6th October 2016
Samhae Insurance Company was incorporated subject to the approval of the State Insurance Commission.
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Vision
To be the first choice provider of insurance service in the country and become a world-class insurer with special expertise and high reputation -
Mission
To satisfy the customers’ needs of insurance, relieve anxiety and contribute to the sustainable growth of the insurance industry -
Core Values
Excellence, Flexibility, Professionalism, Responsibility, Integrity
About US
Samhae Insurance Company, as a specialist marine, aviation and liability risk underwriter, provides bespoke insurance solutions to fit your needs.
Samhae is fortunate to have such highly skilled underwriting teams well equipped with extensive expertise and considerable experiences over the years and they are recognized as specialists in marine and aviation field by brokers, agents, clients and partners.
Rated a corporate entity solid in financial strength and stable in creditability by the Ministry of Finance, Samhae offers financial security to its clients in various fields.
Samhae has developed business relationships with brokerage firms and other (re)insurance companies at home and abroad to conduct insurance and reinsurance business on a global scale.
The Company has delivered customized insurance solutions to meet the clients’ needs resting on specialists’ expertise and rich practical experience and thus has built up a solid corporate reputation in the domestic and international market.
Clients choose to work with us because they rely on our ability to fulfil our commitments, to deliver insurance solutions that best serve their needs and to develop long-standing relationships.
Mission
To satisfy the customers’ needs of insurance, relieve anxiety and contribute to the sustainable growth of the insurance industry
Vision
To be the first choice provider of insurance service in the country and become a world-class insurer with special expertise and high reputation
Core Values
Excellence, Flexibility, Professionalism, Responsibility, Integrity
Why Samhae Insurance?
The economic outlook of the Company looks quite good as it is run by the rich human resources involving the excellent insurance experts while it pursues the most effective business and management strategies in dong business.
The insurance service of the Company is readily accessible to all of our clients everywhere in the country at any time since it has built up an elaborate distribution network of a number of local branches and agents.
The information technology-oriented service level of the Company is becoming increasingly sophisticated with the help of the latest science and technology such as mobile communication technology and computer network technology.
The Company is expanding its footprint in the international insurance market and is forming a cooperative relationship with a number of market players including brokerage firms, insurers and reinsurers on the globe.
Company Profile
- 6th October 2016
- Haebangsan-dong, Central District, Pyongyang, DPR Korea
- BH10510061
- KPW 3,000,000,000
- 127 employees
- Insurance and Reinsurance
- Marine, Aviation and Liability
- 10 branch offices in major local cities
Management Structure of the Company
Branch Offices
Historical Points
2017
The Company opened up 6 branch offices in the local cities.
1st November 2018
The Company commenced ceding marine facultative reinsurance to the foreign market for the first time since its operation.
19th December 2018
The Company opened its website on the Internet.
2018
The Company extended 4 more branch offices in the country.
25th March 2019
Samhae Insurance Company made an agreement with a foreign survey and loss adjusting company to appoint the latter as the international loss adjuster.
2nd May 2019
The Company began to release its Annual Report.
16th September 2019
The Company issued a P&I policy for the risks originating from abroad for the first time in its history.
28th February 2020
The Company was awarded a good credit rating from the Ministry of Finance.
9th March 2021
The Company signed a Reinsurance Service Level Agreement with a foreign partner.
26th December 2022
Samhae Insurance Company commenced selling cargo insurance policies for the customers at abroad.
Our Products
Insurance
Reinsurance
Other Services
PublicationKey financial figures
KPW (‘000)
| 2023 | 2022 | Change(%) | |
|---|---|---|---|
| Total assets | 5,611,034 | 4,899,468 | 14.52 |
| Total liabilities | 550,246 | 460,172 | 19.57 |
| Total equity | 5,060,788 | 4,439,296 | 14.00 |
| Gross premiums written | 1,684,480 | 1,425,517 | 18.17 |
| Net underwriting result | 1,017,959 | 551,931 | 84.44 |
| Profit/loss for the period/year | 621,493 | 280,939 | 121.22 |
2023
2022
The Latest News
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Credit rating
Samhae was awarded a certificate of Credit Rating by the Ministry of Finance and recognized as a corporate entity solid in financial strength and stable in creditability.
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Motor carrier’s liability insurance
Samhae was permitted by the State Insurance Commission to conduct Motor Carrier’s Liability Insurance business.
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Appointment of New CEO
The new CEO Kim Myong Il, appointed by the Executive Committee of Management of Samhae has taken office.
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Reinsurance Service Level Agreement
The Company signed a Reinsurance Service Level Agreement with a foreign partner.
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Terms of Business Agreement
The Company entered into a Terms of Business Agreement with a foreign consultant in relation to cooperation in arrangement of insurance coverage.