Capital soundness looms over major insurers' CEO reappointment decisions

The terms of Samsung Life Insurance CEO Hong Won-hak, Samsung Fire & Marine Insurance CEO Lee Mun-hwa, DB Insurance CEO Jeong Jong-pyo and Kyobo Life Insurance co-CEO Cho Dae-kyu are due to expire in March, with capital strength emerging as a key factor in their reappointment decisions. New rules requiring insurers to hold stronger financial cushions are set to take effect in 2027. Although all four insurers reported higher first-half net profit, their K-ICS ratios fell at three companies and rose at Samsung Fire & Marine. Their ability to sustain earnings from core insurance operations and meet tighter capital requirements will also be scrutinized.

The four insurers’ consolidated net profits in the first half were 1.97 trillion won at Samsung Life, 1.37 trillion won at Samsung Fire & Marine, 979.6 billion won at DB Insurance and 704.8 billion won at Kyobo Life.

In the second quarter, the K-ICS ratio was 282.8 percent at Samsung Fire & Marine, 208.2 percent at Samsung Life, 204.4 percent at DB Insurance and 200.8 percent at Kyobo Life.

Insurers must raise their basic-capital K-ICS ratios to at least 50 percent of required capital by 2035.

Samsung Life’s first-half insurance-business profit fell 35.9 percent year on year to 533 billion won, while Kyobo Life’s fell 10.3 percent to 227.5 billion won.

DB Insurance’s overseas expansion includes its roughly 2.3 trillion won acquisition of U.S. insurer Fortegra, which can put pressure on its solvency ratio if its capital base does not keep pace.

Published Oct 21, 2026 3:15 pm KST

Updated Oct 21, 2026 3:25 pm KST

From left, Samsung Life Insurance CEO Hong Won-hak, Samsung Fire & Marine Insurance CEO Lee Mun-hwa, DB Insurance CEO Jeong Jong-pyo and Kyobo Life Insurance co-CEO Cho Dae-kyu / Courtesy of each company

With the terms of major insurers’ CEOs set to expire early next year, the companies’ capital strength is emerging as a key factor in their chances of reappointment, particularly as new rules requiring insurers to hold stronger financial cushion against losses are set to take effect in 2027, industry officials said Wednesday.

The terms of Samsung Life Insurance CEO Hong Won-hak, Samsung Fire & Marine Insurance CEO Lee Mun-hwa, DB Insurance CEO Jeong Jong-pyo and Kyobo Life Insurance co-CEO Cho Dae-kyu are all due to expire in March.

All four companies reported higher consolidated net profit in the first half of this year. Samsung Life posted 1.97 trillion won, followed by Samsung Fire & Marine with 1.37 trillion won, DB Insurance with 979.6 billion won and Kyobo Life with 704.8 billion won.

But their capital positions showed a more mixed picture. The Korean Insurance Capital Standard (K-ICS) ratio, which measures an insurer’s financial ability to cover its liabilities and risks, rose at Samsung Fire & Marine in the second quarter to 282.8 percent, but fell at the other three — Samsung Life at 208.2 percent, DB Insurance at 204.4 percent and Kyobo Life at 200.8 percent.

The quality of that capital is also becoming more important. Starting next year, insurers will face a new regulation requiring them to maintain higher levels of basic capital — such as retained earnings, which can absorb losses more directly — relative to the amount of broader capital deemed necessary to cover their risks. Accordingly, firms must raise their basic-capital K-ICS ratios to at least 50 percent of required capital by 2035.

The companies’ ability to generate profits from their core insurance businesses will also come under scrutiny. At Samsung Life, investment gains helped lift overall earnings, but profit from its insurance business fell 35.9 percent from a year earlier to 533 billion won in the first half.

Kyobo Life faces a similar challenge. Its consolidated net profit increased with help from stronger results at its affiliates, but profit from its core insurance business fell 10.3 percent to 227.5 billion won.

DB Insurance, meanwhile, must account for the capital demands of its overseas expansion, including its roughly 2.3 trillion won acquisition of U.S. insurer Fortegra. A larger international business can create new sources of growth, but it also puts pressure on its solvency ratio if its capital base does not keep pace.

For the four CEOs, the challenge is therefore not simply to deliver higher profits, but to show that those earnings are sustainable, that their core insurance businesses remain competitive and that their companies can maintain strong capital positions as regulatory requirements tighten. Observers say those will be important considerations as their reappointment decisions approach.

