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Synopsis
Timetric’s 'Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the South Korean life insurance segment, and a comparison of the South Korean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the South Korean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Life Insurance in South Korea Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the South Korean life insurance segment, including:

- An overview of the South Korean life insurance segment

- The South Korean life insurance segment’s growth prospects by category

- A comprehensive overview of the South Korean economy and demographics

- A comparison of the South Korean life insurance segment with its regional counterparts

- The various distribution channels in the South Korean life insurance segment

- Details of the competitive landscape in the life insurance segment in South Korea

- Details of regulatory policy applicable to the South Korean insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in South Korea:

- It provides historical values for the South Korean life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the South Korean life insurance segment, and market forecasts to 2020.

- It provides a comparison of the South Korean life insurance segment with its regional counterparts.

- It analyzes the various distribution channels for life insurance products in South Korea.

- It profiles the top life insurance companies in South Korea and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the South Korean life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the South Korean life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the South Korean insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Life insurance was the largest segment in the South Korean insurance industry, accounting for 64.2% of its direct written premium in 2015.

- The country’s aging population encouraged insurers to concentrate on retirement benefits and private pension products. The population aged over 65 is expected to comprise 38% of the total population by 2050.

- Growth was supported by economic growth, low inflation and the increasing significance of life insurance as a means of savings and investment.

- On May 29, 2015, the South Korean government introduced the Civil Service Pension (CSP) reform to reduce the pension deficit.

- Bancassurance emerged as the segment’s leading distribution channel in 2015, accounting for 46.6% of its total new business direct written premium.

- The life segment is highly consolidated, with the 10 leading companies accounting for 80.6% of the segment’s gross written premium in 2015.

Table Of Contents

Life Insurance in South Korea, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Overview
7.2 Company Profiles
7.2.1 Samsung Life Insurance Co., Ltd - company overview
7.2.2 Hanwha Life Insurance Co. Ltd - company overview
7.2.3 Kyobo Life Insurance Co. Ltd - company overview
7.2.4 NH NongHyup Life Insurance Co. Ltd - company overview
7.2.5 Mirae Asset Life Insurance Co. Ltd - company overview
7.2.6 Heungkuk Life Insurance Co. Ltd - company overview
7.2.7 Shinhan Life Insurance Co. Ltd - company overview
7.2.8 ING Life Insurance Company Korea Ltd - company overview
7.2.9 Tong Yang Life Insurance Co. Ltd - company overview
7.2.10 Metlife Insurance Company of Korea, Ltd - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation insurance
8.4.3 Liability insurance for buildings to cover third-party bodily injury caused by fire
8.4.4 Fire legal liability insurance
8.4.5 Liability insurance for damage caused by gas accidents
8.4.6 eBiz Liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Financial Services Commission
8.5.3 Financial Supervisory Service
8.5.4 Korea Life Insurance Association
8.5.5 General Insurance Association of Korea
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer



