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CEO Greeting 04 Financial Highlights 08 Vision & Mission 09 Business & Products 12 Asset Management 14 Social Contribution 18
Table of Contents
� �We try to resemble the sky, filled with stories in its long years while maintainingits blue color remains unchanged. As we have always been with our customers over the past 50 years,
Samsung Life will continue planting unchanging hopes for the next 100 years.
Lasting...
Lasting
Culture & Sports 20 Global Network 24 Key Executives, Organization 28 History 30 Awards 31 Balance Sheet 32 Income Statement 34
Lasting Gratitude to You All
� �This year Samsung Life celebrates its 50th
anniversary. I express my deepestgratitude to our customers and shareholders for your lasting trust and
support towards the advancements of the company.
●
●
●
Dear Customers and Shareholders,
With the lasting support and affection of our customers and shareholders Samsung Life brought
about significant achievements last year once again. The company recorded KRW 23.4 trillion in
revenue and KRW 514.6 billion in net income in the FY 2006. Thanks to our consistent customer-
serving management, we ranked first in the MDRT (Million Dollar Round Table) membership for two
consecutive years, and we also maintained our top position in the NCSI (National Customer
Satisfaction Index) evaluation for three consecutive years. I would like to emphasize again that the
progress we made last year was powered by the unwavering trust and support of our customers and
shareholders.
Dear Customers and Shareholders!
On May 5th
, 2007, Samsung Life celebrated its 50th
anniversary. Our proud history over the past 50
years is intertwined with the economic growth our country has achieved. Refusing to settle down as
the top domestic company Samsung Life announced a new vision upon reaching the 50-year
anniversary in an effort to become a company respected by its customers and the society, compete
with global insurers, and secure customers’ financial stability. We also set a mid-term goal of
achieving KRW 60 trillion in revenue, KRW 260 trillion in asset size, and ROE of 15% by 2015,
becoming a global leader by being among the global top 15. Being a company that sets right
principles and sticks to the fundamentals for a higher level of customer-service management, we
have also initiated the Way of Serving Customers.
Certainly, the business environment around life insurance industry has not been easygoing. National
borders have already disappeared in the capital market and the financial sector is no longer an
enclosed area. This has rendered meaningless the title of being the largest and most advanced
company in the domestic market. Nevertheless, the executives and employees of Samsung Life are
confident that we’ll prevail through such difficulties, powered by the confidence and support of our
customers and shareholders. We are improving the mid/long-term profit margin through Life
Insurance Awareness Campaign and have built an advanced risk management system. We are also
fostering talents for the global market and refining the corporate culture. We will seek innovation and
new challenges and thus overcome all the obstacles in our way to become a world leader.
Dear Customers and Shareholders!
With over 6,000 employees and 30,000 consultants, I will dedicate all my mind and strength to create
new history of Samsung Life, a company that maximizes shareholder value, while trusted and beloved
by its customers.
I ask for your lasting support and encouragement.
Thank you very much.
2006 An
nu
al Rep
ort●
04 / 05C
EO
Gre
etin
g
Lee, Soo Chang, CEO and President
Samsung Life Insurance
Samsung Life stands beside customers with
lasting value
� �Asset size multiplied 1,200 times since the company’s establishment 50 years ago;
Reached KRW 108 trillion in assets with a remarkable growth rate;
Number one financial brand in the 2006 IPS Corporate Value Evaluation.
1995 20062000 2007
20 trillion
1990
10 trillion
50 trillion
108 trillion
108100 trillion
Asset Growth (KRW)
Financial Highlights (Unit: Million KRW)
Classification FY 2005 FY 2006
New Policies 99,180,076 74,710,822
In-Effect Policies 464,353,677 471,075,657
Total Liabilities 91,379,316 100,064,544
Total Shareholders’Equity 8,249,887 8,754,385
Total Assets 99,629,203 108,818,929
99,629,203108,818,929
Total Assets (Unit: Million KRW)
2005 2006
*MDRT (Million Dollar Round Table) : An association of insurance agents with a minimum annual premium income of KRW 160 million.
464,353,677471,075,657
In-Effect Policies (Unit: Million KRW)
2005 2006
626,248514,612
Net Income (Unit: Million KRW)
2005 2006
Thanks to Your Lasting Confidence in Us,
� �
●
●
●
In FY 2006, Samsung Life recorded KRW 747,108 billion worth of new policies and KRW 471,075 billion worth
of in-effect policies. The number of policies reached was 17,590,000. With KRW 514 billion in net income and KRW 100,818 billion
in total assets, Samsung Life again strengthened its top position in the domestic arena. *Its MDRT membership, the parameter
of life insurers’human resources, is the world’s largest, and ranked 18th among insurers by the Fortune magazine.
VISION
To be Respected (Leadership)�Respected by customers for providing secure and advanced financial insurance solutions.
�Respected by the global insurance industry for building an effective and innovative management system.
�Respected by the financial market for creating shareholder value on a continuing basis
�Respected as the workplace of choice, by offering a clear and forward-looking vision for employees and creating a superiorworking environment.
World's Premier (Global)�To develop and maintain core competencies that meet global standards.
�To establish our status as a globally competitive insurer.
�To expand into new business areas targeting global markets.
