Strong business franchise as the third-largest P&C insurer in Korea in terms of direct premiums written. Stable revenue contribution from controlled distribution channels. Good earnings buffer to cover interest on debt obligations. Sensitivity to investment volatility due to large exposure to loans or securities with alternative investment features. Relatively low capitalization when compared with other 'A' rated insurers, although improving. The rating on DB Insurance Co. Ltd. (DBI) reflects our view of the company's strong business presence in Korea's property/casualty (P&C) insurance market. The insurer is likely to generate stable revenues backed by its well established reputation and distribution network. That said, DBI is sensitive to investment volatility due to its large exposure to loans or securities with alternative investment
