Finance History | Samsung Life — Dongbang Life Before Taepyeong-ro
· 1957-4
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Finance History | Samsung Life — Dongbang Life Before Taepyeong-ro
kevin
People treat Samsung Life as a Seocho tower that always sat inside the group.
The first company was an independent insurer called Dongbang Life.
On 24 April 1957 Dongbang Life Insurance opened in Seoul.
Within eighteen months it held the largest book in the Korean life market.
Samsung Group took control in 1963.
The name changed to Samsung Life Insurance in July 1989.
For thirty-two years the headquarters stood on Taepyeong-ro, facing Namdaemun, until the firm sold that building in 2016 and moved staff into the Seocho campus Samsung Electronics had left.
The May 2010 listing was then the largest initial public offering in Korean market history.
The product remains life, health and annuity policies sold through a tied agency force, with the group's other financial affiliates nearby but separately listed.
The mechanism is the one Dongbang built in 1957: write the household policy first, then fold the float into the group's longer book.
Photo: central Seoul from the public street grid near Namdaemun, via Wikimedia Commons.
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