DB Insurance : 2020.4Q IR Report

4Q, 2020

Home Page :http://ir.idbins.com

Table of Contents

At a Glance ----- 2

Financial Highlights ----- 3

Financial Performance ----- 4

- Income Statement & Premiums

- Efficiency

Long-Term & Auto

• - Long-Term 1

• - Long-Term 2

• - Auto

Asset Management & ALM

• - Asset Portfolio

• - Investment Income

• - Loan Portfolio

• - ALM

----- 6

----- 9

Capitalization
- Shareholder's Equity	Appendix
- Dividend Payout	- Overseas Investment
- Maturity Schedule
- Exposure to Affiliates

----- 13

----- 15

DB Insurance

• ❖ DBI is the 2nd largest player in Revenue & Profit in the Korean Non-Life Industry

• ❖ 25 consecutive profit-making years since 1994

• ❖ Global Rating : 「A」 by S&P,

「A(FSR)」, 「a+(ICR)」 by A.M.Best

• ❖ Market Cap. : 3,097 KRW bn (as of Dec.30, 2020)

• ❖ Outstanding Shares : 70.8 mn

• ❖ 52-week high/low : 54,600 won/23,750 won

EPS

(KRW)

8,786

7,258

7,093

6,641

5,264

2016

2017

2018

2019

2020

M/S by Lines

(%)	2016	2017	2018	2019	2020
Total	16.3	16.3	16.9	16.9	17.2

Auto L-T Commercial

18.2 15.8 15.8

19.3 15.5 15.2

19.6 16.0 16.8

20.0 15.7 17.7

20.8 15.7 18.9

* Based on Direct Premiums Written

* Long-Term : Inc. Lump-sum payment products

ROE

(%)

14.8

12.3

11.0

8.5

7.0

2016

2017

2018

2019

2020

Direct Premium Written

Net Income

G/R

5.3

2.3

0.7

4.6

8.0

(%)

(KRW bn)

2016

2017

2018

2019

2020

2016

2017

2018

2019

2020

Total Asset

Shareholders' Equity

(KRW bn)

(KRW bn)

2016

2017

2018

2019

2020

2016

2017

2018

2019

2020

Performance Overview

Direct Premiums Written

* Long-Term : Includes lump-sum payment products

Percentage by Business Line

(%)

Long-TermAutoCommercial

2016

2017

2018

2019

* Long-Term : Includes lump-sum payment products

2020

Loss & Expense Ratio

ExpenseLoss Ratio

RatioCombined Ratio

4Q	1Q~4Q
(%,%p)	2016	2017	2018	2019
2019	2020	2019	2020
Gap	Gap
Auto	81.6	80.6	87.2	91.6	99.9	85.9	-14.0	91.6	84.4	-7.2
Long-Term	86.1	84.2	83.1	85.6	87.3	84.9	-2.4	85.6	84.9	-0.7
Risk*	87.6	83.5	83.4	92.7	96.3	92.6	-3.7	92.7	92.9	0.2
Commercial	76.5	64.3	67.5	69.8	66.1	66.1	0.0	69.8	70.7	0.9
Total	84.6	82.3	83.4	86.3	89.3	83.9	-5.4	86.3	83.9	-2.4
Auto	19.1	18.3	17.1	17.0	16.5	15.7	-0.8	17.0	15.9	-1.1
17.3	18.9	20.0	22.0	22.5	23.9	1.4	22.0	22.4	0.4
27.0	28.7	24.3	25.8	28.6	29.4	0.8	25.8	25.2	-0.6
18.2	19.2	19.5	20.9	21.3	21.9	0.6	20.9	20.8	-0.1
102.8	101.5	102.8	107.2	110.6	105.8	-4.8	107.2	104.7	-2.5

Long-Term

Commercial

Total

* Long-term risk loss ratio includes IBNR reserve, excluding claim adjustment fees 5

Initial Premiums of L-T

L-T Premium Breakdown

Persistency Rate

* Average rate of the last 12 months

New Monthly Premium for L-T by Channels

TCM

Off-line

* TCM: Tele-Marketing & Cyber-Marketing Channel

CM launched in Mar.'16

TCM M/S

995	44.7
1,232	55.3
2,227	100.0
(%)	2016	2017	2018	2019	2020
TCM	32.8	35.2	37.7	41.0	43.8
TM	21.1	19.6	19.4	19.7	18.5
CM	11.7	15.6	18.3	21.3	25.3

Invested Asset Portfolio

Equity Portfolio

(As of Dec.'20)

(%)

Bond Portfolio

(As of Dec.'20)

(%)

Government & public

Investment Income

Investment Yields by Account

(%)

Dec.'19Dec.'20

4.93 5.99

Bond

Overseas

Interest-bearing Assets

Loan

Equity

Dec.'18

Dec.'19

Dec.'20

Loan Portfolio

Loan Quality

* 대손충당금 차감전

Coverage Ratio

NPL Ratio

(%)

779.5

(%)

0.27

Dec.'17 Dec.'18 Dec.'19 Dec.'20

Dec.'17 Dec.'18 Dec.'19 Dec.'20

* NPL(Non-Performing Loan) : Below Substandard / Total Loan

* Coverage Ratio : Reserve for Loss / Below Substandard

L-T Savings Premium Reserves

Interest Rate on Reserves

(%)

Asset/Liability DurationCrediting Rate Trend by Products

4.00 3.00

2.00

1.00

0.00

Jun.'17 Dec.'17 Jun.'18 Dec.'18 Jun.'19 Dec.'19 Dec.'20 2.25 2.20 2.25 2.25 2.20 1.90 1.45 2.25 2.20 2.25 2.25 2.20 1.90 1.45 2.30 2.25 2.25 2.25 2.20 1.90 1.45

Shareholder's Equity

RBC Ratio(Separate)

* Under K-IFRS accounting standards

* Consolidated figures in the bracket

Dividend Payout

Shareholders Breakdown

(As of Dec.'20)

Appendix

• - Exposure to Affiliates

• - Overseas Investment

• - Maturity Schedule

(as of Dec.'20)

Maturity Schedule of L-T Savings Premium Reserve

(as of Dec.'20)

(KRW bn, %)

1.5% 이하

1.5~2.0%

2.0~2.5%

2.5~3.0%

3.0~3.5%

3.5~4.0%

4.0~4.5%

4.5~5.0%

5.0~5.5%

5.5~6.0%

6.0~6.5%

6.5~7.0%

7.0~7.5%

7.5~8.0%Total

Pct.

100.0

4.0

5.0

2.5

2.1

2.2

2.7

3.2

5.1

5.4

7.3

60.6

100.0

Equities

Bonds & Loans

(as of Dec.'20)

(as of Dec.'20)

*Loans Limit: Min. [2% of total asset or 40% of shareholder's equity

(KRW bn)

Ownership

Acquisition Value

Book Value

Equities

*Equity & Bonds Limit: Min. [3% of total asset or 60% of shareholder's equity]

Disclaimer

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• • Unless otherwise stated, any pricing information given in this message is indicative only,

  is subject to change upon financial audit at the end of the fiscal year and does not

  constitute an offer to deal at any price quoted.

• • Any reference to the terms of executed transactions should be treated as preliminary only and is subject to our written confirmation.