3,217 2, % Total Assets 264, , % Invested Assets 214, , % RBC Ratio 302.2% 314.3% +12.1%p

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Amanda Harrell
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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.

5 (KRW billion) VoNB (Value of New Business) APE (Annualized Premium Equivalent) NBM (New Business Margin) 1,212 1, % 3,217 2, % 37.8% 40.9% +3.1%p Total Premiums 1 22,109 21, % Net Profit 2 2,054 1, % (Excluding one-off gains) , % Total Assets 264, , % Invested Assets 214, , % Shareholder s Equity 2 26,644 29, % RBC Ratio 302.2% 314.3% +12.1%p Embedded Value 4 29,274 38, % (RoEV +33.1%) 1. Excludes corporate pension and retirement insurance 2. Excludes non-controlling interests 3. Excludes one-off gains of W1,192bn from Samsung Card and Samsung Securities share purchase in FY FY2016 Embedded Value revised due to change in financial statements from suicide related accidental death benefit claims payout (29,349bn KRW 29,274bn KRW) - 5 -

6 VoNB decreased by -6.4% (-3.1% excluding the impact from corporate tax rate increase) NBM improved by +3.1%p due to changes in product portfolio mix and economic assumptions Value of New Business New Business Margin -6.4% (KRW billion) +3.1%p 1, , % +1.4%p -0.0%p Product P/F: -3.0%p Protection Mix: +5.7%p +3.3%p -1.5%p 40.9% FY16 Change in new business volume Change in new business margin Corporate tax rate increase FY16 Changes in product P/F & mix Changes in actuarial assumptions Changes in Corporate tax economic rate increase assumptions - 6 -

7 Protection : VoNB dropped -6.1% due to the decline in APE Annuity/Savings : Lower NBM led to the drop in VoNB despite higher demand prior to tax change VoNB by Product APE by Product Protection Annuity Savings Indirect Costs 1, % -2.2% 1, (KRW billion) 1 Savings Annuity Protection 3, ,110 +1% +20% -26% 2, ,556 (KRW billion) FY16 1, % 1, FY16 1. Indirect Costs: Present value of indirect costs such as donations that can not be allocated by product Protection Annuity Savings NBM by Product 68% 53% 16% 13% 4% 2% FY16-7 -

8 Share of high-margin Health and Variable Whole Life products continued to grow Improved NBM by increasing rider-attachment rates and promoting longer term payments Protection APE Breakdown Rider Attachment Rate on Whole Life 1 Whole Life Variable Whole Life 6% 9% Critical Illness Health 18% +9.7%p 28% FY16 10% 30% +7.5%p 10% 37% 1. Rider First Month Premiums / Total First Month Premiums (excluding premiums from whole life death benefit exceeding 300M) Share of Long-term Payment-type Premiums 2 42% 24% 34% 24% FY16 FY16 2. First Month Premiums from protection policies with payment periods of 20 years or more - 8 -

9 Health product APE continues to grow under value-focused sales strategy Continue launching new products and enhance product competitiveness to expand presence in the health insurance market (Monthly average, KRW billion) Quarterly Health APE and New Product Lineup Q FY15 Cancer Insurance 2Q 3Q 4Q 1Q FY16 2Q 3Q 4Q 1Q Multiple-diagnosis cancer (Apr 2016) Child Insurance 36 new rider features added (May 2016) 2Q 3Q 4Q Cancer insurance w/ living expense coverage (Apr 2017) Pre-existing condition Insurance (Apr 2016) Riders added (Jun 2017) Cancer/Heart Attack/Stroke Insurance (Feb 2017) New Accident Insurance (Jul 2017) - 9 -

10 Continue channel strategy focusing on Exclusive Agents / Temporary rise in Bancassurance channel prior to reduction in tax benefit Maintain focus on Protection sales for Exclusive Agent and GA channels APE breakdown by Distribution Channel (, KRW billion) APE by Distribution Channel (, KRW billion) Exclusive Agent Bancassurance GA Others Protection Annuity Savings (21%) 54 (2%) (19%) 2,774 1,608 (58%) 1,211 (75%) (59%) 201 (34%) Exclusive Agent GA Bancassurance

11 Pursue market share expansion by expanding client base in DC/IRP market, while maintaining dominance in DB market Corporate Pension Reserves (KRW trillion) DB DC IRP +8.6% % Samsung Life Corporate Pension Market Share 9.7% 8.7% 7.2% 6.9% A B C D * FSS Corporate Pension Statistics (Dec 2017) DC/IRP Customer Trend IRP DC (customers, thousands) +15.7% Dec 2016 Dec 2017 Dec 2016 Dec