Provider of Financial Freedom (Financial)�To safeguard customers against financial uncertainties by providing financial security and alleviating the uncertainties such as
- The uncertainty of securing a reliable source of funds to meet future financialneeeds
- The uncertainty of augmenting wealth on a stable footing
- The uncertainty of protecting life from possible accidents, and other risks in the future.
�To provide customers with financial freedom
2006 An
nu
al Rep
ort●
08 / 09F
ina
ncia
l Hig
hlig
hts / V
ision
& M
ission
To be Respected
World’sPremier
Provider ofFinancial Freedom
Lasting Dream for Tomorrow
� �Samsung Life has established the Way of Serving Customers
in order to practice the ultimate value of life insurance,
which is to guarantee customers’financial stability, as well as
to practice advanced customer-serving management.
●
●
●
‘Management Framework Refinement’to become a global top-tier company
Samsung Life is in constant process of building and renovating its management
framework. As a result, we have successfully adopted a customer-oriented corporate
culture, and laid the foundation to become the most trustworthy company for customers.
Direction for 2015
In terms of growth, the 2015 goal of Samsung Life is to be among the global top 15 by
improving our corporate value. This will be achieved through securing a global premier
level of financial scale (revenue and assets), and ROE (efficient management system).
� �We will be like the sunflowers that dearly love the broiling sun in the midsummer.With the remarkable achievements resulting from our love for customers, Samsung Life
will bring about even greater satisfaction of our customers.
With Love...
Stepping ahead with love
� �Samsung Life is always ahead of others in customer satisfaction service.
Our services include high quality human resources, refined customized asset
management service, one on one consulting service for customers,
and Life Insurance Awareness Campaign with the promise of a happy family.
●
●
●
464,353,677471,075,657
Unit: KRW Million
2005 2006
99,180,07674,710,822
New policies
2005 2006In-effect policies
Life Insurance Awareness Campaign
Samsung Life’s Life Insurance Awareness Campaign is designed to educate the public of the
ultimate value of life insurance. Samsung Life marked the 50-year anniversary in May 2007,
and the promotion one of many efforts to advance the life insurance industry.
Establishment of the Way of Serving Customers
Samsung Life’s customer-serving management is the company’s long tradition and the
management philosophy that will continue with the company, aspiring to write the 100 years of
history of customer service. Thus Samsung Life has established the way of serving customers
in order to put into practice a higher level of customer-serving management.
FP Center for comprehensive financial planning service
Samsung Life’s FP Center provides a more extensive and long-term asset management
services of Samsung Advisors with their best expertise and know-how, in not only insurance
but also in investment, inheritance, tax, and real estates.
Customer opinion reflected in business management
We are operating a Good Morning VOC system to hear our customers’ opinions and turn them
into managerial assets. We don’t just simply handle customer complaints, but now have a
system in place to reflect customers’ opinion in our business management decision making.
Life Power Planning program
Life Power Planning, only available at Samsung Life, is a comprehensive one on one financial
consulting service, offering constant support for customers in financial planning and executing
plans in line with the life cycle of one’s family in anticipation of changing future income and
spending, as well as possible illnesses and aging.
Keeping the top position in the corporate pension market
Samsung Life maintained its top position in the retirement pension market this year, with our
unmatched competencies in corporate pension consulting, differentiated customer service and
asset management capabilities, product development expertise, and independent computing
system.
2006 An
nu
al Rep
ort●
12 / 13B
usin
ess &
Pro
du
ct
The total marketing brand Future 30+, unprecedented in the life insurance industry
In April 2007, Samsung Life acquired a patent for its coverage diagnosis system to
systematically analyze coverage assets and has developed Future 30+, the highest quality
coverage asset product brand, offering upgraded customer satisfaction products.
91100
Assets growth Unit: KRW Trillion
FY 2005 FY 2006
108
FY 2007
Today, becoming more abundant with love
� �Last year, Samsung Life, in addition to recording KRW 100 trillion in total assets,
was recognized as the number one brand in the financial sector, with KRW 3.9 trillion
in corporate brand value in the
IPS (the Institute for Industrial Policy Studies) Corporate Brand Value Evaluation.
●
●
●
KRW 100 trillion in assets
In April 2006, Samsung Life became the first company outside of the banking sector to record a
monumental KRW 100 trillion in assets. Samsung Life will strive harder to maximize the
stability and the profitability of our asset management. We will regard the KRW 100 trillion
assets as not only our strengthened presence, but also a heavier responsibility laid on us
towards our customers and shareholders.
Precision asset-liability management techniques
Samsung Life’s SAA (Strategic Asset Allocation) is a long-term, macro level perspective based
plan, which is followed by TAA (Tactical Asset Allocation), flexibly reflecting the short-term
market conditions, while pursuing long-term, stable profit suitable for insurance assets
through ALM (Asset Liability Management).
Partnership with domestic/foreign investors contributing to national industrial
development
We provide services meeting customer needs with diverse and advanced financial techniques
including project financing for SOC and development projects, LBO* financing for corporate
M&A, construction financing for real estate development, ABS*, ABL*, and acquisition of
leasing bonds.
Risk management in asset management
Samsung Life sets policies, monitors and provides follow-up services by phase, in order to
manage possible risks throughout the asset management process, both in advance and
afterwards.
Faithful partner for life offering various loan products
Samsung Life is faithfully playing the role of a true partner for life and at the same time
securing longterm, stable income stream by offering diverse loan products designed to fit
different needs of customers, including long-term mortgage loans, loans secured by
commercial property and personal credit loans.
