DB Insurance : 2023.3Q IR Report

Key Performance Indicators

3Q, 2023

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

Table of Contents

Financial Highlights	----- 2
Financial Performance	----- 3

• Performance overview
• Key indicators

Long-Term & Auto

----- 5

• Long-Term
• Premium by channels

Asset Management

----- 7

• Asset Portfolio
• Investment Income
• Loan Portfolio

Capitalization-----10

• Shareholder's Equity
• Dividend Payout

Appendix	----- 13
- Exposure to Affiliates

Direct Premium Written

G/R 0.7 4.6 8.0 7.1 6.4 (%)

(KRW bn)
			15,075	16,042
		14,070
12,449	13,027

		2018	2019		2020		2021	2022
	Total Asset
G/R	6.3	9.8	7.9	8.6	-1.5	(%)
	(KRW bn)							51,188	50,396
				43,667	47,124
		39,776

Financial Highlight

Net Income

											(%)
G/R	-17.2	-27.6	34.7	54.6	26.2

(KRW bn)

981

777

515502

373

2018 2019 2020 2021 2022

Shareholders' Equity

												(%)
G/R		11.2	16.5	6.0	3.0	-19.2
	(KRW bn)			6,064		6,249
				5,721
	4,911					5,050

2018

2019

2020

2021

2022

2

2018

2019

2020

2021

2022

* Based on IFRS4 & IAS39

Performance overview

Performance Overview

		3Q			1~3Q
(KRWbn,%)
'22*	'23		'22*	'23
	G/R	G/R
Revenue	5,006	4,747	-5.2	13,246	13,509	2.0
○ Insurance	3,321	3,518	5.9	9,721	10,373	6.7
income
○ Reinsurance	323	554	71.5	595	839	40.9
income
○ Investment	1,362	675	-50.4	2,930	2,297	-21.6
income
U/W Profit	434	414	-4.6	1,340	1,290	-3.7
Investment Profit	187	69	-63.2	502	375	-25.3
○ Investment	1,362	675	-50.4	2,930	2,297	-21.6
Income
○ Investment	1,175	606	-48.4	2,428	1,922	-20.8
Expense
Operating Profit	621	482	-22.4	1,840	1,664	-9.6
Non-operating	-3	0	-88.0	0	6	-578.7
income & expense				
Net Income	618	482	-22.0	1,840	1,670	-9.3
before tax
Net Income	465	370	-20.4	1,375	1,262	-8.2

* Based on IFRS4 & IAS39 in '22

Direct Premiums Written

(KRWbn,%)	2022		3Q			1~3Q
2022	2023	G/R	2022	2023	G/R
Auto	4,455	1,116	1,131	1.4	3,329	3,433	3.1
Long-Term	9,793	2,466	2,606	5.7	7,283	7,709	5.8
Commercial	1,793	430	494	14.9	1,310	1,521	16.1
Total	16,042	4,011	4,231	5.5	11,922	12,663	6.2

* Long-Term : Includes lump-sum payment products

Percentage by Business Line

(%)	Commercial	(As of Sep.'23)

12.0

Auto	27.1
	60.9

Long-term

* Long-Term : Includes lump-sum payment products

3

Underwriting Profit by Business Lines

	(KRWbn)		3Q			1~3Q
	'22	'23		'22	'23
		G/R	G/R
Underwriting Profit	434	414	-4.6	1,340	1,290	-3.7
○ Long-Term	382	377	-1.3	1,079	1,053	-2.4
- CSM Amortization	311	321	3.0	851	945	11.1
- RA Change	33	26	-21.3	98	86	-12.1
- Diff between Assumptions	78	42	-45.8	268	136	-49.1
& Actual in Losses
- Diff between Assumptions	-19	20	-206.5	-53	24	-146.0
& Actual in Expenses
- Others	-21	-32	55.5	-85	-140	64.7
	Loss Burden Contract	1	-9	-1,897.6	-27	-70	162.4
	Expenses

• Other (Re)insurance

operating Income /	-21	-23	8.7	-58	-70	19.7
Expense & etc
○ Auto	48	91	90.2	256	272	6.3
- PAA Income	1,043	1,076	3.2	3,058	3,164	3.5
- Incurred Losses	-763	-771	1.0	-2,151	-2,222	3.3
- Expenses	-232	-215	-7.5	-651	-669	2.8
○ Commercial	4	-54	-1,387.6	5	-35	-833.8
- PAA Income	321	319	-0.5	896	951	6.1
- Incurred Losses	-202	-232	14.6	-541	-569	5.3
- Expenses	-115	-141	23.4	-350	-416	18.9

