A+ for 11 Years... Kyobo Life Insurance Recognized with Highest Credit Rating by the World's Top 3 Credit Rating Agencies

Kyobo Life Insurance has maintained the highest credit rating in the domestic life insurance industry for 11 consecutive years from Fitch, one of the world's top three credit rating agencies.

Kyobo Life announced on the 17th that it received an 'A+ (Stable)' credit rating from Fitch. It has maintained the 'A+ rating' for 11 consecutive years since first receiving it in 2013, the first in the industry. Earlier, Moody's also awarded Kyobo Life the industry's highest level 'A1 (Stable)' credit rating in February. This marks nine consecutive years since it first received the 'A1 rating' in 2015, the first among domestic life insurers. Kyobo Life is the only insurer in the life insurance industry to have received Fitch's A+ and Moody's A1 ratings.

This evaluation was a comprehensive 'Insurance Financial Strength (IFS)' assessment considering the insurer's profitability, financial soundness, and risk management capabilities. The A+ rating is the fifth highest among 24 total credit ratings and is said to be at the level of the top five domestic commercial banks.

In its report, Fitch stated, "We assigned the A+ rating reflecting Kyobo Life's excellent capital adequacy and sound profitability," and analyzed that "under the new accounting standard IFRS17 and the new solvency regime (K-ICS), insurance liabilities will decrease and investment yields will improve due to rising interest rates, generating stable business performance." Furthermore, Fitch expects Kyobo Life to maintain financial soundness going forward and rated the outlook as 'Stable.'

Meanwhile, Kyobo Life also received the highest 'AAA' rating in the insurance financial strength evaluations from Korea's three major credit rating agencies: NICE Credit Rating, Korea Ratings, and Korea Investors Service.

A Kyobo Life official said, "It is meaningful that despite the recent global uncertainties such as the Silicon Valley Bank (SVB) and Credit Suisse (CS) incidents, we received the highest level of credit rating in the financial industry," adding, "We will continue our growth trajectory based on proactive risk management and stable profit generation."

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