Shinhyup Awards 45 Outstanding Cooperatives at 'Shinhyup Gongje Award Presentation Ceremony'

Guaranteed, Savings, and General Damage Sectors Awarded to Gwang-an ShinHyup, Busan Seong-ui ShinHyup, and Busan Haengbok ShinHyup

At the '2020 Shinhan Mutual Aid Award Presentation Ceremony' held on the 10th at the Daejeon Shinhan Central Training Institute, Kim Yoon-sik, Chairman of the Shinhan Central Association, and the award recipients are taking a commemorative photo. From the left: Kim Yoon-sik, Chairman of the Shinhan Central Association; Park Young-ho, Executive Director of Gwang-an Shinhan; Lee In-gil, Chairman of Gwang-an Shinhan; Choi Jae-young, Managing Director of Gwang-an Shinhan; Song Jae-geun, Business CEO of Shinhan Central Association.

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea (NACUFOK) announced on the 11th that it held the '2020 Credit Union Mutual Aid Award Ceremony' at the Daejeon Credit Union Central Training Center.

The ceremony, held the previous day, awarded a total of 45 prizes across six categories: Guarantee-type Mutual Aid, Savings-type Mutual Aid, General Damage Mutual Aid, Achievement Rate Excellence, Mutual Aid Sales King, and Best Regional Headquarters. To prevent COVID-19, only members of the winning credit unions attended, and the event was held in a simplified manner.

The grand prizes by category went to Gwang-an Credit Union (Guarantee-type Mutual Aid), Busan Seong-ui Credit Union (Savings-type Mutual Aid), Busan Haengbok Credit Union (General Damage Mutual Aid), Jeong Yeon-gyeong, Manager of Seoul Dental Association Credit Union (Mutual Aid Sales King), and Busan Gyeongnam Regional Headquarters (Best Regional Headquarters).

Additionally, plaques were presented to the top 10 credit unions in each category, including Gimcheon Credit Union for Guarantee-type Excellence, Seoul Pharmacists Credit Union for Savings-type Excellence, Cheongun Credit Union for General Damage Excellence, and Busan Haengbok Credit Union for Achievement Rate Excellence.

Last year, Credit Union Mutual Aid achieved contract performance amounting to 25.4 billion KRW, setting a new record. Mutual aid assets reached 5.9 trillion KRW, and mutual aid premiums income was approximately 831.3 billion KRW. The solvency margin ratio (RBC) of mutual aid and insurance companies improved by 13.5 percentage points from 244.7% in 2018 to 258.2%.

Kim Yoon-sik, Chairman of NACUFOK, emphasized, "As various economic indicators, from unemployment rates to business closure rates, continue to worsen due to COVID-19, the role of Credit Union Mutual Aid as a safety net for the grassroots economy is becoming increasingly important. Let us continue to strongly support ordinary citizens and small business owners through Credit Union Mutual Aid and move forward together."

This content was produced with the assistance of AI translation services.