Financial IT infrastructure facilitating sophisticated & global asset management
Samsung Life provides various information customers need in a timely manner with its
comprehensive asset management control system that seamlessly manages all information
on asset transactions, holding, and evaluations.
Separate accounts for asset management for variable insurance, retirement
insurance/pension, and new pension for individuals
In managing customers’ retirement benefits through retirement insurance/pension products,
we are securing reliable income with bond-oriented portfolio for stable management and high
profitability of retirement benefits.
* LBO (Leveraged buyout):Buying a company mostly funded by loans
secured by the assets of the company to be
purchased.
* ABS (Asset-backed securities):A special purpose company (SPC) separates
assets from the owner, then securitizes and
sells the securities backed by the assets.
* ABL (Asset-backed loan):The SPC acquires loans from investors
instead of securitizing assets under the ABS
structure.
Total asset makeup (unit: %)
Domestic securities
Loans
Overseas securities
Separate accounts
Cash, deposits
Real estates
Other
4518
11
12 8 4 1
2006 An
nu
al Rep
ort●
14 / 15A
sset M
an
ag
em
en
t
Total 108,818,929(Unit: KRW Million)
For our customers, Samsung Life is working
even today with love
� �Future 30+, the total marketing brand for coverage assets, the first of its kind in the life insurance industry
Patented coverage diagnosis system for structured analysis of coverage assets
Comprehensive Life Plan Insurance, nation’s first custom-made product to fit individual customer’s conditions
� �Samsung Life sees social contribution as the third arm of business management and
actively participates in various social services and supports projects for women,
fishing and farming communities, conducts scholarship programs, disabled support programs,
medical services and child care services.
Love makes the world beautiful●
●
●
Bichumi Volunteers Club
Samsung Life’s Bichumi Volunteers Club is systematically operating in 240 service teams of
about 6,000 employees and 30,000 consultants, making constant efforts to create a society
caring for isolated neighbors’.
Providing after-childbirth care for low-income mothers
Samsung Life provides trained after-childbirth caregivers free of charge to 3,000 low-income
family mothers every year, in an effort to offer financial and physical help to raise the
decreasing birth rate.
Support for women household heads to start own business
For low-income women, in charge of supporting their families due to death or disability of
husbands or divorce, Samsung Life offers KRW 15 million of seed money to start their own
businesses. The fund is a contribution by our consultants, and around 100 businesses have
been launched successfully so far.
Sisterhood relationship with fishing and farming communities
To support fishing and farming communities suffering from changes in economic environment
and exodus of people to cities, Samsung Life has forged sisterhood relationships with 120 rural
communities and supports rebuilding of these villages, offering helping hands in farming
seasons, purchasing farm/marine products, improving facilities, and supporting community
activities.
Support for college students’ voluntary service program
Samsung Life selects around 150 outstanding college student service groups each year, and
so far financed KRW 1,450 million to 1,726 programs from 202 universities in the past 12 years.
Other social contribution projects
For the first time in Korea, Samsung Life operates a school of lifeguard dogs and search dogs,
and donates the trained dogs to government institutions. We also sponsor physically
challenged athletes, including the national teams of disabled ski, archery, shooting, and
hockey.
Samsung Life Public Service Foundation
Samsung Life Public Service Foundation was established to carry out meaningful public
contributions from the company. The foundation sponsors Samsung Seoul Hospital in
providing the best quality medical service for public health, Samsung Childcare Center for
working parents and low-income families, Noble County, a quality silver town for the aging
population, Bichumi Women’s Award to recognize those devoted for women’s rights
improvement, and Community Mental Health Research Center to resolve social issues caused
by rapid industrialization.
2006 Social Projects (unit: KRW million)
Social welfare 29,163
Medical service 13,675
Culture and sports 12,536
Education 8,868
Total KRW 64 billion
2007 Social Projects (unit: KRW million)
Social welfare 20,274
Medical service 19,675
Culture and sports 19,400
Education 8,428
Total KRW 67 billion
2006 An
nu
al Rep
ort●
18 / 19S
ocia
l Co
ntrib
utio
n
� �Significant results have been achieved in various areas from the Bichumi Drawing Festival,
a gateway for young painters, Rodin Gallery, a comprehensive culture hall,
Hoam Art Hall, incubating creative arts, and the ongoing activities of Samsung sports teams.
Love makes the joy of life blossom●
●
●
Bichumi Drawing Festival
The festival began in 1981 as part of the culture and scholarship project for the children and
students all over Korea. The festival has become a gateway for talented students to be
recognized and motivated. More and more students and parents are participating every year.
Each year about 2,000 outstanding students are recognized and some are awarded
opportunities to visit European art galleries and participate in training programs.
Rodin Gallery, a space for diverse cultural activities
Since its opening in 1999, Rodin Gallery hosts various cultural events such as contemporary art
exhibitions and musical performances of prestigious artists from home and abroad.
Hoam Art Hall, home to classic music
As a strong supporter of Korean classic music and the incubator for creative arts from 1985,
Hoam Art Hall is staging classic music performances and dances. Since 2002, its management
has been delegated to CREDIA, a cultural service group.
Samsung Life Bichumi Women’s Basketball Team
Bichumi Women’s Basketball Team, established in 1977, has the proud history as an eight
time champion of the Korean Professional Basketball League, and is the first women’s
basketball team to record five championships. In 2003, the team recorded 15 consecutive
victories in a single season, and they will continue to return their fan’s support with
outstanding plays.
