Part I. An overview of Korea’s insurance market
1. Korea’s insurance market ..........................................................................................................4
2. Distinguishing life vs non-life insurance.....................................................................................8
3. Life insurance products..............................................................................................................9
4. Non-life insurance products.....................................................................................................11
5. Market players & dynamics......................................................................................................13
6. Life vs non-life insurer comparison..........................................................................................15
7. Sales network: insurance distribution channel ........................................................................17
8. Industry structure & regulation.................................................................................................19
9. Possible regulatory changes....................................................................................................23
Part II. Comparison of financial statements of life and non-life insurance
10. Life vs non-life: business model comparison...........................................................................26
11. Life insurance vs non-life: balance sheet comparison.............................................................30
11-1. Asset portfolio.................................................................................................................33
11-2. Liability...........................................................................................................................34
12. Life vs non-life: income statement comparison .......................................................................35
13. Life vs non-life: efficiency indicator comparison ......................................................................36
14. Life vs non-life: major indicator comparison ............................................................................37
Part III. Valuation
15. Insurance company valuation: What is Embedded Value? .....................................................40
16. FAQ: Correlation between interest rate and insurers’ EV........................................................43
17. Share price drivers...................................................................................................................45
18. Global peer comparison...........................................................................................................46
Part IV. Appendix
19. Glossary..................................................................................................................................50