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Sustainability Management Which Is Standing in the Spotlight As a New Paradigm of Global Management Age Today

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Sustainability Management Which Is Standing in the Spotlight As a New Paradigm of Global Management Age Today Hyundai Marine Sustainability Report 2004-2005 ABOUT SUSTAINABILITY REPORT... Our 2004-2005 Sustainability Report is the first of its kind to report on the performance of sustainability management which is standing in the spotlight as a new paradigm of global management age today. It takes account of Hyundai Marine’s economic, environmental and social contribution to the society and the state as well as its impact on interested parties such as customers, stakeholders, employees and competitors. This report demonstrates Hyundai Marine’s commitment to corporate social responsibilities and duties. It introduces the purpose and mission of Hyundai Marine in pursuing customer satisfaction and sustainability management and serves as a channel of communication for Hyundai Marine and interested parties. The aim of sustainability report is to provide accurate information to interested parties on appropriate occasions and facilitate the long-term progress of sustainability management by generating sufficient feedback on Hyundai Marine’s sustainability and social responsibility. The sustainability report therefore is a testament to our endeavors to enhance Hyundai Marine’s transparency and reliability. CONTENTS COMPANY PROFILE OUR CUSTOMERS OUR PEOPLE MANAGEMENT PERFORMANCE 28 Best Products & Services 54 Employees and Working Environment SCOPE OF REPORT 31 Warranty 56 Development of People 32 Convenience for Customers 59 Communication with People 34 Communication with INTRODUCTION Customers OUR SHAREHOLDERS 10 Message from CEO 36 Information Protections 62 Corporate Governance 12 History of 50 Years 64 Communication with Shareholders 14 Management Policies OUR SOCIETY 15 Vision Hi 2010 40 Social Contribution Activities APPENDIX 16 Business Ethics 45 Responsibilities and 66 Assurance Report Obligations to Society 67 GRI Index SUSTAINABILITY MANAGEMENT 71 Ethics Codes 20 Sustainability Management Model OUR ENVIRONMENT 76 Customer Evaluation of 2004-2005 21 Highlights in 2004 and 2005 48 Environmental Protection Sustainability Report 22 Management Innovation Activities 79 Contact Us 24 Risk Management 50 Environmental Management SUSTAINABILITY REPORT 2004-2005 HYUNDAI MARINE COMPANY PROFILE Hyundai Marine & Fire is a premium, large-scale non-life insurance company which currently places second in terms of sales and total asset in Korea’s domestic insurance sector. In the fiscal year 2004, Hyundai Marine, with its 2,650 staff members and 14,854 agencies and financial planners, realized KRW 3,167.1 billion of direct premiums written and KRW 68.1 billion of net income. COMPANY PROFILE Unit : KRW 1 million, person Name Hyundai Marine & Fire Insurance, Co., Ltd. Headquarters Address 178 Sejongno, Jongno-gu, Seoul, Korea Date of Establishment March 5, 1955 Type of Business Insurance President & CEO Jong-Sun Ha Total Assets 5,574,670 Number of Employees 2,650 * Data as of March 31, 2005 In January 2005, Hyundai Marine was awarded a credit rating of ‘BBB Stable’ from S&P, a global credit rating agency, for its outstanding financial performance, market power, efficient underwriting and secure asset management. Prior to this, A.M. Best, the world’s oldest and most authoritative insurance rating and information source, issued the rating of A-(Excellent) to Hyundai Marine in both 2003 and 2004, allowing Hyundai Marine to consolidate its position as one of the most reliable non-life insurance companies in Korea. Hyundai Marine has eight regional headquarters and 50 branch networks in Korea. Abroad, there are branch offices in Japan and the United States as well as representative offices in London, Beijing and Hochiminh. The company also operates 11 customer services centers, 36 customer contact points and 81 claims service centers to provide optimum services to our customers anywhere and anytime. 04 I 05 FINANCIAL DATA as of March 31, 2005 COMPANY PROFILE Be The Hi Unit : KRW 1 million Direct premiums written 3,167,118 Net income 68,105 Loss ratio 82.4% Expense ratio 22.6% Automobile insurance 35.0% Long term insurance 45.1% INTERNATIONAL NETWORK Individual annuity insurance 3.0% FY2004 Other insurance 12.3% 11th Floor, Yamato Seimei Bldg., 1-1-7, Uchisaiwai-cho, Chiyoda-ku, Tokyo fire insurance 1.3% Tokyo, Japan Japan Branch Office marine insurance 3.4% Osaka 7th Floor, Yuseigojyokai-Shinsaibashi Bldg., 3-11-18, Minamisenba, Chuo-ku, Osaka, Japan [ NET PREMIUM INCOME WRITTEN 3070 South Bristol St.Suite 660, Costa Mesa, CA 92626 U.S.A. (Registered Address) U.S. Branch Office BY CATEGORIES IN FISCAL 2004 ] 300 Sylvan Ave.Englewood Cliffs,NJ 07632,U.S.A (Mailing Address) London Representative Office 37-39 Eastcheap London, EC3M 1 DT, U.K. Room No.1002, 10th Floor, Harbor View Tower Bldg., 35 Nguyen Hue Hochiminh Representative Office St., Dist. 1, Hochiminh City, Vietnam Unit : KRW 1 million Room No.1101, Landmark Bldg.8,North Dongsanhuan Road, Beijing Representative Office Chaoyang District Beijing, China 128,385 Hyundai U.K. Underwriting