Samsung Life Wrestling Team
Since the team was launched in 1983, Jeong, Ji Hyeon won a gold medal and Moon, Eui Jae
won a silver medal in the 2004 Athens Olympics. In the 2006 Doha Asian Games, Baek, Jin Kuk
and Kim,Jung Sub won gold medals and Kim, Hyo Seop won a bronze medal, raising the status
of Korean wrestling in the world arena.
Samsung Life Table Tennis Team
Samsung Life Table Tennis Team is recording ongoing victories and enhancing the national
glory in sports events. In the 2004 Athens Olympics, Yoo, Seung Min won a gold medal in men’s
singles, and Lee, Eun Sil won a silver medal in women’s doubles. In the 2006 World
Championships, the team won the second prize in team competition for the first time, powered
by the outstanding play of Yoo, Seung Min and Joo, Se Hyeok.
Support for disabled sports teams
Samsung Life provides sports equipments for disabled athletes and supports disabled sports
teams to foster strategic sports, in order to bring hope and courage to the disabled and
promote their sports activities.
2006 An
nu
al Rep
ort●
20 / 21C
ultu
re &
Sp
orts
� �We will be like the vast ocean, making a new promise at the end of the world.Samsung Life will venture into the bigger world for our customers,
for your lasting joy, happiness, and hope for the future.
Forever...
Secured foundations as a global premier company
Since entering Thailand in 1997, Samsung Life has established a
firm foundation in the local market. The joint venture in China
launched in 2005 has also taken root in the early stage, providing
the grounds to emerge as a global premier company.
Emerging market research and hiring/
fostering foreign experts
Samsung Life is pitching up its overseas business, opening
branches in the US, Japan, China, UK, and India for market
research and business preparation. In addition to hiring foreign
professionals to enhance global competence of our home business
we fostered around 400 global talents with MBA, local expert
knowledge, or overseas business experience.
Investment branches in New York and London
To strengthen our global asset management competences, we are
making direct investments through our local branches in New York,
London and other cities, as well as accumulating advanced
financial expertise.
� �Samsung Life is a world’s top-tier financial company
with a global presence of local investment branches in New York,
London and other cities. We also hold some 400 global talents,
including MBAs, local experts, and dispatched employees.
Hope that foreverlights up the world
●
●
●
Samsung Air-China Life Insurance Company Beijing Representative Office
Tokyo Representative Office
Siam Samsung Life Insurance Company
India Representative Office
Samsung Life investment( U.K.)Ltd.London Representative Office
2006 An
nu
al Rep
ort●
24 / 25G
lob
al N
etw
ork
Samsung Life Investment (U.S.A) Ltd. U.S. Representative Office New York Representative Office
Samsung Life will always be the number one
for customers.
� �World’s largest MDRT membership of 2,649, the measure of human resources of insurers
The nation’s largest asset management experts group of 530 Around 30,000 financial
consultants, differentiated by strict selection and systematic training programs
� �Though we look different and come from different backgrounds,
our hearts are in unison in valuing customers’happiness as our top priority.
All of Samsung Life executives have gathered into a single-heart.
Forever single-hearted forour customers
●
●
●
General Meeting of Shareholders
Board of Directors
President
Human ResourcesDivision
Product MarketingDivision
Audit
Internal Transaction Committee
Customer ServiceManagement Division
Bureau of BOD
Corporate Planning and BusinessAdministration Division
Chief of CorporatePlanning
Chief of BusinessAdministration in Finance
Risk ManagementCommittee
Evaluation & CompensationCommittee
Outside Director CandidatesRecommendation Committee
AuditCommittee
ManagementCommittee
Organization
Key executives
Park, Chun HyeonExecutive Vice President
Head of Corporate Planning and Business Administration Division
Cho, Moon SungExecutive Vice President
Head of Asset Management Division
Yoon, Jong ManManaging Director
Head of Human Resources Division
Kwak, Sang YongManaging Director
Chief of Corporate Planning
Tax
& A
ccou
nti
ng
Fin
anci
al M
anag
emen
t
Cor
por
ate
Ris
k M
anag
emen
t
Hu
man
Res
ourc
esM
anag
emen
t
Em
plo
yee
Rel
atio
ns
Hu
man
Res
ourc
esD
evel
opm
ent
Pro
du
ct M
arke
tin
g S
trat
egy
Insu
ran
ce P
rod
uct
Dev
elop
men
t (P
rote
ctio
n)
Insu
ran
ce P
rod
uct
Dev
elop
men
t(W
ealt
h g
row
ing
)
Sam
sun
g L
ife C
are
Inst
itu
te
CS
Str
ateg
y D
evel
opm
ent
CS
Man
agem
ent
Su
pp
ort
Insu
ran
ce U
nd
erw
riti
ng
Med
ical
Ser
vice
Cen
ter
Str
ateg
ic B
usi
nes
s P
lan
nin
g
Bu
sin
ess
Str
ateg
yD
evel
opm
ent
Pu
blic
Rel
atio
ns
Bu
sin
ess
Inn
ovat
ion
IT S
trat
egy
Pla
nn
ing
Individual InsuranceBusiness Division
Strategic DistributionChannel Division
Group InsuranceBusiness Division
Asset ManagementDivision
2006 An
nu
al Rep
ort●
28 / 29K
ey E
xecu
tives, O
rga
niza
tion
Kwon, Sang YeolExecutive Vice President
Head of Individual Insurance Business Division
Park, Sang HoExecutive Vice President
Head of Group Insurance Business Division
