ING Life Insurance Korea Annual Report 12903D.Pdf

ING Life Insurance Korea Annual Report 12903D.Pdf

ING LIFE 2017 ANNUAL REPORT ANNUAL 2017 LIFE ING 2017 ANNUAL REPORT Insured for New Growth Insured for New Growth Leading Provider of Insurance ING Life Insurance Korea, Ltd. (ING Life) has been keeping pace with the development and growth of the life insurance industry in Korea ever since its establishment in 1987. Marking the 30th anniversary in 2017, we are preparing for a new way forward to achieve stronger growth while shaping a sustainable future. We will create new values by thinking outside the box, backed by our long-time accumulated knowledge and experience, and based on our corporate culture of communication and trust. This is the first Annual Report of ING Life since its initial public offering (IPO). We have published this report to share the efforts we made to grow together with our shareholders and other stakeholders as a reliable financial partner, and the outcome of such efforts. Formats Compass This report is published in both This report has been published as an printed and PDF formats, giving our interactive PDF, allowing readers to move stakeholders the option to choose their easily to pages in the report, and includes preferred communication format. shortcuts to related web pages. Printed Report Reference page Interactive PDF Website link Video clipclips This report is available in PDF format which can be downloaded at www.inglife.co.kr Company History 2017 30th anniversary of the founding of ING Life Insurance Korea ING Life Insurance Korea years of innovation 30 Listed on KOSPI (as #079440.KS) Received an exclusive Insured for New Growth 1987 2000 2006 2010 2015 2016 license to the Non-Par Started its business Became the first to Received the Received the ‘Consumer Launched the Brave Received the Anti-Money ING Good Start Variable under the name of receive an ‘A (Excellent)’ ‘Anti-Corruption Merit Trust Grand Prize’ at Orange Whole Life Laundering Award by Whole Life Insurance Life Insurance Company rating from A.M.Best Commendation’ in the the Consumer Interests Insurance – the industry’s the Prime Minister on from the New Product of Georgia among Korean life group category from Promotion Management first low cash surrender the 10th Anti-Money Deliberation Committee insurers the Korea Independent Awards value product with lower Laundering Day of the Korea Life Commission Against 1991 premium Insurance Association Corruption Opened the ‘WM Center’ Life Insurance Company 2001 2011 Received an exclusive in Gangnam, Seoul Chosen as ‘Korea’s Best of Georgia changed its Maintained the highest Received an award in license to the Brave Call Center in 2017’ in name to Netherlands premium income growth 2007 Leading the ‘Cultural Activity Orange Whole Life Chosen at the Big Data the call center category Life Insurance rate in the industry for Relocated corporate Support’ category at the Insurance from the New Analysis Strategy Model of the Korean Service three consecutive years headquarters to the Happiness Plus Social Product Deliberation Contest for the ‘2016 Quality Index for 13 Provider of Insurance ‘ING Center’, located in 1998 Contribution Awards Committee of the Pilot Project on Smart consecutive years Jung-gu, Seoul, Korea Chosen as the best 2003 Korea Life Insurance Services Using Big Data’ of the Ministry of company in a business Annual premium income 2012 Association Received the Anti-Money Science, ICT and Future Laundering Award by evaluation conducted exceeded KRW 1 trillion 2008 Chosen as ‘Korea’s Most Received the ‘Financial Planning and the National the Financial Services by the Insurance Received the ‘Silver Ethical Company’ by Supervisory Board Tower Order of Industrial Supervisory Commission Information Society Commission (FSC) 2004 Fortune Korea Service Merit’ from the Chairman Award’ on Agency Chairman on the 11th Became the fourth Ministry of Knowledge the 9th Anti-Money Anti-Money Laundering 1999 largest life insurer in 2013 Laundering Day The Brave Orange Whole Day Economy ING Life Insurance Korea, Ltd. (ING Life) has been keeping pace with Changed company name Korea based on premium Received ‘AAA’ rating for Life Insurance attained to ING Life Insurance income seven consecutive years The Brave Orange Whole a ‘Financial Product Received the Grand Prize the development and growth of the life insurance industry in Korea Korea 2009 in the Insurer Financial Life Insurance received Service Consumer Quality ‘Financial Supervisory ever since its establishment in 1987. Marking the 30th anniversary in 2017, Received the ‘Industrial Strength Rating of Korea the ‘Grand Prize’ at the Certification’ from the Service Governor Award’ 2005 we are preparing for a new way forward to achieve stronger growth while Service Medal for 2015 Best New Financial Korea Finance Consumer at the 6th Financial New policies exceeded Ratings Attracting Foreign Products held by the Federation Consumer Protection shaping a sustainable future. We will create new values by thinking outside one million Investors’ from the Financial Supervisory Awards 2014 the box, backed by our long-time accumulated