Korea's P&C insurance market has intermediate industry and country risk. The insurer has a very strong competitive position, due to its strong market position with higher operating efficiency than its peers, a well-known brand, and strong control over distribution channels. Dongbu's adequate capital and earnings will likely remain unchanged over the next two years. Its ability to access capital markets and a limited debt position underpin its adequate financial flexibility. Its intermediate risk position is a neutral rating factor. A higher proportion of risky assets in its portfolio than its peers is a relative weakness. The stable outlook on Dongbu Insurance Co. Ltd. (Dongbu) is based on our view that the insurer will maintain its strong market position in Korea's