Park, Hyun MoonExecutive Vice President
Head of Product Marketing Division
Choi, Young JinStanding Auditor
Shin, Heung ChulManaging Director
Head of Legal Affairs
Han, Jong YunManaging Director
Chief of Business Administration in Finance
Ahn, Min SooManaging Director
Head of Asset Portfolio Management
Kang, Og GyuManaging Director
Head of the Joint Venture in China
Park, Won TaekManaging Director
Head of Group Insurance Section 1
Shim, Jae HoManaging Director
Head of Strategic Distribution Channels Division
Str
ateg
ic D
istr
ibu
tion
Ch
ann
elD
evel
opm
ent
Life
-Tec
h M
arke
tin
g &
Sal
es
Ban
cass
ura
nce
Mar
keti
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& S
ales
Leg
al A
ffai
rs
Com
plia
nce
Sam
sun
g R
esea
rch
In
stit
ute
of F
inan
ce
Gro
up
Insu
ran
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arke
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gS
trat
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Pla
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Gro
up
Insu
ran
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ecti
on 1
Gro
up
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ecti
on 2
Gro
up
Insu
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ecti
on 3
Gro
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Insu
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han
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Man
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Ind
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Insu
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arke
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Ind
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ual
Insu
ran
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arke
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g S
up
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HR
D o
f M
arke
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Sal
es
Ind
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ual
Insu
ran
ce C
onsu
ltin
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d S
ales
Ag
ency
Mar
keti
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& S
ales
Fin
anci
al P
lan
nin
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Ass
et P
ortf
olio
Man
agem
ent
Fin
anci
al R
isk
Man
agem
ent
Glo
bal
inve
stm
ent
Sep
arat
e A
ccou
nt
Cor
por
ate
& R
E F
inan
ce
Ret
ail F
inan
ce B
usi
nes
s
Rea
l Est
ate
Inve
stm
ent
2007.05
2007.03
2007.01
2006.10
2006.06
2006.01
2005.12
2005.11
2005.07
2005.03
2004.12
2004.05
2003.07
2003.04
2003.01
2002.10
2002.02
2001.12
2001.11
2000.09
2000.08
2000.02
Celebration for the 50th year anniversary
Launched marketing brand, Future 30+
Life insurance Awareness Campaign launched
Samsung Lifecare Institute opened
Reached number 1 in the number of MDRT members (2,649)
‘A Partner for Life’ slogan announced
Rated ‘AAA’, unprecedented in the industry
Won the Korea Advertising Awards grand prize in the Korea
Advertising Congress (‘Life by the Road’)
Joint venture in China Junghang Samsung Insurance Company opened
Selected number 1 in the life insurance sector’s brand power
Selected number 1 in the NCSI from the life insurance industry
The Year of Customer Service announced
Presidential Award for the 8th Women’s Week
US office opened
Shared Value of Samsung Life announced
London office opened
2010’Global Comprehensive Financial Service Company’vision announced
5th Corporate IT Award Grand Prize
Bichumi Women’s Award launched
Ranked first in life insurance area of 2000 KCSI
Home delivery of insurance benefit service launched, unprecedented
in the industry
Bichumi character and slogan announced
1999.10
1999.05
1999.02
1998.11
1998.08
1997.11
1997.08
1996.10
1996.09
1995.04
1994.05
1993.12
1993.11
1991.02
1991.01
1989.07
1986.09
1984.10
1982.05
1963.07
1957.05
Ranked 13th in the world’s most respected life insurers by Fortune
Human Center training facility opened
Certified for comprehensive solution for Y2K, for the first time in Korea
Presidential Award for the 5th Corporate Innovation Award (KMA)
Acquired policies of Gukje Life
Joint venture life insurance company Siam Samsung in Thailand launched
Call center, first in domestic life insurance industry, opened
ISO 9002 certification, first in the financial industry
3rd Presidential Award for Corporate Culture
Beijing office opened
Insurance Quality Assurance System, first in the financial industry
New York investment office opened
Insurance Management Institute (current Financial Research Institute) opened
Samsung Life Insurance Service Co., Ltd. Established
London investment office opened
Renamed as Samsung Life Insurance Co., Ltd.
Tokyo office opened
Construction of the company head office began
Dongbang Social Welfare Foundation
(Current Samsung Life Public Service Foundation) established
Included as a subsidiary of Samsung Group
Dongbang Life Insurance established
History
� �In order to transform itself from the domestic number one company to a global
premier company, Samsung Life is building an innovative customer-centered
system and cultivating a future-oriented corporate culture. The world will soon
witness the remarkable advancements made by Samsung Life.
