ABL Life Increases Capital by 4.9 Billion KRW in Subsidiary ABL Geumyung Services

[Asia Economy Reporter Oh Hyung-gil] ABL Life announced on the 30th that it has injected 4.9 billion KRW into its subsidiary corporate agency (GA), ABA Financial Services.

ABA Financial Services was launched in January 2019 and currently has a sales network consisting of 5 headquarters and 25 branches. The initial monthly premium performance, which was 160 million KRW at the time of launch, has increased to around 300 million KRW this year, and the number of planners has grown from about 400 to 850. With this capital increase, the capital of ABA Financial Services has grown to 18.9 billion KRW.

Currently, it has partnerships with 7 life insurance companies and 9 non-life insurance companies, and plans to continuously expand its partner insurance companies to enhance customers' product choices and improve the sales efficiency of financial advisors (FAs). Additionally, it plans to further activate the prospective customer database provision program and advance the digital sales support system to actively respond to environmental changes due to the allowance of non-face-to-face subscription.

Shin Wan-seop, CEO of ABA Financial Services, said, "In a situation where GA market growth is stagnating due to changes in the sales environment such as first-year commission restrictions, the Act on the Protection of Specially Employed Workers, and the Financial Consumer Protection Act, this achievement was made through independent sales expansion without mergers or acquisitions with other GAs." He added, "With the capital increase and the trust of the parent company ABL Life, we will grow into a large GA."

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