K N I C

ABOUT US

Founded in 1947, Korea National Insurance Corporation has been operating Life and Non-Life insurance business activities in the Democratic People’s Republic of Korea for over 70 years till today.
Headquartered in Pyongyang, a capital city of the DPRK, the Corporation has about 10 provincial insurance branches and over 200 insurance branches in municipalities (districts) and counties across the country.
Mainly carrying out an insurance business activity, the Corporation has been conducting a variety of non-insurance business activities as well, including an investment business and the operation of an information technology enterprise.
All operational activities of the Corporation are carried out under the guidance and supervision of State Insurance Committee and Insurance Law and Rules of the State.
The Corporation is making great efforts to actively contribute to the economic development of the country and the stability and enhancement of people’s living by developing new insurance products and innovatively updating the terms and conditions of insurance coverage in line with the requirement of a developing reality where an economic link between economic sectors is further intensified and the economic construction of socialism is waged with great vigor under today’s environment where an overall development of socialist construction is being pushed ahead. In particular, the Corporation is focused on making all insurance business activity further modern and information-based in line with the trends of insurance development of the world where achievements of up-to-date science and technology including artificial intelligence are being actively introduced.
Against the prolongation of a worldwide healthcare crisis the Corporation is making all possible efforts to satisfactorily perform its mission and duty as an insurance organization in promoting the economic development of the country and stabilizing and enhancing people’s living by further actively waging its insurance business activity.

Foundation of the Corporation

Korea National Insurance Corporation was founded in July, 1947 and has been carrying out Life and Non-Life insurance business activities in the DPR Korea for over 70 years.

Mission

The Korea National Insurance Corporation takes it as its principal mission to stabilize and improve peoples’ living and to support social economic development through its insurance activities.

Structure

The Corporation head office has the operational departments dealing with Life and non-Life insurance operation, as well as insurance branch offices across the country.

Executive Committee of Management

Hong Myong Ryong

ECM Chairman

Mr.Hong Myong Ryong, has been working with the Corporation since 1993 and directs the general operation of the Corporation as the ECM Chairman since 2014.

Mr.Kim Yong Gwon, the ECM Deputy-Chairman, has been working with the Corporation since 1999 and directs the operation of non-insurance firms of the Corporation.

Kim Yong Gwon

ECM Chairman

Ko Su Gil

ECM Member

Mr. Ko Su Gil, an ECM member, has been working with the Corporation since 1985 and is responsible for studying the domestic insurance business and world insurance markets and drawing up and submitting a prospective insurance business action plan of the Corporation.

Mr. Kim Chol Yong, an ECM member, has been working with the Corporation since 1999 and is in charge of Corporation’s financial accounting and auditing.

Kim Chol Yong

ECM Member

Yun Jin

ECM Member

Mr. Yun Jin, an ECM member, has been working with the Corporation since 1994 and directs Corporation’s insurance business for Rason Economic Trade Zone, newly developed economic zones and foreign entity-invested enterprises.

NEWS

The Corporation will further widen the range of its overall insurance business including the insurance products newly introduced in recent years to increase the companywide premium income and improve the qualitative aspect of insurance products and thus attain the annual net profit goal by insurance service activity. In addition, the Corporation plans to add and update the functions of insurance business program applications and further perfect the integrated insurance operation management system and electronic insurance service system for the improved scientific, accurate and prompt insurance service.

Welcome to KNIC

We will always be with you as a kind and benign friend.

FINANCIALS

The consolidated financial statements of Corporation have been prepared in accordance with the requirements of Accounting Law and its relevant regulation of the DPRK and the accounting principles generally accepted in the country

GWP 48 274

Net Worth 131 040

Net Profit 7 205

In KPW million