Form 20-F
0001445930falseFYKRKRM5American Depositary Shares, each representing one share of Common StockExcluded from the Group’s related party as of December 31, 2023.Before netting of allowanceThe Group has an obligation to early redeem the securitized debentures in the event of situations prescribed by the asset securitization contract, such as when the trusted assets do not meet the eligibility requirements.The Group has an obligation to early redeem the securitized debentures in the event of situations prescribed by the asset securitization contract, such as the remaining balance of the eligible underlying assets in trust-type asset securitization is below the solvency ratio (minimum ratio: 104.5%) of the beneficiary interest in the trust. To avoid such early redemption, the Group entrusts credit card accounts and deposits in addition to the previously entrusted credit card accounts.For beneficiary certificates, it is practically impossible to analyze sensitivity of changes in unobservable inputs. However, for beneficiary certificates whose underlying assets are real estates, changes in fair value are calculated by shifting rate of real estate price fluctuation by -1%p~1%p, and for beneficiary certificates whose underlying assets are equity investments, changes in fair value are calculated by shifting principal unobservable input parameters such as liquidation value by -1%p~1%p and discount rate by -1%p~1%p. There is no significant correlation among major unobservable inputs.For financial instruments at fair value through profit or loss, changes in fair value are calculated by shifting principal unobservable input parameters such as discount rate, recovery rate, liquidation value by ±1%p and volatility of underlying asset, growth rate by ±1%p or ±10% and correlation coefficient by ±10%.The amounts included in Level 3 are the carrying amounts which are reasonable approximations of fair value.Includes KB Securities Co., Ltd.’s OTC derivatives consisting of ￦ 404,334 million and ￦ 696,910 million of financial assets at fair value through profit or loss (debt instruments), ￦ 8,241,509 and ￦ 7,037,371 million of financial liabilities designated at fair value through profit or loss, ￦ 120,775 and ￦ 91,629 million of derivative financial assets, and ￦ 777,542 and ￦ 755,554 million of derivative financial liabilities as of December 31, 2022 and 2023.Includes bonds sold under repurchase agreements to customers.Excluded from the Group’s related party as of December 31, 2022.The amounts included in Level 2 are the carrying amounts which are reasonable approximations of fair value.For derivative financial instruments, changes in fair value are calculated by shifting principal unobservable input parameters such as price of underlying asset and volatility by ± 10%.For equity securities, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between discount rate (-1%p~1%p) and growth rate (-1%p~1%p).For loans, changes in fair value are calculated by shifting principal unobservable input parameters such as discount rate by -1%p~1%p.Includes PPA amount arising from the acquisition of KB Life Insurance Co., Ltd., KB Insurance Co., Ltd.Impairment losses for membership right with indefinite useful life among other intangible assets are recognized when its recoverable amount is lower than its carrying amount, and reversal of impairment losses are recognized when its recoverable amount is higher than its carrying amount.The condensed financial information of the associates and joint ventures is adjusted to reflect adjustments, such as fair value adjustments recognized at the time of acquisition and adjustments for differences in accounting policies.Gains on disposal of investments in associates and joint ventures amount to ￦ 20,585 million ￦ 6,853 million for the years ended December 31, 2022 and 2023, respectively.Applicable income tax rate for ￦ 200 million and below is 11%, for over ￦ 200 million to ￦ 20 billion is 22%, for over ￦ 20 billion to ￦ 300 billion is 24.2% and for over ￦ 300 billion is 27.5% for the years ended December 31, 2021 and 2022.Applicable income tax rate for ￦ 200 million and below is 9.9%, for over ￦ 200 million to ￦ 20,000 million is 20.9%, for over ￦ 20,000 million to ￦ 300,000 million is 23.1% and for over ￦ 300,000 million is 26.4% for the years ended December 31, 2023.Derivatives held for hedging purposes are the net amount after offsetting liabilities and assets.Executives and employees were given the right of choice about the timing of the deferred payment (after the date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed. Includes insurance interest income and insurance interest expense on insurance contract assets and liabilities.As of December 31, 2023, calculated by summing up KB Daehan Specialized Bank Plc. and I-Finance Leasing due to planning to merge in 2024.Kookmin Bank Cambodia PLC. merged with KB PRASAC BANK PLC. on September 1, 2023.Includes mortality, longevity, and disability/illness risksComparative data for the year ended 31 December 2021 are prepared on an IFRS No.4 basis.Comparative data for the year ended 31 December 2022 have been restated due to the application of IFRS No.17.Financial liabilities measured or designated at fair value through profit or loss and derivatives held for trading are not managed by contractual maturity because they are expected to be traded or redeemed before maturity. Therefore, the carrying amounts of those financial instruments are included in the ‘On demand’ category.Amount includes loans measured at fair value through profit or loss, other comprehensive income, and amortized cost.Maximum exposure includes the asset amounts, after deducting loss (provisions for credit losses, impairment losses, and others), recognized in the consolidated financial statements of the Group.Financial information is based on its consolidated financial statements.Prudential Life Insurance Company of Korea Ltd. and KB Life Insurance Co., Ltd, which were subsidiary companies, have merged in January 2023. Prudential Life Insurance Company of Korea Ltd. changed the name to KB Life Insurance Co., Ltd. Includes fair value adjustments arising from the acquisition. Includes ￦ 333,290 million of other provisions for the microfinance support programIncludes ￦ 26,692 million and ￦ 44,286 million recorded as insurance service expenses, other operating expenses and others for the years ended December 31, 2022 and 2023, respectively.The net defined benefit liabilities of ￦ 393,189 million is calculated by subtracting ￦ 85,745 million of net defined benefit assets from ￦ 478,934 million of net defined benefit liabilities as of December 31, 2022. The net defined benefit assets of ￦ 292,221 million is calculated by subtracting ￦ 81,869 million of net defined benefit liabilities from ￦ 374,090 million of net defined benefit assets as of December 31, 2023.The Parent Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023. From January 1, 2023, we adopted IFRS No.17 ‘Insurance Contracts’, which replaced IFRS No.4 ‘Insurance Contracts’. We have restated 2022 comparative date.Decided to display reinsurance effects in one line.Includes transfers with investment properties and assets held for sale.Excluded from the Group’s related party as of December 31, 2023, therefore, the remaining outstanding balances with those entities are not disclosed.As of December 31, 2022 and 2023, the Group can exercise significant influence on the decision-making processes of the associate’s financial and business policies through participation in governing bodies.In order to direct relevant activities, it is necessary to obtain the consent of the two co-operative members; the Group has applied the equity method as the Group cannot control the investee by itself.Includes the effect of exchange differences and others.The regulatory reserve for credit losses the Group appropriated in retained earnings is ￦ 4,355,734 million and ￦ 4,320,506 million for the years ended December 31, 2022 and 2023, respectively.5 million treasury shares are deposited at the Korea Securities Depository for the exchange of exchangeable bonds.As of December 31, 2022 and 2023, the Group participates in the investment management committee but cannot exercise control.The ownership of Food Factory Co., Ltd. would be 30.00% and 30.00% as of December 31, 2022 and 2023, respectively, considering the potential voting rights of convertible bonds.The ownership of Paycoms Co., Ltd. would be 21.68% as of December 31, 2022, considering the potential voting rights of convertible bonds.Fair value of the liability component of exchangeable bonds is calculated by using market interest rate of bonds under the same conditions without the exchange right. The residual amount after deducting the liability component from the issuance amount, represents the value of the exchange right and is recorded in equity. Shares to be exchanged are 5 million treasury shares of KB Financial Group Inc. with the exchange price of ￦ 48,000. Exchange rights were fully exercised on February 14, 2024.The corporate tax rate was changed due to the amendment of corporate tax law in 2022. Accordingly, the rate of 26.5% has been applied for the deferred tax assets and liabilities expected to be utilized in periods after December 31, 2022.Other financial liabilities include lease liabilities that are not included in the category of financial instruments measured at amortized cost.Borrowings of ￦ 18,266 million and ￦ 38,191 million included in Level 2 are the carrying amounts which are reasonable approximations of fair value as of December 31, 2022 and 2023, respectively.Transfers into or out of Level 3 of the fair value hierarchy occurred due to the change in the availability of observable market data.Included in property and equipment, intangible assets, and other liabilities.Assets and liabilities of the reporting segments are amounts before intersegment transactions.Includes transfers with property and equipment and assets held for sale.Includes deferred loan origination fees related to loans in foreign currencies.Includes deferred loan origination costs related to credit card receivables, loans for installment credit, and finance lease receivables.Items meeting the definition of cash are excluded.After netting of allowanceGains or losses arising from some daily mark-to-market futures are reflected in the margin accounts.Amount determined under the promotion compensation type defined contribution plan is excluded.The recoverable amount exceeding carrying amount is the amount at the time of impairment testing.In December 2023, KB Capital Co., Ltd. incorporated Teamwink Inc. as a subsidiary, and did not conduct a goodwill impairment test.Includes Purchase Price Allocation (“PPA”) amount arising from the acquisition of KB Life Insurance Co., Ltd., KB Insurance Co., Ltd.Acquisition cost of buildings held for sale is net of accumulated depreciation amount immediately before the initial classification of the assets as held for sale.Cash flows under financial guarantee contracts are classified based on the earliest period that the contract can be executed.Includes depreciation expenses amounting to ￦ 62,256 million and ￦ 62,098 million recorded as insurance service expenses, other operating expenses and others for the years ended December 31, 2022 and 2023, respectively.Treasury stock retired during the year ended December 31, 2022 and 2023 were deducted from February 14, 2022 and April 4, 2023, respectively.Adjustment index is calculated using the time factor correction or local factors or individual factors and others.Includes post-employment benefits amounting to ￦ 27,486 million and ￦ 18,308 million recognized as insurance service expenses for the years ended December 31, 2022 and 2023 and ￦ 3,194 million, ￦ 3,520 million and ￦ 2,824 recognized as other operating expenses for the years ended December 31, 2021, 2022, 2023 and ￦ 137 million and ￦ 189 million recognized as prepayment for the years ended December 31, 2022 and 2023.The appraisal value is adjusted by the adjustment ratio in the event the public sale is unsuccessful.Prudential Life Insurance Company of Korea Ltd. has changed its name into KB Life Insurance Co., Ltd. On September 1, 2023, PRASAC Microfinance Institution PLC.(merging entity), a subsidiary of Kookmin Bank Co., Ltd., merged with Kookmin Bank Cambodia PLC.(merged entity), issuing 20,272,296 shares in exchange for the transfer consideration. The official name of PRASAC Microfinance Institution PLC.(merging entity) has changed to KB PRASAC BANK PLC. With respect to the allocation of net profit earned in a fiscal term, the Parent Company must set aside in its legal reserve an amount equal to at least 10% of its profit after tax as reported in the financial statements, each time it pays dividends on its net profits earned until its legal reserve reaches the aggregate amount of its paid-in capital in accordance with Article 53 of the Financial Holding Company Act. This reserve is not available for the payment of cash dividends, but may be transferred to share capital, or used to reduce accumulated deficit.Deposits that are contractually repayable on demand or on short notice are included in the ‘On demand’ category.Commitments are included in the ‘On demand’ category because payments can be requested at any time.Provision for credit losses in the consolidated statements of comprehensive income also includes provision (reversal) for credit losses of due from financial institutions (Note 7.3), provision (reversal) for credit losses of financial investments (Note 12.5), provision (reversal) for credit losses of unused commitments, acceptances and guarantees (Note 24.2), provision (reversal) for credit losses of financial guarantee contracts (Note 24.3), and provision (reversal) for credit losses of other financial assets (Note 19.2).Includes ￦ 415,998 million and ￦ 289,139 million of collections from written-off loans for the years ended December 31, 2022 and 2023, respectively.Among the ownership in PT Bank KB Bukopin, Tbk., 0.05% (100,000,000 shares) is no-voting shares with no-dividends. 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iso4217:MYR utr:Year iso4217:KRW xbrli:shares iso4217:USD xbrli:shares utr:Y
As filed with the Securities and Exchange Commission on April 26, 2024
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
(Mark One)
 
 
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
OR
 
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
   
to
   
.
OR
 
 
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
   
.
Commission file number
000-53445
KB Financial Group Inc.
(Exact name of Registrant as specified in its charter)
KB Financial Group Inc.
(Translation of Registrant’s name into English)
The Republic of Korea
(Jurisdiction of incorporation or organization)
26,
Gukjegeumyung-ro
8-gil
,
Yeongdeungpo-gu,
Seoul 07331,
Korea
(Address of principal executive offices)
Peter BongJoong Kwon
18F, Kookmin Bank, 141, Uisadang-daero,
Yeongdeungpo-gu,
Seoul 07332,
Korea
Telephone No.:
+82-2-2073-2845
Facsimile No.:
 
+82-2-2073-2848
(Name, telephone,
e-mail
and/or facsimile number and address of company contact person)
Securities registered or to be registered pursuant to Section 12(b) of the Act.

 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
American Depositary Shares, each
representing one share of Common Stock
   KB    New York Stock Exchange
Common Stock, par value ￦5,000 per share   KB    New York Stock Exchange*
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
378,663,825 shares of Common Stock, par value
￦
5,000 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “emerging growth company” in Rule
12b-2
of the Exchange Act:
☒ Large accelerated filer   ☐  Accelerated filer   ☐
 Non-accelerated
filer   ☐  Emerging growth company
 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act: ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards
Codification
after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Yes ☐ No
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect
the correction of an error to previously issued financial statements: ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §
240.10D-1(b): ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
☐ U.S. GAAP
    ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board    ☐    Other
Auditor Name: Samil PricewaterhouseCoopers    Auditor Location: Seoul, Korea    Auditor Firm ID: 1103
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). ☐ Yes ☒ No
* Not for trading, but only in connection with the registration of the American Depositary Shares.
 
 
 

TABLE OF CONTENTS

 

PRESENTATION OF FINANCIAL AND OTHER INFORMATION      1  
FORWARD-LOOKING STATEMENTS      2  

Item 1.

   

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

      3  

Item 2.

   

OFFER STATISTICS AND EXPECTED TIMETABLE

      3  

Item 3.

   

KEY INFORMATION

      3  
  

Item 3.A.

   

[Reserved]

      3  
  

Item 3.B.

   

Capitalization and Indebtedness

      3  
  

Item 3.C.

   

Reasons for the Offer and Use of Proceeds

      3  
  

Item 3.D.

   

Risk Factors

      3  

Item 4.

   

INFORMATION ON THE COMPANY

     32  
  

Item 4.A.

   

History and Development of the Company

      33  
  

Item 4.B.

   

Business Overview

      34  
  

Item 4.C.

   

Organizational Structure

      106  
  

Item 4.D.

   

Property, Plants and Equipment

      108  

Item 4A.

   

UNRESOLVED STAFF COMMENTS

      109  

Item 5.

   

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

      109  
  

Item 5.A.

   

Operating Results

      109  
  

Item 5.B.

   

Liquidity and Capital Resources

      146  
  

Item 5.C.

   

Research and Development, Patents and Licenses, etc.

      152  
  

Item 5.D.

   

Trend Information

      152  
  

Item 5.E.

   

Critical Accounting Estimates

      152  

Item 6.

   

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

     152  
  

Item 6.A.

   

Directors and Senior Management

      152  
  

Item 6.B.

   

Compensation

      157  
  

Item 6.C.

   

Board Practices

      158  
  

Item 6.D.

   

Employees

      160  
  

Item 6.E.

   

Share Ownership

      162  
  

Item 6.F.

   

Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation

      163  

Item 7.

   

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

     163  
  

Item 7.A.

   

Major Shareholders

      163  
  

Item 7.B.

   

Related Party Transactions

      163  
  

Item 7.C.

   

Interests of Experts and Counsel

      164  

 

i

Item 8.

   

FINANCIAL INFORMATION

     164  
  

Item 8.A.

   

Consolidated Statements and Other Financial Information

      164  
  

Item 8.B.

   

Significant Changes

      171  

Item 9.

   

THE OFFER AND LISTING

     171  
  

Item 9.A.

   

Offering and Listing Details

      171  
  

Item 9.B.

   

Plan of Distribution

      173  
  

Item 9.C.

   

Markets

      173  
  

Item 9.D.

   

Selling Shareholders

      173  
  

Item 9.E.

   

Dilution

      174  
  

Item 9.F.

   

Expenses of the Issue

      174  

Item 10.

   

ADDITIONAL INFORMATION

     174  
  

Item 10.A.

   

Share Capital

      174  
  

Item 10.B.

   

Memorandum and Articles of Association

      174  
  

Item 10.C.

   

Material Contracts

      180  
  

Item 10.D.

   

Exchange Controls

      181  
  

Item 10.E.

   

Taxation

      182  
  

Item 10.F.

   

Dividends and Paying Agents

      188  
  

Item 10.G.

   

Statement by Experts

      188  
  

Item 10.H.

   

Documents on Display

      188  
  

Item 10.I.

   

Subsidiary Information

      188  
  

Item 10.J.

   

Annual Report to Security Holders

      188  

Item 11.

   

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      188  

Item 12.

   

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

      210  

Item 13.

   

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

      211  

Item 14.

    MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS      211  

Item 15.

   

CONTROLS AND PROCEDURES

      211  

Item 16.

   

[RESERVED]

      212  
  

Item 16A.

   

AUDIT COMMITTEE FINANCIAL EXPERT

      212  
  

Item 16B.

   

CODE OF ETHICS

      213  
  

Item 16C.

   

PRINCIPAL ACCOUNTANT FEES AND SERVICES

      213  
  

Item 16D.

    EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES      214  
  

Item 16E.

    PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS      214  
  

Item 16F.

    CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT      215  

 

ii

  

Item 16G.

   

CORPORATE GOVERNANCE

      215  
  

Item 16H.

   

MINE SAFETY DISCLOSURE

      216  
  

Item 16I.

    DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS      216  
  

Item 16J.

    INSIDER TRADING POLICIES      216  
  

Item 16K.

    CYBERSECURITY      216  

Item 17.

   

FINANCIAL STATEMENTS

      219  

Item 18.

   

FINANCIAL STATEMENTS

      219  

Item 19.

   

EXHIBITS

      219  

 

iii

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

The financial statements included in this annual report are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. As such, we make an explicit and unreserved statement of compliance with IFRS as issued by the IASB with respect to our consolidated financial statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 included in this annual report. Unless indicated otherwise, the financial information in this annual report as of and for the years ended December 31, 2021, 2022 and 2023 has been prepared in accordance with IFRS as issued by the IASB, which is not comparable to information prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP.

IFRS 17 Insurance Contracts, or IFRS 17, is effective for annual periods beginning on or after January 1, 2023 and replaces IFRS 4 Insurance Contracts, or IFRS 4. We have applied IFRS 17 in our consolidated financial statements as of and for the years ended December 31, 2022 and 2023 included elsewhere in this annual report. As permitted by the transition rules of IFRS 17, our consolidated financial statements as of and for the year ended December 31, 2021 included elsewhere in this annual report have not been restated to retroactively apply IFRS 17. Therefore, figures for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, may not be directly comparable to corresponding figures for the year ended December 31, 2021. Likewise, business figures and other financial information as of and for the year ended December 31, 2021 in this annual report have not been restated to retroactively apply IFRS 17, and as such, may not be directly comparable to corresponding figures and information as of and for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, where applicable. See “Item 3.D. Risk Factors—Risks relating to our insurance operations—Changes in accounting standards for insurance contracts and their implementation could adversely impact our reported results of operations and financial condition and their comparability with those from prior periods.” For a detailed description of the main features of IFRS 17, see Note 2.1 of the notes to our consolidated financial statements included elsewhere in this annual report.

Unless expressly stated otherwise, all financial data included in this annual report are presented on a consolidated basis.

In this annual report:

 

  •  

references to “we,” “us” or “KB Financial Group” are to KB Financial Group Inc. and, unless the context otherwise requires, its subsidiaries;

 

  •  

references to “Korea” are to the Republic of Korea;

 

  •  

references to the “government” are to the government of the Republic of Korea;

 

  •  

references to “Won” or “￦” are to the currency of Korea; and

 

  •  

references to “U.S. dollars,” “$” or “US$” are to United States dollars.

Discrepancies between totals and the sums of the amounts contained in any table may be a result of rounding.

For your convenience, this annual report contains translations of Won amounts into U.S. dollars at the noon buying rate of the Federal Reserve Bank of New York for Won in effect on December 31, 2023, which was ￦1,291.0 = US$1.00.

 

1

FORWARD-LOOKING STATEMENTS

The U.S. Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This annual report contains forward-looking statements.

Words and phrases such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “future,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “predict,” “project,” “risk,” “seek to,” “shall,” “should,” “will likely result,” “will pursue,” “plan” and words and terms of similar substance used in connection with any discussion of future operating or financial performance or our expectations, plans, projections or business prospects identify forward-looking statements. In particular, the statements under the headings “Item 3.D. Risk Factors,” “Item 5. Operating and Financial Review and Prospects” and “Item 4.B. Business Overview” regarding our financial condition and other future events or prospects are forward-looking statements. All forward-looking statements are management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

In addition to the risks related to our business discussed under “Item 3.D. Risk Factors,” other factors could cause actual results to differ materially from those described in the forward-looking statements. These factors include, but are not limited to:

 

  •  

our ability to successfully implement our strategy;

 

  •  

future levels of non-performing loans;

 

  •  

our growth and expansion;

 

  •  

the adequacy of allowances for credit and investment losses;

 

  •  

technological changes;

 

  •  

interest rates;

 

  •  

investment income;

 

  •  

availability of funding and liquidity;

 

  •  

cash flow projections;

 

  •  

our exposure to market risks; and

 

  •  

adverse market and regulatory conditions.

By their nature, certain disclosures relating to these and other risks are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains, losses or impact on our income or results of operations could materially differ from those that have been estimated. For example, revenues could decrease, costs could increase, capital costs could increase, capital investment could be delayed and anticipated improvements in performance might not be fully realized.

In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this annual report could include, but are not limited to:

 

  •  

the occurrence of severe health epidemics (including the COVID-19 pandemic) in Korea or other parts of the world;

 

  •  

general economic and political conditions in Korea or other countries that have an impact on our business activities or investments;

 

  •  

the monetary and interest rate policies of Korea;

 

  •  

inflation or deflation;

 

2

  •  

unanticipated volatility in interest rates;

 

  •  

foreign exchange rates;

 

  •  

prices and yields of equity and debt securities;

 

  •  

the performance of the financial markets in Korea and globally;

 

  •  

changes in domestic and foreign laws, regulations and taxes;

 

  •  

changes in competition and the pricing environments in Korea; and

 

  •  

regional or general changes in asset valuations.

For further discussion of the factors that could cause actual results to differ, see the discussion under “Item 3.D. Risk Factors” contained in this annual report. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this annual report. Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

All subsequent forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this annual report.

 

Item 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

 

Item 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

 

Item 3.

KEY INFORMATION

 

Item 3.A.

[Reserved]

 

Item 3.B.

Capitalization and Indebtedness

Not applicable.

 

Item 3.C.

Reasons for the Offer and Use of Proceeds

Not applicable.

 

Item 3.D.

Risk Factors

Risks relating to our retail credit portfolio

Future changes in market conditions as well as other factors may lead to increases in delinquency levels of our retail loan portfolio.

For most of the recent past, consumer debt has increased significantly in Korea. Our portfolio of retail loans, including mortgage and home equity loans, increased from ￦182,437 billion as of December 31, 2020 (under IFRS 4) to ￦191,641 billion as of December 31, 2021 (under IFRS 4), although it decreased to ￦186,939 billion (under IFRS 4) or ￦183,092 billion (under IFRS 17) as of December 31, 2022, before increasing again to ￦184,016 billion as of December 31, 2023 (under IFRS 17). As of December 31, 2023, our domestic retail loans represented 40.9% of our total lending. Within our retail loan portfolio, the outstanding balance of other

 

3

consumer loans, which unlike mortgage or home equity loans are often unsecured and therefore tend to carry a higher credit risk, decreased from ￦68,293 billion as of December 31, 2020 to ￦58,678 billion as of December 31, 2023; as a percentage of total outstanding retail loans, such balance decreased from 37.4% as of December 31, 2020 to 31.9% as of December 31, 2023. Our retail lending business, which generally offers higher margins than other lending activities, has contributed significantly to our interest income and profitability in recent years.

