Kyobo Life gets Moody's A1 credit rating for 10 consecutive years

South Korea's Kyobo Life Insurance Co. announced on Tuesday that it has received an A1 (stable) insurance financial strength rating from Moody's Ratings, one of the world's top three credit rating agencies.

Moody's A1 rating is given to insurers with excellent financial security and strong claims-paying ability. Kyobo Life has maintained this rating for ten consecutive years since becoming the first domestic life insurer to receive an A1 rating in 2015.

"The reaffirmation of Kyobo Life's A1 rating reflects its excellent business franchise and tied agent network, stable insurance business profitability, solid capital adequacy, and low financial leverage ratio," said Moody's in its report.

Kyobo Life also received an A+ (stable) credit rating from Fitch Ratings in March.

Kyobo Life is the only company in the domestic life insurance industry to have received both Moody's A1 and Fitch's A+ ratings.

Write to Mi-Hyun Jo at mwise@hankyung.com