Message from our CEO
Human Resources Practices
Vision & Attitude
Polestar Insurance Company was established against a background of dynamic growth in national economy, with forward momentum gathered over recent years, followed by rise in the need of individuals and entities for secure and wider insurance coverage combined with heightened insurance awareness among the community.
Polestar’s cover initially comprised fire, engineering and credit, but thus far has been extended to further interests like crop, fruit, aquaculture and travel, thereby ever broadening our overall customer base and market share.
With ethical standards such as honesty and equal opportunity flowing into its every business decision, Polestar has built its early reputation among the masses and has grown into a prominent player on its values of expertise, quality and sustainability under direct supervision of experienced and skilled team leading qualified underwriters with professional career.
Polestar is determined to live up to the expectations of people and entities, and repay them for every support they have lent to our development by delivering “Insurance for the Masses” in all days to come.
Message from our CEO
Dear Ladies and Gentlemen,
On behalf of Polestar Insurance Company, I am pleased to present the Annual Report of the Company for 2022 with the Financial Statements as of 31st December 2022.
The year 2022 was a year of significant achievement in the economic construction and improvement of the people’s livelihood in our country.
The most noteworthy successes were made in the construction section including the outstanding accomplishments in the Hwasong area and the Ryonpho area which came to symbolize the people’s struggle throughout the year. In addition, they completed a lot of objects of critical importance in developing the national economy and improving the people’s living standards.
We witnessed a bold step forward in the struggle to realize the Party’s new policy on rural reconstruction in which a number of model dwelling houses were built in every city and county in accordance with the requirement of new era. Particular efforts were also directed to improving the economic management, fostering the national ability to cope with epidemic disease and updating the cultural standard across the country.
The Company achieved a significant growth in business with net profit (before payment to state) boosted to KPW 999 million last year compared to KPW 633 million in 2021. During the year under review, the gross premium written amounted to KPW 3,923 million which is a 9.3% higher than KPW 3,588 million in the previous year. The net profit increased by 69% from KPW 443 million in 2021 to KPW 749 million.
The claims paid totaled KPW 2,207 million in 2022, which showed a 16.4% decline when compared to the previous year while the loss ratio decreased to 60.95% from 75.84% in 2021.
Having adopted it as a duty to make claim payments fully and timely to its policyholders, the Company attained this goal once again last year.
The total equity brought about a slight increase to KPW 9,198 million from KPW 8,584 million in the preceding year. The total assets recorded a 10% rise to KPW 10,730 million from KPW 9,748 million in 2021.
The Company remained loyal to the customer-oriented attitude integrity in its insurance contracts and indemnity over the past year, thereby expanding the number of customers and improving the Company’s brand image.
The Company took an active part in the on-line international conferences on insurance and reinsurance to identify the global trends in insurance and reinsurance and take advantage of them to grow business as well as to strengthen cooperation with the insurance and reinsurance companies worldwide.
In order to keep up with the latest technical developments, the Company coordinated the intranet system between the head office and the branch offices. We also made sure that all the members of staff took part in various training programs to improve their professional knowledge in accordance with the Company’s plans to help everyone work on their own with professionalism and rich experience.
All the achievements we made last year are a testimony to the Company’s quality service and high rank as a major provider of insurance in the domestic market.
The Company intends to ensure the continuous growth of premium income through market expansion, rational management and innovative approach to insurance service. Moreover, we will make the current intranet system more comprehensive and substantiate our development on the strength of science and technology, which we believe will help improve further scientific accuracy, correctness and promptness of insurance business.
Summing up the overall performance of the Company’s annual activities, I, on behalf of the Executive Committee of Management, wish to acknowledge the support of all our business partners and clients at home and abroad for the progress and development of the Company all year round.
I would also like to send my best wishes to the Company’s management and staff members for their dedication to the job which contributed to the magnificent performance of the Company and look forward to further success in the years ahead.
CEO, Polestar Insurance Company
- Head office: Pyongyang
- Regional branches: 11(Pyongyang, Phyongsong, Sinuiju, Kanggye, Haeju, Sariwon, Wonsan, Hamhung, Chongjin, Hyesan, Nampho)
- Distribution channels: 108 local agencies active across DPRK
With its service network widened throughout the country, Polestar has made itself more proximate and accessible to applicants and consumers. It is tapping into this previously distant customer-base thus ever-broadening its experience at the same time.
Human Resources Practices
Polestar demonstrates high levels of appreciation and trust towards its employees, who with their diverse qualifications and personalities ensure our business' success.
Utmost importance is given to our employees as they are the ones to undertake the biggest duty in carrying out the key policies of our new business. For this reason, the primary goal of our human resources policy and practice is to identify our company's needs for personnel in line with its objectives and strategies and assist the creation of human resources that are open to change and are focused on the nearest success by recruiting high-quality people, motivating them, evaluating their performance, and encouraging interaction, communication and competition among individuals and groups.
We are running a system in which our employees are evaluated every month in line with specific performance criteria. On the basis of the results of these performance evaluations, an employee's training needs are identified and a career plan is developed.
Training has special importance at Polestar owing to the fact that, in line with the diversification of portfolio and distribution channels, increase in employment is expected to continue at a steady pace and new managerial positions need to be filled from within. Therefore, orientation training and basic insurance training are provided to new-hires; the training programs needed at any stage of their careers are identified for all employees so as to develop and equip them with the competencies called for by their positions and growing them into prospective pillars of Polestar.
Apart from managerial careers, Polestar also offers its employees to establish themselves within the company as experts.
We actively encourage intellectual curiosity at Polestar. We are proud to have innovative staff who are always open to new ideas and challenges.
Vision & Attitude
"When lost in the dark, you always need a GUIDING STAR!"
Choosing a name for itself "Polestar", the company has declared its business motto as above.
Our vision is to be the leading underwriter recognized for its professionalism, integrity and innovation, making the local market as its home ground with credible and quality service!
You can wait and witness Polestar playing a guiding role in the industry for bringing you protection you can trust and security you can rely on.
- Aspiration for greater successes
Polestar is a member of the Federation of Afro-Asian Insurers & Reinsurers "FAIR".
FAIR is a professional organization that is aiming at promoting cooperation among insurance and reinsurance companies in Africa and Asia through the regular exchange of information, expertise and the development of reinsurance relations.
Accessing FAIR, whose members are now more than 250 companies from 51 Afro-Asian countries, means increased opportunities for Polestar to expand its global presence and interaction with prestigious insurance and reinsurance companies and brokers from international markets.
Keeping steadfast pace in this evolving market, we are ready to reach out to all those who demand co-development in the same industry and we will always exceed expectations of all our clients and partners.