Ltd. 37-39 Eastcheap London, EC3M1DT, U.K 68,105 50,021 SUBSIDIARY COMPANIES 41,231 Kyung-il Industrial Development Types of Business : Service, manufacturing, construction 2001 2002 2003 2004 Co., Ltd. Investment of Hyundai Marine: 100% [ NET INCOME ] Hyundai Marine Claims Service, Type of Business : Service (automobile & claims adjustment) Co., Ltd. Investment of Hyundai Marine: 100% HYUNDAI U.K. UNDERWRITING Type of Business : Insurance LTD Investment of Hyundai Marine: 100% Hyundai M&F Investment Type of Business : Investment Management & Investment Entrusting Management, Co., Ltd. Investment of Hyundai Marine: 100% Types of Business : Auto-guard Service, Total car service, Hyundai Hi Service, Co., Ltd. Emergency Road Service, Automobile-insurance related Services Investment of Hyundai Marine: 100% Types of Business : System Integration & Management, Risk Management Hyundai HDS, Co., Ltd. Investment of Hyundai Marine: 100% Hyundai Marine Claims Service, Co., Ltd. 50%, Kyung-il Industrial Development, Co., Ltd. 50% SUSTAINABILITY REPORT 2004-2005 HYUNDAI MARINE MANAGEMENT PERFORMANCE Hyundai Marine seeks to attain the company’s ultimate goal of maximizing profit by engaging in sustainability management as well as efficient asset and risk management. In fiscal year 2004, despite the overall domestic economic downturn and fiercely competitive market environment, Hyundai Marine achieved a relatively high 9.4% growth rate thanks to the even business performances per category. Even with the continuing downward trend of interest rate, Hyundai Marine made 10.3% growth in gains from investment management from the previous year through the swelling of interest income from a rapid increase of invested assets and expansion of investment on high-return financial products. Hyundai Marine spares no efforts in maximizing financial gains of interested parties and, as a result, the net income was recorded at KRW 68,105 million, up 36.2% since last year. Unit : KRW 1 million 2004 년 2003년 Direct premium written ￦ 3,167,118 ￦ 2,893,703 Net premium written 2,657,373 2,431,022 Earned premium 2,584,371 2,434,951 Underwriting income △170,072 △156,632 Operating income on investment 260,232 236,014 Net income 68,105 50,021 Total assets 5,574,670 4,957,787 Invested assets 4,702,259 4,281,817 Total equity 452,962 382,721 128,385 5,574,670 4,957,787 68,105 4,401,692 50,021 3,167,118 41,231 3,866,645 2,893,703 3,240,054 2,835,053 2,639,991 2,329,327 2001 2002 2003 2004 27,359 △ 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 [ DIRECT PREMIUM WRITTEN ] [ TOTAL ASSETS ] [ NET INCOME ] Unit : KRW 1 million Unit : KRW 1 million Unit : KRW 1 million SCOPE OF REPORT 06 I 07 MANAGEMENT PERFORMANCE Be The Hi ABOUT SUSTAINABILITY REPORT The PRINCIPLES Currently, there are no set 2004-2005 Sustainability Report demonstrates guidelines for sustainability reports. But we Hyundai’s 50 years of achievement in enlarging referred to GRI’s (Global Reporting Initiative) ’2002 its potential for sustainable development and the Guideline for Sustainability Report’ to meet the company’s vision for future sustainable standards of global enterprises. Please refer to management. It provides a detailed report on pages 67-70 to compare the content of this Hyundai’s performance from balanced and report to the GRI guideline. The figures printed in comprehensive economic, environmental and this report are based on Korean fiscal standards social perspectives, as known as the triple for enterprises. bottom line. Given the peculiar nature of Hyundai’s PERIOD This report describes the work, the following describes the unique sustainability management performances of qualities of this report attributable to the claims services centers in Seoul headquarters and company’s insurance business. regional branch offices from April 1, 2004 to March 31, 2005, unless noted otherwise, and FIRST, Based on the management policies of does not include activities of overseas branches the CEO, the report presents the direction and and subsidiary companies. Please refer to ideals of sustainability management embodied in Hyundai Marine’s ‘Annual Report 2005’ for main the company’s vision and strategies. Our motto business and financial information. All figures in ‘Hi 2010, the best insurance company in Korea’ this report on based on Korean wons. reflects our potential and determination to become not only the premium insurance INDEPENDENT VERIFICATION Our company in the country but also worldwide. The Sustainability Report underwent BSR five step report, therefore, lists both our past verification process conducted by the Institute achievements as well as future plans and for Industrial Policy Studies (IPS). The IPS’s objectives. assurance report is on page 66 of this report. SECOND, By illustrating our efforts to carry out innovative management methods and satisfy our customers, we attempt to show our commitment to sustainability management to the interested parties. THIRD, Given the characteristics of public enterprises Hyundai Marine, like other insurance companies, possess, our work is hardly restricted to marketing insurance products and services: we are fully aware of corporate social responsibilities to safeguard our customers and their wealth.
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