The ratings on Dongbu Insurance Co. Ltd. (Dongbu) reflect Standard&Poor's Ratings Services' view that the insurer has a very strong business risk profile (BRP) and lower adequate financial risk profile (FRP). The BRP and FRP reflect its very strong competitive position and lower adequate capital and earnings. We derive our 'a-' anchor for the company from the combination of the BRP and FRP assessments. Intermediate industry and country risk in Korea's property and casualty insurance market. Very strong competitive position due to a strong market position with higher operating efficiency than its peers, a well-known brand, and strong control over distribution channels. Lower adequate capital and earnings mainly reflect its lower adequate capital position and our base-case assumption
