SGIC (Seoul Guarantee Insurance Company) holds SGI WAY 2030 Proclamation and 54th Anniversary

Full procedures initiated for a successful IPO this year

SEOUL, South Korea, Feb. 17, 2023 /PRNewswire/ — The Seoul Guarantee Insurance Company (SGIC) held the “SGI WAY 2030 Proclamation Ceremony and 54th Anniversary” on February 17 (Friday).

The company founding anniversary event, held at the headquarters in Jongno-gu, Seoul, was attended by around 2,000 managers and employees, as well as government officials online and offline, to commemorate the footsteps of SGIC and discuss mid- to long-term management strategies for exchange a new leap forward into the future.

At the SGI WAY 2030 proclamation ceremony, CEO Kwang-Yeol YOO announced his plan to transform SGIC, Korea’s representative company, into a “digital-based global platform company” by systematizing the GDP (Global, Digital, Partnership) strategy as Journey to 2030 .

In particular, the company’s strategic direction of discovering various growth opportunities through the promotion of digital competitiveness as a new core competence as well as through the global hub expansion and value creation through continuous external cooperation became clearer. SGIC plans to create a super gap in the existing market while strengthening sustainability by entering new markets and new business areas.

Established in 1969 as the first specialized guarantee insurance company in Korea, SGIC is the largest general guarantee institution in Korea with an annual guarantee of 323 trillion won (US$255 billion). Various guarantee products have been introduced over the past 54 years, including various performance guarantees, installment purchase guarantee insurance and mobile phone credit insurance.

At the end of 2022, the guarantee balance was about 452 trillion won (US$356 billion), maintaining a high annual growth rate, and the net profit for the current period is about KRW 560 billion (US$442 million), an increase more than 20% compared to the previous year. Return on assets (ROA) was 5.8% last year compared to 3.8% in 2020 and 4.8% in 2021, more than five times the average of domestic non-life insurance companies (ROA of about 1.1%, as of the third quarter). from 2022)

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SGIC not only boasts the highest profitability, but also boasts excellent financial health such as: B. the solvency margin and the earned loss ratio. It has an A+ rating from S&P and an AA rating from Fitch, ensuring international recognition.

SGIC is preparing for an initial public offering (IPO) on the domestic stock exchange this year. Although the internal and external environment is challenging, it is considered one of the best IPO stocks in Korea given the dominant position, risk management and underwriting expertise, and active dividend payout ratio that have been established in the domestic warranty insurance market for over 50 years in 2023.

Beginning with Overseas Business Briefings (NDRs) in Hong Kong and Singapore in March, SGIC will bring its competitive and investment highlights directly to institutional investors, while generating strong interest from related industries.

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