The growth of our retail loan portfolio in most of the recent past, together with fluctuating economic conditions in Korea and globally in recent years, especially in light of the high level of consumer debt and rising interest rate levels, has led to increases in delinquency levels and a deterioration in asset quality. The amount of our non-performing retail loans (defined as those loans that are past due by 90 days or more) was ￦306 billion as of December 31, 2020 (under IFRS 4), ￦259 billion as of December 31, 2021 (under IFRS 4), ￦311 billion (under IFRS 4) or ￦308 billion (under IFRS 17) as of December 31, 2022 and ￦451 billion as of December 31, 2023 (under IFRS 17). Higher delinquencies in our retail loan portfolio in the future will require us to increase our loan loss provisions and charge-offs, which in turn will adversely affect our financial condition and results of operations.

Our large exposure to consumer debt means that we are exposed to changes in economic conditions affecting Korean consumers. Accordingly, economic difficulties in Korea that hurt consumers could result in a deterioration in the credit quality of our retail loan and credit card portfolios. For example, a rise in unemployment or an increase in interest rates could adversely affect the ability of consumers to make payments and increase the likelihood of potential defaults, while reducing demand for retail loans and credit card spending. See “Risks relating to Korea—Unfavorable financial and economic developments in Korea may have an adverse effect on us.” Despite our efforts to minimize our risk as a result of such exposure, there is no assurance that we will be able to prevent significant credit quality deterioration in our retail loan portfolio.

In addition, we are exposed to changes in regulations and policies on retail lending by the Korean government, which may adopt measures to restrict retail lending or encourage financial institutions to provide financial support to certain types of retail borrowers. From the second half of 2016 to 2021, the Korean government introduced various measures to tighten regulations on mortgage and other lending and housing subscription in response to the rapid growth in consumer debt and concerns over speculative investments in real estate in certain areas. The Korean government has since relaxed some of these measures by introducing a number of policy measures that seek to sustain housing prices and activity levels in the Korean real estate market, in light of an overall decrease in housing prices over the course of 2022. However, the Korean government has indicated in the second half of 2023 that it would begin tightening regulations again in response to the continued rise in the level of consumer debt. A continued decrease in housing prices, together with the high level of consumer debt and higher interest rate levels, could result in declines in consumer spending and reduced economic growth, which may lead to an increase in the delinquency level of our retail loan portfolio.

Under a pre-workout program established by the Credit Counseling and Recovery Service, a public service organization that provides debt adjustment services to low-income families in Korea, a number of Korean banks, including us, have provided individual borrowers with outstanding short-term debt in default with maturity extensions and/or interest reductions since April 2009. Such borrowers must have total loans of ￦1.5 billion or less (consisting of no more than ￦500 million of unsecured loans and ￦1 billion of secured loans) from one or more financial institutions, be in arrears on their payments for more than one day but less than 90 days (so far as those who have been delinquent in their payment for a period of between one day and 30 days have an annual income of ￦40 million or less and a cumulative delinquency period of 30 days or more during the year immediately preceding the application date), and either have an income in excess of the minimum cost of living or be deemed by the Credit Counseling and Recovery Service to have the ability to repay their loans. In addition, in March 2015 and September 2019, in response to increasing levels of consumer debt and amid concerns over the debt-servicing capacity of retail borrowers if interest rates were to rise, the Korean government launched, and requested Korean banks to participate in, mortgage loan refinancing programs aimed at reducing the payment

 

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burden on and improving the asset quality of outstanding mortgage loans. Under such refinancing programs, qualified retail borrowers were able to convert their outstanding non-amortizing floating-rate mortgage loans from Korean commercial banks (including us) into amortizing fixed-rate mortgage loans with lower interest rates. Our participation in such refinancing programs may lead to a decrease in our interest income on our outstanding mortgage loans, as well as in our overall net interest margin. Moreover, our participation in such initiatives led by the Korean government to provide financial support to retail borrowers may lead us to offer credit terms for such borrowers that we would not generally offer, which may have an adverse effect on our results of operations and financial condition.

Our credit card operations may generate losses in the future, which could hurt our financial condition and results of operations.

With respect to our credit card portfolio, our delinquency ratio (which represents the ratio of amounts that are overdue by 30 days or more to total outstanding balances) was 0.91% as of December 31, 2021, which increased to 1.01% as of December 31, 2022 and 1.08% as of December 31, 2023. In line with industry practice, we have restructured a portion of delinquent credit card account balances (defined as balances overdue by 30 days or more) as loans. As of December 31, 2023, these restructured loans outstanding amounted to ￦204 billion. Because these loans are not treated as being delinquent at the time of conversion or for a period of time thereafter, our delinquency ratios may not fully reflect all delinquent amounts relating to our outstanding loans. Including all restructured loans, outstanding balances overdue by 30 days or more accounted for 2.0% of our credit card receivables (including credit card loans) as of December 31, 2023, which increased from 1.4% as of December 31, 2022. Recently, many credit card companies in Korea, including our subsidiary KB Kookmin Card, have reported a sharp increase in credit card balances and delinquency ratios. In response, KB Kookmin Card has developed a contingency plan, which involves the implementation of different plans of action for each risk level corresponding to the rate of increase in its delinquency ratio. In addition, in June 2023, KB Kookmin Card acquired KB Credit Information from us in order to strengthen its loan collection capabilities. Despite such efforts, delinquencies may further increase in 2024 and in the future as a result of, among other things, adverse economic conditions in Korea, increases in interest rates, increasing inflation rates, additional government regulations or the inability of Korean consumers to manage increased household debt.

Although we continually strive to sustain and improve our credit card asset quality and performance, we may experience increased delinquencies or deterioration of the asset quality of our credit card portfolio, which would require us to increase our loan loss provisions and charge-offs and adversely affect our overall financial condition and results of operations.

Risks relating to our small- and medium-sized enterprise loan portfolio

We have significant exposure to small- and medium-sized enterprises, and any financial difficulties experienced by these customers may result in a deterioration of our asset quality and have an adverse impact on us.

One of our core businesses is lending to small- and medium-sized enterprises (as defined under “Item 4.B. Business Overview—Corporate Banking—Small- and Medium-sized Enterprise Banking”). Our loans to small- and medium-sized enterprises increased from ￦124,457 billion as of December 31, 2020 to ￦151,892 billion as of December 31, 2023. During that period, non-performing loans (defined as those loans that are past due by 90 days or more) to small- and medium-sized enterprises decreased from ￦162 billion as of December 31, 2020 to ￦102 billion as of December 31, 2021, but increased to ￦123 billion as of December 31, 2022 and ￦201 billion as of December 31, 2023. The non-performing loan ratio for such loans decreased from 0.13% as of December 31, 2020 to 0.07% as of December 31, 2021, before increasing to 0.08% as of December 31, 2022 and 0.13% as of December 31, 2023. Our non-performing loans and non-performing loan ratio may further increase in 2024. According to data compiled by the Financial Supervisory Service, the delinquency ratio for Won-currency loans by Korean commercial banks to small- and medium-sized enterprises was 0.5% as of

 

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December 31, 2023. The delinquency ratio for Won-currency loans to small- and medium-sized enterprise is calculated as the ratio of (1) the outstanding balance of such loans in respect of which either principal or interest payments are overdue by one month or more to (2) the aggregate outstanding balance of such loans. Our delinquency ratio for such Won currency loans increased from 0.15% as of December 31, 2020 to 0.26% as of December 31, 2023. Our delinquency ratio for such Won currency loans may further increase in 2024.

The Korean government has historically introduced policies and initiatives intended to encourage Korean banks to provide financial support to small- and medium-sized enterprise borrowers. For example, the Korean government implemented various emergency aid initiatives involving Korean banks, including Kookmin Bank, to provide liquidity assistance to small- and medium-sized borrowers adversely affected by the COVID-19 pandemic. Such initiatives included the provision of new loans to borrowers with low credit ratings, extension of maturity dates for existing loans and suspension of interest payment obligations for an extended period of time. More recently, in December 2023, the Korean government announced a financial support program where participating Korean banks, including Kookmin Bank, would provide an aggregate amount of approximately ￦2 trillion in liquidity support to small business owners, in response to mounting pressure from the public and regulators to share profits from higher interest rates. See “—Risks relating to our financial holding company structure and strategy—We may suffer customer attrition or our net interest margin may decrease as a result of government regulations or our competition strategy.”

The overall prospects for the Korean economy in 2024 and beyond remain uncertain, and the Korean government may extend or renew existing or past policies and initiatives or introduce new policies or initiatives to encourage Korean banks to provide financial support to small- and medium-sized enterprises. Our participation in such government-led initiatives may lead us to extend credit to small- and medium-sized enterprise borrowers that we would not otherwise lend to, or offer terms for such credit that we would not otherwise offer, in the absence of such initiatives. Furthermore, there is no guarantee that the financial condition and liquidity position of our small- and medium-sized enterprise borrowers benefiting from such initiatives will improve sufficiently for them to service their debt on a timely basis, or at all. Accordingly, increases in our exposure to small- and medium-sized enterprise borrowers resulting from such government-led initiatives may have a material adverse effect on our financial condition and results of operations.

A substantial part of our small- and medium-sized enterprise lending comprises loans to “small office/home office” customers, or SOHOs. SOHOs, which we currently define to include sole proprietorships and individual business interests, are usually dependent on a limited number of suppliers or customers. SOHOs tend to be affected to a greater extent than larger corporate borrowers by fluctuations in the Korean economy. In addition, SOHOs often maintain less sophisticated financial records than other corporate borrowers. Although we continue to make efforts to improve our internally developed credit rating systems to rate potential borrowers, particularly with respect to SOHOs, and intend to manage our exposure to these borrowers closely in order to prevent any deterioration in the asset quality of our loans to this segment, we may not be able to do so as intended.

In addition, many small- and medium-sized enterprises have close business relationships with the largest Korean commercial conglomerates, known as “chaebols”, primarily as suppliers. Any difficulties encountered by those chaebols would likely hurt the liquidity and financial condition of related small- and medium-sized enterprises, including those to which we have exposure, also resulting in an impairment of their ability to repay loans.

In recent years, we have taken measures which sought to stem rising delinquencies in our loans to small- and medium-sized enterprises, including through strengthening of the review of loan applications and closer monitoring of the post-loan performance of small- and medium-sized enterprise borrowers in industry sectors that are relatively more sensitive to downturns in the economy and have shown higher delinquency ratios, such as shipping, construction, lodging, retail and wholesale, restaurants and real estate. Despite such efforts, however, there is no assurance that delinquency levels of our loans to small- and medium-sized enterprises will not rise in the future. In particular, financial difficulties experienced by small- and medium-sized enterprises as a result of, among other things, adverse economic conditions in Korea and globally, as well as aggressive

 

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marketing and competition among banks to lend to this segment, may lead to a deterioration in the asset quality of our loans to this segment in the future. Any such deterioration would result in increased charge-offs and higher provisioning and reduced interest and fee income from this segment, which would have an adverse impact on our financial condition and results of operations.

We have exposure to the Korean real estate project financing, construction, shipbuilding and shipping sectors, and financial difficulties of companies involved in these sectors may have an adverse impact on us.

As of December 31, 2023, we had loans outstanding to real estate project financing, construction (most of which are small- and medium-sized enterprises), shipbuilding and shipping companies in the amount of ￦9,773 billion, ￦6,098 billion, ￦584 billion and ￦204 billion, or 2.17%, 1.35%, 0.13% and 0.05% of our total loans, respectively. We also have other exposures to Korean real estate project financing, construction, shipbuilding and shipping companies, including in the form of guarantees extended on behalf of such companies and debt and equity securities of such companies held by us. In the case of real estate project financing, such exposures include purchase guarantees, where we subscribe for securities issued by entities in need of project financing to the extent such securities constitute remaining portions that have not been sold to other investors, as well as payment guarantees, where we subscribe for the entirety of securities issued by such entities, which expose us to risks of credit as well as liquidity.

In the case of construction companies, such exposures include guarantees provided to us by general contractors with respect to financing extended by us for residential and commercial real estate development projects. In the case of shipbuilding companies, such exposures include refund guarantees extended by us on behalf of shipbuilding companies to cover their obligation to return a portion of the ship order contract amount to customers in the event of performance delays or defaults under shipbuilding contracts.

The construction industry in Korea has undergone significant fluctuations in recent years. Following a period of growth from 2015 to 2018, the construction industry had stagnated from 2019 to 2020, caused mainly by the uncertainty resulting from the Korean government’s strengthening of mortgage and other lending regulations to control the increasing real property prices, as well as temporary suspensions in construction projects due to the COVID-19 pandemic. After a brief period of recovery, the construction industry has experienced a rapid downturn starting in the second half of 2022, caused by a rise in interest rates and the resulting decline in demand for residential property throughout Korea, adverse changes in the price and availability of construction materials due to disruptions in global supply chains caused by, among others, the ongoing invasion of Ukraine by Russia, and financing difficulties faced by construction companies as investors became reluctant to invest in real estate. Such downturn in the construction industry, together with a continued stagnation of the real estate market, has also resulted in difficulties for the real estate project financing industry. The high levels of interest rates prevailing in Korea since 2022 have resulted in increases in both the number of insolvent real estate projects and delinquency rates for project financing loans, including short-term bridge loans, in recent years. The shipbuilding industry in Korea has remained relatively stable despite the global downturn of the industry in recent years, mainly due to a large increase in the number of orders for liquefied natural gas carriers. The prospects for this industry currently remain uncertain, however, given the decrease in shipbuilding orders due to the slowdown in the global economy since 2022 and a rise in shipbuilding costs and resulting prices. In the case of shipping companies in Korea, the COVID-19 pandemic and the ensuing global lockdown caused a severe downturn in the industry in 2020. Although the industry subsequently showed signs of recovery from the pandemic as the levels of consumer spending and global trade began to rise, the industry has again entered a downturn starting in the second quarter of 2022 resulting from a decrease in shipping volume and an increase in the supply of ships. The shipping industry continues to face difficulties arising from, among others, a deteriorating global economy, an increase in global military conflicts, including the ongoing invasion of Ukraine by Russia and the escalation of hostilities in the Middle East following the Israel-Hamas war, a decrease in shipping volume and the strengthening of international shipping regulations.

 

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The allowances that we have established against our credit exposures to companies involved in the Korean real estate project financing, construction, shipbuilding and shipping sectors may not be sufficient to cover all future losses arising from such exposures. If the asset quality of our exposures to such companies declines further, we may incur substantial additional provisions (including in connection with restructurings of such companies) and charge-offs, which could adversely impact our results of operations and financial condition. See “—Risks relating to our large corporate loan portfolio—We have exposure to large corporate borrowers that are currently or may in the future be put in restructuring, and we may suffer losses as a result of additional loan loss provisions being required and/or the adoption of restructuring plans with which we do not agree.” Furthermore, although a portion of our credit exposures to real estate project financing, construction, shipbuilding and shipping companies are secured by collateral, such collateral may not be sufficient to cover uncollectible amounts in respect of such credit exposures. See “—Other risks relating to our business—A decline in the value of the collateral securing our loans and our inability to realize full collateral value may adversely affect our credit portfolio.”

Risks relating to our financial holding company structure and strategy

We may not succeed in implementing our strategy to take advantage of, or fail to realize the anticipated benefits of, our financial holding company structure.

One of our principal strategies is to take advantage of our financial holding company structure to become a comprehensive financial services provider capable of offering a full range of products and services to our large existing base of retail and corporate banking customers. The continued implementation of these plans may require additional investments of capital, infrastructure, human resources and management attention. This strategy entails certain risks, including the possibility that we may face significant competition from other financial holding companies and more specialized financial institutions in particular segments. If our strategy does not succeed, we may incur losses on our investments and our results of operations and financial condition may suffer.

Furthermore, our success under a financial holding company structure depends on our ability to realize the anticipated synergies, growth opportunities and cost savings from coordinating the businesses of our various subsidiaries. Although we have been integrating certain aspects of our subsidiaries’ operations into our financial holding company structure, our subsidiaries will generally continue to operate as independent entities with separate management and staff and our ability to direct our subsidiaries’ day-to-day operations may be limited. Some of our major acquisitions include the following:

 

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KB Capital became our wholly-owned subsidiary through our acquisition in March 2014 of 52% of the outstanding shares of KB Capital Co., Ltd. (formerly named Woori Financial Co., Ltd.), a publicly listed Korean consumer finance company, from Woori Finance Holdings Co., Ltd. for ￦280 billion, followed by a tender offer in May 2017 and a comprehensive stock swap effected in July 2017.

 

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Through a series of acquisitions of stock between June 2015 and December 2016 for an aggregate of ￦1.1 trillion, followed by a tender offer in May 2017 and a comprehensive stock swap effected in July 2017, we acquired all of the outstanding shares of KB Insurance Co., Ltd. (formerly named LIG Insurance Co., Ltd.), a publicly listed Korean non-life insurance company, as a result of which KB Insurance became our wholly-owned subsidiary.

 

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In May 2016, we acquired 22.6% of the outstanding shares of Hyundai Securities Co., Ltd., a publicly listed Korean securities firm, from Hyundai Merchant Marine Co., Ltd. for ￦1.2 trillion, after which we further increased our shareholding in Hyundai Securities to 29.6% in June 2016. Subsequently, we effected a comprehensive stock swap to acquire all of its remaining shares in October 2016. Following such transactions, we merged an existing subsidiary, KB Investment & Securities, with and into Hyundai Securities in December 2016 and changed the name of the surviving entity to KB Securities Co., Ltd.

 

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  •  

In August 2020, we acquired all of the outstanding shares of The Prudential Life Insurance Company of Korea, Ltd. (“Prudential Life Insurance”) from Prudential Financial, Inc. for ￦2.3 trillion, as a result of which Prudential Life Insurance became a wholly-owned subsidiary. In January 2023, we merged an existing wholly-owned subsidiary, KB Life Insurance Co., Ltd. (the “Former KB Life Insurance”), with and into Prudential Life Insurance, which had been renamed KB Life Insurance Co., Ltd. in December 2022 shortly before the merger and became the surviving entity (“KB Life Insurance”).

See “Item 5.A. Operating Results—Overview—Acquisitions.”

We may continue to increase our equity interest in our subsidiaries or investees and may also consider acquiring or merging with other financial institutions to achieve more balanced growth and further diversify our revenue base. For example, as part of our continued efforts to expand our businesses abroad, in particular in Southeast Asia, we acquired a 70% stake in PRASAC Microfinance Institution Plc., or PRASAC, a provider of microfinance and deposit-taking services in Cambodia, through Kookmin Bank, in April 2020. Subsequently, in October 2021, we acquired the remaining 30% interest in PRASAC, which increased our ownership of PRASAC to 100%. In August 2023, we merged PRASAC with Kookmin Bank’s existing subsidiary in Cambodia, Kookmin Bank Cambodia Plc., to form KB PRASAC Bank Plc. In addition, through a series of acquisitions from July 2018 to September 2020, we obtained a 67% interest in PT Bank Bukopin TBK of Indonesia, or Bank Bukopin, through Kookmin Bank, and changed its name to PT Bank KB Bukopin, Tbk in February 2021. The integration of our new subsidiaries’ or investees’ separate businesses and operations, as well as those of any companies we may acquire or merge with in the future, under our financial holding company structure could require a significant amount of time, financial resources and management attention. Moreover, that process could disrupt our operations (including our risk management operations) or information technology systems, reduce employee morale, produce unintended inconsistencies in our standards, controls, procedures or policies, and affect our relationships with customers and our ability to retain key personnel. The realization of the anticipated benefits of our financial holding company structure and any mergers or acquisitions we decide to pursue may be blocked, delayed or reduced as a result of many factors, some of which may be outside our control. These factors include:

 

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difficulties in integrating the diverse activities and operations of our subsidiaries or investees or any companies we may merge with or acquire, including risk management operations and information technology systems, personnel, policies and procedures;

 

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difficulties in reorganizing or reducing overlapping personnel, branches, networks and administrative functions;

 

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restrictions under the Financial Holding Company Act and other regulations on transactions between a financial holding company and, or among, its subsidiaries;

 

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unforeseen contingent risks, including lack of required capital resources, increased tax liabilities or restrictions in our overseas operations, relating to our financial holding company structure;

 

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unexpected business disruptions;

 

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failure to attract, develop and retain personnel with necessary expertise;

 

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loss of customers; and

 

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labor unrest.

Accordingly, we may not be able to realize the anticipated benefits of our financial holding company structure, and our business, results of operations and financial condition may suffer as a result.

 

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As a financial holding company, we are subject to certain regulatory requirements under Korean law, and our ability to fund our operations is dependent on the dividends we receive from our subsidiaries.

We are a financial holding company with no significant assets other than the shares of our subsidiaries. In addition, as a financial holding company, we are required to meet certain minimum financial ratios under Korean law, including with respect to liquidity, leverage and capital adequacy. Our primary sources of funding and liquidity are dividends from our subsidiaries, direct borrowings and issuances of equity or debt securities at the holding company level. Our ability to meet our obligations to our direct creditors and employees and our other liquidity needs and regulatory requirements at the holding company level depends on timely and adequate distributions from our subsidiaries and our ability to sell our securities or obtain credit from our lenders.

In addition, creditors of our subsidiaries will generally have claims that are prior to any claims of our creditors with respect to their assets. Furthermore, our inability to sell our securities or obtain funds from our lenders on favorable terms, or at all, could also result in our inability to meet our liquidity needs and regulatory requirements and may disrupt our operations at the holding company level.

The dividends that we receive from our subsidiaries may be affected by potential restrictions on their ability to pay such dividends, as well as their financial conditions and operating results.

Since our principal assets at the holding company level are the shares of our subsidiaries, our ability to pay dividends on our common stock largely depends on dividend payments from those subsidiaries. The ability of our subsidiaries to pay dividends to us depends on their financial condition and operating results. In the future, our subsidiaries may enter into agreements, such as credit agreements with lenders or indentures relating to high-yield or subordinated debt instruments, that impose restrictions on their ability to make distributions to us, and the terms of future obligations and the operation of Korean law could prevent our subsidiaries from making sufficient distributions to us to allow us to make payments on our outstanding obligations. Any delay in receipt of or shortfall in payments to us from our subsidiaries could result in our inability to meet our liquidity needs and regulatory requirements, including minimum liquidity and capital adequacy ratios, and may disrupt our operations at the holding company level.

Furthermore, the dividend payments from our shares of our subsidiaries are subject to restrictions under the Korean Commercial Code, the Bank Act and regulations, generally based on capital levels and retained earnings, imposed by the various regulatory agencies with authority over those entities. The ability of our subsidiaries to pay dividends may be subject to regulatory restrictions to the extent that paying dividends would impair their respective non-consolidated profitability, financial condition or cash flow needs.

For example:

 

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under the Korean Commercial Code, dividends may only be paid out of distributable income, an amount which is calculated by subtracting the aggregate amount of a company’s paid-in capital and certain mandatory legal reserves as well as certain unrealized profits from its net assets, in each case as of the end of the prior fiscal period;

 

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under the Bank Act, a bank also must credit at least 10% of its net profit to a legal reserve each time it pays dividends on distributable income until that reserve equals the amount of its total paid-in capital; and

 

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under the Bank Act and the requirements of the Financial Services Commission, if a bank fails to meet its required capital adequacy ratio or otherwise becomes subject to management improvement measures imposed by the Financial Services Commission, then the Financial Services Commission may restrict the declaration and payment of dividends by that bank.

Our subsidiaries may not continue to meet the applicable legal and regulatory requirements for the payment of dividends in the future. If they fail to do so, they may stop paying or reduce the amount of the dividends they pay to us, which would have an adverse effect on our ability to pay dividends on our common stock.

 

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Although increasing our fee income is an important part of our strategy, we may not be able to do so.

We have historically relied on interest income as our primary revenue source. While we have developed new sources of fee income as part of our business strategy, our ability to increase our fee income and thereby reduce our dependence on interest income will be affected by the extent to which our customers generally accept the concept of fee-based services. Historically, customers in Korea have generally been reluctant to pay fees in return for value-added financial services, and their continued reluctance to do so will adversely affect the implementation of our strategy to increase our fee income. Furthermore, the fees that we charge to customers are subject to regulation by Korean financial regulatory authorities, which may seek to implement regulations or measures that may also have an adverse impact on our ability to achieve this aspect of our strategy.