100 years of promise that shines forever
●
●
●
2006 An
nu
al Rep
ort●
30 / 31H
istory &
Aw
ard
s
Awards in 2006 and 2007
2006 Ranked first in life insurance area of NCSI, for threeconsecutive years
National Customer Satisfaction Index
2006 FSC (Financial Supervisory Commission) Chairman’s Award ofHerald Business Insurance Award
Herald Business
2006 Forbes Management Quality Award for KnowledgeManagement
JoongAng Ilbo, Forbes Korea, Korean Society for Quality Management
2006 Ranked first in the life insurance area of KCSI, for twoconsecutive years
KMA Consulting
2006 Ranked first, customer complaints handling evaluation by theFSS
(Financial Supervisory Service)
2006 Grand prize for customer satisfaction, 2006 Korea FinancialCulture Award
Asia Economy newspaper
2006 Ranked first in the Korea Service Quality Index, for fourconsecutive year2006 Grand Prize for Korea Service Award in life insurance area, forthree consecutive years
Korea Standards Association
2006 The 3rd Korea Advertising Ethics Prize, Advertising Ethics Prize
Korea Advertising Review Board
2006/2007 First place winner of 2006 Respected
Company/Businessman Award for companies
Second place winner of 2007 Respected Company/Businessman
Award
The Federation of Korean Industries, Seoul Business
2007 Korea Web Awards, grand prize for financial service area
(samsunglife.com)
Hankook Ilbo
2007 The Most Respected Company in Korea, for four consecutive
years
KMA Consulting
Assets
Ⅰ.Cash and Deposits
1.Cash and Bank Deposits
2.Deposits of Futures Exchange
Ⅱ.Securities
1.Trading Securities
2.Available-For-Sale Securities
3.Held-To-Maturity Securities
4.Equity-Method Investment
Ⅲ.Loans
(Reserve for Doubtful Account)
1.Call Loans
2.Policy Loans
3.Loan Secured by Securities
4.Loan Secured by Real Estate
5.Unsecured Loans
6.Loan Secured by Third Party Guarantee
7.Other Loans
Ⅳ.Fixed Assets
1.Investment Assets
2.Tangible Assets
3.Intangible Assets
Ⅴ.Other Assets
1.Insurance Receivables
(Reserve for Doubtful Account)
2.Other Account Receivables
(Reserve for Doubtful Account)
3.Leasehold & Other Deposits
4.Accrued Income
(Reserve for Doubtful Account)
5.Prepaid Expenses
6.Advanced Payments
7.Deferred Acquisition Cost
8.Financial Derivatives Assets
9.Separate Account Debits
10.Others
11.Separate Account Assets
Total Assets
Liabilities and Shareholders’ Equity
Ⅰ.Policy Reserve
(Reserve Adjustment Account for Reinsurance Ceded)
1.Premium Reserve
2.Reserve for Outstanding Claims
3.Unearned Premium Reserve
4.Reserve for Participating Policyholder’s Dividends
5.Excess Participating Policyholder Dividend Reserve
6.Reserve for Assumed Reinsurance Premium
-893,358,418,367
239,614,001,737
-30,575,302
29,332,050,038
-4,474,007,347
1,464,707,804,674
-40,679,099,516
1,265,572,176,390
1,261,867,873,363
3,704,303,027
61,810,123,956,783
451,588,244,202
55,843,455,830,628
4,319,389,608,970
1,195,690,272,983
19,070,901,736,518
21,054,210,000
9,307,269,564,211
30,000,000,000
5,159,393,291,803
3,778,027,083,153
65,558,910,081
1,602,957,095,637
4,602,149,048,550
594,425,653,447
3,946,764,265,623
60,959,129,480
22,070,181,651,356
239,583,426,435
24,858,042,691
172,439,961,608
1,424,028,705,158
32,247,756,617
8,074,475,421
4,598,662,572,756
1,941,189,335,371
198,896,003,604
25,509,000,000
13,404,692,371,695
108,818,928,569,597
79,538,280,286,798
-11,746,667,280
72,272,807,521,820
5,546,342,561,344
74,430,235,833
1,527,586,671,601
125,029,883,039
3,830,080,441
-955,107,366,600
72,517,669,593
-29,917,804
21,561,578,876
-4,776,034,953
1,351,922,781,832
-41,103,014,022
1,350,893,089,249
1,347,459,463,962
3,433,625,287
56,891,618,274,830
653,307,553,521
51,285,685,673,475
3,857,066,757,227
1,095,558,290,607
18,248,803,328,413
19,287,480,000
8,755,625,603,664
30,000,000,000
4,307,544,333,095
4,372,229,966,949
76,290,095,660
1,642,933,215,645
4,320,701,636,275
480,821,259,979
3,773,648,582,506
66,231,793,790
18,817,186,950,568
72,487,751,789
16,785,543,923
168,032,725,652
1,310,819,767,810
26,111,637,309
11,039,209,155
4,657,886,348,463
1,645,349,937,973
103,988,795,742
25,509,000,000
10,779,176,232,752
99,629,203,279,335
73,616,633,959,209
-6,144,298,810
66,111,289,091,179
5,636,070,333,035
90,458,945,986
1,593,061,934,096
186,891,651,107
5,006,302,616
FY 2006: April 1, 2006 ~ March 31, 2007
FY 2005: April 1, 2005 ~ March 31, 2006
BALLANCE SHEET