knowledge and experience, Ministry of Knowledge Service Introduced the industry’s Received the ‘Innovation and based on our corporate culture of communication and trust. Economy first Robo-Advisor Fund Received the Herald Grand Prize’ at the Economic Daily Grand Smart App Awards held Launched ‘iTOM’, Prize ‘FSC Chairman This is the first Annual Report of ING Life since its initial public offering by the Korea Internet a customer management- Award’ in Insurance Professional Association -centric tablet-based sales Business (IPO). We have published this report to share the efforts we made to grow activity management together with our shareholders and other stakeholders as a reliable financial application partner, and the outcome of such efforts. Others ESOP ING ING 3.49% 0.86% Group Group MBK Partners Shareholder Foreigners 36.5% 59.15% Composition 80% 85.1% ING MBK Group Partners 100% 100% 20% 14.9% 1999 Kookmin 2007 Kookmin 2008 2013 2017 Bank Bank * As of December 31, 2017 Contents MAGAZINE REPORT 034 047-157 Key Value Drivers 050 Financial and Operating Report Unrivaled capital strength, well-balanced source of earnings, 080 FC channel with leading productivity Corporate Governance Report level, and other key differentiators of 006 ING Life 092 Audited Financial Statements CEO’s Statement I. Growth Greetings form CEO Munkuk Cheong to all II. Profitability 157 of our stakeholders, who trust in the reliable III. Efficiency IR & Corporate Information performance and the future of ING Life IV. Risk & Capital Management 157 Imprint 010 035 2017 at a Glance Our Commitment to Creating Shared Value 010 News Highlights Creating shared values together with our stakeholders as a reliable 012 Performance Highlights financial partner to shape a sustainable future for all 036 Shareholder Value 042 Employee Value 038 FC Value 044 Social Value 040 Customer Value 016 Interview with Chief Executive Officer 014 020 Interview with Chief Financial Officer Interview with 024 Interview with Management Chief Agency Channel Officer 026 Interview with Interview with the management on Chief Alternative Channel Officer the performance of ING Life in 2017 – a year of change and innovation – 028 Interview with and the company’s future direction Chief Marketing Officer 030 Interview with Chief Operating Officer 032 The Board of Management 004 ING Life Insurance Korea Annual Report 2017 Contents 005 CEO's Statement 2017 was a meaningful year to ING Life Insurance Korea (ING Life) as we proved our competitiveness and capability at home and abroad. In May, we successfully listed our shares on the Korea Composite Stock Price Index (KOSPI) market, thanks to all of your support and encouragement. Dear customers and shareholders, 2017 was a meaningful year to ING Life Insurance Korea (ING Life) as we proved our competitiveness and capability at home and abroad. In May, we successfully listed our shares on the Korea Composite Stock Price Index (KOSPI) market, thanks to all of your support and encouragement. We made all-out efforts to meet high market expectations for our corporate value, and thus achieved a business performance exceeding our goal and beating market expectations. Profit after tax reached KRW 340.2 billion, higher than ever before; value of new business (VNB) amounted to KRW 134.5 billion, a 33.1% increase compared with the figure in 2016. Premium income totaled KRW 4,113.3 billion comprising KRW 3,157.5 billion and KRW 955.7 billion in general and special accounts, respectively. The strong and stable business performance led to a steady hike in share price. These achievements attest to our solid financial strength, impervious to any changes, for they were made in the midst of challenging business conditions, such as escalating volatility in the global financial market, multiplying economic uncertainties, and fast-evolving changes towards an era of the Fourth Industrial Revolution. In addition, the scheduled enforcement of the IFRS 17 and Korea Insurance Capital Standard (K-ICS) – a new international accounting standard for insurers and a new Korean solvency regime, respectively – is proving to be an opportunity for us, whilst it is a challenge for competitors. For over the past 30 years, we have conducted asset-liability management (ALM) to global standards, and thus ensured our sustained capital strength and financial soundness. Another firm foundation for our sustainable growth is the business steering strategy in maintaining a balance between growth and profitability, as well as between efficiency and risk. 006 ING Life Insurance Korea Annual Report 2017 CEO’s Statement 007 Furthermore, in pursuit of stronger and stable growth, we focused on further strengthening our Third, we will stay ahead in a rapidly changing environment. We will redesign customer experience competitive advantages in 2017. To make improvements to our financial consultant (FC) channel, in consideration of digital environments, while building a healthcare product platform reflecting the we sought to improve the ability to sell protection-type products, which are more profitable, global healthcare trend.

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