COMPANY PROFILE / PUBLIC INFORMATION
Kyobo Life Insurance
Profiles are based on public information. Inclusion does not indicate an available investment opportunity or an offer to buy or sell securities.
What They Do
Kyobo Life is a Korean life insurer founded in 1958 and based in Seoul. Its business includes protection and savings insurance, with ongoing policy administration and claims support. [1][4] The insurer’s standalone results and the group’s consolidated results have different scopes. This profile presents each separately. [2]
Competitive Edge
PROTECTION BUSINESS H1 2026 new-business contractual service margin (CSM) reached ₩806.0bn, up 51.5% year on year, supported by health and other protection insurance. [2] EXISTING CONTRACT BASE Standalone in-force CSM was ₩6.925tn at 30 June 2026, up 11.0% from a year earlier. CSM reflects future insurance-profit potential; it is not revenue or cash available for distribution. [2]
Why We’re Watching
Kyobo brings together insurance profitability, capital needs and concentrated ownership. Our focus is whether new business can support future earnings, how standalone and group results develop, and how shareholders eventually obtain liquidity. The June 2026 filing identifies Shin Chang-jae as the largest shareholder and SBI Holdings as the second largest. This provides a clearer ownership starting point without implying a current market valuation. [3]
Key Risks
EARNINGS DIVERGENCE H1 2026 consolidated net income attributable to owners rose 21.0%, while standalone net income fell 18.2%. The company reported effects from actuarial-assumption changes and financial-asset losses. [2] OWNERSHIP AND LIQUIDITY Shin Chang-jae held 33.79% and SBI Holdings 20.00% of issued common shares at 30 June 2026. This historical snapshot is not fully diluted and does not establish a current share price or an available investment. [3] INSURANCE ASSUMPTIONS Future profit from insurance contracts depends on claims, policyholder behaviour and financial assumptions. CSM should be assessed alongside earnings and capital rather than treated as a cash balance.
Publicly Reported Metrics
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[1] Kyobo Life — company overview, 28 September 2026 (foundation and insurance business): https://news.kyobo.com/%EA%B5%90%EB%B3%B4%EC%83%9D%EB%AA%85-%ED%9A%8C%EC%82%AC%EC%86%8C%EA%B0%9C/ [2] Kyobo Life — H1 2026 results, 14 August 2026. Net income, new-business CSM and in-force CSM; H1 2025 comparatives: https://news.kyobo.com/fy2026-%EC%83%81%EB%B0%98%EA%B8%B0-%EC%8B%A4%EC%A0%81-%EC%84%A4%EB%AA%85%EC%9E%90%EB%A3%8C/ [3] Kyobo Life — corrected H1 2026 report, filed 12 October 2026. VII. Shareholders and I.4. Total shares, as of 30 June 2026: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20261012000503 [4] Kyobo Life — corporate IR and registered Seoul address. Its December 2025 ownership table is superseded here by the June 2026 DART snapshot: https://www.kyobo.com/dgt/web/company-introduction/ir/corporate-governance/shareholder-present-condition Ownership uses 102,500,000 issued common shares, including treasury shares. Chart percentages are calculated from exact share counts. Other shareholders includes remaining holders and treasury shares. The related-party aggregate overlaps the chairman’s holding and is excluded from chart segments. Legal holder names are retained without inferring fund-manager identities.