The ratings on Dongbu Insurance Co. Ltd. (Dongbu Insurance) 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. Dongbu Insurance is ranked third among Korean non-life insurers in terms of gross premiums written with 14.9% market share in fiscal 2006 (ended March 31, 2007). The company is particularly strong in retail long-term insurance, with a 16.2% share of the domestic market for these products in fiscal 2006. Dongbu Insurance's capitalization is strong and its efficient operating performance should keep capitalization strong. The insurer's combined ratio has been relatively good, standing at 102.5% in fiscal 2006, mainly due to its operating