12 Maintain stable investment portfolio focusing on interest-earning assets such as bonds and loans Cash & equivalents Bonds Loans Beneficiary Certificates Equity Real Estate Invested Assets (Non-Consolidated) % 2.0% 58.1% 20.0% 2.8% % 54.2% 21.4% 3.0% 14.1% 17.3% 3.0% 2.5% Dec 2016 Dec 2017 (KRW trillion) 75.6% Government & Public bonds (26.4%) Bond Portfolio 54.4 Residential Mortgage (6.3%) Foreign currency Bonds(5.4%) 15.2 Policy(7.4%) Loan Portfolio (KRW trillion) Government Agency Bonds (18.8%) Corporate Bonds (3.7%) (KRW trillion) Household Credit(0.8%) Corporate(6.9%)

13 New Interest-earning Asset Investments Increase investments in loans and foreign currency bonds under ALM and yield maximization principles New Investment Breakdown Foreign Currency Bonds Loans Foreign currency bonds Domestic bonds Q FY Q 3Q 4Q 1Q (%) 2Q 3Q 4Q Overseas Bonds KP Other corporate loans SOC Project Financing Commercial Mortgage (KRW trillion) % Dec 2016 Dec 2017 Corporate Loans (KRW trillion) +30.7% Dec 2016 Dec

14 New Interest-earning Asset Investments New Investment Yield in 4Q 2017 was 3.6%, the highest level 51.5% in 3 years 56.6% Enhanced new investment yield by increasing investments in loans and foreign currency bonds New Investment Yield (%) New investment yield yr KTB Q FY15 2Q 3Q 4Q 1Q FY16 2Q 3Q 4Q 1Q 2Q 3Q 4Q Loans 4.4% 3.9% 4.0% 4.1% 4.3% 4.0% 3.8% 3.8% 4.2% 4.2% 4.1% 4.3% Foreign Currency Bonds 3.3% 3.2% 3.2% 3.0% 2.8% 2.8% 2.3% 2.5% 2.7% 2.8% 2.9% 3.1% Domestic Bonds 2.6% 2.6% 2.5% 2.3% 2.0% 1.9% 1.6% 1.9% 2.3% 2.4% 2.4% 2.5%

15 Achieved stable investment income YoY despite the absence of disposal gains, helped by increase in dividend income Investment Income Dividend Income Investment Yield (KRW billion) +442 (KRW billion) 3.3% (3.2%) 1 3.2% +3.3% FY16 Disposal Gains 2 6,119 6,321 (KRW billion) 351 FY16 FY Investment Yield excluding headquarters bldg. disposal gain in FY16 (KRW 277.7bn) 2. Realized gains and losses on financial assets, disposal of properties, derivatives, and currency transactions

16 Share of floating-rate reserves expanded to 58.7% Negative spread narrowed by 3bp to -74bp Reserve Composition Reserve Coverage Average reserve interest rate % Yield on interest-earning assets 4.53% 4.51% 4.48% 4.46% 4.43% (KRW trillion) % bp 3.84% 3.78% 3.74% 3.69% 3.69% Floating -rate reserves 55.8% 57.2% 58.7% 2.9% 1 Dec '15 Dec '16 Mar '17 Jun '17 Sep '17 Dec '17 Non-interest Investment Income 2 (KRW billion) Fixed -rate reserves 44.2% 42.8% 41.3% 6.6% Dec '15 Dec '16 Dec '17 1. Average reserve interest rate by type FY15 FY16 2. Non-interest investment income = Investment Operating Revenues - Interest Income - Investment Operating Expenses

Expense / Loss / Persistency Rates Maintained stable Expense Rate, Loss Rate Persistency Rates declined slightly due to increased Protection sales Expense Rate 1 Persistency Rate 4 (%) (%) 7.4 7.0 7.

17 Expense / Loss / Persistency Rates Maintained stable Expense Rate, Loss Rate Persistency Rates declined slightly due to increased Protection sales Expense Rate 1 Persistency Rate 4 (%) (%) th month Protection 13th month 25th month Protection 25th month FY15 FY Loss Rate 2 (%) FY15 FY16 FY15 FY16 1. Expense rate = maintenance expense / adjusted total premiums (ATP)* * ATP excludes corp. pension & retirement insurance and reflects 1/10 of single premiums 2. Loss Rate = (net amount at risk* + waiver of premium + reinsurance expense) / risk premium 3. Excluding W160bn of one-off claims from suicide related accidental death benefit (82.1% when included) 4. Based on premiums

18 Insurance Profit grew +6.0% YoY reaching KRW 1.6 trillion Net Profit increased by +39% YoY supported by the growth in investment margin Insurance Profit 1 Net Profit 2 (KRW billion) 2,054 (KRW billion) +6.0% One-off gains from share purchase Samsung Card and Samsung Securities 2 1, % 1,516 1,607 1, FY16 FY16 1. Pre-tax, excluding intangible asset amortization (FY16: W29.3bn, : W49.6bn) 2. One-off gains from share purchase Samsung Card (W821bn) + Samsung Securities (W372bn) *Excludes non-controlling interests

