The financial information contained herein has not been completely reviewed by our

external auditor. Therefore, no assurance is provided that our financial statements are

fully accurate, and thus our final reviewed statements may differ from the figures

provided in this presentation.

This presentation may include forward-looking statements that reflect prevailing

conditions and the views of management as of the date hereof, all of which are subject

to change. Forward-looking statements are based on a number of estimates and current

assumptions which are subject to business, economic and competitive uncertainties and

contingencies as well as various risks and these may change over time and in many

cases are beyond the control of the Company. No assurance can be given that future

events will occur, that the forward-looking statements will be achieved, or that the

Company's assumptions are correct. Accordingly, actual results may differ materially

from those contemplated by the forward-looking statements.

Total Assets 281,488 289,600 (+2.9%) 282,714 289,600 (+2.4%)

Invested Assets 227,665 234,456 (+3.0%) 228,698 234,456 (+2.5%)

Shareholder’s Equity2 30,867 29,420 (-4.7%) 29,359 29,420 (+0.2%)

RBC Ratio 330% 317% (-13%p) 318% 317% (-1%p)

VoNB (Value of New Business)

309 333 (+7.8%) 912 903 (-0.9%)

APE (Annualized Premium Equivalent)

725 683 (-5.8%) 2,238 2,041 (-8.8%)

Protection APE 449 459 (+2.2%) 1,211 1,329 (+9.8%)

NBM (New Business Margin)

42.6% 48.7% (+6.2%p) 40.7% 44.3% (+3.5%p)

Total Premiums1 5,440 5,258 (-3.3%) 16,576 15,821 (-4.6%)

Net Profit2 320 280 (-12.7%) 1,267 1,726 (+36.2%)

- 5 -

(KRW billion)

1. Excludes corporate pension and retirement insurance

2. Excludes non-controlling interests

- 7 -

3Q 2017 Change in

product P/F

Change in

product

mix,etc.

Change in

economic

assumptions

3Q 2018

+3.4%p

+6.2%p

New Business Margin

- 7 -

+8.1%p

(Restated) 2

-5.3%p

Protection P/F

: 62% → 67%

NIER assumption

: 4.0% → 3.6%

3Q 2017 Change in

new business

volume

Change in

new business

margin

3Q 2018

-19

(KRW billion)

Value of New Business

333 +43

+7.8%

309

(Restated) 1

VoNB up +7.8%, driven by NBM improvement

Includes negative -22bn

impact from lowered

NIER assumption

NBM growth backed by profitability-focused sales strategy, despite the lower NIER assumption

1 Restated by applying actuarial/economic assumptions at the end of FY17 2. Restated by applying actuarial/economic assumptions at the end of FY17

255 283 300

218

282 292 334

46 21 12

9

5 3

10

-5 -5 -5 -4 -6 -5 -6

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

Protection

Annuity

Savings

IndirectCosts

333

Quarterly VoNB 1 Trend

- 8 -

298 304 309

222

282

283

+6.2% (KRW billion)

288

301

Quarterly VoNB growth continued after a temporary drop in 4Q 2017

NIER 4.0% NIER 3.6%

3Q VoNB reached robust QoQ growth of +15.5%

+15.5%

1. FY17 quarterly VoNB restated by applying actuarial/economic assumptions at the end of FY17

FY18 quarterly VoNB restated by applying economic assumptions at the end of September 2018

449 459

106 113

171 111

3Q 2017 3Q 2018

Protection (Health) Annuity Savings

300 334

12

10

-5 -6 3Q 2017 3Q 2018

Protection Annuity Savings Indirect Costs

VoNB by Product

- 9 -

3

309

(KRW billion)

APE by Product

(KRW billion)

725

-6

333

+11.4%

(Restated) 1

-5.8%

683

(137) (159) +15.8%

Protection VoNB up +11.4%, driven by a +15.8% increase in high margin Health APE

1. Restated by applying actuarial/economic assumptions at the end of FY17

255 219

276 208

274 279 283

44 43

36

37

34 24 16

88 113

137

100

132 127 159

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

Health

CriticalIllness

Whole life

Protection APE Trend

66%

76% 67%

63% 64% 68%

73%

Protection NBM

- 10 -

(23%)

(30%)

(31%)

(29%)

(30%) (30%)

Protection APE Breakdown / NBM

(KRW billion)

387 375

449

345

440 430

(%: proportion within

Protection P/F)