				Key indicators
'23.3Q CSM Change
['23.2Q]		(KRWtrill)
		Divison		Amount
		CSM(beginning of 2Q)		12.0
		New contract effect		0.66
		Interest charge		0.09
		Adjustment			△0.22
		Amortization			△0.31
		Rate
			9.9%
		CSM(End of 2Q)		12.2
		Change		0.2
['23.3Q]		(KRWtrill)
		Divison		Amount
		CSM(beginning of Q)		12.2
		New contract effect		0.79
		Interest charge		0.09
		Adjustment			△0.19
		Amortization			△0.32
		Rate
			9.9%
		CSM(End of 3Q)		12.6
		Change		0.4

※ Insurance contract asset included, Reinsurance excluded

4

Initial Premiums of L-T

			2022	3Q		1~3Q
		(KRWbn)
		2022		2023	2022	2023
		Accident	30.7	8.1		10.5	23.6	28.5
		Driver's	34.5	7.2		7.0	22.4	24.7
		Health	70.0	21.3		23.6	51.6	61.7
		Protection	11.3	12.2		13.7	10.8	12.8
		Mth. Avg.
		(G/R)	4.4%	27.2%		12.3%	-1.7%	17.7%
		Property	10.3	2.6		2.3	7.8	7.5
		Saving	0.1	0.1		0.0	0.1	0.0
		Annuity	0.6	0.1		0.1	0.5	0.5
		Saving	0.9	0.9		0.8	0.9	0.9
		Mth. Avg.
		(G/R)	-5.4%	-2.1%		-12.9%	-5.1%	-4.3%
		Total	146.2	39.4		43.5	106.0	79.3
		Mth. Avg.	12.2	13.1		14.5	11.8	13.6
		(G/R)	3.4%	24.8%		10.7%	-1.7%	15.3%

Long-Term

New contract CSM multiple by products

		(KRWbn)
Product	New premium	CSM multiple
Protection-type	12.8	18.1
Saving-type	0.9	4.2
Sum	13.7	17.2

* As Sep.'23, CSM multiple: New contract / monthly premium

L-T Protection Prem(Risk+Exp) proportion trend

(%)

71.6

69.3

66.9

		'21		'22		'23.3Q
	Persistency Rate
	(%)		Dec.'20	Dec.'21	Dec.'22	Sep.'23
	13th		86.9	88.8		90.1	88.9
	Month
	25th		67.1	74.1		76.1	76.9
	Month

5

* Average rate of the last 12 months

(L-T) New Monthly Premium by Channels

(KRWbn,%)	2022	3Q		1~3Q
2022		2023	2022	2023
	Sum	135	37		41	98	115
	Pct.	100.0	100.0		100.0	100.0	100.0
	Tied	63	17		19	47	56
Pro-	Pct.	47.0	46.3		47.7	48.0	48.3
tection	GA	70	19		21	49	58
	Pct.	51.8	52.4		51.2	50.7	50.5
	Others	2	0.5		0.5	1	1
	Pct.	1.2	1.3		1.2	1.3	1.2

(Auto) TCM & Off-line

				3Q				1~3Q
(KRWbn,%)	2022	2022		2023	2022	2023
				%			%		%		%
Off-line	2,213	551	49.4		543	48.0	1,664	50.0	1,671	48.7
TCM	2,243	565	50.6		588	52.0	1,666	50.0	1,762	51.3
	TM	1,175	294	26.3		300	26.6	865	26.0	897	26.1
	CM	1,068	271	24.3		288	25.4	801	24.0	865	25.2
Total	4,456	1,116	100.0	1,131	100.0	3,330	100.0	3,433	100.0

Premium by channels

(KRWbn,%)	2022	3Q		1~3Q
2022		2023	2022	2023
	Total	146	40		43	106	123
	Pct.	100.0	100.0		100.0	100.0	100.0
	Tied	70	19		21	52	60
Total	Pct.	47.8	47.4		48.0	48.9	48.7
GA	74	20		22	53	61
	Pct.	50.7	51.3		50.7	49.6	49.9
	Others	2	0.5		0.5	1	2
	Pct.	1.4	1.3		1.3	1.4	1.3

(KRWbn			3Q			1~3Q
2022	2022	2023	2022	2023
,%)
			%		%		%		%
Tied	1,002	249	45.2	244	44.9	754	45.3	744	44.5
GA	1,211	302	54.8	299	55.1	910	54.7	927	55.5
Total	2,213	551	100.0	543	100.0	1,664	100.0	1,671	100.0

6

Invested Asset Portfolio

Invested Asset Portfolio		Bond Portfolio(Domestic)