We may suffer customer attrition or our net interest margin may decrease as a result of government regulations or our competition strategy.

We have pursued a strategy of enhancing our margins by maximizing our net interest spreads, which represent the difference between the average yield on our interest-earning assets and the average cost of our interest-bearing liabilities. We may need to adjust such strategy, however, in order to comply with stricter government regulations, which would also require us to pursue a more effective competition strategy in order to minimize customer attrition.

For example, the successive increases in interest rates in Korea from August 2021 to the first quarter of 2023 has led to a significant increase in the net interest spreads reported by many Korean banks, including Kookmin Bank, as the rise in interest rates for loans have generally outpaced the rise in interest rates for deposit products. See “—Significant increases in interest rates could decrease the value of our debt securities portfolio and raise our funding costs while reducing loan demand and the repayment ability of our borrowers, which, as a result, could adversely affect us.” In response to widespread public outcry against such increase in net interest spreads and the high levels of profits realized by Korean banks, the Korean government and the Financial Services Commission have pursued various measures to increase competition among financial institutions in Korea. Such measures could force us to compete to a greater extent based on interest rates, which could lead to a decrease in our net interest margins. In addition, if other banks and financial institutions adopt a strategy of expanding market share through interest rate competition, we may suffer customer attrition due to rate sensitivity. See “—Competition in the Korean financial industry is intense, and we may lose market share and experience declining margins as a result.”

Although it is not possible to predict what, if any, new regulations will ultimately be imposed on Kookmin Bank and the financial industry, such regulations could reduce our profit margins, limit our operational flexibility and increase competition, which, in turn, could have a materially adverse effect on our results of operations and financial condition.

Risks relating to competition

Competition in the Korean financial industry is intense, and we may lose market share and experience declining margins as a result.

Competition in the Korean financial industry has been and is likely to remain intense. Some of the financial institutions that we compete with have longer operating histories as financial holding companies, greater financial resources or more specialized capabilities than us and our subsidiaries. In the retail and small- and medium-sized enterprise lending business, which has been our traditional core business, competition has increased significantly and is expected to increase further. Most Korean banks have been focusing on retail customers and small- and medium-sized enterprises in recent years, although they have begun to generally increase their exposure to large corporate borrowers. In addition, the profitability of our retail lending and credit card operations may decline as a result of growing market saturation in the retail lending and credit card segments, increased interest rate competition, pressure to lower the fee rates applicable to our credit cards

 

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(particularly merchant fee rates) and higher marketing expenses. Intense and increasing competition has made and continues to make it more difficult for us to secure retail, credit card and small- and medium-sized customers with the credit quality and on credit terms necessary to achieve our business objectives in a commercially acceptable manner.

Furthermore, companies in the banking and financial industries have increasingly adopted new technologies, including artificial intelligence and data science, to provide innovative services to their customers and differentiate themselves from competitors. Our failure to adopt such technologies in a timely and competitive manner could negatively impact our market share and profitability. For example, the introduction of Internet-only banks in Korea has led to an increase in competition in the Korean banking industry. Internet-only banks operate without branches and conduct most of their operations through electronic means, which enables them to minimize costs and offer customers higher interest rates on deposits or lower lending rates. In April 2017, Kbank, the first Internet-only bank in Korea, commenced operations. Kakao Bank, another Internet-only bank, in which Kookmin Bank held a 4.9% equity interest as of December 31, 2023, commenced operations in July 2017. Most recently, Toss Bank, another Internet-only bank, commenced operations in October 2021.

In the Korean insurance industry, there has been downward pressure in recent years on margins of insurance products as some of our competitors have sought to obtain or maintain market share by reducing margins and increasing marketing efforts. As the Korean non-life insurance and life insurance sectors continue to mature, they may experience a slowdown in growth as well as a stagnation in market penetration. Due to these and other factors, we believe that competition in the Korean insurance industry will likely remain intense in the future. Sustained or increased competition may lead to decreases in the market share and profitability of our non-life insurance and life insurance businesses.

In addition, we believe that regulatory reforms and the general modernization of business practices in Korea will lead to increased competition among financial institutions in Korea. In the second half of 2015, the Korean government implemented measures to facilitate bank account portability of retail customers by requiring commercial banks to establish systems that allow retail customers to easily switch their bank accounts at one commercial bank to another and automatically transfer the automatic payment settings of their former accounts to the new ones. Such measures have further intensified competition among financial institutions in Korea. Moreover, in March 2016, the Financial Services Commission introduced an individual savings account scheme in Korea, which enables individuals to efficiently manage a wide range of retail investment vehicles, including cash deposits, funds and securities investment products, from a single integrated account with one financial institution and offers tax benefits on investment returns. Since the scheme backed by the Korean government allows only one individual savings account per person, financial institutions have been competing to retain existing customers and attract new customers since the launch of the individual savings account scheme. Over 30 financial institutions, including banks, securities companies and insurance companies, have registered with the Financial Services Commission to sell their individual savings account products and competition among these financial institutions is expected to remain intense. More recently, in August 2020, amendments to the Credit Information Use and Protection Act established the framework for MyData services in Korea, which allow the collection of customers’ personal credit information from credit information providers/users or public institutions upon the customer’s request and subject to compliance requirements, so that customers may access such collected personal credit information in whole or in part. As of December 31, 2023, the Financial Services Commission had granted licenses to 68 companies to operate as MyData service providers, 24 of which were fintech firms, and competition between traditional financial institutions and fintech firms is expected to intensify, particularly with respect to asset management services. MyData services are currently offered through several channels including KB Star Banking, our mobile banking application, KB Pay, our credit card services application, and KB M-able, our securities trading application. In order to further boost competition in the Korean banking industry, the Korean government has announced that it is planning to introduce various measures to lower the barriers to entry for certain financial institutions. See “—We may suffer customer attrition or our net interest margin may decrease as a result of government regulations or our competition strategy.”

 

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Moreover, a number of significant mergers and acquisitions in the financial industry have taken place in Korea in recent years, including Hana Financial Group’s acquisition of a controlling interest in Korea Exchange Bank in 2012 and the subsequent merger of Hana Bank into Korea Exchange Bank in 2015. In addition, as part of the Korean government’s plans to privatize Woori Finance Holdings Co., Ltd. (the former financial holding company of Woori Bank), certain subsidiaries of Woori Finance Holdings were sold to other financial institutions and Woori Finance Holdings itself was merged into Woori Bank in 2014, which established a new financial holding company, Woori Financial Group Inc., in January 2019. In the insurance sector, China’s Anbang Insurance Group acquired controlling interests in Tong Yang Life Insurance Co., Ltd. and Allianz Life Insurance Korea Co., Ltd. in 2015 and 2016, respectively, while Mirae Asset Life Insurance Co., Ltd. acquired PCA Life Insurance Co., Ltd. in 2017. Meanwhile, Orange Life Insurance, Ltd. (formerly known as ING Life Insurance Korea, Ltd.) became a wholly-owned subsidiary of Shinhan Financial Group following the acquisition of equity interests by Shinhan Financial Group in February 2019 and January 2020, and subsequently merged with and into Shinhan Life Insurance Co., Ltd. in July 2021. In 2022, Shinhan Financial Group also acquired BNP Paribas Cardif General Insurance, which was subsequently renamed Shinhan EZ General Insurance. In the securities sector, in 2016, Mirae Asset Securities Co., Ltd. acquired a 43% interest in KDB Daewoo Securities Co., Ltd., which subsequently merged with and into Mirae Asset Securities to create Mirae Asset Daewoo Securities Co., Ltd., one of the largest securities companies in Korea in terms of capital.

We expect that consolidation in the Korean financial industry will continue. The financial institutions resulting from such consolidation may, by virtue of their increased size and business scope, provide significantly greater competition for us. We also believe that foreign financial institutions, many of which have greater experience and resources than we do, may seek to compete with us in providing financial products and services either by themselves or in partnership with existing Korean financial institutions. Increased competition and continuing consolidation may lead to decreased margins, resulting in a material adverse impact on our future profitability. Accordingly, our results of operations and financial condition may suffer as a result of increasing competition in the Korean financial industry.

Risks relating to our large corporate loan portfolio

We have exposure to chaebols, and, as a result, financial difficulties of chaebols may have an adverse impact on us.

Of our 20 largest corporate exposures (including loans, debt and equity securities and guarantees and acceptances) as of December 31, 2023, eight were to companies that were members of the 37 largest highly-indebted business groups among chaebols in Korea designated as such by the Financial Supervisory Service based on their outstanding exposures. As of that date, the total amount of our exposures to 37 of such largest highly-indebted business groups among chaebols was ￦46,326 billion, or 7.0% of our total exposures. If the credit quality of our exposures to chaebols declines as a result of financial difficulties they experience or for other reasons, we could require substantial additional loan loss provisions, which would hurt our results of operations and financial condition.

We cannot assure you that the allowances we have established against these exposures will be sufficient to cover all future losses arising from these exposures. In addition, with respect to those companies that are in or in the future enter into workout or liquidation proceedings, we may not be able to make any recoveries against such companies. We may, therefore, experience future losses with respect to those loans.

We have exposure to large corporate borrowers that are currently or may in the future be put in restructuring, and we may suffer losses as a result of additional loan loss provisions being required and/or the adoption of restructuring plans with which we do not agree.

As of December 31, 2023, our loans and guarantees to large corporate borrowers that were in workout, restructuring or rehabilitation amounted to ￦93 billion, or 0.02% of our total loans and guarantees, most of which was classified as impaired. As of the same date, our allowances for credit losses on these loans and

 

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guarantees amounted to ￦46 billion, or 49.5% of these loans and guarantees. These allowances may not be sufficient to cover all future losses arising from our exposure to these companies. Furthermore, we have other exposure to such companies, in the form of debt and equity securities of such companies held by us (including equity securities we acquired as a result of debt-to-equity conversions). Our exposures as of December 31, 2023 with respect to such securities of large corporate borrowers in workout, restructuring or rehabilitation amounted to less than ￦1 billion, or less than 0.01% of our total debt securities and equity securities, but may increase in the future. In addition, in the case of borrowers that are or become subject to workout or restructuring, we may be forced to restructure our credits pursuant to restructuring plans approved by other creditor financial institutions of the borrower, or to dispose of our credits to other creditors on unfavorable terms.

In particular, as of December 31, 2023, we had ￦526 billion of outstanding exposures, comprising ￦19 billion of loans, ￦0 billion of debt securities, ￦0 billion of equity securities and ￦507 billion of guarantees (mainly in the form of refund guarantees relating to shipbuilding contracts), to Daewoo Shipbuilding & Marine Engineering Co., Ltd. (later re-named Hanwha Ocean, as discussed below), or DSME, which has been pursuing a voluntary restructuring program. In April 2017, the creditors of DSME agreed on a plan to provide additional financial support to DSME in connection with its voluntary restructuring program, under which the Korea Development Bank and the Export-Import Bank of Korea would provide ￦2.9 trillion of new loans to DSME, on the condition that DSME’s other creditors and bondholders agree to a ￦2.9 trillion debt-to-equity swap. The financial support plan requires the Korean commercial bank creditors of DSME (including us) to swap 80% of our outstanding unsecured loans into equity of DSME and extend the maturity of the remaining loans for a period of five years. The financial support plan requires DSME’s creditors (including us) to provide additional refund guarantees in connection with future shipbuilding contracts of DSME. The implementation of the financial support plan for DSME has required and may continue to require us to increase our loan loss provisions and recognize write-offs and impairment losses with respect to our exposures to DSME and may therefore have a material adverse impact on our results of operations and financial condition. In May 2023, Hanwha Group acquired a 49.3% equity stake in DSME for approximately ￦2 trillion, and thereby became its largest shareholder, after which DSME was subsequently renamed Hanwha Ocean. Following such acquisition, the creditors of Hanwha Ocean extended the financial support plan by another five years.

Furthermore, as of December 31, 2023, we had ￦10 billion of outstanding debt exposures to Taeyoung Engineering & Construction Co., or Taeyoung E&C, which commenced workout procedures in January 2024. Pursuant to the workout procedures, the creditors of Taeyoung E&C, including us, agreed to temporarily defer all of Taeyoung E&C’s payment obligations until May 2024, during which time external consultants would evaluate Taeyoung E&C’s ability to maintain its business and repay its loans.

A large portion of our credit exposure is concentrated in a relatively small number of large corporate borrowers, which increases the risk of our corporate credit portfolio.

As of December 31, 2023, our loans and guarantees to our 20 largest borrowers totaled ￦12,710 billion and accounted for 2.7% of our total loans and guarantees. As of that date, our single largest corporate credit exposure was to the Korea Securities Finance Corporation, to which we had outstanding debt securities of ￦4,748 billion and an additional exposure of ￦77 billion in the form of equity securities. Any deterioration in the financial condition of the Korea Securities Finance Corporation or our other large corporate borrowers may require us to record substantial additional provisions and charge-offs and may have a material adverse impact on our results of operations and financial condition.

 

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Risks relating to our insurance operations

Our profitability may be adversely affected if actual benefits and claims amounts on our in-force insurance policies exceed the amounts that we have reserved, or we increase the amount of reserves due to a change in our underlying assumptions.

We operate our insurance business through KB Insurance Co., Ltd., our non-life insurance subsidiary which became a consolidated subsidiary in May 2017, and KB Life Insurance, which was formed in January 2023 through a merger of our existing life insurance subsidiaries, the Former KB Life Insurance and Prudential Life Insurance. With respect to our insurance operations, we establish and carry, as a liability, policy reserves based on the greater of statutory reserves and actuarial estimates of how much we will need to pay for future benefits and claims on our in-force non-life insurance and life insurance policies. The profitability of our insurance operations depends significantly upon the extent to which our actual claims results are consistent with the assumptions used in setting the prices for our insurance products and establishing the liabilities in our financial statements for our obligations for future insurance policy benefits and claims. We establish the liabilities for obligations for future insurance policy benefits and claims based on the expected payout of benefits, calculated through the use of assumptions for investment returns, mortality, morbidity, expenses and persistency, as well as certain macroeconomic factors such as inflation. We also use methods to analyze loss trends with respect to certain risk assumptions relating to natural disasters. These assumptions are based on our previous experience and published data from third party industry sources, as well as judgments made by our management. These assumptions and estimates may deviate from our actual experience due to various factors that are beyond our control, including as a result of unexpected changes in the scope of coverage by the Korean national health insurance program and advancements in health care that result in increased life expectancy and early detection of diseases, as well as re-interpretations of our insurance policy terms by Korean regulators or courts. In addition, the occurrence of unexpected catastrophic events in Korea, including pandemics or natural or man-made disasters, may result in claims that significantly exceed our expectations. As a result, we cannot determine with precision the ultimate amounts that we will pay for, or the timing of payment of, actual benefits and claims or whether the assets supporting the insurance policy liabilities will grow to the level we assume prior to payment of benefits or claims. These amounts may vary from the estimated amounts, particularly when those payments may not occur until well into the future.

We evaluate the adequacy of our insurance policy liabilities periodically based on changes in the assumptions used to determine our best estimates of claims, expenses, persistency rates and interest rates, as well as based on our actual policy benefits and claims results. To the extent that trends in actual claims results are less favorable than our underlying assumptions used in establishing these liabilities, and our total insurance policy liabilities are considered to be inadequate to meet our future contractual obligations as and when they arise, we could be required to increase our liabilities. We record increases in our insurance policy liabilities as expenses in the period in which the liabilities are established or re-evaluated. If actual benefits and claims amounts exceed the amounts that we have reserved, or we increase the amount of insurance policy liabilities due to a change in our underlying assumptions, it could have a material adverse effect on our results of operations and financial condition.

Our insurance subsidiaries may be required to raise additional capital or reduce their growth or business scale if their solvency ratio deteriorates or the applicable capital requirements change in the future.

Pursuant to the solvency requirements implemented by the Financial Services Commission, insurance companies in Korea are required to maintain a statutory ratio of available capital to required capital of not less than 100% on a consolidated basis. Furthermore, the Financial Supervisory Service had previously recommended that insurance companies maintain a risk-based capital adequacy ratio of not less than 150%, and its former administrative guidelines had required insurance companies failing to maintain such recommended 150% ratio to submit a capital increase plan. Although the Financial Supervisory Service has since withdrawn such administrative guidelines, we believe that a risk-based capital adequacy ratio of not less than 150% is still considered standard in the Korean insurance industry. Solvency requirements require insurance companies to

 

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hold adequate capital to cover their exposures to life/long-term non-life insurance risk, general non-life insurance risk, market risk, credit risk and operational risk by reflecting such risks in their calculation of required capital. Based on preliminary data, which are subject to change, KB Insurance and KB Life Insurance had solvency ratios of 216.04% and 307.95%, respectively, as of December 31, 2023.

On January 1, 2023, the Financial Supervisory Service introduced the Korean-Insurance Capital Standard, or K-ICS, a new regulatory solvency regime for insurance companies based on the International Capital Standard developed by the International Association of Insurance Supervisors, which is similar in substance to the Solvency II Directive of the European Union. The Solvency II Directive, which has been in effect in the European Union since January 1, 2016, is a comprehensive program of regulatory requirements for insurance companies, covering authorization, corporate governance, supervisory reporting, public disclosure and risk assessment and management, as well as solvency. Under K-ICS, insurance contract liabilities are expected to be measured based on market value, rather than book value, at the time of the computation of available capital. K-ICS has also introduced new risk subcategories, including those related to termination, business expenses, longevity, catastrophes and asset concentration, to be considered at the time of the computation of required capital. It is expected that these changes, among others, would require a number of insurance companies in Korea with a large portfolio of high guaranteed rate of return products to obtain additional capital to meet their solvency requirements. However, the Financial Supervisory Service has allowed for a gradual deduction from available capital and a gradual recognition of risks in relation to required capital, for up to ten years. In order to ease the burden on insurance companies, corrective measures will be withheld for up to five years even if the solvency ratio under K-ICS is less than 100%, if the solvency ratio exceeds 100%. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Insurance Companies—Capital Adequacy.”

There is no guarantee that our insurance subsidiaries will not be required to raise additional capital to sustain their solvency ratio above the required level in connection with the implementation of K-ICS. Any material deterioration in the solvency ratio of our insurance subsidiaries, as a result of the implementation of K-ICS or otherwise, could change their customers’ or business counterparties’ perception of their financial health, which in turn could adversely affect their business and profitability. Furthermore, if they grow rapidly or if their asset quality deteriorates in the future, our insurance subsidiaries may be required to raise additional capital, which we may need to provide in whole or in part, to meet their capital adequacy requirements. If we or our insurance subsidiaries are not able to raise any required additional capital, we may be forced to reduce the growth or scale of our insurance operations.

Changes in accounting standards for insurance contracts and their implementation could adversely impact our reported results of operations and financial condition and their comparability with those from prior periods.

In response to a lack of comparability in the global insurance industry stemming from variations in accounting policies being applied, in May 2017, the IASB issued IFRS 17, a new IFRS accounting standard for insurance contracts to supersede IFRS 4 with an effective date of January 1, 2023. With IFRS 17 currently in effect, we expect compliance with such revised accounting standards to significantly affect the way in which we and other operators of insurance businesses in Korea account for insurance policies, annuity contracts and financial instruments and how our financial statements are presented.

IFRS 17 has introduced a fundamentally different approach to previous accounting policies under IFRS 4 in terms of both liability measurement and profit recognition. Under IFRS 17, insurance contract liabilities are no longer calculated based on historical or past assumptions and are now based on the present value of future insurance cash flows using a discount rate reflecting current interest rates and the characteristics of the insurance contracts, with a risk adjustment and deferral of up-front profits. Among other effects, this may result in an increase in the level of the liabilities of our insurance subsidiaries, which would lead to a decrease in the balance of their available capital, which in turn may lower their solvency ratio, depending on the solvency regime applicable at the time. In addition, under IFRS 17, certain parts of premium income from insurance contracts will be recognized over the coverage period in proportion to the value of expected coverage and other services that

 

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the insurer will provide over such period, rather than recognized at the time of receipt of premium payments, and the investment component of an insurance contract (which refers to amounts to be repaid to policyholders even if the insured event does not occur) will be disaggregated and excluded from premium income. Such changes to revenue recognition methodology will likely have the effect of, among other things, reducing the reported revenue from our insurance operations in our financial statements.

Given the complexity of IFRS 17 and the significant amount of time and resources required to adopt IFRS 17 accounting, we have been investing in information technology systems and processes designed to enhance our financial analysis and impact assessment with respect to our insurance operations. We have also taken other measures to reduce the amount of our statutorily required capital under IFRS 17, including developing new products with improved capital efficiency and strengthening our asset-liability management and our monitoring of interest rate risk. Potential challenges that we have faced, and may continue to face, in terms of implementation of IFRS 17 include:

 

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interpretation of the requirements and potential operational difficulties when applying such requirements;

 

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data collection, storage and analysis;

 

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integration of existing systems and processes with new actuarial systems;

 

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increased finance, actuarial and risk management coordination;

 

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implementation of new business strategies in preparation for IFRS 17, including adjusting the duration of interest-earning assets and interest-bearing liabilities and our asset-liability management policies within our insurance operations;

 

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impact of the transition to a new Korean regulatory solvency regime, which was implemented on January 1, 2023; and

 

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changes to other aspects of our insurance business, such as product design, remuneration policies and business planning.

The implementation of IFRS 17, as well as any other new or revised insurance accounting standards we are required to adopt in the future, could result in significant costs and may have a material adverse effect on our business and our reported results of operations and financial condition.

We have applied IFRS 17 in our consolidated financial statements as of and for the years ended December 31, 2022 and 2023 included elsewhere in this annual report. As permitted by the transition rules of IFRS 17, our consolidated financial statements as of and for the year ended December 31, 2021 included elsewhere in this annual report have not been restated to retroactively apply IFRS 17. Therefore, figures for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, may not be directly comparable to corresponding figures for the year ended December 31, 2021. Likewise, business figures and other financial information as of and for the year ended December 31, 2021 in this annual report have not been restated to retroactively apply IFRS 17, and as such, may not be directly comparable to corresponding figures and information as of and for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, where applicable. You must therefore exercise caution when making comparisons of any business or financial figures in this annual report and evaluating our financial condition, results of operations and results.

Other risks relating to our business

The global COVID-19 pandemic and any possible recurrence of other types of widespread infectious diseases may adversely affect our business, financial condition or results of operations.

COVID-19, an infectious disease caused by severe acute respiratory syndrome coronavirus 2, was declared a “pandemic” by the World Health Organization in March 2020. The COVID-19 pandemic materially and adversely affected the global economy and financial markets as well as disrupted our business operations.

 

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We are subject to a number of risks, including but not limited to:

 

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an increase in defaults on loan payments from our customers that are particularly affected by the COVID-19 pandemic, who may not be able to meet payment obligations, which may lead to an increase in delinquency ratios and a deterioration in asset quality (see “Item 4.B. Business Overview—Assets and Liabilities—Loan Portfolio—Loan Concentration by Industry”);

 

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decreases in interest rates followed by recent increases in interest rates worldwide;

 

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depreciation of the Won against major foreign currencies, which in turn may increase our cost in servicing our foreign currency denominated debt and result in foreign exchange losses;

 

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disruption in the normal operations of our business resulting from contraction of infectious diseases by our employees, which may necessitate our employees to be quarantined and/or our offices to be temporarily shut down;

 

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disruption resulting from the necessity for social distancing, including, for example, temporary arrangements for employees to work remotely, which may lead to a reduction in labor productivity; and

 

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impairments in the fair value of our investments in companies that may be adversely affected by the pandemic.

It is not possible to predict the duration or the full magnitude of the overall harm that may result from COVID-19 in the long term. In the event that a future recurrence of COVID-19 or other types of widespread infectious diseases cannot be effectively and timely contained, our business, financial condition and results of operations will likely suffer.

Unfavorable changes in the global financial markets could adversely affect our results of operations and financial condition.

