Samsung Fire & Marine Insurance
 |
|
| Public | |
| Traded as | KRX: |
| Industry | Insurance |
| Founded | 1952 |
| Headquarters | Seoul, South Korea |
|
Key people
|
Min-soo Ahn, CEO |
| Products | Automobile insurance, long-term insurance, commercial insurance, Enterprise Risk Management |
| Revenue |
 US$ 15.6 billion (2012) |
|
US$ 0.7 billion (2012) |
|
| Total assets |
US$ 40.5 billion (2012) |
| Total equity |
US$ 7.8 billion (2012) |
| Owner |
Samsung Life Insurance 10.36% First State Investment Management (UK) 7.44% National Pension Service 6.04% (as of July 18, 2011) |
|
Number of employees
|
5,406 (2010) |
| Parent | Samsung |
| Website | www.samsungfire.com |
Samsung Fire & Marine Insurance (Korean: 삼성화재) (KOSPI # 000810) is an insurance company based in Seoul, South Korea. Incorporated on January 26, 1952, under the name of "Korea Anbo Fire Marine Reinsurance Co.", the company changed its name to Samsung Fire & Marine Insurance Co., Ltd., in December 1993, after its takeover by Samsung Group dated back to 1958. Samsung Fire & Marine Insurance, SFMI in short, is operating property and casualty insurance business and third-party insurance business defined by the Korea Insurance Business Act, while engaging in providing financial services and instruments approved by relevant laws and regulations including the Korea Financial Investment Services and Capital Markets Act. Its business portfolio consists of automobile insurance, long-term insurance, general insurance (commercial lines), enterprise risk management, annuities, etc. As of the end of 2015, Samsung Fire & Marine Insurance has seven overseas subsidiaries in Indonesia, Vietnam, China, Brazil, Europe, US, and Singapore.
Samsung Fire & Marine Insurance was incorporated on January 26, 1952, under the name, "Korea Anbo Fire Marine Reinsurance Co.," and was renamed Samsung Fire & Marine Insurance Co., Ltd., in December 1993.
Anbo Fire Marine Reinsurance originated from an education group called Hunsesa founded by Koo Jin-hyun. In the face of financial difficulties in managing Hunsesa since 1950 agriraian reform in Korea, Koo made a decision to establish an insurance company with capital of KRW 2 billion. He hed an inaugural meeting at his office at 32,Daechang-dong 2ga, Busan, and officially launched Korea Anbo Fire & Marine Reinsurance on January 26, 1952, which marked the foundation of Samsung Fire & Marine Insurance.
Ankuk Fire & Marine Insurance Co., Ltd. was founded in June 1956 by large shareholders of Josun Life Insurance, the first insurer in Korea. Considering adverse conditions of insurance business back then, Ankuk Fire & Marine Insurance appointed media mogul Jang Gi-young, who was the owner of the Hankuk Ilbo Daily and served as the Deputy Governor of the Bank of Korea. Ankuk fire & Marine Insurance was founded with capital worth KRW 100 million and had its headquarters in 60, Songhyun-dong, Jongno-gu, Seoul, and office in Ankuk-dong from which the name of the company originated.
Ankuk Fire & Marine Insurance in late 1950s has been showing sluggish sales performance since its foundation and barely maintaining its business relying on subsequent premium income. Samsung, which emerged as a strong player in the Korean economy, had keen interests in developing the insurance business. Samsung was offered by large shareholders of Ankuk Fire & Marine Insurance to take over financially troubled Ankuk, and acquired the company in February 1958 accordingly.
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Wikipedia