					(%)
(KRW bn,%)	Dec.'22*	Pct.	Sep.'23**	Pct
Invested Assets	42,365	100.0	41,238	100.0	Corp Bonds
29.8%
Cash &	733	1.7	528	1.3			12.1 tril	Gov Bonds
Deposits			(29.3%)	46.3%
Equity Stocks	439	1.0	769	1.9	Finance
Bonds
					Special
					6.9%
Bonds	13,778	32.5	12,076	29.3			Bonds
							17.0%

Beneficiary	8,163	19.3	8,602	20.9
Certificates		Overseas Portfolio
Overseas	6,931	16.4	7,017	17.0
	(%)	Beneficiary
Investments in							Others
860	2.0	861	2.1			Certificates
Subsidiaries			12.7%	0.5%
Loans	10,280	24.3	10,200	24.7			7.0 tril
Real Estates	1,180	2.8	1,185	2.9			(17.0%)
							Bonds
Total Assets	50,396		44,560
							86.8%

(As of Sep.'23)

(As of Sep.'23)

• IFRS17 & IAS39 basis for '22
• IFRS17 & 9 basis for '23

7

Investment Income

Investment Income

Portfolio Composition

			3Q	1~Q	Investments in	Real Estates (3.2)	(%)	3.2
(KRWbn)	2022*
Yield	2022*	2023**2022*	2023**	Subsidiaries (2.3)			2.4
		Retail Finance	5.2	4.3
Cash &
2.0	0.40%	8.9	2.9	12.2	10.8	Infra etc.	18.9	20.8
Deposits
Equity Stocks	15.9	4.60%	3.5	1.3	14.5	26.1	Real estate	20.3	21.5
equity investment
Bonds	210.5	2.19%	44.5	62.1	151.3	191.2		Bond
Beneficiary								44.8	42.8
413.8	5.20%	148.9	62.6	321.6	305.4
Certificates	Equity Stocks(1.9)			1.9
							Cash & Deposits(3.4)
Overseas	277.3	3.72%	89.3	43.0	258.6	168.3			4.8
		'22.12	23.3Q

Investments								Investment Yields by Account
in	5.9	0.71%	1.5	1.0	6.2	2.2
Subsidiaries
							(%)
Loans	389.1	4.13%	96.0	127.1	285.4	336.7		10.22
Real Estates	-8.3	-0.71%	-4.7	-3.5	-3.6	-2.7				5.54
											5.13	4.32		4.77
								3.48			4.96
Total	1,306.3	3.50%	387.9	296.5	1,046.3	1,038.0			3.22		4.04
			3.43
								2.27		2.12		1.00 0.34
Investment
3.50%		4.06%	3.27%	3.66%	3.94%
Yields										-0.42-0.31

• IFRS17 & IAS39 basis for '22
• IFRS17 & 9 basis for '23

※ Retirement pension excluded in asset under management in '23

8

22.3Q 23.3Q

Loan Portfolio

(KRW bn,%)	Dec.'22*		Sep.'23**
Pct	Pct
			Sum	1,877	18.1	1,458	14.1
			Real	1,045	10.1	624	6.0
			Estates
Retail
		Others	374	3.6	272	2.6
			Credit	458	4.4	562	5.5
			Sum	8,496	81.9	8,878	85.9
			Real	1,500	14.5	1,588	15.4
Corpo-			Estates
rate			Others	95	0.9	113	1.1
			Credit	6,902	66.5	7,177	69.4
	Total	10,373	100.0	10,336	100.0

• IFRS17 & IAS39 basis for '22
• IFRS17 & 9 basis for '23

Loan Portfolio

Loan Quality

(KRW bn,%)	Dec.'21		Dec.'22		Sep.'23
		Pct		Pct		Pct
Normal	13,415	99.9	13,442	99.6	10,015	96.9
Precautionary	3	0.1	48	0.4	307	3.0
Substandard	1	0.0	3	0.0	3	0.0
Doubtful	2	0.0	2	0.0	6	0.1
Estimated	3	0.0	2	0.0	6	0.1
Loss
Total	13,424	100.0	13,497	100.0	10,337	100.0

NPL Ratio			Coverage Ratio
			(%)			(%)
				1,911.5	1,499.2
			0.14	781.3		847.2
0.10	0.04	0.06
Dec.'20 Dec.'21 Dec.'22 Sep.'23	Dec.'20 Dec.'21 Dec.'22 Sep.'23

• NPL(Non-PerformingLoan) : Below Substandard / Total Loan
• Coverage Ratio : Reserve for Loss / Below Substandard

9