VoNB (Value of New Business) APE (Annualized Premium Equivalent) Protection APE (+2.2%) 1,211 1,329 (+9.8%) NBM (New Business Margin)

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2 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.

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5 VoNB (Value of New Business) APE (Annualized Premium Equivalent) (+7.8%) (-0.9%) (-5.8%) 2,238 2,041 (-8.8%) Protection APE (+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 Premiums 1 5,440 5,258 (-3.3%) 16,576 15,821 (-4.6%) Net Profit (-12.7%) 1,267 1,726 (+36.2%) Total Assets 281, ,600 (+2.9%) 282, ,600 (+2.4%) Invested Assets 227, ,456 (+3.0%) 228, ,456 (+2.5%) Shareholder s Equity 2 30,867 29,420 (-4.7%) 29,359 29,420 (+0.2%) RBC Ratio 330% 317% (-13%p) 318% 317% (-1%p) 1. Excludes corporate pension and retirement insurance 2. Excludes non-controlling interests - 5 -

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7 VoNB up +7.8%, driven by NBM improvement NBM growth backed by profitability-focused sales strategy, despite the lower NIER assumption Value of New Business New Business Margin +7.8% +6.2%p +8.1%p %p -5.3%p -19 Includes negative -22bn impact from lowered NIER assumption Protection P/F : 62% 67% NIER assumption : 4.0% 3.6% (Restated) 1 Change in new business volume Change in new business margin (Restated) 2 Change in product P/F Change in product mix,etc. Change in economic assumptions 1 Restated by applying actuarial/economic assumptions at the end of FY17 2. Restated by applying actuarial/economic assumptions at the end of FY17-7 -

8 Quarterly VoNB growth continued after a temporary drop in 4Q VoNB reached robust QoQ growth of +15.5% Quarterly VoNB 1 Trend +6.2% Protection Annuity Savings Indirect Costs % Q 2Q 4Q 1Q 2Q NIER 4.0% NIER 3.6% 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 - 8 -

9 Protection VoNB up +11.4%, driven by a +15.8% increase in high margin Health APE VoNB by Product APE by Product Protection Annuity Savings Indirect Costs Protection (Health) Annuity Savings -5.8% % (Restated) 1 (137) +15.8% (159) 1. Restated by applying actuarial/economic assumptions at the end of FY17-9 -

10 Protection APE Trend 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 Protection APE Breakdown / NBM Protection NBM 66% 76% 67% 63% 64% 68% 73% Health (%: proportion within Protection P/F) Critical Illness Whole life (23%) (30%) (31%) (29%) (30%) (30%) (35%) Q 2Q 4Q 1Q 2Q 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

11 Maintained focus on Exclusive Agent channel (58% of total APE) Responded to GA market expansion focusing on Protection sales while maintaining profitability APE Breakdown by Distribution Channel Exclusive Agent Bancassurance GA (, KRW billion) Others Exclusive Agent channel Protection APE Share of exclusive agent APE within Protection APE 78% 81% 78% 80% 76% 76% 76% 134 (19%) (20%) 13 (2%) Q 2Q 4Q 1Q Exclusive Non-exclusive (19%) (20%) (60%) (58%) Q GA Channel Protection APE 1Q 2Q 4Q 1Q 2Q

12 Maintain market dominance in DB market Reserves and customer growth trend accelerated, due to dedicated FCs targeting the DC market IRP DC DB Corporate Pension Reserves (KRW trillion) +8.7% % % Samsung Life Corporate Pension Market Share 9.7% 8.9% 7.4% 6.8% A B C D * Source: company disclosures (as of September ) DC/IRP Customer Trend 17.2 Sep 18.1 Sep IRP DC +14.0% (customers, thousands) % 128 Sep Sep

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14 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 Cash & Equivalents Bonds Loans Invested Assets (Non-Consolidated) % 0.8% % 55.2% 55.2% (KRW trillion) 77.2% 57.9 Government & Public Bonds Bond Portfolio Government Agency Bonds 7.6 Corporate 13.1 Foreign currency bonds Loan Portfolio +13.7% Sep (KRW trillion) Sep Beneficiary Certificates Equity Real Estate 20.9% 22.0% 3.1% 4.0% 17.5% 15.5% 2.5% 2.2% Sep Sep Residential Mortgage 13.4 Policy Household Credit Corporate +13.2% Sep (KRW trillion) Sep

15 New investment yield declined by -20bps QoQ, due to drop in market interest rate and decrease in Loan P/F New Investment Breakdown New Investment Yield Loans Foreign currency bonds Domestic bonds (%) New investment yield 10-yr KTB (average) (%) Q 2.5 2Q 4Q 1Q Q 2.5 Loans 4.2% 4.2% 4.1% 4.3% 4.3% 4.5% 4.4% 1Q 2Q 4Q 1Q 2Q Foreign Currency Bonds Domestic Bonds 2.7% 2.8% 2.9% 3.1% 3.1% 3.0% 2.9% 2.3% 2.4% 2.4% 2.5% 2.7% 2.8% 2.5%

16 investment yield improved by +30bps YoY to reach 3.3%, due to increase in affiliate dividend income Investment Income Trend (%) 4.1 Investment Yield (3.4) 1 2, Disposal gain 기타손익매각손익 Dividend income 배당수익이자수익 Interest income Other income 2 1,998 1,243 1, , ,442 1,505 1, ,378 1,387 1,409 1,416 1,392 1,415 1, Q 2Q 4Q 1Q 2Q 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

17 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 Reserve Composition Reserve Coverage (KRW trillion) 165 Average reserve interest rate Yield on interest-earning assets 4.51% 4.48% 4.46% 4.43% 4.44% 4.42% 4.44% bp 3.78% 3.74% 3.69% 3.69% 3.66% 3.63% 3.59% Floating -rate reserves 55.8% 57.2% 58.7% 59.5% 3.0% 1 Mar '17 Jun '17 Sep '17 Dec '17 Mar '18 Jun '18 Sep '18 Non-interest Investment Income 2 2,195 3 Fixed -rate reserves 44.2% 42.8% 41.3% 40.5% 6.5% ~ Dec 2015 Dec 2016 Dec Sep FY16 FY17 1~ 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

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19 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 Expense Rate 1 / Adjusted Total Premiums Loss Rate 2 / Risk Premium (%) (%) 7.1% 6.9% 6.9% 8.2% 7.8% 7.1% 7.0% 82% 75% 86% 72% 84% 80% 82% -4.5% % 5,249 5,182 5,219 5,091 5,048 5,025 4, ,003 1,017 1Q 2Q 4Q 1Q 2Q 1. Expense rate = maintenance expense / adjusted total premiums (ATP)* * ATP excludes corp. pension & retirement insurance and reflects 1/10 of single premiums 1Q 2Q 4Q 1Q 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 Q

20 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 Insurance Profit 1 Net Profit +2.2% -12.7% , Q 1Q 2Q Q 1Q 2Q 18. Notable Items Expense of acquisition cost exceeding deferred acquisition cost limit KRW -22bn Accumulated claims payment on quasi-cancer KRW -18bn 18. Notable Items 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) Contribution from consolidated entities KRW +96bn (After-tax, YoY KRW -23bn) - 20-

21 Shareholder s equity remained at a similar level of Dec, due to a decrease in valuation gains on SEC share price Maintained stable RBC ratio of 317% Shareholder s Equity RBC Ratio +0.2% (KRW trillion) 318% 317% Available Capital Required Capital (KRW trillion) Dec Net Profit Other Comprehensive Income Dividend Sep Dec Sep * Excludes non-controlling interests

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