Good competitive position in overall business lines, especially retail sales Strong capitalization and good operating performance Relatively small market share in commercial lines due to weak brand power Weak credit quality of Dongbu industrial group The ratings on Dongbu Insurance Co. Ltd. reflect its good competitive position in Korea, strong capitalization, and solid operating performance. Offsetting these strengths is the relatively weak credit and brand power of the Dongbu industrial group. The company is particularly strong in retail lines and long-term insurance. It is ranked third among Korean non-life insurers, with a 14.4% market share of gross premiums written in fiscal 2004. Dongbu Insurance's capitalization is strong, and its efficient operating performance should keep capitalization strong. The insurer's combined ratio
