DB Insurance Co. Ltd.

This report does not constitute a rating action. Overview Key strengths Key risks Strong franchise as the second-largest property and casualty insurer in Korea with a growing geographic footprint Potential investment volatility due to large exposure to loans or securities with alternative investment features Stable revenue contribution from controlled distribution channels Weaker credit profile of life insurance subsidiary than its parent Strong capitalization to support business growth DB Insurance Co. Ltd. can sustain better profitability than its peers. Good underwriting and strong distribution channels that keep tight control on expenses have helped the insurer's ratio of net profit to average assets be consistently higher than the average of major domestic peers over the past five years. We forecast DB Insurance's

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