Korea National Insurance Corporation (KNIC), Korea National Insurance Corporation (KNIC), its corporate introduction

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Juche 103 (2014) was a year of brilliant triumph in which the foundations for hastening final victory on all fronts of building a thriving nation were consolidated firmly and the invincible might of the DPRK was demonstrated under the leadership of the Party.

Even in the difficult situation and adverse conditions last year, an upswing was brought about in production in different sectors including agriculture, fishery and chemical and coal-mining industries, opening up bright prospects for the building of economic giant and improvement of the people’s living standards.

The construction sector kindled the fierce flames for creating the Korean speed to build many monumental structures that serve as standards and models of Juche-oriented architecture including the Wisong Scientists Dwelling District, apartment houses for lecturers of Kim Chaek University of Technology, Yonphung Scientists Holiday Camp and October 8 Factory, thereby actually demonstrating the looks of the DPRK that is realizing its beautiful ideals.

Last year the Korea National Insurance Corporation made a great contribution to the stable development of the national economy and the improvement of people’s living standard and achieved a net profit of KPW 11 504.0 million in its overall operation.

During the period under review the Corporation wrote gross premiums of KPW 50 494.6 million, up 2.36% from the preceding fiscal year, achieving the operating result before payment to the State of KPW14 286.4 million in the insurance business.

The Corporation made active efforts to pay in time the losses from the natural event like unprecedented drought and unexpected accidents in all economic sectors including agriculture, construction, vanguard sectors and basic industries holding up the beacon of innovation and advancing under a slogan “Let us raise a fierce wind of making a fresh leap forward on all fronts of building a thriving country filled with confidence in victory!”.

In keeping with the developing reality, the Corporation introduced new insurance products including mobile phone insurance, located new risks for coverage and made vigorous efforts to further perfect its insurance business system from head office to branches and provide them with satisfactory working conditions.

In its investment business during the period under review the Corporation achieved a total income of KPW 4 331.8 million, up 3.20% from the preceding year and an operating result of KPW 3 632.1 million before payment to the State by making its continuous efforts for the investment business including finance, information technology, shipping, collaboration and joint venture, as well as for enhancing the qualification of staff engaged in these activities.

Juche 104 (2015) is a year of great significance which marks the 70th anniversaries of national liberation and the founding of Workers’ Party of Korea.

Under the stirring environment where all economic sectors are developing rapidly by dint of science and technology and an upturn in improving the people’s living standards and building an economic giant will be brought about with a maximum use of the existing foundation and all potentials of the self-supporting economy, the Corporation will credibly ensure a stable development of the national economy with more scientific and rational business strategy and achieve a rise in premium income by further improving its insurance service.

On behalf of Executive Committee of Management, on this occasion, I would sincerely thank all staff within the Corporation and its subsidiaries who actively contributed to its business development during the period under review. I would also extend my thanks to overseas business partners and international insurance organizations for their unreserved cooperation with the KNIC, wishing all of them greater success in 2015.


Yours Sincerely,

 

signature :
Hong Myong Ryong
Chairman of the Executive Committee of Management