(In KRW)
AccountFY 2006 FY 2005
Amount Amount
2006 An
nu
al Rep
ort●
32 / 33B
AL
LA
NC
E S
HE
ET
Ⅱ.Policyholders’Equity Adjustment
1.Reserve for Policyholder Dividend Stabilization
2.Fund for Public Projects
3.Gain(loss) On Valuation of Available-For-Sale Securities
4.Gain(loss) On Valuation of Held-To-Maturity Securities for Sale Securites
5.Gain on Valuation of Equity-Method Investment
6.Loss on Valuation of Equity-Method Investment
Ⅲ.Other Liabilities
1.Unpaid Claims
2.Other Accounts Payable
3.Accrued Expenses
4.Accrued Income Taxes
5.Advance Receipt
6.Unearned Income
7.Withholdings
8.Unearned Insurance Premium
9.Leasehold Deposits Received
10.Reserve for Severance Benefits
(National Pension Fund Payment)
(Deposits for Severance Benefits)
(Retirement Pension Plan Asset)
11.Separate Account Credits
12.Deferred Income Tax Credits
13.Financial Derivatives Liabilities
14.Other Liabilities
15.Separate Account Liabilities
Total Liabilities
Ⅰ.Capital Stock
1.Common Stock
2,000 thousands shares (@\5,000)
Ⅱ.Capital Surplus
1.Asset Revaluation Reserve
Ⅲ.Retained Earnings
1.Legal Reserve
2.Other Statutory Reserve
3.Retained Earnings before Appropriations
(Net Income for the Year)
Ⅳ.Capital Adjustment
1.Gain(loss) on Valuation of Available-For-Sale Securities
2.Gain(loss) on Valuation of Held-To-Maturity Securities
3.Gain on Valuation of Equity-Method Investment
4.Loss on Valuation of Equity-Method Investment
5.Gain on Valuation of Derivatives
6.Loss on Valuation of Derivatives
Total Shareholders’ Equity
Total Liabilities and Shareholders’Equity
151,264,062,550
-1,948,232,738
-106,374,950,850
3,201,536,611,077
26,066,762,400
44,000,060,898
3,091,772,855,696
1,470,211,361
42,842,732,592
-4,616,011,870
17,324,726,861,494
23,821,233,069
96,082,877,075
357,272,916,139
97,599,242,171
123,309,190
9,897,003,866
32,603,762,454
110,820,607,168
427,721,971,871
42,940,878,962
442,640,366,346
2,116,297,897,768
54,897,306,838
107,315,116,882
13,404,692,371,695
100,064,543,759,369
100,000,000,000
100,000,000,000
93,889,274,264
93,889,274,264
4,464,220,479,785
50,000,000,000
2,327,741,074
4,411,892,738,711
(514,612,285,763)
4,096,275,056,179
3,479,824,927,418
1,658,142,238
49,342,982,927
-7,171,846,547
613,481,524,105
-40,860,673,962
8,754,384,810,228
108,818,928,569,597
168,733,857,520
-2,854,257,838
-118,564,497,155
3,133,102,492,831
26,066,762,400
44,000,060,898
3,028,875,676,876
6,826,768,928
32,063,927,741
-4,730,704,012
14,629,579,536,505
10,937,517,165
60,547,037,444
317,334,600,754
216,225,153,612
11,720,584,850
9,561,165,354
30,343,522,558
113,063,013,753
402,235,871,321
47,315,102,527
266,641,335,774
2,267,710,933,163
13,582,096,613
83,185,368,865
10,779,176,232,752
91,379,315,988,545
100,000,000,000
100,000,000,000
93,889,274,264
93,889,274,264
3,989,608,194,022
50,000,000,000
2,327,741,074
3,937,280,452,948
(626,247,897,352)
4,066,389,822,504
2,945,696,267,098
6,641,720,569
31,976,534,276
-6,065,062,045
1,094,117,574,667
-5,977,212,061
8,249,887,290,790
99,629,203,279,335
FY 2006: April 1, 2006 ~ March 31, 2007
FY 2005: April 1, 2005 ~ March 31, 2006
BALLANCE SHEET
(In KRW)
AccountFY 2006 FY 2005
Amount Amount
Ⅰ.Operating Income
1.Premium Income
①Individual Premium
②Group Premium
2.Reinsurance Income
①Assumed Reinsurance Premium
②Ceded Reinsurance Claims Recovered
③Ceded Reinsurance Experience Refund
3.Interest Income
①Interest on Bank Deposits
②Interest Income on Trading Securities
③Interest Income on Available-For-Sale Securities
④Interest Income on Held-to-Maturity Securities
⑤Interest Income on Loans
⑥Interest Income on Other Deposits
⑦Other interest income
4.Dividend Income
5.Rental Income
6.Commission Income
7.Gains on Disposition of Trading Securities
8.Gains on Valuation of Trading Securities
9.Gains on Derivatives Transaction
10.Gains on Valuation of Derivatives
11.Gains on Foreign Currency Translation
12.Gains on Foreign Currency Transaction
13.Separate Account Commission Received
14.Separate Account Income
15.Other Operating Income
Ⅱ.Operating Expenses
1.Increase in Policy Reserve
2.Claims Paid
①Benefit Payments
②Refund
③Dividend Expenses
3.Reinsurance Expenses
①Ceded Reinsurance Premium
②Assumed Reinsurance Claims
③Assumed Reinsurance Experience Refund
4.Interest Expenses
5.Losses on Disposition of Trading Securities
6.Losses on Valuation of Trading Securities