The overall prospects for the Korean and global economy in 2024 and beyond remain uncertain. In recent years, the global financial markets have experienced significant volatility as a result of, among other things:

 

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the occurrence of severe health epidemics, including the COVID-19 pandemic;

 

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hostilities, political or social tensions involving Russia (including the invasion of Ukraine by Russia and ensuing actions that the United States and other countries have taken or may take in the future, such as the imposition of sanctions against Russia) and the resulting adverse effects on the global supply of oil and other natural resources and the global financial markets;

 

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interest rate fluctuations as well as perceived or actual changes in policy rates, or other monetary and fiscal policies set forth, by the U.S. Federal Reserve and other central banks;

 

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a rise in inflation rates and volatility in stock markets and exchange rates worldwide;

 

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increased uncertainties in the global financial markets and industry, including difficulties faced by several banks in the United States and Europe;

 

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a deterioration in economic and trade relations between the United States and its major trading partners, including China;

 

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financial and social difficulties affecting many countries worldwide, in particular in Latin America and Europe;

 

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escalations in trade protectionism globally and geopolitical tensions in East Asia and the Middle East (including those resulting from the escalation of hostilities in the Middle East following the Israel-Hamas war);

 

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the slowdown of economic growth in China and other major emerging market economies; and

 

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political and social instability in various countries in the Middle East, including Yemen, Iran, Syria and Iraq.

 

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In light of the high level of interdependence of the global economy, unfavorable changes in the global financial markets, including as a result of any of the foregoing developments, could have a material adverse effect on the Korean economy and financial markets, and in turn on our business, financial condition and results of operations.

We are also exposed to adverse changes and volatility in the global and Korean financial markets as a result of our liabilities and assets denominated in foreign currencies and our holdings of trading and investment securities, including structured products. The value of the Won relative to major foreign currencies in general and the U.S. dollar in particular has fluctuated widely in recent years and has been subject to significant volatility as a result of the COVID-19 pandemic, the invasion of Ukraine by Russia and the ensuing sanctions against Russia, the escalation of hostilities in the Middle East following the Israel-Hamas war and, more recently, the widening difference in policy rates between the United States and Korea. A depreciation of the Won will increase our cost in Won of servicing our foreign currency-denominated debt, while continued exchange rate volatility may also result in foreign exchange losses for us. Furthermore, as a result of the deterioration in global and Korean economic conditions, there have been fluctuations in securities prices, including the stock prices of Korean and foreign companies in which we hold an interest. Such developments have resulted in and may lead to further trading and valuation losses on our trading and investment securities portfolio as well as impairment losses on our investments accounted for under the equity method.

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, could adversely affect our results of operations and financial condition.

In early 2023, difficulties at several banks in the United States and Europe have caused uncertainty for financial services companies, in particular the banking sector, and fear of instability in the global financial system generally, including in Korea. Such difficulties were caused, among others, by rising levels of inflation rates and rapid increases in interest rates, which have led to declines in the values of previously issued government securities held by such banks. Although the relevant financial authorities have intervened directly and indirectly in notable cases, there is a risk that other financial institutions could face difficulties, including from contagion disconnected from market fundamentals or for other reasons, and it is unclear what steps regulators would take, if any, in the event of further bank difficulties or continuing (or increasing) market distress. Many financial institutions have experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors have withdrawn, or could withdraw in the future, significant sums from their accounts at these institutions. Any negative perceptions resulting from such developments concerning the soundness of savings banks, Internet-only banks or the banking system generally in Korea could impact where customers choose to maintain deposits, which could lead certain banks in Korea to experience closure or other significant distress. In such event, the Korean government has in the past and may in the future require us, as one of the largest financial holding companies in Korea, to intervene, which could strain our resources, divert our management’s attention and have an adverse impact on our results of operations and financial condition.

Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect the financial services industry generally or financial institutions, transactional counterparties or other companies in the financial services industry, or concerns or rumors about any events of these kinds or other similar risks, may in the future lead to market-wide liquidity problems or increase our risk in various dealings with our counterparties, among others. If, as a result of such developments, any parties with whom we conduct business are unable to access their deposits with a distressed financial institution or any of their other funds loaned to such distressed financial institution, including through financial instruments or lending arrangements, such parties’ credit quality, ability to pay their obligations to us, or to enter into new commercial arrangements requiring additional payments to us could be adversely affected. In addition, our ability to access funding sources and other arrangements in amounts adequate to finance or capitalize our current and projected future business operations could also be affected by such disruptions or instability in the financial services industry or financial markets. Furthermore, we could be impacted by current or future negative perceptions and expectations about the prospects for the financial services industry, which could worsen over time and result in downward pressure on,

 

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and continued or accelerated volatility of, bank securities. Any of these developments resulting from the general instability of the financial services industry could materially adversely impact our results of operations and financial condition.

Our business may be materially and adversely affected by legal claims and regulatory actions against us.

We are subject to the risk of legal claims and regulatory actions in the ordinary course of our business, which may expose us to substantial monetary damages and legal costs, injunctive relief, criminal and civil penalties, sanctions against our management and employees and regulatory restrictions on our operations, as well as significant reputational harm. See “Item 8A. Consolidated Statements and Other Financial Information—Legal Proceedings.”

We are unable to predict the outcome of the legal claims and regulatory actions in which we are involved, and the scope of the claims or actions or the total amount in dispute in such matters may increase. Furthermore, adverse final determinations, decisions or resolutions in such matters could encourage other parties to bring related claims and actions against us. Accordingly, the outcome of current and future legal claims and regulatory actions, particularly those for which it is difficult to assess the maximum potential exposure or the ultimate adverse impact with any degree of certainty, may materially and adversely impact our business, reputation, results of operations and financial condition.

Our risk management system may not be effective in mitigating risk and loss, including operational risk.

We seek to monitor and manage our risk exposure through a group-wide risk management platform, encompassing a multi-layered risk management governance structure, reporting and monitoring systems, early warning systems, credit risk management systems for our banking operations and other risk management infrastructure, using a variety of risk management strategies and techniques. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” However, there can be no assurance that our risk management efforts will be effective in mitigating our risk and loss, especially since such risk management strategies and techniques employed by us and the judgments that accompany their application cannot anticipate the economic and financial outcome in all market environments, and many of our risk management strategies and techniques have a basis in historical market behavior that may limit the effectiveness of such strategies and techniques in times of significant market stress or other unforeseen circumstances. Furthermore, our risk management strategies may not be effective in a difficult or less liquid market environment, as other market participants may be attempting to use the same or similar strategies as us to deal with such market conditions. In such circumstances, it may be difficult for us to reduce our risk positions due to the activity of such other market participants.

We also seek to identify and manage our exposure to operational risk, which we define broadly to include all financial and non-financial risks, other than credit risk, market risk, interest rate risk and liquidity risk, that may arise from our operations that could negatively impact our capital, including the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events as defined under Basel II. In addition to our internal audits and inspections, the Financial Supervisory Service conducts general annual audits of our operations, as well as special audits and investigations as the need arises on particular aspects of our operations, such as risk management, internal control, credit monitoring and liquidity. In November 2022 and June 2023, the Financial Supervisory Service also worked together with the Korea Federation of Banks to introduce a number of measures to improve the internal controls of banks and other financial institutions. In the ordinary course of its audits or investigations, the Financial Supervisory Service routinely issues warning notices where it determines that a regulated financial institution or such institution’s employees have failed to comply with the applicable laws or rules, regulations and guidelines of the Financial Supervisory Service. We have in the past received, and may in the future receive, such notices, and we have taken and will continue to take appropriate actions in response to such notices. While we intend to fully cooperate with the Financial Supervisory Service in its audits and investigations and take any remedial measures as necessary, no assurance

 

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can be given that these remedial measures would be sufficient to prevent similar or more adverse operational risks from materializing.

We may suffer losses due to employee misconduct.

Our businesses are exposed to risk from potential non-compliance by our employees with policies or regulations, employee misconduct or negligence and fraud, which could result in civil, regulatory or criminal investigations, litigations and charges, regulatory sanctions and reputational or financial harm. For example, from time to time, our employees, including those of our subsidiaries, have been discovered to have engaged in various types of misconduct, including insider trading, embezzlement and fraud, among others. There can be no assurance that we will be able to fully recoup any financial losses that we may have sustained as a result of any employee misconduct. Furthermore, it is not always possible to deter or fully prevent employee misconduct and the precautions we take to prevent and detect such activity may not always be fully effective. Accordingly, there can be no assurance that employee misconduct will not occur again in the future.

We are generally subject to Korean corporate governance and disclosure standards, which may differ from those in other countries.

Companies in Korea, including us, are subject to corporate governance standards applicable to Korean public companies which may differ in some respects from standards applicable in other countries, including the United States. As a reporting company registered with the U.S. Securities and Exchange Commission and listed on the New York Stock Exchange, we are subject to certain corporate governance standards as mandated by the Sarbanes-Oxley Act of 2002. However, foreign private issuers, including us, are exempt from certain corporate governance requirements under the Sarbanes-Oxley Act or under the rules of the New York Stock Exchange. There may also be less publicly available information about Korean companies, such as us, than is regularly made available by public or non-public companies in other countries. Such differences in corporate governance standards and less public information could result in corporate governance practices or disclosures that are perceived as less than satisfactory by investors in certain countries.

A decline in the value of the collateral securing our loans and our inability to realize full collateral value may adversely affect our credit portfolio.

A substantial portion of our loans is secured by real estate, the values of which have fluctuated significantly in recent years. Although it is our general policy to lend up to 60% to 70% of the appraised value of collateral (except in certain regulated areas designated by the Korean government where we generally limit our lending to between 30% and 50% of the appraised value of collateral and in the case of first-time home buyers where we generally limit our lending to 80% of the appraised value of collateral) and to periodically re-appraise our collateral, a downturn in the real estate market in Korea, which most recently commenced in 2022, may result in declines in the value of the collateral securing our mortgage and home equity loans. If collateral values further decline in the future, they may not be sufficient to cover uncollectible amounts in respect of our secured loans. Any future declines in the value of the real estate or other collateral securing our loans, or our inability to obtain additional collateral in the event of such declines, could result in a deterioration in our asset quality and may require us to take additional loan loss provisions.

In Korea, foreclosure on collateral generally requires a written petition to a court. An application, when made, may be subject to delays and administrative requirements that may result in a decrease in the value realized with respect to such collateral. We cannot guarantee that we will be able to realize the full value on our collateral as a result of, among other factors, delays in foreclosure proceedings and defects in the perfection of our security interest in collateral. Our failure to recover the expected value of collateral could expose us to losses.

 

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The secondary market for corporate bonds in Korea is not fully developed, and, as a result, we may not be able to realize the full book value of debt securities we hold at the time of any sale of such securities.

As of December 31, 2023, we held debt securities issued by Korean companies and financial institutions (other than those issued by the Bank of Korea, the Korea Development Bank, Korea Housing Finance Corporation, Industrial Bank of Korea and Korea Electric Power Corporation, which are government-owned or -controlled enterprises or financial institutions) with a total carrying amount of ￦59,597 billion in our trading and investment securities portfolio. The market value of these securities could decline significantly due to various factors, including future increases in interest rates or a deterioration in the financial and economic condition of any particular issuer or of Korea in general. Any of these factors individually or a combination of these factors would require us to write down the fair value of these debt securities, resulting in impairment losses. Because the secondary market for corporate bonds in Korea is not fully developed, the market value of many of these securities as reflected on our statements of financial position is determined by references to suggested prices posted by Korean rating agencies or the Korea Financial Investment Association. These valuations, however, may differ significantly from the actual value that we could realize in the event we elect to sell these securities. As a result, we may not be able to realize the full book value at the time of any such sale of these securities and thus may incur losses.

We may be required to make transfers from our general banking operations to cover shortfalls in our guaranteed trust accounts, which could have an adverse effect on our results of operations.

We manage a number of money trust accounts through Kookmin Bank, our banking subsidiary. Under Korean law, trust account assets of a bank are required to be segregated from the assets of that bank’s general banking operations. Those assets are not available to satisfy the claims of a bank’s depositors or other creditors of its general banking operations. For some of the trust accounts we manage, we have guaranteed either the principal amount of the investor’s investment or the principal and a fixed rate of interest.

If, at any time, the income from our guaranteed trust accounts is not sufficient to pay any guaranteed amount, we will have to cover the shortfall first from the special reserves maintained in these trust accounts, then from our fees from such trust accounts and finally from funds transferred from our general banking operations. As of December 31, 2023, we had ￦113 billion of special reserves in respect of trust accounts for which we provided guarantees of principal. There was no transfer from general banking operations to cover deficiencies in guaranteed trust accounts in 2021, 2022 and 2023. However, we may be required to make transfers from our general banking operations to cover shortfalls, if any, in our guaranteed trust accounts in the future. Such transfers may adversely impact our results of operations.

Our operations have been, and will continue to be, subject to increasing and continually evolving cybersecurity and other technological risks.

With the proliferation of new technologies, including artificial intelligence, and the increasing use of the Internet and mobile devices to conduct financial transactions, our operations as a large financial institution have been, and will continue to be, subject to an increasing risk of cyber incidents relating to these activities, the nature of which is continually evolving. Our computer systems, software and networks are subject to cyber incidents, such as disruptions, delays or other difficulties from our information technology system, computer viruses or other malicious codes, loss or destruction of data (including confidential client information), unauthorized access, account takeover attempts and cyber attacks. A significant portion of our daily operations relies on our information technology systems, including customer service, billing, the secure processing, storage and transmission of confidential and other information as well as the timely monitoring of a large number of complex transactions. See “Item 16K. Cybersecurity.” Although we have made substantial and continual investments to build systems and defenses to address cybersecurity and other technological risks, there is no guarantee that such measures or any other measures can provide adequate security. In addition, because methods used to cause cyber attacks change frequently or, in some cases, are not recognized until launched, we may be

 

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unable to implement effective preventive measures or proactively address these methods. Furthermore, these cyber threats may arise from human error, accidental technological failure and third parties with whom we do business. Although we maintain insurance coverage that may cover certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses. If we were to be subject to a cyber incident, it could result in the disclosure of confidential client information, damage to our reputation with our customers and in the market, customer dissatisfaction, additional costs to us, regulatory penalties, exposure to litigation and other financial losses to both us and our customers, which could have an adverse effect on our business and results of operations.

Risks relating to liquidity and capital management

Our funding is highly dependent on short-term deposits, which dependence may adversely affect our operations.

We meet a significant amount of our funding requirements through short-term funding sources, which consist primarily of customer deposits. As of December 31, 2023, approximately 95.7% of our deposits had maturities of one year or less or were payable on demand. In the past, a substantial proportion of our customer deposits have been rolled over upon maturity. We cannot guarantee, however, that depositors will continue to roll over their deposits in the future. In the event that a substantial number of our short-term deposit customers withdraw their funds or fail to roll over their deposits as higher-yielding investment opportunities emerge, our liquidity position could be adversely affected. We may also be required to seek more expensive sources of short-term and long-term funding to finance our operations. See “Item 5.B. Liquidity and Capital Resources—Financial Condition—Liquidity.”

We may be required to raise additional capital if our capital adequacy ratio deteriorates or the applicable capital requirements change in the future, but we may not be able to do so on favorable terms or at all.

Under the capital adequacy requirements of the Financial Services Commission, as of December 31, 2023, both we and Kookmin Bank, our banking subsidiary, were required to maintain a total minimum common equity Tier I capital adequacy ratio of 8.0%, Tier I capital adequacy ratio of 9.5% and combined Tier I and Tier II capital adequacy ratio of 11.5%, on a consolidated basis (including applicable additional capital buffers and requirements as described below). As of December 31, 2023, our common equity Tier I capital, Tier I capital and combined Tier I and Tier II capital adequacy ratios were 13.59%, 15.37% and 16.73%, respectively, and Kookmin Bank’s common equity Tier I capital, Tier I capital and combined Tier I and Tier II capital adequacy ratios were 14.91%, 15.50% and 18.08%, respectively, all of which exceeded the minimum levels required by the Financial Services Commission. However, our capital base and capital adequacy ratios may deteriorate in the future if our results of operations or financial condition deteriorates for any reason, including as a result of a deterioration in the asset quality of our retail loans (including credit card balances) and loans to small- and medium-sized enterprises, or if we are not able to deploy our funding into suitably low-risk assets.

The current capital adequacy requirements of the Financial Services Commission are derived from a new set of bank capital measures, referred to as Basel III, which the Basel Committee on Banking Supervision initially introduced in 2009 and began phasing in starting from 2013. Commencing in July 2013, the Financial Services Commission promulgated a series of amended regulations implementing Basel III, pursuant to which Korean banks and bank holding companies were required to maintain a minimum ratio of common equity Tier I capital to risk-weighted assets of 3.5% and Tier I capital to risk-weighted assets of 4.5% from December 1, 2013, which minimum ratios were increased to 4.0% and 5.5%, respectively, from January 1, 2014 and increased further to 4.5% and 6.0%, respectively, from January 1, 2015. The amended regulations also require an additional capital conservation buffer of 2.5% from January 2019, as well as a potential counter-cyclical capital buffer of up to 2.5%, which is determined on a quarterly basis by the Financial Services Commission and may be fully or partially enforced in 2023. In May 2023, the Financial Services Commission announced that a counter-cyclical capital buffer of 1.0% would apply from May 1, 2024. Furthermore, we and Kookmin Bank were each designated as a domestic systemically important bank holding company and a domestic systemically important

 

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bank, respectively, for 2023 by the Financial Services Commission and were subject to an additional capital requirement of 1.0% in 2023. In July 2023, we and Kookmin Bank were each again designated as a domestic systemically important bank holding company and a domestic systemically important bank, respectively, for 2024, which would again subject us to an additional capital requirement of 1.0% in 2024. All such requirements are in addition to the pre-existing requirement for minimum ratios of Tier I and Tier II capital (less any capital deductions) to risk-weighted assets set forth above. The implementation of Basel III in Korea may have a significant effect on the capital requirements of Korean financial institutions, including us. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Capital Adequacy” and “—Principal Regulations Applicable to Banks—Capital Adequacy.”

We may be required to obtain additional capital in the future in order to remain in compliance with more stringent capital adequacy and other regulatory requirements. However, we may not be able to obtain additional capital on favorable terms, or at all. Our ability to obtain additional capital at any time may be constrained to the extent that banks or other financial institutions in Korea or from other countries are seeking to raise capital at the same time. To the extent that we fail to comply with applicable capital adequacy ratios or other regulatory requirements in the future, Korean regulatory authorities may impose penalties on us ranging from a warning to suspension or revocation of our banking license.

Significant increases in interest rates could decrease the value of our debt securities portfolio and raise our funding costs while reducing loan demand and the repayment ability of our borrowers, which, as a result, could adversely affect us.

Interest rates in Korea have been subject to significant fluctuations in recent years. After the Bank of Korea reduced its policy rate to 1.50% in June 2015 and again to 1.25% in June 2016 amid deflationary concerns and interest rate cuts by central banks around the world, it increased its policy rate to 1.50% in November 2017 and 1.75% in November 2018 in light of improved growth prospects in Korea and rising interest rate levels globally. However, the Bank of Korea again lowered its policy rate to 1.50% in July 2019 and to 1.25% in October 2019 in order to address the sluggishness of the global and domestic economy. Subsequently, the Bank of Korea further lowered its policy rate to 0.75% in March 2020 and to 0.50% in May 2020 in response to deteriorating economic conditions resulting from the COVID-19 pandemic. However, as the economy began to show signs of recovery from the COVID-19 pandemic starting from the second half of 2021, the Bank of Korea gradually raised its policy rate to pre-pandemic levels of 1.25% from August 2021 through January 2022. More recently, in response to rising levels of household debt and inflation in Korea as well as globally, the Bank of Korea continued to raise its policy rate to 3.50% from April 2022 through January 2023. All else being equal, increases in interest rates in the future could lead to a decline in the value of our portfolio of debt securities, which generally pay interest based on a fixed rate. A sustained increase in interest rates will also raise our funding costs, while reducing loan demand, especially among retail borrowers. Rising interest rates may therefore require us to re-balance our asset portfolio and our liabilities in order to minimize the risk of potential mismatches and maintain our profitability.

In addition, rising interest rate levels may adversely affect the Korean economy and the financial condition and repayment ability of our corporate and retail borrowers both domestically and abroad, including holders of our credit cards, which in turn may lead to a deterioration in our credit portfolio. For example, the amount of our non-performing loans to overseas borrowers has increased from ￦1,342 billion as of December 31, 2022 to ￦1,568 billion as of December 31, 2023, reflecting the rise in global interest rate levels in recent years. Since most of our retail and corporate loans bear interest at rates that adjust periodically based on prevailing market rates, a sustained increase in interest rate levels will increase the interest costs of our retail and corporate borrowers and could adversely affect their ability to make payments on their outstanding loans.

Furthermore, in periods of increasing interest rates, the yields on the general account assets of our insurance subsidiaries may not be sufficient to fund the higher floating interest credit rates necessary to keep their interest-sensitive insurance products competitive. They may therefore have to accept a lower spread and thus lower profitability or face a decline in sales and greater attrition among their existing policyholders. In addition, in

 

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periods of increasing interest rates, the value of the debt securities and other general account assets of our insurance subsidiaries may decline, resulting in lower unrealized gains within other comprehensive income in their total equity, which in turn would lower their available capital and their solvency ratio. Moreover, surrenders and withdrawals of insurance policies may increase as policyholders seek to buy products with perceived higher returns. This process may lead to a cash outflow from our insurance subsidiaries. Such cash outflows may require them to sell their investment assets at a time when the prices of those assets are lower because of the increase in market interest rates, which may result in investment losses.

Risks relating to government regulation and policy

Strengthening of consumer protection laws applicable to financial institutions could adversely affect our operations.

As a financial service provider, we are subject to a variety of regulations in Korea that are designed to protect financial consumers. In recent years, in light of heightened public concern regarding privacy issues, the Korean government has placed greater emphasis on the protection of personal information by financial institutions and has implemented a number of measures to enhance consumer protection, including considerable restrictions on the transfer or provision of personal information by financial institutions to their affiliates or holding company. Under the Personal Information Protection Act, financial institutions, as personal information managers, may not collect, store, maintain, utilize or provide resident registration numbers of their customers, unless other laws or regulations specifically require or permit the management of resident registration numbers. In addition, under the Use and Protection of Credit Information Act, a financial institution has a higher duty to protect all information that it collects from its customers and is required to treat such information as credit information. There are considerable restrictions on the transfer or provision of the information by financial institutions to their affiliates or holding company. Quintuple damages may be imposed on a financial institution for leakage of such information. Furthermore, under the Electronic Financial Transaction Act, a financial institution is primarily responsible for compensating its customers harmed by a cybersecurity breach affecting the financial institution even if the breach is not directly attributable to the financial institution.

Under the Financial Consumer Protection Act, which was enacted in March 2020, we, as a financial instrument distributor, are subject to heightened investor protection measures, including stricter distribution guidelines, improved financial dispute resolution procedures, increased liability for customer losses and newly imposed penalty surcharges. Following the enactment of the Financial Consumer Protection Act, financial regulators have published subordinate regulations to such Act, including the Enforcement Decree, Supervisory Regulations and Enforcement Rules to the Supervisory Regulations governing consumer protection within the financial industry.

These and other measures that may be implemented by the Korean government to strengthen consumer protection laws applicable to financial institutions may limit our operational flexibility and cause us to incur significant additional compliance costs, as well as subject us to increased potential liability to our customers, which could adversely affect our business and performance.

The Korean government may promote lending and financial support by the Korean financial industry to certain types of borrowers as a matter of policy, which financial institutions, including us, may decide to follow.

Through its policies and recommendations, the Korean government has promoted and, as a matter of policy, may continue to attempt to promote lending by the Korean financial industry to particular types of borrowers. For example, the Korean government has in the past provided and may continue to provide policy loans, which encourage lending to particular types of borrowers. It has generally done this by identifying sectors of the economy it wishes to promote and making low interest funding available to financial institutions that may voluntarily choose to lend to these sectors. All loans or credits we choose to make pursuant to such policy loans would be subject to review in accordance with our credit approval procedures. However, the availability of

 

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policy loans may influence us to lend to certain sectors or in a manner in which we otherwise would not in the absence of such loans from the government.

