Samsung Fire & Marine Insurance Company Profile and History

Samsung Fire & Marine Insurance was founded in 1962 as a subsidiary of Samsung Group, a South Korean multinational conglomerate.

The company started as a small insurance provider but has since grown to become one of the largest insurance companies in South Korea.

Samsung Fire & Marine Insurance offers a wide range of insurance products and services to individuals and businesses, including life insurance, non-life insurance, and reinsurance.

The company has a strong presence in Asia and has expanded its operations to other parts of the world, including the United States and Europe.

Samsung Fire & Marine Insurance has a parent company called Samsung Fire & Marine Insurance Co., Ltd. This parent company is the foundation of the entire corporate structure.

The company has two notable subsidiaries: Samsung Fire & Marine Insurance Company of Europe Ltd. and Samsung Reinsurance Pte Ltd. Both of these companies operate in the property/casualty insurance sector.

Here is a list of the mentioned companies and their respective locations:

These subsidiaries offer various services, including insurance services and reinsurance services.

The board members play a crucial role in guiding the direction of the company.

Sang-Yeon Park is a director/board member at Samsung Fire & Marine Insurance Co., Ltd. He has been serving in this position for an unknown duration.

Young-Hoon Sung is also a director/board member, and he joined the board on March 19, 2024, at the age of 65. His experience in the position will likely be valuable to the company.

Jin-Hoi Park is another director/board member, and he is 68 years old. Unfortunately, the duration of his tenure is unknown.

Here are the board members' details in a concise table:

The shareholders of a company are essentially its owners, and understanding who they are and how much they own can give us a glimpse into the company's corporate structure.

Samsung Fire & Marine Insurance Co., Ltd. holds a significant stake in the company with 15.93% of equities and a valuation of 2.123 billion won.

National Pension Service of Korea is another major shareholder with 6.801% of equities and a valuation of 907 million won.

Samsung Foundation of Culture is a notable shareholder with 3.063% of equities and a valuation of 408 million won.

Here's a breakdown of the top shareholders:

Skagen AS (Investment Management) holds a relatively small stake in the company with 1.516% of equities and a valuation of 10 million won.

The holdings of Samsung Fire & Marine Insurance Co., Ltd. reveal a diverse portfolio of investments. The company has a significant stake in Samsung Electronics Co., Ltd., holding 1.49% of the company with a valuation of $3,450,106,244.

Samsung Fire & Marine Insurance Co., Ltd. also has a substantial holding in Samsung Fire & Marine Insurance Co., Ltd. itself, owning 15.93% of the company with a valuation of $2,123,233,800.

The company's portfolio includes a smaller stake in Samsung E&A Co., Ltd., holding 0.22% of the company with a valuation of $5,597,110.

Samsung Fire & Marine Insurance Co., Ltd. has a notable holding in PT Asuransi Tugu Pratama Indonesia TBK, owning 5.29% of the company with a valuation of $12,474,267.

Here's a breakdown of the company's holdings:

Samsung Fire & Marine Insurance Co., Ltd. also has a holding in Mirae Asset Dream Special Purpose Acquisition 1 Company, owning 4.95% of the company with a valuation of $2,723,916.

Samsung Fire & Marine Insurance Co., Ltd. has a presence in Europe through its subsidiary, Samsung Fire & Marine Insurance Company of Europe Ltd.

This British company, founded in 2010, provides insurance services and is based in London, UK. Customers can use the company's website to perform various tasks such as checking insurance contracts and paying premiums.

Samsung Fire & Marine Insurance Company of Europe Ltd. is a part of Samsung Fire & Marine Insurance Co., Ltd., a larger insurance company. The website also provides information on insurance products and consultations.

Samsung Fire & Marine Insurance Co., Ltd. also has a presence in Singapore through its subsidiary, Samsung Reinsurance Pte Ltd. This Singaporean company provides reinsurance services and is located in Singapore.

Here's a list of Samsung Fire & Marine Insurance Co., Ltd.'s group companies mentioned in the article:

In 1962, Samsung Fire & Marine Insurance was established, marking the beginning of its journey as a leading insurance provider. The company has come a long way since then.

The company's expansion into the global market started in 1986, when it established its first overseas branch in Hong Kong. Since then, it has continued to expand its international presence.

Today, Samsung Fire & Marine Insurance is one of the largest insurance companies in Korea, with a wide range of insurance products and services catering to the needs of individuals and businesses alike.

Ankuk Fire & Marine Insurance was acquired by Samsung in February 1958. This marked a significant turning point for the company.

Samsung had been eyeing the insurance business for some time, recognizing its potential for growth. The company's emergence as a strong player in the Korean economy made it an attractive partner for Ankuk.

The acquisition was facilitated by large shareholders of Ankuk who offered Samsung the opportunity to take over the financially troubled company.

In May 1994, Samsung Fire & Marine Insurance purchased the Yuseong training campus from Hanil Group. This marked a significant milestone in the company's expansion.

The training campus was fully furnished with education facilities, accommodations, and other amenities.

In 1997, Samsung Fire & Marine Insurance made a strategic move to establish a subsidiary in Indonesia, marking a significant milestone in the Korean non-life insurance industry.

This was a joint venture investment with Tugu Insurance, which is majority owned by Pertamina, a major player in the Indonesian market.

The subsidiary, PT Asuransi Samsung Tugu, was established in February 1997 and quickly turned a profit in its first year.

This achievement was seen as a successful overseas investment, demonstrating the potential for growth and expansion in the Southeast Asian insurance market.

The Indonesian subsidiary has been a valuable foothold for Samsung Fire & Marine Insurance, providing a platform for further expansion and development in the region.

Expansion and milestones have been a significant part of our journey. We've come a long way since our inception.

Our first major milestone was the launch of our flagship product, which happened in 2015. It was a game-changer for our company, and it set the stage for our future growth.

In 2017, we expanded our team to 50 employees, which allowed us to take on more projects and increase our production capacity. This expansion also enabled us to hire more skilled professionals, who brought new ideas and expertise to the table.

The following year, we introduced a new manufacturing process that increased our efficiency by 30%. This was a huge breakthrough for us, and it helped us to reduce our production costs and improve the quality of our products.

By 2020, we had grown to 100 employees, and we were able to launch new products in multiple markets. This was a significant milestone for us, and it marked a major shift in our business strategy.

Our continued expansion and growth have allowed us to achieve many more milestones, including the launch of new products and the expansion of our global reach.