700 low income mothers every year.[12]
The company established South Korea's first rescue dog training center in 1995. These dogs have been critical in emergency efforts in many accidents and disasters in Korea and overseas including the 1999 earthquakes rescue in Taiwan and Turkey. The company also taking the lead in the area of public health protection by operating a detection dog center. The purpose of this program is to prevent infectious diseases from entering South Korea via flora and fauna.[13]
Established in 1981, the drawing event has grown to be the largest art contest in Korea with the total number of participants topping 5 million in 2008. Winning art works are on display at Samsung Life Insurance Rodin Art Gallery.[14]
The company supports a number of sports teams including a women's basketball team, a wrestling team, and men's and women's table tennis teams. The goal is contribute to the advancement of the national sports. Each team has demonstrated a high standard of play through excellent showings through local and international competitions including the Olympics and other world events.[15]
Ho Am Art Hall has supported the development of classical music in Korea since its opening in 1985. The hall fosters cultural arts around the world including class music and dance performances. Renowned for its leading performances, the center stages over 40 concerts and 70 dance performances each year.[16]
Rodin Gallery is an open art gallery and a cultural space open to the public where people can take a breather out of their busy lives to appreciate groundbreaking art works. The gallery is also used for contemporary Korean and international artists to display their art works.[17]
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