List of Tables
Table 1: South Korean Life Insurance - Key Facts, 2015
Table 2: South Korean Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: South Korean Government Credit Ratings
Table 4: South Korean Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2011-2015
Table 5: South Korean Life Insurance - Penetration (%), 2011-2015
Table 6: South Korean Life Insurance - Gross Written Premium (KRW Trillion and US$ Billion), 2015-2020
Table 7: South Korean Life Insurance - Penetration (%), 2015-2020
Table 8: South Korean Life Insurance - New Business Direct Written Premium (KRW Trillion and US$ Billion), 2011-2015
Table 9: South Korean Life Insurance - New Business Direct Written Premium (KRW Trillion and US$ Billion), 2015-2020
Table 10: South Korean Life Insurance - Premium per Capita (KRW and US$), 2011-2015
Table 11: South Korean Life Insurance - Premium per Capita (KRW and US$), 2015-2020
Table 12: South Korean Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 13: South Korean Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 14: South Korean Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2011-2015
Table 15: South Korean Life Insurance - Paid Claims (KRW Trillion and US$ Billion), 2015-2020
Table 16: South Korean Life Insurance - Sum Assured (KRW Trillion and US$ Trillion), 2011-2015
Table 17: South Korean Life Insurance - Sum Assured (KRW Trillion and US$ Trillion), 2015-2020
Table 18: South Korean Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2011-2015
Table 19: South Korean Life Insurance - Total Assets (KRW Trillion and US$ Billion), 2015-2020
Table 20: South Korean Life Insurance - Total Investment Income (KRW Billion and US$ Billion), 2011-2015
Table 21: South Korean Life Insurance - Total Investment Income (KRW Billion and US$ Billion), 2015-2020
Table 22: South Korean Life Insurance - Investment Portfolio (KRW Trillion), 2011-2015
Table 23: South Korean Life Insurance - Investment Portfolio (KRW Trillion), 2015-2020
Table 24: South Korean Life Insurance - Direct Written Premium by Sub-Segment (KRW Trillion),2011-2015
Table 25: South Korean Life Insurance - Direct Written Premium by Sub-Segment (KRW Trillion), 2015-2020
Table 26: South Korean Individual Life Insurance - Direct Written Premium by Category (KRW Trillion), 2011-2015
Table 27: South Korean Individual Life Insurance - Direct Written Premium by Category (KRW Billion), 2015-2020
Table 28: South Korean Individual Life Insurance - Number of Policies Sold by Category (Million), 2011-2015
Table 29: South Korean Individual Life Insurance - Number of Policies Sold by Category (Million), 2015-2020
Table 30: South Korean Group Life Insurance - Direct Written Premium by Category (KRW Billion), 2011-2015
Table 31: South Korean Group Life Insurance - Direct Written Premium by Category (KRW Billion), 2015-2020
Table 32: South Korean Group Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 33: South Korean Group Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 34: South Korean Life Insurance - New Business Direct Written Premium by Distribution Channel (KRW Billion), 2011-2015
Table 35: South Korean Life Insurance - New Business Direct Written Premium by Distribution Channel (KRW Billion), 2015-2020
Table 36: South Korean Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 37: South Korean Life Insurance - Segment Shares of Leading Insurers (%), 2015
Table 38: Samsung Life Insurance Co., Ltd - Key Facts
Table 39: Samsung Life Insurance Co., Ltd - Key Financials (KRW Trillion), 2011-2015
Table 40: Hanwha Life Insurance Co. Ltd - Key Facts
Table 41: Hanwha Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 42: Kyobo Life Insurance Co. Ltd - Key Facts
Table 43: Kyobo Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 44: NH NongHyup Life Insurance Co. Ltd - Key Facts
Table 45: NH NongHyup Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2014
Table 46: Mirae Asset Life Insurance Co. Ltd - Key Facts
Table 47: Mirae Asset Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 48: Heungkuk Life Insurance Co. Ltd - Key Facts
Table 49: Heungkuk Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 50: Shinhan Life Insurance Co. Ltd - Key Facts
Table 51: Shinhan Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 52 ING Life Insurance Company Korea Ltd - Key Facts
Table 53: ING Life Insurance Company Korea Ltd - Key Financials (KRW Billion), 2011-2015
Table 54: Tong Yang Life Insurance Co. Ltd - Key Facts
Table 55: Tong Yang Life Insurance Co. Ltd - Key Financials (KRW Billion), 2011-2015
Table 56: Metlife Insurance Company of Korea, Ltd - Key Facts
Table 57: Metlife Insurance Company of Korea, Ltd - Key Financials (KRW Billion), 2011-2015
Table 58: South Korea - Insurance Regulatory Framework Key Features
Table 59: South Korea - Life Insurance Regulatory Framework
Table 60: South Korea - Property Insurance Regulatory Framework
Table 61: South Korea - Motor Insurance Regulatory Framework
Table 62: South Korea - Liability Insurance Regulatory Framework
Table 63: South Korea - Corporate Tax Rates for the Financial Year 2016
Table 64: South Korean Life Insurance - Policies and Premium, 2011-2015
Table 65: South Korean Life Insurance - Policies and Premium, 2015-2020
Table 66: South Korean Life Insurance - Claims and Expenses, 2011-2015
Table 67: South Korean Life Insurance - Claims and Expenses, 2015-2020
Table 68: South Korean Life Insurance - Assets and Investments, 2011-2015
Table 69: South Korean Life Insurance - Assets and Investments, 2015-2020
Table 70: South Korean Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 71: South Korean Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 72: South Korean Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 73: South Korean Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 74: South Korean Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
Table 75: South Korean Life Insurance - Bancassurance and Other Distribution Channels, 2015-2020
Table 76: South Korean Life Insurance - Individual Life Insurance, 2011-2015
Table 77: South Korean Life Insurance - Individual Life Insurance, 2015-2020
Table 78: South Korean Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 79: South Korean Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 80: South Korean Life Insurance - Group Life Insurance, 2011-2015
Table 81: South Korean Life Insurance - Group Life Insurance, 2015-2020
Table 82: South Korean Life Insurance - Group Life Insurance by Product, 2011-2015
Table 83: South Korean Life Insurance - Group Life Insurance by Product, 2015-2020
Table 84: South Korean Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 85: South Korean Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 86: Insurance Industry Definitions