7.Losses on Derivatives Transaction
8.Losses on Valuation of Derivatives
9.Losses on Foreign Currency Translation
10.Losses on Foreign Currency Transaction
11.Operating Expenses
(Deferred Acquisition Expenses)
①Acquisition Expenses
②Administration Expenses
③Collection Expenses
12.Amortization of Deferred Acquisition Cost
13.Investment Administrative Expenses
14,806,959,112,249
652,214,184,386
12,691,045,510
125,868,759,567
64,857,476,527
64,630,659,844
22,731,496,595
2,103,002,168,683
249,604,705,434
1,568,235,380,873
236,905,834
10,972,054,744
1,525,374,329,962
8,718,612,571,153
230,236,655,565
205,101,280,823
7,643,131,432
4,472,168,075
-1,908,237,989,553
1,951,115,804,516
1,040,671,379,935
62,734,058,501
23,397,661,783,314
15,459,173,296,635
203,417,281,604
4,019,413,372,007
116,753,408,560
162,779,324,198
29,620,007,910
6,065,941,998
14,851,939,846
145,291,022,641
143,931,818,609
1,514,283,822
2,754,711,702
325,357,431,440
2,740,793,754,103
25,944,188,239
23,263,629,136,207
5,921,657,597,649
10,474,223,556,680
217,216,580,330
7,090,697,967
10,652,679,866
26,906,146,282
12,483,207,361
139,817,053,247
17,663,681,348
1,146,283,253,399
1,967,461,765,260
306,233,913,552
14,786,994,005,480
760,121,393,587
20,026,722,082
112,405,795,456
51,931,104,458
39,599,922,859
22,183,540,726
2,110,998,612,613
1,578,957,754,529
66,828,488
11,557,732,451
2,173,013,201,935
9,210,649,612,766
281,901,651,662
173,763,514,957
13,252,986,039
3,349,841,082
-1,762,077,532,973
1,938,973,244,917
943,529,648,089
67,854,235,459
23,259,769,622,709
15,547,115,399,067
184,363,621,996
3,763,364,391,666
142,306,574,307
144,226,279,582
24,855,547,716
6,310,019,206
25,366,889,147
223,873,829,622
133,117,968,917
314,167,316
93,579,429,763
166,950,068,250
2,768,864,480,272
35,160,955,882
23,129,631,425,128
4,472,434,325,882
11,665,564,466,363
190,366,342,078
6,547,888,861
8,493,424,174
326,000,000
138,494,296,928
42,234,012,175
42,184,733,733
106,153,907,440
1,188,279,595,492
1,867,235,292,556
294,930,822,484
FY 2006: April 1, 2006 ~ March 31, 2007
FY 2005: April 1, 2005 ~ March 31, 2006
INCOME STATEMENT
(In KRW)
AccountFY 2006 FY 2005
Amount Amount
2006 An
nu
al Rep
ort●
34 / 35IN
CO
ME
ST
AT
EM
EN
T
14.Bad Debt Expenses
15.Depreciation Expenses
16.Amortization Cost of Intangible Assets
17.Discount Expenses
18.Separate Account Expenses
19.Other Operating Expenses
Ⅲ.Operating Income
Ⅳ.Non Operating Income
1.Gains on Disposition of Available-For-Sale Securities
2.Reversal of Unrecoverable Valuation Loss on Available-For-Sale Securities
3.Gains on Valuation of Equity-Method
4.Gains on Disposition of Equity-Method Investment
5.Gains on Disposition of Investment Assets
6.Gains on Disposition of Tangible Assets
7.Income Tax Refunds
8.Miscellaneous Income
9.Gains on prior period adjustment
Ⅴ.Non Operating Expenses
1.Losses on Disposition of Available-For-Sale Securities
2.Unrecoverable Valuation Loss on Available-For-Sale Securities
3.Losses on Valuation of Equity-Method
4.Losses on Disposition of Equity-Method Investment
5.Losses on Disposition of Investment Assets
6.Losses on Disposition of Tangible Assets
7.Donations
8.Additional Payment of Income Tax
9.Miscellaneous Losses
Ⅵ.Ordinary Income
Ⅶ.Net Income Before Income Tax
Ⅷ.Income Tax Expense
Ⅸ.Net Income
(Ordinary Income per Share: KRW 25.731)
(Earnings per Share: KRW 25.731)
105,131,595,362
99,777,032,642
31,395,692,715
3,570,952,477
2,740,793,754,103
35,269,975,967
134,032,647,107
668,209,958,527
471,159,879,118
34,224,503,094
4,326,216,893
26,616,996,707
14,938,413,980
18,397,927,261
98,546,021,474
131,670,078,298
39,544,342,664
3,365,207,059
1,663,701,388
167,763,303
50,094,940,339
25,280,265,976
11,553,857,569
670,572,527,336
670,572,527,336
155,960,241,573
514,612,285,763
195,494,111,532
95,627,601,903
31,278,578,865
2,575,312,392
2,768,864,480,272
12,546,231,998
130,138,197,581
740,607,122,391
467,135,131,013
26,399,038,853
27,227,622,250
1,122,862,633
3,868,068
635,058,669
214,065,108,960
4,018,431,945
114,408,678,831
41,614,317,097
8,125,513,044
3,272,546,817
503,764,078
20,295,675
59,879,484
53,857,647,800
6,954,714,836
756,336,641,141
756,336,641,141
130,088,743,789
626,247,897,352
FY 2006: April 1, 2006 ~ March 31, 2007
FY 2005: April 1, 2005 ~ March 31, 2006
INCOME STATEMENT
(In KRW)
AccountFY 2006 FY 2005
Amount Amount