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, travel, professional indemnity and home contents Insurance, 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.

On behalf of the management of Polestar Insurance Company and myself, it is my honor and a privilege for me to present you with 2024 Annual Report and Financial Statements for the financial year ended 31st December 2024.

The year behind was marked with both challenges and triumph. Floods hit some areas of the North Phyongan, Jagang and Ryanggang provinces, which restrained the obstacles in the way of normal development and advance of the state work. But the remarkable achievements have been witnessed in this year’s struggle to firmly keeping overall growth trend of the national economy and further improve the material and cultural life of the people.

The material and technical foundations for guaranteeing the growth of production have been further strengthened in various sectors of the national economy and the first completed entities have been simultaneously produced in twenty cities and counties throughout the country for implementing the Regional Development 20×10 Policy to provide cities and counties across the country with the basic material and technical foundations strong enough for their diversified and independent development in the next ten years. In particular, the recovery from flood damage has been finished within the fixed period in 2024, thus ensuring a normal and stable life of the people in the flood-hit areas. Many monumental project including the capital and rural houses, Kangdong General Greenhouse Farm and Sinpho City Offshore Farm as a model base for offshore cultivation has been built to create a favorable environment for the economic development and the people’s stable life.

The year 2024 was a year when all the staff of the Company displayed their utmost dedication and professionalism and marked strategic growth and proportionate development.

During the year 2024, the Company achieved gross premiums income totaling KPW 4,669,984,219 in 2024 from KPW 4,143,580,936 in 2023, a year-on-year increase of 12.7%, which brings about an increase in net premium income by 6.68% to KPW 4,295,421,404 from KPW 4,026,410,195 over the previous year. The Company incurred net acquisition costs of KPW 515,962,463, an increase of KPW 130,235,913 due to increase of risk survey fee and agency commission. The operating expenses amounted to KPW 189,015,154, increased by KPW 52,601,627. Our Claim payment for the year 2024 recorded 84% increase of KPW 2,102,624,433 compared to KPW 1,140,911,515 in 2023.

Profit before payment to state decreased by 37.1% from KPW 2,458,009,581 to KPW 1,547,329,874. The Company posted net profit of KPW 1,160,497,406, down KPW 683,009,781 from 2023. Net profit was 37.1% below the previous year’s record level, thereby representing the second-best results in the history of the Company. These results can be attributed primarily to a substantial improvement in the combined ratio, which was over that of the previous years.

Total assets also experienced healthy growth, rising by 10.5% year-on-year to KPW 13,651,685,677 compared to KPW 12,353,940,857 in 2023. The total equity amounted to KPW 11,902,127,138 on 31st December 2024, which was an increase of 9.3% over the previous year.

- 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.

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.

"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
- Technological innovation
- Fresh idea & approach

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.