In the past, the Korean government has also announced policies under which financial institutions in Korea are encouraged to provide financial support to particular sectors. For example, in light of the deteriorating financial condition and liquidity position of small- and medium-sized enterprises in Korea and adverse conditions in the Korean economy affecting such enterprises, the Korean government had temporarily introduced measures from April 2020 to September 2023 intended to encourage Korean banks to provide financial support to small- and medium-sized enterprise and retail borrowers, including guidelines for Korean banks to extend loan terms and defer interest payments with respect to small- and medium-sized enterprises and SOHOs affected by the COVID-19 pandemic. See “—Risks relating to our small- and medium-sized enterprise loan portfolio—We have significant exposure to small- and medium-sized enterprises, and any financial difficulties experienced by these customers may result in a deterioration of our asset quality and have an adverse impact on us.” and “—Risks relating to our retail credit portfolio—Future changes in market conditions as well as other factors may lead to increases in delinquency levels of our retail loan portfolio.” The Korean government may in the future request financial institutions in Korea, including us, to make investments in or provide other forms of financial support to particular sectors of the Korean economy as a matter of policy, which financial institutions, including us, may decide to accept. We may incur costs or losses as a result of providing such financial support.

The Financial Services Commission may impose burdensome measures on us if it deems us or one of our subsidiaries to be financially unsound.

If the Financial Services Commission deems our financial condition or the financial condition of our subsidiaries to be unsound, or if we or our subsidiaries fail to meet applicable regulatory standards, such as minimum capital adequacy and liquidity ratios, the Financial Services Commission may order or recommend, among other things:

 

  •  

capital increases or reductions;

 

  •  

stock cancellations or consolidations;

 

  •  

transfers of businesses;

 

  •  

sale of assets;

 

  •  

closures of subsidiaries or branch offices;

 

  •  

mergers with other financial institutions; and

 

  •  

suspensions of a part of our business operations.

If any of these measures is imposed on us by the Financial Services Commission, they could hurt our business, results of operations and financial condition. In addition, if the Financial Services Commission orders us to partially or completely reduce our capital, you may lose part or all of your investment.

Risks relating to Korea

Escalations in tensions with North Korea could have an adverse effect on us and the market value of our ADSs.

Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between the two Koreas has fluctuated and may increase abruptly as a result of current and future events. In particular, there have been heightened security concerns in recent years stemming from North Korea’s nuclear weapon, ballistic missile and satellite programs as well as its hostile military actions against Korea. Some of the significant incidents in recent years include the following:

 

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North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and conducted six rounds of nuclear tests since October 2006, including claimed detonations of hydrogen

 

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bombs, which are more powerful than plutonium bombs, and warheads that can be mounted on ballistic missiles. Over the years, North Korea has also conducted a series of ballistic missile tests, including missiles launched from submarines and intercontinental ballistic missiles that it claims can reach the United States mainland. North Korea has increased the frequency of such activities since the beginning of 2022, firing numerous ballistic missiles, including intercontinental ballistic missiles, and in November 2023, successfully launched its first spy satellite. In response, the Korean government has repeatedly condemned the provocations and flagrant violations of relevant United Nations Security Council resolutions. In February 2016, the government also closed the inter-Korea Gaesong Industrial Complex in response to North Korea’s fourth nuclear test in January 2016. Internationally, the United Nations Security Council has passed a series of resolutions condemning North Korea’s actions and significantly expanding the scope of sanctions applicable to North Korea, most recently in December 2017 in response to North Korea’s intercontinental ballistic missile test in November 2017. Over the years, the United States and the European Union have also expanded their sanctions applicable to North Korea.

 

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In March 2010, a Korean naval vessel was destroyed by an underwater explosion, killing many of the crewmen on board. The Korean government formally accused North Korea of causing the sinking, while North Korea denied responsibility. Moreover, in November 2010, North Korea fired more than one hundred artillery shells that hit Korea’s Yeonpyeong Island near the Northern Limit Line, which acts as the de facto maritime boundary between Korea and North Korea on the west coast of the Korean peninsula, causing casualties and significant property damage. The Korean government condemned North Korea for the attack and vowed stern retaliation should there be further provocation.

North Korea’s economy also faces severe challenges, which may further aggravate social and political pressures within North Korea. Although bilateral summit meetings were held between Korea and North Korea in April, May and September 2018 and between North Korea and the United States in June 2018, February 2019 and June 2019, there can be no assurance that the level of tensions affecting the Korean peninsula will not escalate in the future. Any increase in tensions, which may occur, for example, if North Korea experiences a leadership crisis, high-level contacts between Korea and North Korea or between the United States and North Korea break down or military hostilities occur, could have a material adverse effect on the Korean economy and on our business, financial condition and results of operations and the market value of our common stock and American depositary shares, or ADSs.

Unfavorable financial and economic developments in Korea may have an adverse effect on us.

We are incorporated in Korea, and substantially all of our operations are located in Korea. As a result, we are subject to political, economic, legal and regulatory risks specific to Korea, and our performance and successful fulfillment of our operational strategies are dependent to a large extent on the overall Korean economy. Due to the debilitating effects of the COVID-19 pandemic on the Korean economy and the economies of Korea’s major trading partners, the economic indicators in Korea have shown mixed signs of deterioration and uncertain recovery since the outbreak of the COVID-19 pandemic. See “Other risks relating to our business—The global COVID-19 pandemic and any possible recurrence of other types of widespread infectious diseases may adversely affect our business, financial condition or results of operations.” As a result, future growth of the Korean economy is subject to many factors beyond our control, including developments in the global economy.

In recent years, adverse conditions and volatility in the worldwide financial markets, fluctuations in oil and commodity prices, supply chain disruptions and the increasing weakness of the global economy, mainly due to the COVID-19 pandemic, Russia’s invasion of Ukraine and ensuing sanctions against Russia, difficulties faced by several banks in the United States and Europe and more recently, the escalation of hostilities in the Middle East following the Israel-Hamas war as well as rapid increases in policy interest rates globally to combat rising inflationary pressures, have contributed to the uncertainty of global economic prospects in general and have adversely affected, and may continue to adversely affect, the Korean economy. See “—Other risks relating to our

 

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business—Unfavorable changes in the global financial markets could adversely affect our results of operations and financial condition.” The value of the Won relative to major foreign currencies has fluctuated significantly and, as a result of uncertain global and Korean economic, social and political conditions, there recently has been significant volatility in the stock prices of Korean companies. Future declines in the Korea Composite Stock Price Index, or the KOSPI, and large amounts of sales of Korean securities by foreign investors and subsequent repatriation of the proceeds of such sales may adversely affect the value of the Won, the foreign currency reserves held by financial institutions in Korea, and the ability of Korean companies to raise capital. Any future deterioration of the Korean or global economy could adversely affect our business, financial condition and results of operations.

Developments that could have an adverse impact on Korea’s economy include:

 

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declines in consumer confidence and a slowdown in consumer spending in the Korean or global economy, including as a result of the global COVID-19 pandemic and increases in market interest rates;

 

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rising inflationary pressures leading to increases in the costs of goods and services and a decrease in purchasing power;

 

  •  

the occurrence of severe health epidemics, such as the COVID-19 pandemic, or other severe health epidemics in Korea or other parts of the world, such as the Middle East Respiratory Syndrome outbreak in Korea in 2015;

 

  •  

deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including deterioration resulting from territorial or trade disputes or disagreements in foreign policy;

 

  •  

adverse conditions or developments in the economies of countries and regions that are important export markets for Korea, such as China, the United States, Europe and Japan, or in emerging market economies in Asia or elsewhere, including as a result of deteriorating economic and trade relations between the United States and China and increased uncertainties in the global financial markets and industry;

 

  •  

adverse changes or volatility in foreign currency reserve levels, commodity prices (including oil prices), exchange rates (including fluctuation of the U.S. dollar, Euro or Japanese Yen exchange rates or revaluation of the Chinese Renminbi), interest rates, inflation rates or stock markets;

 

  •  

hostilities, political or social tensions involving Russia (including the invasion of Ukraine by Russia and the ensuing actions that the United States and other countries have taken or may take in the future, such as the imposition of sanctions against Russia) and the resulting adverse effects on the global supply of oil and other natural resources and the global financial markets;

 

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increased sovereign default risks in select countries and the resulting adverse effects on the global financial markets;

 

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a continuing rise in the level of household debt and increasing delinquencies and credit defaults by retail and small- and medium-sized enterprise borrowers in Korea;

 

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a deterioration in the financial condition or performance of small- and medium-sized enterprises and other companies in Korea due to the Korean government’s policies to increase minimum wages and limit working hours of employees;

 

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investigations of large Korean business groups and their senior management for possible misconduct;

 

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shortages of imported raw materials, natural resources, rare earth minerals or component parts, including semiconductors, due to disruptions to the global supply chain;

 

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social and labor unrest;

 

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substantial changes in the market prices of Korean real estate;

 

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a substantial decrease in tax revenues or a substantial increase in the Korean government’s expenditures for fiscal stimulus measures, unemployment compensation and other economic and social programs, particularly in light of the Korean government’s ongoing efforts to provide emergency relief payments to households and emergency loans to corporations in need of funding in light of the COVID-19 pandemic, as well as recent interest rate increases, which, together, may lead to a national budget deficit as well as an increase in the Korean government’s debt;

 

  •  

financial problems or lack of progress in the restructuring of chaebols, other large troubled companies (including those in the construction, shipbuilding and shipping sectors) and their suppliers or the financial sector;

 

  •  

loss of investor confidence arising from corporate accounting irregularities or corporate governance issues at certain chaebols;

 

  •  

increases in social expenditures to support an aging population in Korea or decreases in economic productivity due to the declining population size in Korea;

 

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the economic impact of any pending or future free trade agreements or of any changes to existing free trade agreements;

 

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geo-political uncertainty and the risk of further attacks by terrorist groups around the world;

 

  •  

natural or man-made disasters that have a significant adverse economic or other impact on Korea or its major trading partners;

 

  •  

political uncertainty or increasing strife among or within political parties in Korea;

 

  •  

hostilities or political or social tensions involving countries in the Middle East (including those resulting from the escalation of hostilities in the Middle East following the Israel-Hamas war) and Northern Africa and any material disruption in the global supply of oil or sudden increase in the price of oil;

 

  •  

increased reliance on exports to service foreign currency borrowings, which could cause friction with Korea’s trading partners;

 

  •  

an increase in the level of tensions or an outbreak of hostilities between North Korea and Korea or the United States; and

 

  •  

changes in financial regulations in Korea.

Labor unrest in Korea may adversely affect our operations.

Economic difficulties in Korea or increases in corporate reorganizations and bankruptcies could result in layoffs and higher unemployment. Such developments could lead to social unrest and substantially increase government expenditures for unemployment compensation and other costs for social programs. According to statistics from the Korea National Statistical Office, the unemployment rate decreased from 3.7% in 2021 to 2.9% in 2022 and 2.7% in 2023. Increases in unemployment and any resulting labor unrest in the future could adversely affect our operations, as well as the operations of many of our customers and their ability to repay their loans, and could adversely affect the financial condition of Korean companies in general, depressing the price of their securities. These developments would likely have an adverse effect on our financial condition and results of operations.

Risks relating to our common stock and ADSs

We or our major stockholders may sell shares of our common stock or ADSs in the future, and these and other sales may adversely affect the market price of our common stock and ADSs and may dilute your investment and relative ownership in us.

We have no current plans for any public offerings of our common stock, ADSs or securities exchangeable for or convertible into such securities. However, it is possible that we may decide to offer or sell such securities

 

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in the future. In addition, our major stockholder, the Korean National Pension Service, held approximately 8.30% of our total issued common stock (or 8.84% of our total outstanding common stock) as of December 31, 2023, which it may sell at any time.

Any future offerings or sales by us of our common stock or ADSs or securities exchangeable for or convertible into such securities, significant sales of our common stock by a major stockholder, or the public perception that an offering or sales may occur, could have an adverse effect on the market price of our common stock and ADSs. Furthermore, any offerings by us in the future of any such securities could have a dilutive impact on your investment and relative ownership interest in us.

Ownership of our common stock is restricted under Korean law.

Under the Financial Holding Company Act, a single stockholder, together with its affiliates, is generally prohibited from owning more than 10.0% of the issued and outstanding shares of voting stock of a bank holding company such as us that controls a nationwide bank, with the exception of certain stockholders that are non-financial business group companies, whose applicable limit has been reduced from 9.0% to 4.0% pursuant to an amendment of the Financial Holding Company Act which became effective from February 14, 2014. To the extent that the total number of shares of our common stock (including those represented by ADSs) that a holder and its affiliates own exceeds the applicable limits, that holder will not be entitled to exercise the voting rights for the excess shares, and the Financial Services Commission may order that holder to dispose of the excess shares within a period of up to six months. Failure to comply with such an order would result in an administrative fine of up to 0.03% of the book value of such shares per day until the date of disposal. Non-financial business group companies can no longer acquire more than 4.0% of the issued and outstanding shares of voting stock of a bank holding company pursuant to the amended Financial Holding Company Act, which grants an exception for non-financial business group companies which, at the time of the enactment of the amended provisions, held more than 4.0% of the shares thereof with the approval of the Financial Services Commission before the amendment. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Restrictions on Ownership of a Financial Holding Company.”

A holder of our ADSs may not be able to exercise dissent and appraisal rights unless it has withdrawn the underlying shares of our common stock and become our direct stockholder.

In some limited circumstances, including the transfer of the whole or any significant part of our business and the merger or consolidation of us with another company, dissenting stockholders have the right to require us to purchase their shares under Korean law. However, holders of our ADSs will not be able to exercise such dissent and appraisal rights if the depositary refuses to do so on their behalf. Our deposit agreement does not require the depositary to take any action in respect of exercising dissent and appraisal rights. In such a situation, holders of our ADSs must withdraw the underlying common stock from the ADS facility (and incur charges relating to that withdrawal) and become our direct stockholder prior to the record date of the stockholders’ meeting at which the relevant transaction is to be approved, in order to exercise dissent and appraisal rights.

A holder of our ADSs may be limited in its ability to deposit or withdraw common stock.

Under the terms of our deposit agreement, holders of common stock may deposit such stock with the depositary’s custodian in Korea and obtain ADSs, and holders of ADSs may surrender ADSs to the depositary and receive common stock. However, to the extent that a deposit of common stock exceeds the difference between:

 

  (1)

the aggregate number of common shares we have deposited or we have consented to allow to be deposited for the issuance of ADSs (including deposits in connection with offerings of ADSs and stock dividends or other distributions relating to ADSs); and

 

  (2)

the number of shares of common stock on deposit with the custodian for the benefit of the depositary at the time of such proposed deposit,

 

30

such common stock will not be accepted for deposit unless:

 

  (A)

our consent with respect to such deposit has been obtained; or

 

  (B)

such consent is no longer required under Korean laws and regulations.

Under the terms of the deposit agreement, no consent is required if the shares of common stock are obtained through a dividend, free distribution, rights offering or reclassification of such stock. We have consented, under the terms of the deposit agreement, to any deposit to the extent that, after the deposit, the number of deposited shares does not exceed such number of shares as we determine from time to time (which number shall at no time be less than 100,000,000 shares), unless the deposit would be prohibited by applicable laws or ownership restrictions or violate our articles of incorporation. We might not consent to the deposit of any additional common stock. As a result, if a holder surrenders ADSs and withdraws common stock, it may not be able to deposit the stock again to obtain ADSs.

A holder of our ADSs will not have preemptive rights in some circumstances.

The Korean Commercial Code and our articles of incorporation require us, with some exceptions, to offer stockholders the right to subscribe for new shares of our common stock in proportion to their existing shareholding ratio whenever new shares are issued. If we offer any rights to subscribe for additional shares of our common stock or any rights of any other nature, to the extent practicable, the depositary may make the rights available to holders of our ADSs or dispose of the rights on behalf of such holders and make the net proceeds available to such holders. The depositary, however, is not required to make available to holders any rights to purchase any additional shares of our common stock unless it timely receives evidence satisfactory to it from us that it may lawfully do so and:

 

  •  

a registration statement filed by us under the U.S. Securities Act of 1933, as amended, is in effect with respect to those shares; or

 

  •  

the offering and sale of those shares is exempt from or is not subject to the registration requirements of the Securities Act.

Similarly, holders of our common stock located in the United States may not exercise any such rights they receive absent registration or an exemption from the registration requirements under the Securities Act.

We are under no obligation to file any registration statement with the U.S. Securities and Exchange Commission or to endeavor to cause such a registration statement to be declared effective. Moreover, we may not be able to establish an exemption from registration under the Securities Act. Accordingly, a holder of our ADSs may be unable to participate in our rights offerings and may experience dilution in its holdings. If a registration statement is required for a holder of our ADSs to exercise preemptive rights but is not filed by us or is not declared effective, the holder will not be able to exercise its preemptive rights for additional ADSs and it will suffer dilution of its equity interest in us. If the depositary is unable to sell rights that are not exercised or not distributed or if the sale is not lawful or practicable, it will allow the rights to lapse, in which case the holder will receive no value for these rights.

Dividend payments and the amount a holder of our ADSs may realize upon a sale of its ADSs will be affected by fluctuations in the exchange rate between the U.S. dollar and the Won.

Our common stock is listed on the KRX KOSPI Market of the Korea Exchange and quoted and traded in Won. Cash dividends, if any, in respect of the shares represented by the ADSs will be paid to the depositary in Won and then converted by the depositary into U.S. dollars, subject to certain conditions. Accordingly, fluctuations in the exchange rate between the Won and the U.S. dollar will affect, among other things, the amounts a holder of our ADSs will receive from the depositary in respect of dividends, the U.S. dollar value of the proceeds that it would receive upon sale in Korea of the shares of our common stock obtained upon surrender of ADSs and the secondary market price of ADSs. Such fluctuations will also affect the U.S. dollar value of dividends and sales proceeds received by holders of our common stock.

 

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The market value of an investment in our ADSs may fluctuate due to the volatility of the Korean securities market.

Our common stock is listed on the KRX KOSPI Market, which has a smaller market capitalization and is more volatile than other securities markets, such as those in the United States and other countries. The market value of ADSs may fluctuate in response to the fluctuation of the trading price of shares of our common stock on the KRX KOSPI Market. The KRX KOSPI Market has experienced substantial fluctuations in the prices and volumes of sales of listed securities and the KRX KOSPI Market has prescribed a fixed range in which share prices are permitted to move on a daily basis. The KOSPI was 2,628.6 on April 25, 2024. There is no guarantee that the stock prices of Korean companies will not decline again in the future. Like other securities markets, including those in developed markets, the Korean securities market has experienced problems including market manipulation, insider trading and settlement failures. The recurrence of these or similar problems could have a material adverse effect on the market price and liquidity of the securities of Korean companies, including our common stock and ADSs, in both the domestic and the international markets.

The Korean government has the potential ability to exert substantial influence over many aspects of the private sector business community, and in the past has exerted that influence from time to time. For example, the Korean government has promoted mergers to reduce what it considers excess capacity in a particular industry and has also encouraged private companies to publicly offer their securities. Similar actions in the future could have the effect of depressing or boosting the Korean securities market, whether or not intended to do so. Accordingly, actions by the government, or the perception that such actions are taking place, may take place or has ceased, may cause sudden movements in the market prices of the securities of Korean companies in the future, which may affect the market price and liquidity of our common stock and ADSs.

If the Korean government deems that emergency circumstances are likely to occur, it may restrict holders of our ADSs and the depositary from converting and remitting dividends and other amounts in U.S. dollars.

If the Korean government deems that certain emergency circumstances, including, but not limited to, severe and sudden changes in domestic or overseas economic circumstances, extreme difficulty in stabilizing the balance of payments or implementing currency exchange rate and other macroeconomic policies, have occurred or are likely to occur, it may impose certain restrictions provided for under the Foreign Exchange Transaction Act, including the suspension of payments or requiring prior approval from governmental authorities for any transaction. See “Item 10.D. Exchange Controls—General.”

A holder of our ADSs may not be able to enforce a judgment of a foreign court against us.

We are a corporation with limited liability organized under the laws of Korea. Substantially all of our directors and officers and other persons named in this document reside in Korea, and all or a significant portion of the assets of our directors and officers and other persons named in this document and substantially all of our assets are located in Korea. As a result, it may not be possible for holders of our ADSs to effect service of process within the United States, or to enforce against them or us in the United States judgments obtained in United States courts based on the civil liability provisions of the federal securities laws of the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement of judgments of United States courts, of civil liabilities predicated on the United States federal securities laws.

 

Item 4.

INFORMATION ON THE COMPANY

For certain of the information required by subpart 1400 of Regulation S-K not included in this Item 4, see “Item 8.A. Consolidated Statements and Other Financial Information.”

 

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Item 4.A.

History and Development of the Company

Overview

We were established as a new financial holding company on September 29, 2008 pursuant to a “comprehensive stock transfer” under Korean law, whereby holders of the common stock of Kookmin Bank and certain of its subsidiaries transferred all of their shares to us in return for shares of our common stock. We were established pursuant to the Financial Holding Company Act, which was enacted in October 2000 and which, together with associated regulations and a related Enforcement Decree, has enabled banks and other financial institutions, including insurance companies, investment trust companies, credit card companies and securities companies, to be organized and managed under the auspices of a single financial holding company.

Our legal and commercial name is KB Financial Group Inc. Our registered office and principal executive offices are located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea. Our telephone number is +82-2-2073-7114. Our agent in the United States, Kookmin Bank, New York Branch, is located at 565 Fifth Avenue, 24th Floor, New York, NY 10017. Its telephone number is (212) 697-6100. The address of our English website is https://www.kbfg.com/Eng/index.jsp.

The U.S. Securities and Exchange Commission maintains a website (http://www.sec.gov), which contains reports, proxy and information statements and other information regarding issuers that file electronically with the U.S. Securities and Exchange Commission.

History of the Former Kookmin Bank

The former Kookmin Bank was established by the Korean government in 1963 under its original name of Citizens National Bank under the Citizens National Bank Act of Korea with majority government ownership. Under this Act, we were limited to providing banking services to the general public and to small- and medium-sized enterprises. In September 1994, we completed our initial public offering in Korea and listed our shares on the KRX KOSPI Market.

In January 1995, the Citizens National Bank Act of Korea was repealed and replaced by the Repeal Act of the Citizens National Bank Act. Our status was changed from a specialized bank to a nationwide commercial bank and in February 1995, we changed our name to Kookmin Bank. The Repeal Act allowed us to engage in lending to large businesses.

History of H&CB

H&CB was established by the Korean government in 1967 under the name Korea Housing Finance Corporation. In 1969, Korea Housing Finance Corporation became the Korea Housing Bank pursuant to the Korea Housing Bank Act. H&CB was originally established to provide low and middle income households with long-term, low-interest mortgages in order to help them purchase their own homes, and to promote the increase of housing supply in Korea by providing low-interest housing loans to construction companies. Until 1997 when the Korea Housing Bank Act was repealed, H&CB was the only entity in Korea allowed to provide mortgage loans with a term of longer than ten years. H&CB also had the exclusive ability to offer housing-related deposit accounts offering preferential rights to subscribe for newly-built apartments.

Merger of the Former Kookmin Bank and H&CB

Effective November 1, 2001, the former Kookmin Bank and H&CB merged into a new entity named Kookmin Bank. This merger resulted in Kookmin Bank becoming the largest commercial bank in Korea. Kookmin Bank’s ADSs were listed on the New York Stock Exchange on November 1, 2001 and its common shares were listed on the KRX KOSPI Market on November 9, 2001.

 

33

Establishment of KB Financial Group

We were established on September 29, 2008 pursuant to a “comprehensive stock transfer” under Article 360-15 of the Korean Commercial Code, whereby holders of the common stock of Kookmin Bank and certain of its subsidiaries transferred all of their shares to us, a new financial holding company, and in return received shares of our common stock. In the stock transfer, each holder of one share of Kookmin Bank common stock received one share of our common stock, par value ￦5,000 per share. Holders of Kookmin Bank ADSs and global depositary shares, each of which represented one share of Kookmin Bank common stock, received one of our ADSs for every ADS or global depositary share they owned. In addition, holders of the common stock of certain of Kookmin Bank’s subsidiaries transferred all of their shares to us and, as consideration for such transferred shares, received shares of our common stock in accordance with the specified stock transfer ratio applicable to each such subsidiary. Following the completion of the stock transfer, Kookmin Bank and these subsidiaries—KB Investment & Securities Co., Ltd., KB Asset Management Co., Ltd., KB Real Estate Trust Co., Ltd., KB Investment Co., Ltd., KB Futures Co., Ltd., KB Credit Information Co., Ltd., and KB Data Systems Co., Ltd.—became our wholly-owned subsidiaries.

