A.M. BEST AFFIRMS RATING OF SAMSUNG FIRE & MARINE.

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OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 30, 2005--A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) of Samsung Fire & Marine Insurance Co., Ltd (Samsung) (South Korea).

Concurrently, A.M. Best has assigned an issuer credit rating (ICR) of "aa-" to Samsung. The outlook on both ratings is stable.

The ratings reflect Samsung's superior capitalization, unrivaled market position supported by a productive sales force and stable profitability. The ratings also consider Samsung's excellent risk management and innovative product development capabilities.

The company has a leading market position in the Korean non-life industry. Samsung writes more business than the second and third largest players combined in a market where the top five companies write more than 80% of the premium. Its overall market share by premium was 32% in fiscal year 2004. Through innovative product development capabilities, the company was able to introduce its own brand product "Anycar" and comprehensive insurance product "Super Insurance". To further expand its insurance business overseas, the company has successfully converted its Chinese branch status into subsidiary status in fiscal year 2004.

Samsung has the highest solvency position among all Korean insurance companies. The local solvency ratio stood at 422% as of fiscal year 2004, and the Best's Capital Adequacy Ratio was close to 300%. Adding further comfort is the company's high earnings capacity with a flexible dividend policy.

Due to economies of scale, Samsung enjoys one of the lowest expense ratios in the industry, which translates into higher profitability. ...