Samsung Life and Fire's GA Subsidiaries Surpass 100 Billion KRW in Revenue for the First Half of 2023: The Secrets Behind Their Success

Samsung Life and Samsung Fire’s GA subsidiaries have achieved a significant milestone by surpassing 100 billion KRW in revenue for the first half of 2023

Samsung Life and Samsung Fire’s GA subsidiaries have achieved a significant milestone by surpassing 100 billion KRW in revenue for the first half of 2023. These two General Agencies (GA) have strengthened their sales force and built robust support systems to reach this record-breaking performance. This blog post delves into the key factors behind their success and what lies ahead for these companies.

Samsung Life and Samsung Fire’s GA subsidiaries have shown remarkable performance in the first half of 2023. From January to June, the combined revenue of Samsung Life Financial Services and Samsung Fire Financial Services reached 101 billion KRW, marking an 18.5% increase compared to the same period last year. This achievement represents the highest revenue ever recorded by these subsidiaries in a half-year period.

Established in 2015 and 2016 respectively, Samsung Life Financial Services and Samsung Fire Financial Services have steadily grown over the years. In the first half of this year, Samsung Life Financial Services posted a revenue of 46.8 billion KRW, while Samsung Fire Financial Services recorded 54.2 billion KRW, representing growth rates of 20.3% and 17.1%, respectively.

A major factor contributing to this success has been the expansion of their sales force and the development of their sales support systems. Both GAs have increased their number of insurance agents, enhancing their overall sales capacity. As of the end of 2022, the total number of agents for these subsidiaries reached 7,070, a 6.1% increase from the previous year. Notably, Samsung Fire Financial Services saw an impressive 8.1% growth in its agent numbers.

Samsung Fire Financial Services has also expanded its partnerships beyond Samsung Fire and Samsung Life, forming alliances with various non-life and life insurance companies. This strategic move has diversified their product offerings, allowing them to cater to a broader customer base and strengthening their competitive edge in the market.

Furthermore, Samsung Fire Financial Services received a 30 billion KRW investment from its parent company, Samsung Fire, to upgrade outdated IT equipment and improve the support systems for its agents. These enhancements have significantly boosted the efficiency of their sales operations.

If this positive trend continues, the combined annual revenue of the two GA subsidiaries is expected to reach a new record, potentially surpassing 200 billion KRW by the end of the year.

Samsung Life and Samsung Fire’s GA subsidiaries have achieved a significant milestone by surpassing 100 billion KRW in revenue for the first half of the year. Their success can be attributed to strategic initiatives such as increasing their sales force, developing robust support systems, and diversifying their product offerings through partnerships. As these GAs continue to grow, they are poised to solidify their position in the competitive insurance market.