Samsung Fire & Marine Insurance Achieves S&P AA Rating, First Korean Private Firm

Samsung Fire & Marine Insurance (Samsung Fire) was upgraded by Standard & Poor's (S&P) to an AA long‑term insurance‑payability and issuer credit rating, moving up from AA‑. The rating places the insurer on par with South Korea’s sovereign credit rating and marks the first time a Korean private company has received an AA rating from a major global agency.

S&P highlighted Samsung Fire’s robust asset‑liability management, high capital adequacy after adopting IFRS 17, stable earnings, leading position in the domestic non‑life insurance market, and diversification through expanding overseas operations. The insurer said the rating reflects “global top‑level capital and risk‑management capabilities” and will support further capital needs for its international growth.