Hyundai Marine & Fire Insurance Co. http://www.alacrastore.com/company-snapshot/Hyundai_Marine_Fire_Insurance_Co-515358 Thursday, August 21, 2008 5:31:20 PM 515358 Hyundai Marine & Fire Insurance Co. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/632969spcred/632969normThe latest Full Report from S&P2/27/2008 9:08:20 PMFull Report400global632969KoreaProperty & Casualty InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceFull ReportGood competitive position in overall business lines, especially the auto line Strategic goals to stabilize profitability and improve efficiency Improving, but still modest, capitalization Modest underwriting profitability The ratings on Hyundai Marine&Fire Insurance Co. Ltd. (HMF; BBB+/Stable/--) reflect the company's good competitive position, especially in its auto line, and strategy to stabilize its profitability and improve efficiency. The ratings are constrained by its modest capitalization and underwriting performance, among other factors. Hyundai Marine&Fire Insurance Co. Ltd. is the second-largest insurance company in the Korean non-life insurance market in terms of total assets and gross premiums as of March 2007. HMF should be able to solidify its competitive position by leveraging its business relationships with former HyundaiKOR40301040 403010 4030 40Hyundai Marine&Fire Insurance Co. Ltd.307085ASIAEMERGING0145@KSFULLGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/632971spcred/632971normThe latest Summary from S&P2/27/2008 9:08:20 PMSummary175global632971KoreaProperty & Casualty InsuranceAsiaEmerging MarketsGlobal IssuersInsuranceSummaryThe ratings on Hyundai Marine&Fire Insurance Co. Ltd. (HMF; BBB+/Stable/--) reflect the company's good competitive position, especially in its auto line, and strategy to stabilize its profitability and improve efficiency. The ratings are constrained by its modest capitalization and underwriting performance, among other factors. Hyundai Marine&Fire Insurance Co. Ltd. is the second-largest insurance company in the Korean non-life insurance market in terms of total assets and gross premiums as of March 2007. HMF should be able to solidify its competitive position by leveraging its business relationships with former Hyundai group companies. This is particularly true in regards to its auto and commercial insurance business lines, although to a lesser extent than in the past. HMF's marketKOR40301040 403010 4030 40Hyundai Marine&Fire Insurance Co. Ltd.307085ASIAEMERGING0145@KSSUMMARYGLOBISSINSCredit & Investment ResearchS&P Credit Research