List of Figures
Figure 1: South Korean Real GDP (KRW Trillion), 2011-2020
Figure 2: South Korean KRW-US$ Exchange Rate,2011-2020
Figure 3: South Korean Consumer Price Inflation (%), 2011-2020
Figure 4: South Korean Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 5: South Korean Unemployment Rate (%), 2011-2020
Figure 6: South Korean Population by Age Group, 1991-2025
Figure 7: South Korean Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: South Korean Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: South Korean Life Insurance - Gross Written Premium (KRW Trillion), 2011-2020
Figure 10: South Korean Life Insurance - Penetration (%), 2011-2020
Figure 11: South Korean Life Insurance - New Business Direct Written Premium (KRW Trillion), 2011-2020
Figure 12: South Korean Life Insurance - Premium per Capita (KRW), 2011-2020
Figure 13: South Korean Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 14: South Korean Life Insurance - Paid Claims (KRW Trillion), 2011-2020
Figure 15: South Korean Life Insurance - Sum Assured (KRW Billion), 2011-2020
Figure 16: South Korean Life Insurance - Total Assets (KRW Trillion), 2011-2020
Figure 17: South Korean Life Insurance - Total Investment Income (KRW Billion), 2011-2020
Figure 18: South Korean Life Insurance - Investment Portfolio (KRW Trillion), 2011-2020
Figure 19: South Korean Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 20: South Korean Life Insurance - Direct Written Premium by Sub-Segment (KRW Trillion), 2011-2020
Figure 21: South Korean Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 22: South Korean Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 23: South Korean Individual Life Insurance - Direct Written Premium by Category (KRW Trillion), 2011-2020
Figure 24: South Korean Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 25: South Korean Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 26: South Korean Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2020
Figure 27: South Korean Individual Life Insurance - Penetration (%), 2011-2015
Figure 28: South Korean Individual Life Insurance - Penetration (%), 2015-2020
Figure 29: South Korean Group Life Insurance - Direct Written Premium by Category (KRW Billion), 2011-2020
Figure 30: South Korean Group Life Insurance - Direct Written Premium Share by Category (KRW Billion), 2011-2020
Figure 31: South Korean Group Life Insurance - Direct Written Premium Dynamics by Category (KRW Billion), 2011-2020
Figure 32: South Korean Group Life Insurance - Number of Policies (Thousand), 2011-2020
Figure 33: South Korean Group Life Insurance - Penetration (%), 2011-2015
Figure 34: South Korean Group Life Insurance - Penetration (%), 2015-2020
Figure 35: South Korean Life Insurance - New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 36: South Korean Life Insurance - Segment Shares of Leading Insurers (%), 2015
Figure 37: South Korea - Insurance Supervision and Control at Various Levels
Figure 38: South Korea - Insurance Regulatory Frameworks for Company Registration and Operation

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