Samsung Life Insurance to Fully Enter Care Business with Launch of Specialized Subsidiary

Establishment of "Samsung Noble Life" Planned Within This Year

Samsung Life Insurance is making a full-fledged entry into the senior care business.

Samsung Life Insurance Headquarters, Seocho-gu, Seoul. Samsung Life Insurance

According to the insurance industry on August 13, Samsung Life Insurance received approval from the Financial Supervisory Service last week to establish a subsidiary specializing in operating senior welfare facilities. The company plans to invest 100% of the shares and launch 'Samsung Noble Life,' a corporation specializing in the care business, within this year.

Previously, CEO Hong Wonhak stated at the annual general shareholders' meeting in March, "We will fully launch the senior living business within this year and enhance our competitiveness in healthcare services to strengthen our core business."

In December last year, Samsung Life Insurance prepared for this business expansion by elevating its Senior Living Task Force (TF), which was dedicated to the care business, to the Senior Business Team as part of an organizational restructuring.

With this move, Samsung Life Insurance will become the fourth life insurer to establish a specialized care business subsidiary, following KB Life Insurance, Shinhan Life, and Hana Life.

The Financial Services Commission is also encouraging insurers to enter the care business. In March, the commission expanded the scope of ancillary business activities permitted for insurance company subsidiaries from only care facilities to include senior food manufacturing and distribution linked to health management services, as part of its "Tasks to Prepare for the Future of the Insurance Industry" initiative.

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