19 Shareholder s Equity up +10.3% thanks to growth in net profit and valuation gains on AFS securities RBC ratio is 314%, up +12%p versus December 2016, due to increase in Available Capital Shareholder s Equity RBC Ratio +10.3% (KRW trillion) 302% 314% Available Capital Required Capital (KRW trillion) Dec 2016 Net Profit Other Comprehensive Income Dividend Dec 2017 Dec 2016 Dec 2017 * Excludes non-controlling interests

21 EV at the end of 2017 was KRW 38.6 trillion and RoEV was +33.1% 1 VIF recorded KRW 10.3 trillion, driven by VoNB growth, efficiency gains and the rise in NIER Embedded Value ANW +31.9% 29,274 VIF 38,605 10,328 (KRW billion) NIER (Net Investment Earnings Rate) Discount Rate 3.5%(FY16) 4.0%() 8.5% (unchanged from FY16) 3,497 Lapse & Surrender Rate 6-year historical experience data 25,777 28,277 Expense Rate Actual operating expense incurred during past three years Inflation rate: 2% per annum Dec 2016 Dec 2017 RoEV +19.0% +33.1% Corporate Tax Rate 24.2%(FY16) 26.75%() 1. RoEV prior to dividends (Dividend payout of KRW 359bn for 2017)

22 EV Movement RoEV % (KRW billion) 5,039 38,964 38,605 29,274 1,134 1, ,139 1, EV Operating Profit 2,865 FY16 VoNB Unwind Operating Variance & changes in actuarial assumptions Non- Changes in operating economic Variance assumptions Dividend

23 VIF Movement 5,039 10,328 (KRW billion) 0 3,497 1, Operating Profit 1, ,289 0 Includes KRW -405bn impact from increased corporate tax rate FY16 VoNB Unwind Expected profits Operating variance & changes in actuarial assumptions Nonoperating Variance Changes in economic assumptions Dividend ANW Movement (KRW billion) 25, ,850 Operating Profit 1,074 1,786 0 Includes KRW -691bn impact from increased corporate tax rate ,277 FY16 VoNB Unwind Expected profits Operating Variance Nonoperating Variance Changes in economic assumptions Dividend

24 (at Dec 2017 end, KRW billion) EV Sensitivity Mid-point : 38,605 VoNB Sensitivity Mid-point : 1,134 1 Discount rate +/ 0.5%p -1.2% 1.4% -5.8% 6.2% 2 Interest rate /+ 0.5%p -6.1% 4.4% -6.0% 5.4% 3 Lapse & Surrender +/ 10% -1.0% 1.1% -7.1% 7.7% 4 Claims paid +/ 10% -4.8% 4.4% -2.1% 2.1% 5 Maintenance expense +/ 10% -0.7% 0.7% -1.6% 1.6% 6 SEC share price -/+ 10% -5.1% 5.0%

26 Maximize Value of New Business Fortify mid-to-long term earnings foundation Reinforce sales capacity Innovate sales efficiency Strengthen management of each profit source Solidify foundation for future growth

27 Expand distribution channel - Introducing new system to recruit talented agents (4 key targets) Women with Aged Experienced Quality discontinued Agents Customers Career Tap new markets with new products - Whole-life with higher surrender charge/ pre-existing condition whole-life/ Dental, etc Maximize sales of health products - Launch new products, reinforce existing line-up - Step up marketing efforts linked to healthcare services - Strengthen competitiveness of Non-exclusive /non face-to-face channel Enhance persistency/retention rate - Differentiated underwriting standards - Recruiting system innovation

28 Insurance Profit Growth - Mid-to-long term cost control - Reinforce claims management process by each value chain Solidify investment margin fundamentals - Increase investments in overseas bonds/alternative investments - Minimize investment margin volatility Lengthening asset duration (using ultra long term bonds/derivatives) Increase hedging of variable product guarantee options Accelerate innovation of business processes - Maximize operational efficiency through ERP platform Reinforce healthcare service capacity - Build roadmaps to business opportunities (synergy with health insurance, etc.) Overseas business: Stable growth focusing on profitability - Thailand/China: Profit turnaround and further increase in profitability - New market : Secure new business opportunity in South East Asia

29 EV (Embedded Value) KRW29.3 tn 38.6 tn 42tn 1) VoNB Growth +2.7% -6.4% +10% Insurance Profit KRW1.5 tn 1.6 tn 1.7 tn 1) Using 2017 EV economic assumptions, before dividends and share repurchases

Financial Performance EV Results Strategic Priorities

Financial Performance EV Results Strategic Priorities 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