459

(35%)

Health APE expansion backed by launching new products with our strong exclusive channel (35% within Protection P/F)

Protection NBM reached 73% due to strong sales of high margin Health products

1. FY17 quarterly VoNB restated by applying actuarial/economic assumptions at the end of FY17

FY18 quarterly VoNB restated by applying economic assumptions at the end of September 2018

78% 78% 76% 81% 80%

76% 76%

Share of exclusive agent APE within Protection APE

303 290 340 278 351 327 348

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

53 46 49 37 48 50 57

25 26 46

27 36

49 49

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

Exclusive Non-exclusive

APE Breakdown by Distribution Channel

- 11 -

(3Q 2018, KRW billion)

(KRW billion)

(60%)

(2%)

(19%)

(19%)

GA Channel Protection APE

(KRW billion)

Exclusive Agent channel Protection APE

79 95

64 84

106

72

399

136

134

13

Exclusive Agent GA

Bancassurance Others

683

(58%)

(2%)

(20%)

(20%) 99

Maintained focus on Exclusive Agent channel (58% of total APE)

Responded to GA market expansion focusing on Protection sales while maintaining profitability

Corporate Pension Market Share

DC/IRP Customer Trend

* Source: company disclosures (as of September 2018)

110 128

50 54

Sep 2017 Sep 2018

IRP

DC

(customers, thousands)

182 160

+16.3%

- 12 -

13.0%

9.7% 8.9% 7.4% 6.8%

SamsungLife

A B C D

17.2 18.1

2.5

3.2 1.0

1.1

Sep2017

Sep2018

IRP

DC

DB

(KRW trillion)

Corporate Pension Reserves

22.4

20.6

Maintain market dominance in DB market

+28.9%

+8.7%

+14.0%

Reserves and customer growth trend accelerated, due to dedicated FCs targeting the DC market

Invested Assets (Non-Consolidated) Bond Portfolio

2.5% 2.2%

17.5% 15.5%

3.1% 4.0%

20.9% 22.0%

55.2% 55.2%

Sep 2017 Sep 2018

Cash &Equivalents

Bonds

Loans

BeneficiaryCertificates

Equity

Real Estate

(KRW trillion)

209 205 +2.0%

+13.7%

77.2%

0.8%

- 14 -

36.7

7.6

13.1

57.9

115

Loan Portfolio

15.5

13.4

1.7

15.3 46

(KRW trillion)

(KRW trillion)

1.0%

Maintaining stable investment portfolio centered on interest-earning assets i.e. bonds and loans

Expanded foreign currency bonds(+13.7%) and corporate loans(+13.2%) to enhance investment yield

Government

& Public Bonds

Government

Agency Bonds

Corporate

Foreign currency bonds

11.5 13.1

+13.2%

13.5 15.3

Policy

Residential

Mortgage

Household Credit

Corporate

Sep 2017

Sep 2018

Sep 2017

Sep 2018

Loans 4.2% 4.2% 4.1% 4.3% 4.3% 4.5% 4.4%

Foreign

Currency Bonds 2.7% 2.8% 2.9% 3.1% 3.1% 3.0% 2.9%

Domestic

Bonds 2.3% 2.4% 2.4% 2.5% 2.7% 2.8% 2.5%

New Investment Breakdown

38.7 35.4 28.2 32.2

39.6 38.3 38.6

19.6 17.5

17.7 8.6

15.9 16.4 18.5

41.7 47.2

54.1 59.1

44.6 45.3 42.9

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

Loans

Foreign currency bonds

Domestic bonds

(%)

- 15 -

3.2 3.3 3.4

3.6 3.5 3.6

3.4

2.2 2.2 2.3 2.5

2.7 2.7 2.5

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

New investment yield

10-yr KTB (average)

(%)

New investment yield declined by -20bps QoQ, due to drop in market interest rate and decrease in Loan P/F

New Investment Yield

(3.4) 1

Investment Income Trend

- 16 -

1,378 1,387 1,409 1,416 1,392 1,415 1,437

562

115 143 132 537

232 226

123

1,243

1Q 2017 2Q 3Q 4Q 1Q 2018 2Q 3Q

기타손익

매각손익

배당수익

이자수익

(KRW billion)

Investment Yield

(%)

-29 -8

22

-65 -51

-9 -72 -52 -18 -116

1,998

1,442 1,505 1,380

1,942

2,818

2

Other

income

Interest

income

Dividend

income

Disposal

gain

-32

1,678 47

1. Investment yield excluding disposal gains(Pre –tax, KRW 1.09tn) from sales of Samsung Electronics shares 2. Other income: Administration expense, rental income, valuation profit/loss etc.