The purpose of the stock transfer and our establishment as a financial holding company was to reorganize the different businesses of Kookmin Bank and its subsidiaries under a holding company structure, the adoption of which we believed would:

 

  •  

assist us in creating an integrated system that facilitates the sharing of customer information and the development of integrated products and services by the different businesses within our subsidiaries;

 

  •  

assist us in expanding our business scope to include new types of business with higher profit margins;

 

  •  

enhance our ability to pursue strategic investments or reorganizations by way of mergers, acquisitions, spin-offs or other means;

 

  •  

maximize our management efficiency; and

 

  •  

further enhance our capacity to expand our overseas operations.

Following the stock transfer, our common stock was listed on the KRX KOSPI Market on October 10, 2008 and our ADSs were listed on the New York Stock Exchange on September 29, 2008.

 

Item 4.B.

Business Overview

Business

We are one of the largest financial holding companies in Korea, in terms of consolidated total assets, and our operations include Kookmin Bank, one of the leading commercial banks in Korea. Our subsidiaries collectively engage in a broad range of businesses, including commercial banking, credit cards, asset management, non-life and life insurance, capital markets activities and international banking and finance. As of December 31, 2023, we had consolidated total assets of ￦716 trillion, consolidated total deposits of ￦407 trillion and consolidated total equity of ￦59 trillion.

As part of our commercial banking activities, we provide credit and related financial services to individuals and small- and medium-sized enterprises and, to a lesser extent, to large corporate customers. We also provide a full range of deposit products and related services to both individuals and enterprises of all sizes. We provide these services predominantly through Kookmin Bank.

By their nature, our core consumer and small- and medium-sized enterprise operations place a high premium on customer access and convenience. Our combined banking network of 797 branches as of December 31, 2023, one of the most extensive in Korea, provides a solid foundation for our business and is a major source of our competitive strength. This network provides us with a large, stable and cost effective funding source, enables us

 

34

to provide our customers convenient access and gives us the ability to provide the customer attention and service essential to conducting our business, particularly in an increasingly competitive environment. Our branch network is further enhanced by automated banking machines and fixed-line, smartphone and Internet banking. As of December 31, 2023, we had a customer base of approximately 37.6 million retail customers, which represented over one-half of the Korean population.

The following table sets forth the principal components of our lending business as of the dates indicated. As of December 31, 2023, retail loans and credit card loans and receivables accounted for 45.8% of our total loan portfolio:

 

     As of December 31,  
     2022      2023  
     (in billions of Won, except percentages)  

Retail

            

Mortgage and home equity(1)

    ￦ 121,429        27.8 %     ￦ 125,338        27.8 % 

Other consumer(2)

      61,663        14.1        58,678        13.0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total retail

      183,092        41.9        184,016        40.8  
  

 

 

     

 

 

     

 

 

     

 

 

  

Credit card

      22,562        5.2        22,311        5.0  

Corporate

      199,790        45.7        209,918        46.6  

Foreign

      31,756        7.2        34,023        7.6  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total loans

    ￦ 437,200        100.0 %     ￦ 450,268        100.0 % 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes ￦5,408 billion and ￦4,231 billion of overdraft loans secured by real estate in connection with home equity loans as of December 31, 2022 and 2023, respectively.

(2) 

Includes ￦10,241 billion and ￦10,254 billion of overdraft loans as of December 31, 2022 and 2023, respectively.

We provide a full range of personal lending products and retail banking services to individual customers, including mortgage loans. We are the largest private sector mortgage lender in Korea.

Lending to small- and medium-sized enterprises is the single largest component of our non-retail credit portfolio and represents a widely diversified exposure to a broad spectrum of the Korean corporate community, both by type of lending and type of customer, with one of the categories being collateralized loans to SOHO customers that are among the smallest of the small- and medium-sized enterprises. The volume of our loans to small- and medium-sized enterprises requires a customer-oriented approach that is facilitated by our large and geographically diverse branch network.

With respect to large corporate customers, we continue to seek to maintain and expand quality relationships by providing them with an increasing range of fee-related services.

Strategy

Our strategic focus is to become a world-class financial group that ranks among the leaders of the financial industry in Asia and globally. We plan to continue to solidify our market position as Korea’s leading financial group, enhance our ability to provide comprehensive financial services to our retail and corporate customers and strengthen our overseas operating platform and network. In addition, we continually strive to achieve our goal of creating “a happier life and a better world” through a customer-centric management philosophy. We believe our strong market position in the commercial banking area in Korea is an important competitive advantage, which will enable us to compete more effectively based on convenient delivery, product breadth and differentiation, and service quality while focusing on our profitability.

 

35

The key elements of our strategy are as follows:

Providing comprehensive financial services and maximizing synergies among our subsidiaries through our financial holding company structure

We believe the Korean financial services market has been undergoing and will continue to undergo significant change, resulting from, among other things, fluctuations in the Korean and global economy and the evolving social landscape in Korea, including the acceleration of population aging in Korea, the prevalence of smartphone usage, developments in digital and mobile technologies and the ensuing trend toward high-tech “smart banking” in the banking sector. In the context of such changes, we plan to become a comprehensive financial services provider capable of offering a full range of products and services to our large existing base of retail and corporate customers, as well as a global firm that can effectively compete with leading international financial institutions.

We believe our financial holding company structure gives us a competitive advantage over commercial banks and unaffiliated financial services providers by:

 

  •  

allowing us to offer a more extensive range of financial products and services;

 

  •  

enabling us to share customer information, which is not permitted outside a financial holding company structure, thereby enhancing our risk management capabilities;

 

  •  

enhancing our ability to reduce costs in areas such as back-office processing and procurement; and

 

  •  

enabling us to raise and manage capital on a centralized basis.

Identifying, targeting and marketing to attractive customer segments and providing superior customer value and service to such segments

In recent years, rather than focusing on developing products and services to satisfy the overall needs of the general population, we have increasingly targeted specific market segments in Korea that we expect to generate superior growth and profitability. We will continue to implement a targeted marketing approach that seeks to identify the most attractive customer segments and to develop strategies to build market share in those segments. In particular, we intend to increase our “wallet share” of existing high net worth customers by using our advanced customer relationship management technology to better identify and meet the needs of our most creditworthy customers, on whom we intend to concentrate our marketing efforts. For example, as part of this strategy, we operate a “priority customer” program called KB Star Club through five of our subsidiaries, Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card and KB Life Insurance. We select and classify KB Star Club customers based on their transaction history with the five entities and provide such customers with preferential treatment in various areas, including interest rates and transaction fees, depending upon how they are classified. We also provide private banking services, including wealth management services through our exclusive brand “Gold & Wise,” to increase our share of the priority customer market and in turn increase our profitability and strengthen our position in retail banking.

We are also focusing on attracting and retaining creditworthy customers by offering more differentiated fee-based products and services that are tailored to meet their specific needs. The development and marketing of our products and services are, in part, driven by customer segmentation to ensure that we meet the needs of each customer segment. For instance, we continue to develop hybrid financial products with enhanced features, including various deposit products and investment products, for which consumer demand has increased in recent years. We are also focusing on addressing the needs of our customers by providing the highest-quality products and services and developing an open-architecture strategy, which allows us to sell such products through one of the largest branch networks in Korea. In short, we aim to offer our customers a convenient one-stop financial services destination where they can meet their traditional retail and corporate banking requirements, as well as find a broad array of fee-based products and services tailored to address more specific financial needs, including

 

36

in investment banking, securities brokerage, insurance and wealth management. We believe such differentiated, comprehensive services and cross-selling will not only enhance customer loyalty but also increase profitability.

One of our key customer-related strategies continues to be creating greater value and better service for our customers. We intend to continue improving our customer service, including through:

 

  •  

Improved customer relationship management technology. Management has devoted substantial resources toward development of our customer relationship management system, which is designed to provide our employees with the information needed to continually improve the level of service and incentives offered to our preferred customers. Our integrated customer relationship system allows for better customer management and streamlines our customer reward system. We have also developed state-of-the-art call centers, smartphone applications and online Internet capabilities to provide shorter response times to customers seeking information or to execute transactions. Our goals are to continually focus on improving customer service to satisfy our customers’ needs through continuing efforts to deliver new and improved services and to upgrade our customer relationship management system to provide the best possible service to our customers in the future.

 

  •  

Enhanced distribution channels. We also believe we can improve customer retention and usage rates by increasing the range of products and services we offer and by developing a differentiated, multi-channel distribution network, including branches, ATMs, call centers, smartphone banking and Internet banking. We believe that our leading market position in the commercial banking area in Korea gives us a competitive advantage in developing and enhancing our distribution capabilities.

Focusing on expanding and improving credit quality in our corporate lending business and increasing market share in the corporate financial services market

We plan to focus on corporate lending as one of our core businesses through attracting top-tier corporate customers and providing customized and distinctive products and services to build our position as a leading service provider in the Korean corporate financial market. To increase our market share in providing financial services to the corporate market, we intend to:

 

  •  

promote a more balanced and strengthened portfolio with respect to our corporate business by developing our large corporate customer base and utilizing our improved credit management operations to better evaluate new large corporate and small- and medium-sized enterprise customers;

 

  •  

develop and sell more varied corporate financial products, consisting of transactional banking products which provide higher margin and less risk;

 

  •  

generate more fee income from large corporate customers through business-to-business transactions, foreign exchange transactions and derivative and other investment products, as well as investment banking services;

 

  •  

strengthen our marketing system based on our accumulated expertise in order to attract top-tier corporate customers;

 

  •  

focus on enhancing our channel network in order to provide the best service by strengthening our corporate customer management; and

 

  •  

further develop and train our core professionals with respect to this market, including through programs such as the “Career Development Path.”

Strengthening internal risk management capabilities

We believe that ensuring strong asset quality through effective credit risk management is critical to maintaining stable growth and profitability and risk management will continue to be one of our key focus areas. One of our highest priorities is to improve our asset quality and more effectively price our lending products to

 

37

take into account inherent credit risk in our portfolio. Our goal is to maintain the soundness of our credit portfolio, profitability and capital base. To this end, we intend to continue to strengthen our internal risk management capabilities by tightening our underwriting and management policies and improving our internal compliance policies. To accomplish this objective, we have undertaken the following initiatives:

 

  •  

Strengthening underwriting procedures with advanced credit scoring techniques. We have centralized our credit management operations into our Credit Management and Analysis Group. Through such centralization, we aim to enhance our credit management expertise and improve our system of checks-and-balances with respect to our credit portfolio. We have also improved our ability to evaluate the credit of our small- and medium-sized enterprise customers through assigning experienced credit officers to our regional credit offices. We also require the same officer to evaluate, review and monitor the outstanding loans and other credits with respect to a customer, which we believe enhances the expertise and improves the efficiency and accountability of such officer, while enabling us to maintain a consistent credit policy. We have also, as a general matter, implemented enhanced credit analysis and scoring techniques, which we believe will enable us to make better-informed decisions about the credit we extend and improve our ability to respond more quickly to incipient credit problems. We are also focusing on enhancing our asset quality through improvement of our early monitoring systems and collection procedures.

 

  •  

Improving our internal compliance policy and ensuring strict application in our daily operations. We have improved our monitoring capabilities with respect to our internal compliance by providing training and educational programs to our management and employees. We have also implemented strict compliance policies to maintain the integrity of our risk management system.

Cultivating a performance-based, customer-oriented culture that emphasizes market best practices

We believe a strong and dedicated workforce is critical to our ability to offer our customers the highest quality financial services and is integral to our goal of maintaining our position as one of Korea’s leading financial services providers. In the past, we have dedicated significant resources to develop and train our core professionals, and we intend to continue to enhance the productivity of our employees, including by regularly sponsoring in-house training and educational programs. We have also been seeking to cultivate a performance-based culture to create a work environment where members of our staff are incentivized to maximize their potential and in which our employees are directly rewarded for superior performance. We intend to maintain a professional workforce whose high quality of customer service reflects our goal to achieve and maintain global best practice standards in all areas of operations.

Retail Banking

Due to Kookmin Bank’s history and development as a retail bank and the know-how and expertise we have acquired from our activities in that market, retail banking has been and will continue to remain one of our core businesses. Our retail banking activities consist primarily of lending and deposit-taking.

 

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Lending Activities

We offer various loan products that target different segments of the population, with features tailored to each segment’s financial profile and other characteristics. The following table sets forth the balances and the percentage of our total retail lending represented by the categories of our retail loans as of the dates indicated:

 

     As of December 31,  
     2022     2023  
     (in billions of Won, except percentages)  

Retail:

           

Mortgage and home equity loans

    ￦ 121,429        66.3 %    ￦ 125,338        68.1 % 

Other consumer loans(1)

      61,663        33.7       58,678        31.9  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    ￦ 183,092        100.0 %    ￦ 184,016        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1) 

Excludes credit card loans, but includes overdraft loans.

Our retail loans consist of:

 

  •  

Mortgage loans, which are loans made to customers to finance home purchases, construction, improvements or rentals; and home equity loans, which are loans made to our customers secured by their homes to ensure loan repayment. We also provide overdraft loans in connection with our home equity loans.

 

  •  

Other consumer loans, which are loans made to customers for any purpose (other than mortgage and home equity loans). These include overdraft loans, which are loans extended to customers to cover insufficient funds when they withdraw funds from their demand deposit accounts with us in excess of the amount in such accounts up to a limit established by us.

For secured loans, including mortgage and home equity loans, our policy is to lend up to 100% of the adjusted collateral value (except in areas of high speculation designated by the government where we generally limit our lending to between 30% and 80% of the appraised value of collateral) minus the value of any lien or other security interests that are prior to our security interest. In calculating the adjusted collateral value for real estate, we use the appraisal value of the collateral multiplied by a factor, generally between 60% to 80%. This factor varies depending upon the location and use of the real estate and is established in part by taking into account court-supervised auction prices for nearby properties.

A borrower’s eligibility for our mortgage loans depends on the value of the mortgage property, the appropriateness of the use of proceeds and the borrower’s creditworthiness. A borrower’s eligibility for home equity loans is determined by the borrower’s credit and the value of the property, while the borrower’s eligibility for other consumer loans is primarily determined by the borrower’s credit. If the borrower’s credit deteriorates, it may be difficult for us to recover the loan. As a result, we review the borrower’s creditworthiness, collateral value, credit scoring and third party guarantees when evaluating a borrower. In addition, to reduce the interest rate of a loan or to qualify for a loan, a borrower may provide collateral, deposits or guarantees from third parties.

Mortgage and Home Equity Lending

The housing finance market in Korea is divided into public sector and private sector lending. In the public sector, two government entities, the National Housing and Urban Fund and the National Agricultural Cooperative Federation, are responsible for most of the mortgage lending.

Private sector mortgage and home equity lending in Korea has expanded substantially in recent years. We provide customers with a number of mortgage and home equity loan products that have flexible features,

 

39

including terms, repayment schedules, amounts and eligibility for loans, and we offer interest rates on a commercial basis. The maximum term of mortgage loans is 50 years and the majority of our mortgage loans have long-term maturities, which may be renewed. Non-amortizing home equity loans have a maturity of one to five years and home equity loans subject to amortization of principal may have a maximum term of up to 50 years. As of December 31, 2023, we had ￦29,452 billion of amortizing home equity loans, representing 97.6% of our total home equity loans, and ￦731 billion of non-amortizing home equity loans, representing 2.4% of our total home equity loans. Any customer is eligible for a mortgage or an individual home equity loan regardless of whether it participates in one of our housing related savings programs and so long as that customer is not barred by regulation from obtaining a loan because of bad credit history. However, customers with whom we frequently transact business and provide us with significant revenue receive preferential interest rates on loans.

As of December 31, 2023, 48.8% of our mortgage loans were secured by residential property which is the subject of the loan, 26.5% of our mortgage loans were guaranteed by the Housing Finance Credit Guarantee Fund, a government housing-related entity, and the remaining 24.7% of our mortgage loans, contrary to general practices in the United States, were unsecured (although the use of proceeds from these loans is restricted to financing of home purchases and some of these loans are guaranteed by a third party). One reason that a relatively high percentage of our mortgage loans are unsecured is that we, along with other Korean banks, provide advance loans to borrowers for the down payment of new housing (particularly apartments) that is in the process of being built. Once construction is completed, which may take several years, these mortgage loans become secured by the new housing purchased by these borrowers. For the year ended December 31, 2023, the average initial loan-to-value ratio of our mortgage loans, which is a measure of the amount of loan exposure to the appraised value of the security collateralizing the loan, was approximately 44.7%. There are three reasons that our loan-to-value ratio is relatively lower (as is the case with other Korean banks) compared to similar ratios in other countries, such as the United States. The first reason is that housing prices are high in Korea relative to average income, so most people cannot afford to borrow an amount equal to the entire value of their collateral and make interest payments on such an amount. The second reason relates to the “jeonsae” system, through which people provide a key money deposit while residing in the property prior to its purchase. At the time of purchase, most people use the key money deposit as part of their payment and borrow the remaining amount from Korean banks, which results in a loan that will be for an amount smaller than the appraised value of the property for collateral and assessment purposes. The third reason is that Korean banks discount the appraised value of the borrower’s property for collateral and assessment purposes so that a portion of the appraised value is reserved in order to provide recourse to a renter who lives at the borrower’s property. This is in the event that the borrower’s property is seized by a creditor, and the renter is no longer able to reside at that property. See “Item 3.D. Risk Factors—Other risks relating to our business—A decline in the value of the collateral securing our loans and our inability to realize full collateral value may adversely affect our credit portfolio.”

The following table sets forth our unsecured and secured mortgage loans and home equity loans as of December 31, 2022 and 2023, based on their loan classification categories under IFRS and our internal credit ratings for loans (which are described in Note 4.2.4 of the notes to our consolidated financial statements):

 

     As of December 31, 2022  
     Stage 1      Stage 2      Stage 3      Total  
     Grade 1      Grade 2      Grade 3      Grade 4      Grade 5                       
                          (in billions of Won)                       

Mortgage:

                        

Secured(1)

    ￦ 83,611      ￦ 1,572      ￦ 125      ￦ 32      ￦ 9      ￦ 5,922      ￦ 168      ￦ 91,439  

Unsecured

      2,306        11        —        —        —        31        3        2,351  

Home Equity:

                        

Secured

      24,656        1,033        104        53        3        1,713        77        27,639  

Unsecured

      —        —        —        —        —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    ￦ 110,573      ￦ 2,616      ￦ 229      ￦ 85      ￦ 12      ￦ 7,666      ￦ 248      ￦ 121,429  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

40

     As of December 31, 2023  
     Stage 1      Stage 2      Stage 3      Total  
     Grade 1      Grade 2      Grade 3      Grade 4      Grade 5                       
                          (in billions of Won)                       

Mortgage:

                        

Secured(1)

    ￦ 84,065      ￦ 1,141      ￦ 127      ￦ 7      ￦ 13      ￦ 5,767      ￦ 220      ￦ 91,340  

Unsecured

      3,749        22        —        —        —        40        4        3,815  

Home Equity:

                        

Secured

      27,912        280        82        7        1        1,812        89        30,183  

Unsecured

      —        —        —        —        —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    ￦ 115,726      ￦ 1,443      ￦ 209      ￦ 14      ￦ 14      ￦ 7,619      ￦ 313      ￦ 125,338  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes advance loans guaranteed by the Housing Finance Credit Guarantee Fund to borrowers for the down payment of new housing that is in the process of being built.

Our home equity loan portfolio includes loans that are in a second lien position. In addition to the underwriting procedures we perform when we issue home equity loans in general, we perform additional underwriting procedures with respect to home equity loans secured by a second lien to assess and confirm the value and status of any loans secured by security interests on the collateral which would be prior to our security interest under the second lien home equity loan. Under regulations implemented by the Financial Supervisory Service, our home equity loans are subject to maximum loan-to-value ratios (i.e., the ratio of the aggregate principal amount of loans, including first and second lien loans, secured by a particular item of collateral to the appraised value of such collateral) of between 10% and 70%. As such, for home equity loans, we do not lend more than an amount equal to the adjusted collateral value (i.e., the collateral value as discounted by the required loan-to-value ratio) minus the value of any loans secured by security interests on the collateral that are prior to our security interest. Accordingly, in order to ascertain the value of loans secured by security interests on the collateral which would be prior to our security interest and to confirm the status of such loans, we perform additional underwriting procedures including a review of the relevant title and security interest registration documents and bank documents and certificates regarding such loans. In addition, for purposes of calculating debt-to-income ratios applicable to loans secured by certain types of housing under regulations implemented by the Financial Supervisory Service (see “—Supervision and Regulation—Principal Regulations Applicable to Banks—Regulations Relating to Retail Household Loans”), which we apply on a nationwide basis for our home equity loans, we perform additional adjustments in our debt-to-income ratio calculations with respect to second lien home equity loans to account for the value of loans secured by security interests on the collateral that are prior to our security interest.

Following the issuance of a home equity loan, we make use of the Korea Credit Information Services’ database of delinquent borrowers to generally monitor the compliance of our borrowers with their other loan obligations, including the compliance of our second lien borrowers with their first lien loans. If a borrower in Korea is past due on payments of interest or principal for more than three months on any of its outstanding loans to Korean financial institutions (including mortgage, home equity, other consumer and credit card loans), such borrower is registered on the Korea Credit Information Services’ database of delinquent borrowers, which we monitor on a daily basis. Likewise, if a borrower in Korea is past due on payments of interest or principal for more than five business days and the overdue amount is ￦100,000 or more on any of its outstanding loans to Korean financial institutions (including mortgage, home equity, other consumer and credit card loans), such borrower is registered on the databases of delinquent borrowers of the Korea Credit Bureau and the NICE Information Service, which we also monitor on a daily basis. The information disclosed by such database, which includes the outstanding loan amount which is past due, the identity of the delinquent borrower and the name of the applicable lending institution for such loan, provides an early warning about such borrower to our loan officers at the branch level, who then closely monitor our outstanding loans to such delinquent borrower and take appropriate preventive and remedial measures (including requiring such borrower to provide additional collateral) as necessary. Upon the occurrence of a default in a borrower’s loan obligation at a different lending institution, we treat the borrower’s loan with us as part of our potential problem loans or non-performing loans. More specifically, upon learning of the occurrence of a default at the other lending institution, we deem the

 

41

borrower’s ability to repay its loans to be precarious and re-classify its loans with us as “precautionary,” “substandard,” “doubtful” or an “estimated loss” according to the asset classification guidelines of the Financial Services Commission. Assuming that such loan is not delinquent, if the outstanding principal amount of the loan at the other lending institution is less than ￦15 million, we classify the loan as “precautionary” and closely monitor it to determine whether it may become problematic. If the outstanding principal amount of the loan at the other lending institution is ￦15 million or more and more than three months have passed since the default, or another creditor begins an auction process for the borrower’s underlying collateral with us, we classify the loan with us as “doubtful.” If the borrower is registered as being in default by the Korea Credit Information Services, then we classify the loan as an “estimated loss.” However, among the mortgage loans that are classified as “doubtful” or an “estimated loss,” if there are any expected amounts to be recovered, we classify such amount as “substandard.”

Pricing. The interest rates on our retail mortgage loans are generally based on a periodic floating rate (which is based on a base rate determined for three-month, six-month or twelve-month periods using our Market Opportunity Rate system, which reflects our internal cost of funding, further adjusted to account for our expenses related to lending). Our interest rates also incorporate a margin based among other things on the type of security, the credit score of the borrower and the estimated loss on the security. We can adjust the price to reflect the borrower’s current and/or expected future contribution to us. The applicable interest rate is determined at the time of the loan. If a loan is terminated prior to its maturity, the borrower is obligated to pay us an early termination fee of approximately 1.2% to 1.4% of the loan amount in addition to the accrued interest.

The interest rates on our home equity loans are determined on the same basis as our retail mortgage loans.

As of December 31, 2023, the Market Opportunity Rate was 3.83% for a three-month period, 3.86% for a six-month period and 3.75% for a twelve-month period.

