GLOBAL PLAYERS INCREASE THEIR PRESENCE IN KOREA

Foreign players saw their influence grow in the Korean market last year, with ING LIfe, Allianz Life and others benefiting from increased bancassurance sales. Data from the Financial Supervisory Service showed that the combined sales of the eight overseas life assurers selling in Korea grew to 19% of the total premium income of the 22 players operating in the country. This compares with a market share of 9.9% in 2002, 12.7% in 2003, 15.3% in 2004 and 16.7% in 2005. Foreign players are focusing more aggressively on the bancassurance channel in South Korea, because the established domestic players are worried that their agents will protest that any concentration on the bancassurance channel would threaten their jobs. The combined marker share of the country’s top three assurers — Samsung, Kyobo and Daehan Life — has fallen steadily from 76.2% in 2002 to 62.8% last year.