4.1

2.9 3.0 2.7 3.8

5.5

3.3

3Q investment yield improved by +30bps YoY to reach 3.3%, due to increase in affiliate dividend income

575 744

FY16 FY17 1~3Q 2018

44.2% 42.8% 41.3% 40.5%

55.8% 57.2% 58.7% 59.5%

Dec2015

Dec2016

Dec2017

Sep2018

- 17 -

143 152

160 165

(KRW billion)

Reserve Composition

Non-interest Investment Income2

(KRW trillion)

Floating

-rate

reserves

Fixed

-rate

reserves

3.0%

6.5%

1

1 771

1~3Q

3.78% 3.74% 3.69% 3.69% 3.66% 3.63% 3.59%

4.51% 4.48% 4.46% 4.43% 4.44% 4.42% 4.44%

Mar '17 Jun '17 Sep '17 Dec '17 Mar '18 Jun '18 Sep '18

-77 -73 -74 -74 -78 -79 -85bp

Average reserve interest rate

Yield on interest-earning assets

Reserve Coverage

2,195 3

Negative spread temporarily widened due to the rise in reserve interest rate caused by the affiliate share sale

Continuing efforts to ease negative spread burden by expanding non-interest investment income

1. Average reserve interest rate by type 2. Non-interest investment income = Investment Operating Revenues - Interest Income - Investment Operating Expenses 3. Includes disposal gain(KRW 1.09tn) from sales of SEC shares

5,249 5,182 5,219 5,091 5,048 5,025 4,982

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

7.1% 6.9% 6.9%

8.2% 7.8%

7.1% 7.0%

961 973 983 990 996 1,003 1,017

1Q2017

2Q 3Q 4Q 1Q2018

2Q 3Q

(%)

Expense Rate 1 / Adjusted Total Premiums Loss Rate 2 / Risk Premium

- 19 -

82% 75%

86%

72%

84% 80% 82%

(KRW billion)

(%)

(KRW billion) + 3.5 % -4.5%

Expense rate stabilized at a lower 7% level thanks to cost efficiency measures

Loss rate suffered from the extraordinary payment of quasi-cancer claims, despite the continuous risk premium growth

1. Expense rate = maintenance expense / adjusted total premiums (ATP)*

* ATP excludes corp. pension & retirement insurance and reflects 1/10

of single premiums

2. Loss Rate = (net amount at risk* + waiver of premium + reinsurance expense)

/ risk premium

* net amount at risk = claims paid – reserve at time of payment

320

-101

390

1,056

280

3Q2017

4Q 1Q2018

2Q 3Q

346 407

346 358 353

3Q2017

4Q 1Q2018

2Q 3Q

(KRW billion)

Net Profit

- 20-

(KRW billion)

Insurance Profit 1

+2.2%

3Q insurance profit increased +2.2% YoY, due to the temporary expensing of acquisition cost

Net profit fell -12.7% due to the decrease of profit from variable insurance guarantee option reserve and contribution from consolidated subsidiaries

-12.7%

• Expense of acquisition cost exceeding deferred

acquisition cost limit KRW -22bn

• Accumulated claims payment on quasi-cancer KRW -18bn

’18.3Q Notable Items

• Contribution from consolidated entities KRW +96bn

(After-tax, YoY KRW -23bn)

• Profit from variable insurance guarantee option reserve

KRW +30bn (Pre-tax, YoY KRW-26bn)

• Reversal of participating policyholders’ dividend reserve

(Samsung Electronics share sale) +37bn (Pre-tax)

’18.3Q Notable Items

Dec2017

Net Profit OtherComprehensive

Income

Dividend Sep2018

37.0 36.6

Dec2017

Sep2018

Available Capital Required Capital

(KRW trillion) 318% 317%

+0.2%

(KRW trillion)

Shareholder’s Equity RBC Ratio

11.6

+1.7 29.4

-1.3

29.4

- 21 -

11.5

-0.4

Shareholder’s equity remained at a similar level of Dec 2017, due to a decrease in valuation gains on SEC share price

Maintained stable RBC ratio of 317%

* Excludes non-controlling interests