Samsung Life Is Korea’s Largest Life Insurer, With a Big Problematic Stake in Samsung Electronics

Samsung Life is the largest of Korea’s Big Three traditional life insurers, with a market share of premiums of more than 22%, compared with around 12% each for Kyobo and Hanwha Life. Its main sales channel are more than 20,000 financial consultants, most of whom are female, who give customized consultations to potential customers at their workplaces or homes, with various products tailored to different age groups and their savings and protection needs. Bancassurance has been growing as a sales channel since its initial legalization in Korea in 2003 and accounts for around 20% of Samsung Life’s annualized premiums equivalent at present, a larger portion than for some other large traditional companies but still limited compared with some smaller rivals exclusively focused on the bank channel.