Other Consumer Loans

Other consumer loans are primarily unsecured. However, such loans may be secured by real estate, deposits or securities. As of December 31, 2023, approximately ￦34,888 billion, or 59.5% of our consumer loans (other than mortgage and home equity loans) were unsecured loans (although some of these loans were guaranteed by a third party). Overdraft loans are also classified as other consumer loans, are primarily unsecured and generally have an initial maturity of one year, which is typically extended automatically on an annual basis and may be extended up to a maximum of ten years. The amount of overdraft loans as of December 31, 2023 was approximately ￦10,254 billion.

Pricing. The interest rates on our other consumer loans (including overdraft loans) are determined on the same basis as on our mortgage and home equity loans, except that, for unsecured loans, the borrower’s credit score as determined during our loan approval process is also taken into account. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Credit Risk Management.”

Deposit-taking Activities

Due to our extensive nationwide network of branches, together with our long history of development and our resulting know-how and expertise, as of December 31, 2023, we had one of the largest numbers of retail customers and retail deposits among Korean commercial banks. The balance of our deposits from retail customers was ￦230,659 billion and ￦240,513 billion as of December 31, 2022 and 2023, respectively, which constituted 58.6% and 59.2%, respectively, of the balance of our total deposits.

We offer many deposit products that target different segments of our retail customer base, with features tailored to each segment’s financial profile, characteristics and needs, including:

 

  •  

Demand deposits, which either do not accrue interest or accrue interest at a lower rate than time deposits. Demand deposits allow the customer to deposit and withdraw funds at any time and, if they

 

42

 

are interest bearing, accrue interest at a variable rate depending on the amount of deposit. Retail and corporate demand deposits constituted 36.7% of our total deposits as of December 31, 2023 and paid average interest of 0.44% for 2023.

 

  •  

Time deposits, which generally require the customer to maintain a deposit for a fixed term, during which the deposit accrues interest at a fixed rate or a variable rate based on the COFIX, or to deposit specified amounts on an installment basis. If the amount of the deposit is withdrawn prior to the end of the fixed term, the customer will be paid a lower interest rate than that originally offered. The term for time deposits typically ranges from one month to three years, and the term for installment savings deposits ranges from six months to five years. Retail and corporate time deposits constituted 48.3% of our total deposits as of December 31, 2023 and paid average interest of 3.98% for 2023. Most installment savings deposits offer fixed interest rates.

 

  •  

Certificates of deposit, the maturities of which typically range from 30 days to 730 days with a required minimum deposit of ￦10 million. Interest rates on certificates of deposit are determined based on the length of the deposit and prevailing market rates. Our certificates of deposit are sold at a discount to their face value, reflecting the interest payable on the certificates of deposit.

 

  •  

Foreign currency deposits, which are available to Korean and foreign residents, non-residents and overseas immigrants. We offer foreign currency demand deposits and time deposits as well as checking accounts in 11 currencies. Foreign currency demand deposits, which accrue interest at a variable rate, allow customers to deposit and withdraw funds at any time. Foreign currency time deposits generally require customers to maintain the deposit for a fixed term, during which the deposit accrues interest at a fixed rate. If the funds in a foreign currency time deposit are withdrawn prior to the end of the fixed term, the customer will be paid a lower interest rate than that originally offered.

We offer varying interest rates on our deposit products depending upon average funding costs, the rate of return on our interest-earning assets and the interest rates offered by other commercial banks.

We also offer comprehensive savings deposits for housing subscription, which are monthly installment savings deposits that provide the holder with preferential rights to subscribe for both public and private housing under the Housing Act. This law is the basic law setting forth various measures supporting the purchase of houses and the supply of such houses by construction companies. These deposits require monthly installments of ￦20,000 to ￦500,000 and accrue interest at variable rates depending on the term. An eligible account holder with ￦70 million or less in annual salary income may also claim a tax deduction for 40% of its annual installment amounts, subject to a maximum deductible amount, in its income tax return for the year under the Special Tax Treatment Control Law.

In 2002, after significant research and planning, we launched private banking operations at Kookmin Bank’s headquarters. Shortly thereafter, we launched a comprehensive strategy with respect to customers with higher net worth, which included staffing appropriate representatives, marketing aggressively, establishing IT systems, selecting appropriate branch locations and readying such branches with the necessary facilities to service such customers. As of December 31, 2023, we operated 23 main private banking centers through Kookmin Bank.

The Monetary Policy Board of the Bank of Korea, or the Monetary Policy Board, imposes a reserve requirement on Won currency deposits of commercial banks based generally on the type of deposit instrument. The minimum reserve requirement ratio is 7% of the average balance of Won currency demand deposits outstanding. See “—Supervision and Regulation—Principal Regulations Applicable to Banks—Liquidity.”

The Depositor Protection Act provides for a deposit insurance system where the Korea Deposit Insurance Corporation guarantees to depositors the repayment of their eligible bank deposits. The deposit insurance system insures up to a total of ￦50 million per depositor per bank. See “—Supervision and Regulation—Principal Regulations Applicable to Banks—Deposit Insurance System.”

 

43

Credit Cards

Credit cards are another of our core retail products. We issue most of our credit cards under the “KB Kookmin Card” brand. Our credit card business is operated by our subsidiary, KB Kookmin Card Co., Ltd.

The following table sets forth certain data relating to our credit card operations, on a non-consolidated basis, as of the dates and for the periods indicated:

 

     As of and for the Year Ended December 31,  
       2021         2022         2023    
    

(in billions of Won, except percentages and

numbers of holders and merchants)

  

Number of credit cardholders (at year end) (thousands)

       

General accounts

      10,879       11,493       12,032  

Corporate accounts

      554       611       656  
  

 

 

    

 

 

    

 

 

  

Total

      11,433       12,104       12,688  
  

 

 

    

 

 

    

 

 

  

Number of merchants (at year end) (thousands)

      2,856       2,924       2,972  

Active ratio (at year end)(1)

      90.8 %      90.2 %      90.2 % 

Credit card fees

       

Merchant fees(2)

    ￦ 1,420     ￦ 1,423     ￦ 1,530  

Installment and cash advance fees

      463       541       739  

Annual membership fees

      169       182       183  

Other fees

      1,015       1,094       1,385  
  

 

 

    

 

 

    

 

 

  

Total

    ￦ 3,067     ￦ 3,240     ￦ 3,837  
  

 

 

    

 

 

    

 

 

  

Charge volume(3)

       

General purchase

    ￦ 91,313     ￦ 105,479     ￦ 105,092  

Installment purchase

      20,417       22,174       22,377  

Cash advance

      8,891       9,424       10,330  

Card loan(4)

      7,248       7,178       6,853  
  

 

 

    

 

 

    

 

 

  

Total

    ￦ 127,869     ￦ 144,255     ￦ 144,652  
  

 

 

    

 

 

    

 

 

  

Outstanding balance (at year end)

       

General purchase

    ￦ 7,987     ￦ 8,611     ￦ 8,785  

Installment purchase

      5,842       6,565       5,677  

Cash advance

      1,153       1,237       1,258  

Card loan(4)

      5,821       6,249       6,661  
  

 

 

    

 

 

    

 

 

  

Total

    ￦ 20,803     ￦ 22,662     ￦ 22,381  
  

 

 

    

 

 

    

 

 

  

Average outstanding balances

       

General purchase

    ￦ 7,455     ￦ 8,631     ￦ 9,154  

Installment purchase

      5,503       6,161       5,814  

Cash advance

      1,081       1,155       1,289  

Card loan(4)

      5,846       6,146       6,503  
  

 

 

    

 

 

    

 

 

  

Total

    ￦ 19,885     ￦ 22,093     ￦ 22,760  
  

 

 

    

 

 

    

 

 

  

Delinquency ratios (at year end)(5)

       

From 1 month to 3 months

      0.45 %      0.62 %      0.82 % 

From 3 months to 6 months

      0.38       0.36       0.23  

Over 6 months

      0.07       0.03       0.04  
  

 

 

    

 

 

    

 

 

  

Total

      0.91 %      1.01 %      1.08 % 
  

 

 

    

 

 

    

 

 

  

Non-performing loan ratio

      0.47 %      0.40 %      0.28 % 

Write-offs (gross)

    ￦ 422     ￦ 444     ￦ 661  

Recoveries(6)

      136       123       113  
  

 

 

    

 

 

    

 

 

  

Net write-offs

    ￦ 286     ￦ 321     ￦ 548  
  

 

 

    

 

 

    

 

 

  

Gross write-off ratio(7)

      2.14 %      2.04 %      2.96 % 

Net write-off ratio(8)

      1.45 %      1.47 %      2.45 % 

 

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(1) 

The active ratio represents the ratio of accounts used at least once within the last six months to total accounts as of year-end.

(2) 

Merchant fees consist of maintenance fees and costs associated with prepayment by us (on behalf of customers) of sales proceeds to merchants, processing fees relating to sales and membership applications, costs relating to the management of delinquencies and recoveries, provision for loan losses, general variable expenses and other fixed costs that are charged to our member merchants. We typically charge our member merchants fees that range from 0.5% to 2.3%. We offer discounts for member merchants that are small- and medium-sized enterprises pursuant to applicable laws.

(3) 

Represents the aggregate cumulative amount charged during the year.

(4) 

Card loans consist of loans that are provided on an unsecured basis to cardholders upon prior agreement. Payment on such a loan can be due either in one payment or in installments after a fixed period, in the case of principal payments, and will be due in installments, in the case of interest payments.

(5) 

Represents ratio of credit card balances overdue by one month or more to outstanding balance. In line with industry practice, we have restructured a portion of delinquent credit card account balances as loans. As of December 31, 2022 and 2023, these restructured loans amounted to ￦117 billion and ￦204 billion, respectively. Because these restructured loans are not treated as being delinquent at the time of conversion or for a period of time thereafter, our delinquency ratios may not fully reflect all delinquent amounts relating to our outstanding balances.

(6) 

Does not include proceeds that we received from sales of our non-performing loans that were written off.

(7) 

Represents the ratio of gross write-offs for the year to average outstanding balance for the year. Our charge-off policy is generally to write off balances which have been overdue for four payment cycles or more or which have been classified as expected loss.

(8) 

Represents the ratio of net write-offs for the year to average outstanding balances for the year. Our charge-off policy is generally to write off balances which have been overdue for four payment cycles or more or which have been classified as expected loss.

In contrast to the system in the United States and many other countries, where most credit cards are revolving cards that allow outstanding amounts to be rolled over from month to month so long as a required minimum percentage is repaid, credit cardholders in Korea are generally required to pay for their purchases within approximately 14 to 44 days of purchase depending on their payment cycle. However, we also offer revolving payment plans to individuals that allow outstanding amounts to be rolled over to subsequent payment periods. Delinquent accounts (defined as amounts overdue for one day or more) are charged penalty interest and closely monitored. For installment purchases, we charge interest on unpaid installments at rates that vary according to the individual cardholder’s membership level, which is based on, among others, transaction history, the length of the cardholder’s relationship with us and contribution to our profitability.

We are committed to continuing to enhance our credit card business by strengthening our risk management and maximizing our operational efficiency. In addition, we believe that our extensive branch network, brand recognition and overall size will enable us to cross-sell products such as credit cards to our existing and new customers.

To promote our credit card business, we offer services targeted to various financial profiles and customer requirements and are concentrating on:

 

  •  

strengthening cross-sales to existing customers and offering integrated financial services;

 

  •  

offering cards that provide additional benefits such as frequent flyer miles and reward program points that can be redeemed by the customer for complementary services, prizes and cash;

 

  •  

offering platinum cards, VVIP cards and other prime members’ cards, which have a higher credit limit and provide additional services in return for a higher fee;

 

  •  

acquiring new customers through strategic alliances and cross-marketing with retailers;

 

  •  

encouraging increased use of credit cards by existing customers through special offers for frequent users;

 

  •  

introducing new features such as travel services and insurance through alliance partners; and

 

  •  

developing fraud detection and security systems to prevent the misuse of credit cards.

As of December 31, 2023, we had approximately 12.7 million credit cardholders. Of the credit cards outstanding, approximately 90.2% were active, meaning that they had been used at least once during the previous six months.

 

45

Our card revenues consist principally of cash advance fees, merchant fees, credit card installment fees, interest income from credit card loans, annual fees paid by cardholders, interest and fees on late payments and, with respect to revolving payment plans we offer, interest and fees relating to revolving balances.

Under non-exclusive license agreements with overseas financial services corporations, we also issue MasterCard, Visa, American Express, JCB and China UnionPay credit cards.

We issue debit cards and charge merchants commissions in the amount of approximately 1.0% of the amounts purchased using a debit card. We also issue “check cards,” which are similar to debit cards except that “check cards” are accepted by all merchants that accept credit cards, and charge merchants commissions that typically range from 0.25% to 1.50%. Much like debit cards, check card purchases are also debited directly from customers’ accounts with us.

Corporate Banking

We lend to and take deposits from small- and medium-sized enterprises and, to a lesser extent, large corporate customers. Kookmin Bank, our banking subsidiary, had 430,196 small- and medium-sized enterprise borrowers and 1,893 large corporate borrowers for Won-currency loans as of December 31, 2023. For 2023, we received fee revenue from cash management services offered to corporate customers, which include “firm-banking” services such as inter-account transfers, transfers of funds from various branches and agencies of a company (such as insurance premium payments) to the account of the headquarters of such company and transfers of funds from various customers of a company to the main account of such company, in the amount of ￦120.2 billion. Of our branch network as of December 31, 2023, we had two branches that primarily handled large corporate banking.

The following table sets forth the balances and the percentage of our total corporate lending represented by our small- and medium-sized enterprise business loans and our large corporate business loans as of the dates indicated, estimated based on our internal classifications of corporate borrowers:

 

     As of December 31,  
     2022      2023  
     (in billions of Won, except percentages)  

Corporate:

      

Small- and medium-sized enterprise loans

    ￦ 147,298        80.2 %     ￦ 150,045        76.5 % 

Large corporate loans

      36,451        19.8        46,055        23.5  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    ￦ 183,749        100.0 %     ￦ 196,100        100.0 % 
  

 

 

     

 

 

     

 

 

     

 

 

  

On the deposit-taking side, we currently offer our corporate customers several types of corporate deposits. Our corporate deposit products can be divided into two general categories: (1) demand deposits that have no restrictions on deposits or withdrawals, but which offer a relatively low interest rate; and (2) deposits from which withdrawals are restricted for a period of time, but offer higher interest rates. We also offer installment savings deposits, certificates of deposit and repurchase instruments. We offer varying interest rates on deposit products depending upon the rate of return on our income-earning assets, average funding costs and interest rates offered by other nationwide commercial banks.

The total amount of deposits from our corporate customers amounted to ￦158,088 billion as of December 31, 2023, or 38.9% of our total deposits.

Small- and Medium-sized Enterprise Banking

Our small- and medium-sized enterprise banking business has traditionally been and will remain one of our core businesses because of both our historical development and our accumulated expertise. We believe that we

 

46

possess the necessary elements to succeed in the small- and medium-sized enterprise market, including our extensive branch network, our credit rating system for credit approval, our marketing capabilities (which we believe have provided us with significant brand loyalty) and our ability to take advantage of economies of scale.

We use the term “small- and medium-sized enterprises” as defined in the Framework Act on Small and Medium Enterprises and related regulations. Under the Framework Act on Small and Medium Enterprises and related regulations, an enterprise must meet each of the following criteria in order to meet the definition of a small- and medium-sized enterprise: (i) total assets at the end of the immediately preceding fiscal year must be less than ￦500 billion, (ii) the average or annual sales revenue standards as prescribed by the Enforcement Decree of the Framework Act on Small and Medium Enterprises that are applicable to the enterprise’s primary business must be met and (iii) the standards of management independence as prescribed by the Enforcement Decree of the Framework Act on Small and Medium Enterprises must be met. However, pursuant to an amendment to the Framework Act on Small and Medium Enterprises, which has become effective in June 2020, an enterprise that qualifies as a small- and medium-sized enterprise pursuant to the above definition shall no longer be considered a small- and medium-sized enterprise if it is incorporated into, or is deemed to be incorporated into, a business group subject to certain disclosure requirements under the Monopoly Regulation and Fair Trade Act. Moreover, certified social enterprises (as defined in the Social Enterprise Promotion Act) and cooperatives and federations of cooperatives (each as defined in the Framework Act on Cooperatives, the Consumer Cooperatives Act and the Small and Medium Enterprise Cooperatives Act) that satisfy the requirements prescribed by the Framework Act on Small and Medium Enterprises may also qualify as small- and medium-sized enterprises.

Lending Activities

Our principal loan products for our small- and medium-sized enterprise customers are working capital loans and facilities loans. Working capital loans are provided to finance working capital requirements and include notes discounted and trade financing. Facilities loans are provided to finance the purchase of equipment and the establishment of manufacturing assembly plants. As of December 31, 2023, working capital loans and facilities loans accounted for 47.2% and 52.8%, respectively, of our total small- and medium-sized enterprise loans. As of December 31, 2023, Kookmin Bank, our banking subsidiary, had 430,196 small- and medium-sized enterprise customers on the lending side.

Loans to small- and medium-sized enterprises may be secured by real estate or deposits or may be unsecured. As of December 31, 2023, secured loans and guaranteed loans accounted for, in the aggregate, 84.5% of our small- and medium-sized enterprise loans. Among the secured loans, 98.3% were secured by real estate and 1.7% were secured by deposits or securities. Working capital loans generally have a maturity of one year, but may be extended for additional terms of up to one year in length for an aggregate term of five years. Facilities loans have a maximum maturity of 15 years.

When evaluating the extension of working capital loans, we review the corporate customer’s creditworthiness and capability to generate cash. Furthermore, we take credit guaranty letters from other financial institutions and use time deposits that the borrower has with us as collateral, and may require additional collateral.

The value of any collateral is defined using a formula that takes into account the appraised value of the property, any prior liens or other claims against the property and an adjustment factor based on a number of considerations including, with respect to property, the value of any nearby property sold in a court-supervised auction during the previous five years. We revalue any collateral on a periodic basis (generally every year) or if a trigger event occurs with respect to the loan in question.

We also offer mortgage loans to home builders or developers who build or sell single- or multi-family housing units, principally apartment buildings. Many of these builders and developers are categorized as small-

 

47

and medium-sized enterprises. We offer a variety of such mortgage loans, including loans to purchase property or finance the construction of housing units and loans to contractors used for working capital purposes. Such mortgage loans subject us to the risk that the housing units will not be sold. As a result, we review the probability of the sale of the housing unit when evaluating the extension of a loan. We also review the borrower’s creditworthiness and the adequacy of the intended use of proceeds. Furthermore, we take a lien on the land on which the housing unit is to be constructed as collateral. If the collateral is not sufficient to cover the loan, we also take a guarantee from the Housing Finance Credit Guarantee Fund as security.

A substantial number of our small- and medium-sized enterprise customers are SOHOs, which we currently define to include sole proprietorships and individual business interests. With respect to SOHOs, we apply credit risk evaluation models, which not only use quantitative analysis related to a customer’s accounts, personal credit and financial information and due amounts but also require our credit officers to perform a qualitative analysis of each potential SOHO customer. With respect to SOHO loans in excess of ￦1 billion, our credit risk evaluation model also includes a quantitative analysis of the financial statements of the underlying business. We generally lend to SOHOs on a secured basis, although a small portion of our SOHO exposures are unsecured.

Pricing

We establish the price for our corporate loan products based principally on transaction risk, our cost of funding and market considerations. Transaction risk is measured by such factors as the credit rating assigned to a particular borrower, the size of the borrower and the value and type of collateral. Our loans are priced based on the Market Opportunity Rate system, which is a periodic floating rate system that takes into account the current market interest rate. For the Market Opportunity Rate as of December 31, 2023, see “—Retail Banking—Lending Activities—Mortgage and Home Equity Lending—Pricing.”

While we generally utilize the Market Opportunity Rate system, depending on the price and other terms set by competing banks for similar borrowers, we may adjust the interest rate we charge to compete more effectively with other banks.

Large Corporate Banking

Large corporate customers include all companies that are not small- and medium-sized enterprise customers. Kookmin Bank’s articles of incorporation provide that financial services to large corporate customers must be no more than 40% of the total amount of our Won-denominated loans. Our business focus with respect to large corporate banking is to selectively increase the proportion of high quality large corporate customers. Specifically, we are carrying out various initiatives to improve our customer relationship with large corporate customers and have been seeking to expand our service offerings to this segment.

Lending Activities

Our principal loan products for our large corporate customers are working capital loans and facilities loans. As of December 31, 2023, working capital loans and facilities loans accounted for 75.3% and 24.7%, respectively, of our total large corporate loans. We also offer mortgage loans to large corporate clients who build or sell single- or multi-family housing units, as described above under “—Small- and Medium-sized Enterprise Banking—Lending Activities.”

As of December 31, 2023, secured loans and guaranteed loans accounted for, in the aggregate, 44.0% of our large corporate loans. Among the secured loans, 70.7% were secured by real estate and 29.3% were secured by deposits or securities. Working capital loans generally have a maturity of one year, but may be extended for additional terms ranging from three months to one year in length for an aggregate term of five years. Facilities loans have a maximum maturity of 15 years.

 

48

In our unsecured lending to large corporate customers, a critical consideration in our policy regarding the extension of such unsecured loans is the borrower’s creditworthiness. We assign each borrower a credit rating based on the judgment of our experts or scores calculated using the appropriate credit rating system, taking into account both financial factors and non-financial factors (such as our perception of a borrower’s reliability, management and operational risk and risk relating to the borrower’s industry). The credit ratings, along with such factors, are key determinants in our lending to large corporate customers. Large corporate customers generally have higher credit ratings due to their higher repayment capability compared to other types of borrowers, such as small- and medium-sized enterprise borrowers. In addition, large corporate borrowers generally are affected to a lesser extent than small- and medium-sized enterprise borrowers by fluctuations in the Korean economy and also maintain more sophisticated financial records. As of December 31, 2023, 93.8% of our large corporate customers had credit ratings of BBB-or above according to the internal credit rating system of Kookmin Bank, compared to 83.5% of our small- and medium-sized enterprise customers. A credit rating of BBB- is assigned to customers whose ability to repay the principal and interest on their outstanding loans is determined by us to be generally satisfactory but nonetheless subject to adverse effects under unfavorable economic conditions or during downturns in the business environment. Based on our internal analysis of historical data, we believe that the probability of default for loans extended to large corporate customers with a credit rating of BBB- or above is between 0.00% and 2.26%.

We monitor the credit status of large corporate borrowers and collect information to adjust our ratings appropriately. We also manage and monitor our large corporate customers through a dedicated Corporate Banking Branch and Kookmin Bank’s Large Corporate Business Department. In addition, Kookmin Bank’s Credit Risk Department manages the exposures to each large corporate customer and conducts in-depth analysis of various economic and industry-related risks that are relevant to large corporate customers.

As of December 31, 2023, in terms of our outstanding loan balance, 27.0% was extended to borrowers in the financial industry, 25.6% of our large corporate loans was extended to borrowers in the service industry, and 24.1% was extended to borrowers in the manufacturing industry.

Pricing

We determine pricing of our large corporate loans in the same way as we determine the pricing of our small- and medium-sized enterprise loans. See “—Small- and Medium-sized Enterprise Banking—Pricing” above. As of December 31, 2023, the Market Opportunity Rate, which is utilized in pricing loans offered by us, was the same for our large corporate loans as for our small- and medium-sized enterprise loans.

Capital Markets Activities and International Banking/Finance

Through our capital markets operations, we invest and trade in debt and equity securities and, to a lesser extent, engage in derivatives and asset securitization transactions and make call loans. We also provide investment banking and securities brokerage services.

Securities Investment and Trading

We invest in and trade securities for our own account in order to maintain adequate sources of liquidity and to generate interest and dividend income and capital gains. As of December 31, 2022 and 2023, our investment portfolio, which consists primarily of financial assets at amortized cost and financial assets at fair value through other comprehensive income and our trading portfolio had a combined total carrying amount of ￦185,121 billion and ￦198,915 billion (including the investment and trading portfolios of our insurance operations) and represented 26.9% and 27.8% of our total assets, respectively.