三星人寿保险CEO洪元鹤、三星火灾海上保险CEO李文花、DB保险CEO郑钟杓以及教保人寿联席CEO赵大圭的任期将于3月到期，资本实力将成为其能否连任的关键因素。要求保险公司持有更强财务缓冲的新规将于2027年生效。尽管这四家保险公司上半年净利润均有所增长，但其中三家公司的K-ICS比率有所下降，而三星火灾海上保险的K-ICS比率则有所上升。它们能否维持核心保险业务的盈利并满足更严格的资本要求也将受到密切关注。

四家保险公司上半年的合并净利润分别为：三星生命保险 1.97 万亿韩元，三星火灾海上保险 1.37 万亿韩元，DB 保险 9796 亿韩元，教保生命保险 7048 亿韩元。

第二季度，三星火灾海上保险公司的 K-ICS 比率为 282.8%，三星生命保险公司为 208.2%，DB 保险为 204.4%，教保生命保险公司为 200.8%。

保险公司必须在 2035 年前将其基本资本 K-ICS 比率提高到所需资本的至少 50%。

三星生命保险上半年保险业务利润同比下降 35.9% 至 5330 亿韩元，而教保生命保险上半年保险业务利润同比下降 10.3% 至 2275 亿韩元。

DB Insurance 的海外扩张计划包括斥资约 2.3 万亿韩元收购美国保险公司 Fortegra，如果其资本基础跟不上，这可能会对其偿付能力比率造成压力。

发布于2026年10月21日下午3:15（韩国标准时间）

更新于2026年10月21日下午3:25（韩国标准时间）

从左至右：三星人寿保险CEO洪元鹤、三星火灾海上保险CEO李文花、DB保险CEO郑钟杓、教保人寿联席CEO赵大奎 / 图片由各公司提供

行业官员周三表示，随着主要保险公司首席执行官的任期将于明年初到期，这些公司的资本实力正成为其能否连任的关键因素，尤其是在要求保险公司持有更强财务缓冲以应对损失的新规将于 2027 年生效的情况下。

三星人寿保险CEO洪元鹤、三星火灾海上保险CEO李文花、DB保险CEO郑钟杓和教保人寿联席CEO赵大奎的任期均将于3月到期。

今年上半年，这四家公司均公布了更高的合并净利润。三星生命保险公司实现净利润1.97万亿韩元，三星火灾海上保险公司为1.37万亿韩元，DB保险为9796亿韩元，教保生命保险公司为7048亿韩元。

但它们的资本状况则呈现出更为复杂的情况。衡量保险公司偿付负债和风险能力的韩国保险资本标准（K-ICS）比率，在第二季度，三星火灾海上保险公司上升至282.8%，而其他三家保险公司——三星生命保险公司（208.2%）、DB保险（204.4%）和教保生命保险公司（200.8%）——的该比率均有所下降。

资本质量也变得日益重要。从明年开始，保险公司将面临一项新规，该规定要求它们维持更高的基本资本水平（例如留存收益，留存收益能够更直接地吸收损失），使其与覆盖风险所需的更广泛资本水平保持相对一致。因此，到2035年，各公司必须将其基本资本与综合资本比率（K-ICS）提高到至少达到所需资本的50%。

这些公司从核心保险业务中盈利的能力也将受到密切关注。三星人寿的投资收益提振了整体盈利，但其保险业务利润上半年同比下降35.9%，至5330亿韩元。

教保生命也面临着类似的挑战。尽管其合并净利润因旗下子公司业绩强劲增长而有所提高，但其核心保险业务的利润却下降了10.3%，至2275亿韩元。

与此同时，DB保险必须考虑其海外扩张带来的资本需求，其中包括斥资约2.3万亿韩元收购美国保险公司Fortegra。规模更大的国际业务可以创造新的增长点，但如果其资本基础跟不上，也会对其偿付能力构成压力。

因此，对于这四位首席执行官而言，挑战不仅在于实现更高的利润，更在于证明这些盈利具有可持续性，其核心保险业务保持竞争力，以及在监管要求日益严格的情况下，公司能够维持强劲的资本实力。观察人士表示，这些将是他们在面临续任决定时需要考虑的重要因素。