Our trading and investment portfolios consist primarily of Korean treasury securities and debt securities issued by Korean government agencies, local governments or certain government-invested enterprises and debt

 

49

securities issued by financial institutions. As of December 31, 2022 and 2023, we held debt securities with a total carrying amount of ￦178,472 billion and ￦191,305 billion, respectively, of which:

 

  •  

financial assets at amortized cost accounted for ￦35,925 billion and ￦39,721 billion, or 20.1% and 20.8%, respectively;

 

  •  

debt securities at fair value through other comprehensive income accounted for ￦76,648 billion and ￦78,926 billion, or 42.9% and 41.3%, respectively; and

 

  •  

debt securities at fair value through profit or loss accounted for ￦65,899 billion and ￦72,658 billion, or 36.8% and 37.9%, respectively.

Of these amounts, debt securities issued by the Korean government and government agencies as of December 31, 2022 and 2023 amounted to:

 

  •  

￦6,521 billion and ￦6,508 billion, or 18.2% and 16.4%, respectively, of our financial assets at amortized cost;

 

  •  

￦29,557 billion and ￦33,455 billion, or 38.6% and 42.4%, respectively, of our financial assets at fair value through other comprehensive income; and

 

  •  

￦9,311 billion and ￦10,100 billion, or 14.1% and 13.9%, respectively, of our debt securities at fair value through profit or loss.

From time to time we also purchase equity securities for our securities portfolios. Our equity securities consist primarily of marketable beneficiary certificates and equities listed on the KRX KOSPI Market, the KRX KOSDAQ Market or the KRX KONEX Market. As of December 31, 2022 and 2023:

 

  •  

equity securities at fair value through other comprehensive income had a carrying amount of ￦2,336 billion and ￦2,771 billion, or 3.0% and 3.4%, respectively, of our securities at fair value through other comprehensive income portfolio; and

 

  •  

equity securities at fair value through profit or loss had a carrying amount of ￦3,540 billion and ￦4,023 billion, or 5.1% and 5.2%, respectively, of our securities at fair value through profit or loss portfolio.

Our trading portfolio also includes derivative-linked securities, the underlying assets of which were linked to, among other things, interest rates, exchange rates, stock price indices or credit risks. As of December 31, 2022 and 2023, derivative-linked securities in our trading portfolio had a carrying amount of ￦1,626 billion and ￦2,198 billion, or 2.3% and 2.9% of our trading portfolio, respectively. See “—Derivatives Trading.”

 

50

The following tables show, as of the dates indicated, the unrealized gains and losses on financial assets at fair value through other comprehensive income and financial assets at amortized cost within our investment portfolio, and the amortized cost and fair value of the portfolio by type of financial asset:

 

     As of December 31, 2022  
     Amortized
Cost(7)		      Net Unrealized
Gain and Loss(8)		     Loss Allowance
for Expected
Credit Losses(9)		      Fair Value  
     (in billions of Won)  

Financial assets at fair value through other comprehensive income:

           

Debt securities

           

Korean treasury securities and government agencies

    ￦ 35,815      ￦ (6,258 )    ￦ —      ￦ 29,557  

Financial institutions(1)

      22,515        (503 )      3        22,009  

Corporate(2)

      26,669        (2,529 )      6        24,134  

Asset-backed securities(3)

      713        (50 )      —        663  

Others

      285        —       —        285  
  

 

 

     

 

 

    

 

 

     

 

 

  

Subtotal

      85,997        (9,340 )      9        76,648  

Equity securities

      1,065        1,271       —        2,336  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total financial assets at fair value through other comprehensive income

    ￦ 87,062      ￦ (8,069 )    ￦ 9      ￦ 78,984  
  

 

 

     

 

 

    

 

 

     

 

 

  

Financial assets at amortized cost:

           

Korean treasury securities and government agencies

    ￦ 6,521      ￦ (450 )    ￦ —      ￦ 6,071  

Financial institutions(4)

      10,965        (485 )      2        10,478  

Corporate(5)

      10,642        (750 )      —        9,892  

Asset-backed securities(6)

      7,433        (638 )      3        6,792  

Others

      364        (4 )      —        360  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total financial assets at amortized cost

    ￦ 35,925      ￦ (2,327 )    ￦ 5      ￦ 33,593  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

51

     As of December 31, 2023  
     Amortized
Cost(7)		      Net Unrealized
Gain and Loss(8)		     Loss Allowance
for Expected
Credit Losses(9)		      Fair Value  
     (in billions of Won)  

Financial assets at fair value through other comprehensive income:

           

Debt securities

           

Korean treasury securities and government agencies

    ￦ 37,031      ￦ (3,575 )    ￦ 1      ￦ 33,455  

Financial institutions(1)

      21,028        (121 )      8        20,899  

Corporate(2)

      23,636        (1,127 )      16        22,493  

Asset-backed securities(3)

      2,029        (65 )      1        1,963  

Others

      179        (63 )      —        116  
  

 

 

     

 

 

    

 

 

     

 

 

  

Subtotal

      83,903        (4,951 )      26        78,926  

Equity securities

      1,446        1,325       —        2,771  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total financial assets at fair value through other comprehensive income

    ￦ 85,349      ￦ (3,626 )    ￦ 26      ￦ 81,697  
  

 

 

     

 

 

    

 

 

     

 

 

  

Financial assets at amortized cost:

           

Korean treasury securities and government agencies

    ￦ 6,508      ￦ (239 )    ￦ —      ￦ 6,269  

Financial institutions(4)

      14,258        (222 )      13        14,023  

Corporate(5)

      9,369        (223 )      —        9,146  

Asset-backed securities(6)

      9,418        (248 )      5        9,165  

Others

      168        (6 )      —        162  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total financial assets at amortized cost

    ￦ 39,721      ￦ (938 )    ￦ 18      ￦ 38,765  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1) 

Includes debt securities issued by the Bank of Korea, the Korea Development Bank, Industrial Bank of Korea and the Export-Import Bank of Korea in the aggregate amount of ￦14,914 billion as of December 31, 2022 and debt securities issued by Korea Housing Finance Corporation, the Korea Development Bank, the Bank of Korea and Industrial Bank of Korea in the aggregate amount of ￦12,792 billion as of December 31, 2023. These financial institutions are owned or controlled by the Korean government.

(2) 

Includes debt securities issued by the Korea Development Bank, Korea Housing Finance Corporation and the Export-Import Bank of Korea in the aggregate amount of ￦1,294 billion as of December 31, 2022 and debt securities issued by Korea Housing Finance Corporation, the Korea Development Bank and Korea Electric Power Corporation in the aggregate amount of ￦1,868 billion as of December 31, 2023. These entities are owned or controlled by the Korean government.

(3) 

Includes mortgage-backed securities issued by Korea Housing Finance Corporation, which have residential mortgage loans as underlying assets, in the amount of ￦564 billion as of December 31, 2022 and ￦1,559 billion as of December 31, 2023. Korea Housing Finance Corporation is owned by the Korean government.

(4) 

Includes debt securities issued by the Bank of Korea, the Korea Development Bank, Industrial Bank of Korea and the Export-Import Bank of Korea in the aggregate amount of ￦4,624 billion as of December 31, 2022 and debt securities issued by the Korea Development Bank, the Bank of Korea and Industrial Bank of Korea in the aggregate amount of ￦3,774 billion as of December 31, 2023. These financial institutions are owned or controlled by the Korean government.

(5) 

Includes debt securities issued by Korea Housing Finance Corporation and the Korea Development Bank in the aggregate amount of ￦1,104 billion as of December 31, 2022 and debt securities issued by Korea Housing Finance Corporation, the Korea Development Bank and Korea Electric Power Corporation in the aggregate amount of ￦1,738 billion as of December 31, 2023. These entities are owned or controlled by the Korean government.

(6) 

Includes mortgage-backed securities issued by Korea Housing Finance Corporation, which have residential mortgage loans as underlying assets, in the amount of ￦7,134 billion as of December 31, 2022 and ￦9,329 billion as of December 31, 2023. Korea Housing Finance Corporation is owned by the Korean government.

(7) 

Gross carrying amount before adjusting for loss allowance for expected credit losses in accordance with IFRS 9.

(8) 

Net unrealized gain and loss after adjusting for loss allowance for expected credit losses in accordance with IFRS 9.

(9) 

Loss allowance for expected credit losses in accordance with IFRS 9.

 

52

Derivatives Trading

We engage in derivatives trading, including on behalf of our customers. Our trading volume increased from ￦549,312 billion in 2021 to ￦612,302 billion in 2022 and ￦684,128 billion in 2023. Our net trading revenue (expense) from derivatives for the years ended December 31, 2021 (under IFRS 4), 2022 (under IFRS 4), 2022 (under IFRS 17) and 2023 (under IFRS 17) was ￦204 billion, ￦178 billion, ￦161 billion and ￦(431) billion, respectively.

We provide and trade a range of derivatives products, including:

 

  •  

interest rate swaps and options, relating to interest rate risks;

 

  •  

cross-currency swaps, forwards and options relating to foreign exchange risks; and

 

  •  

stock price index options linked to the KOSPI index.

Our derivatives operations focus on addressing the needs of our corporate clients to hedge their risk exposure and the need to hedge our risk exposure that results from such client contracts. We also engage in derivatives trading activities to hedge the interest rate and foreign currency risk exposures that arise from our own assets and liabilities. In addition, we engage in proprietary trading of derivatives within our regulated open position limits.

The following shows the estimated fair value of our derivatives as of December 31, 2022 and 2023:

 

     As of December 31,  
     2022      2023  
     Estimated
Fair Value
Assets		      Estimated
Fair Value
Liabilities		      Estimated
Fair Value
Assets		      Estimated
Fair Value
Liabilities		  
     (in billions of Won)  

Foreign exchange derivatives(1)

    ￦ 6,520      ￦ 6,675      ￦ 4,161      ￦ 3,862  

Interest rate derivatives(1)

      2,265        1,560        1,531        1,341  

Equity derivatives

      584        941        422        747  

Credit derivatives

      33        17        18        9  

Commodity derivatives

      3        2        7        6  

Others

      42        314        19        246  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    ￦ 9,447      ￦ 9,509      ￦ 6,158      ￦ 6,211  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes those for trading purposes and hedging purposes.

The following table shows certain information related to our derivatives designated as fair value hedges for the years ended December 31, 2022 and 2023:

 

     Year Ended December 31,  
     2022     2023  
     Hedging
Instruments		     Hedged
Item		     Ineffective
Portion		     Hedging
Instruments		     Hedged
Item		     Ineffective
Portion		  
     (in billions of Won)  

Foreign exchange derivatives

    ￦ (133 )    ￦ 153     ￦ 20     ￦ (43 )    ￦ 41     ￦ (2 ) 

Interest rate derivatives

      28       (29 )      (1 )      7       (6 )      1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ (105 )    ￦ 124     ￦ 19     ￦ (36 )    ￦ 35     ￦ (1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

53

The following table shows certain information related to our derivatives designated as cash flow hedges for the years ended December 31, 2022 and 2023:

 

     Year Ended December 31,  
     2022     2023  
     Hedging
Instruments		      Effective
Portion		      Ineffective
Portion		     Hedging
Instruments		     Effective
Portion		     Ineffective
Portion		  
     (in billions of Won)  

Foreign exchange derivatives

    ￦ 1      ￦ 2      ￦ (1 )    ￦ (9 )    ￦ (8 )    ￦ (1 ) 

Interest rate derivatives

      75        69        6       17       16       1  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ 76      ￦ 71      ￦ 5     ￦ 8     ￦ 8     ￦ —  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

The following table shows certain information related to financial instruments designated as net investment hedges in foreign operations for the years ended December 31, 2022 and 2023:

 

     Year Ended December 31,  
     2022      2023  
     Hedging
instruments		     Effective
Portion		     Ineffective
Portion		      Hedging
instruments		     Effective
Portion		     Ineffective
Portion		  
     (in billions of Won)  

Foreign exchange derivatives(1)

    ￦ (104 )    ￦ (104 )    ￦ —      ￦ 4     ￦ 4     ￦ —  

Interest rate derivatives

      —       —       —        (23 )      (23 )      —  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total

    ￦ (104 )    ￦ (104 )    ￦ —      ￦ (19 )    ￦ (19 )    ￦ —  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

 

(1)

Includes the gain (loss) on a non-derivative instrument designated as a hedging instrument.

Asset Securitization Transactions

We are active in the Korean asset-backed securities market. Based on our diverse experience with respect to product development and management capabilities relating to asset securitization, we offer customers a wide range of financial products and participate in various asset securitization transactions, including through our subsidiary KB Securities, to reinforce our position as a leading financial services provider with respect to the asset securitization market. We were involved in asset securitization transactions with an initial aggregate issue amount of ￦9,677 billion in 2021, ￦6,013 billion in 2022 and ￦8,502 billion in 2023, a significant portion of which were public offerings of asset-backed securities.

Call Loans

We make call loans and borrow call money in the short-term money market. Call loans are defined as short-term lending among banks and financial institutions either in Won or in foreign currencies with maturities of 90 days or less. Typically, call loans have maturities of one day. As of December 31, 2023 we had made call loans of ￦7,454 billion and borrowed call money of ￦3,256 billion, compared to ￦6,416 billion and ￦4,154 billion, respectively, as of December 31, 2022.

Investment Banking

We have focused on selectively expanding our investment banking activities in order to increase our fee income and diversify our revenue base. We provide investment banking services primarily through KB Securities and Kookmin Bank. Our principal investment banking services include:

 

  •  

securities underwriting;

 

  •  

financing and financial advisory services for mergers and acquisitions;

 

54

  •  

project finance and financial advisory services for social overhead capital projects such as highway, port, power, water and sewage projects;

 

  •  

financing and financial advisory services for real estate development projects; and

 

  •  

structured finance.

In May 2016, we acquired 22.56% of the outstanding shares of Hyundai Securities Co., Ltd., a publicly listed Korean securities firm, and further increased our shareholding in Hyundai Securities to 29.62% in June 2016 by acquiring treasury shares of Hyundai Securities. In October 2016, we effected a comprehensive stock swap of the outstanding shares of Hyundai Securities for newly issued shares of our company, as a result of which Hyundai Securities became a wholly-owned subsidiary. Following such transaction, we merged our existing subsidiary, KB Investment & Securities, with and into Hyundai Securities in December 2016 and changed the name of the surviving entity to KB Securities. Through the acquisition of Hyundai Securities and the creation of an integrated securities firm, we sought to strengthen our investment banking and securities brokerage capabilities, as well as to achieve economies of scale.

In 2023, we generated net investment banking income of ￦1,685 billion, consisting of ￦620 billion of net interest income and ￦1,065 billion of net non-interest income.

Securities Brokerage

We provide securities brokerage services through KB Securities. Our activities include provision of brokerage services to our retail and corporate customers relating to a wide range of investment products, including stocks, futures, options, equity- and derivative-linked securities and debt instruments, as well as provision of prime brokerage services to hedge funds. In addition, we offer self-directed brokerage services through KB Securities’ online and smartphone brokerage platforms.

As of December 31, 2023, KB Securities operated a brokerage network consisting of 87 branches and sub-branches in Korea. In 2023, KB Securities generated commission income of ￦501 billion through its securities brokerage activities.

International Banking and Finance

We engage in various international banking and finance activities, including foreign exchange services and derivatives dealing, import and export-related services, offshore lending, syndicated loans, foreign currency securities investment and non-life insurance. These services are provided primarily to our domestic customers and overseas subsidiaries and affiliates of Korean corporations and, to a limited extent, to local companies and individuals. We also raise foreign currency funds through our international banking and finance operations.

The table below sets forth certain information regarding our foreign currency assets and borrowings:

 

     As of December 31,  
     2022      2023  
     (in millions of US$)  

Total foreign currency assets

    US$ 65,680      US$ 64,606  
  

 

 

     

 

 

  

Foreign currency borrowings:

      

Borrowings

      18,968        16,368  

Debentures

      8,590        9,590  
  

 

 

     

 

 

  

Total borrowings

    US$ 27,558      US$ 25,958  
  

 

 

     

 

 

  

 

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The table below sets forth our overseas subsidiaries, branches and representative and liaison offices in operation as of December 31, 2023:

 

Business Unit(1)

    Location  

Subsidiaries (22)

   

Kookmin Bank (China) Ltd. (including five branches)

      China  

KB Microfinance Myanmar Co., Ltd. (including 23 branches)

      Myanmar  

KB PRASAC Bank Plc. (including 192 branches)

      Cambodia  

PT Bank KB Bukopin, Tbk (including 173 branches)

      Indonesia  

KB Bank Myanmar Ltd.

      Myanmar  

KBFG Securities America Inc.

      United States  

KB Securities Hong Kong Ltd.

      Hong Kong  

KB Securities Vietnam Joint Stock Company (including three branches)

      Vietnam  

KB FINA Joint Stock Company

      Vietnam  

PT KB Valbury Sekuritas (including 15 branches)

      Indonesia  

KBFG Insurance (China) Co., Ltd. (including one branch)

      China  

PT. Kookmin Best Insurance Indonesia (including four branches)

      Indonesia  

Leading Insurance Services, Inc.

      United States  

KB Daehan Specialized Bank PLC. (including four branches)

      Cambodia  

PT. KB Finansia Multi Finance (including 133 branches)

      Indonesia  

KB J Capital Co., Ltd.

      Thailand  

i-Finance Leasing Plc. (including four branches)

      Cambodia  

KB Asset Management Singapore Pte. Ltd.

      Singapore  

KBAM Shanghai Advisory Services Co., Ltd.

      China  

KB KOLAO Leasing Co., Ltd. (including one branch)

      Laos  

PT Sunindo Kookmin Best Finance (including one branch)

      Indonesia  

PT KB Data Systems Indonesia

      Indonesia  

Branches (11)

   

Kookmin Bank, Tokyo Branch

      Japan  

Kookmin Bank, Auckland Branch

      New Zealand  

Kookmin Bank, New York Branch

      United States  

Kookmin Bank, London Branch

      United Kingdom  

Kookmin Bank, Ho Chi Minh City Branch

      Vietnam  

Kookmin Bank, Hanoi Branch

      Vietnam  

Kookmin Bank, Hong Kong Branch

      Hong Kong  

Kookmin Bank, Gurugram Branch

      India  

Kookmin Bank, Singapore Branch

      Singapore  

Kookmin Best Insurance Co., Ltd. U.S. Branch

      United States  

KBFG Investment, Boston Branch

      United States  

Representative and Liaison Offices (5)

   

KB Securities Shanghai Representative Office

      China  

KB Insurance, Hanoi Liaison Office

      Vietnam  

KB Insurance, Ho Chi Minh City Liaison Office

      Vietnam  

KB Kookmin Card, Yangon Representative Office

      Myanmar  

KB Asset Management, Ho Chi Minh City Representative Office

      Vietnam  

 

(1) 

Does not include subsidiaries and branches in liquidation or dissolution.

Trustee and Custodian Services Relating to Investment Trusts and Other Functions

We act as a trustee for 109 financial investment companies with a collective investment license, which invest in investment assets using funds raised by the sale of beneficiary certificates of investment trusts to

 

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investors. We also act as custodian for 276 financial institutions and as fund administrator for 150 financial institutions with respect to various investments, as well as acting as settlement agent in connection with such services. We receive a fee for acting in these capacities and generally perform the following functions:

 

  •  

holding assets for the benefit of the investment trusts or institutional investors;

 

  •  

receiving and making payments in respect of such investments;

 

  •  

acting as settlement agent in respect of such investments on behalf of the investment trust or institutional investors, in the domestic and overseas markets;

 

  •  

providing reports on assets held in custody;

 

  •  

providing certain foreign exchange services for overseas investment and foreign investors; and

 

  •  

providing fund-related administration and accounting services.

For the year ended December 31, 2023, our fee income from our trustee and custodian services was ￦41 billion and revenue collected as a result of administration of the underlying investments was ￦23 billion.

Other Businesses

Trust Account Management Services

Money Trust Management Services

We provide trust account management services for both specified money trusts and unspecified money trusts. We receive fees for our trust account management services consisting of basic fees that are based upon a percentage of either the net asset value of the assets or the principal under management and, for certain types of trust account operations, performance fees that are based upon the performance of the trust account operations. In 2023, our basic money trust fees ranged from 0.1% to 2.0% of total assets under management depending on the type of trust account. We also charge performance fees with respect to certain types of trust account products. We receive penalty payments when customers terminate their trust accounts prior to the original contract maturity.

We currently provide trust account management services for 20 types of money trusts. The maturities of the money trusts we manage vary by the type of the trust. Approximately 2.8% of our money trusts also provide periodic payments of dividends which are added to the assets held in such trusts and not distributed.

Under Korean law, the assets of our trust accounts are segregated from our banking account assets and are not available to satisfy the claims of any of our potential creditors. We are, however, permitted to deposit surplus funds generated by trust assets into our banking accounts in certain circumstances as set forth under the Financial Investment Services and Capital Markets Act and the regulations thereunder.

As of December 31, 2023, the total balance of our money trusts was ￦72,416 billion (as calculated in accordance with Statement of Korea Accounting Standard No. 5004, Trust Accounts, and the Enforcement Regulations of Financial Investment Services under the Financial Investment Services and Capital Markets Act, which we refer to as an “SKAS basis”). As for unspecified money trust accounts, we have investment discretion over all money trusts, which are pooled and managed jointly for each type of trust account. Specified money trust accounts are established on behalf of individual customers who direct our investment of trust assets.

 

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The following table shows the balances of our money trusts by type as of the dates indicated. Under IFRS, we consolidate trust accounts for which we guarantee both the repayment of the principal amount and a fixed rate of interest as well as trust accounts for which we guarantee only the repayment of the principal amount.

 

     As of December 31,  
     2022      2023  
     (in billions of Won)  

Principal and interest guaranteed trusts(1)

    ￦ 0.1      ￦ 0.1  

Principal guaranteed trusts(1)

      3,741        3,615  

Performance trusts(1)(2)

      63,604        68,801  
  

 

 

     

 

 

  

Total

    ￦ 67,345      ￦ 72,416  
  

 

 

     

 

 

  

 

(1) 

Calculated on an SKAS basis.

(2) 

Trusts which are primarily non-guaranteed.

The balance of our money trusts increased 7.5% between December 31, 2022 and December 31, 2023. As of December 31, 2023, the trust assets we managed consisted principally of securities investments and loans from the trust accounts. As of December 31, 2023, on an SKAS basis, our trust accounts had invested in securities in the aggregate amount of ￦27,769 billion, of which ￦18,691 billion was debt securities and derivative-linked securities. Securities investments consist of government-related debt securities, corporate debt securities, including bonds and commercial paper, equity securities, derivative-linked securities and other securities. Loans made by our trust account operations are similar in type to the loans made by our bank account operations. As of December 31, 2023, on an SKAS basis, our trust accounts had made loans in the principal amount of ￦275 billion (excluding loans from the trust accounts to our banking accounts of ￦5,011 billion), which accounted for 0.4% of our money trust assets. Loans by our money trusts are subject to the same credit approval process as loans from our banking accounts. As of December 31, 2023, substantially all loans from our money trust accounts were collateralized or guaranteed.

Our money trust accounts also invest, to a lesser extent, in equity securities, including beneficiary certificates issued by financial investment companies with a collective investment license. On an SKAS basis, as of December 31, 2023, equity securities in our money trust accounts amounted to ￦9,082 billion, which accounted for 12.2% of our total money trust assets. Of this amount, ￦8,958 billion was from specified money trusts and ￦124 billion was from unspecified money trusts.

If the income from a money trust for which we provide a guarantee is less than the amount of the payments we have guaranteed, we will need to pay the amount of the shortfall with funds from special reserves maintained with respect to trust accounts followed by basic fees from that money trust and funds from our general banking operations. In 2021, 2022 and 2023, we made no payment from our banking accounts to cover shortfalls in our guaranteed trusts. On an SKAS basis, we derived trust fees with regard to trust account management services (including those fees related to property trust management services) of ￦281 billion in 2021, ￦176 billion in 2022 and ￦212 billion in 2023.

Property Trust Management Services

We also offer property trust management services, where we manage non-monetary assets in return for a fee. Non-monetary assets include mostly securities, but can also include other liquid receivables and real estate. Under these arrangements, we render custodial services for the property in question and collect fee income in return.

In 2023, our basic property trust fees ranged from 0.001% to 0.3% of total assets under management depending on the type of trust accounts. On an SKAS basis, as of December 31, 2023, the aggregate balance of our property trusts was ￦28,113 billion, compared to ￦12,025 billion as of December 31, 2022.

Under IFRS, the property trusts are not consolidated within our financial statements.

 

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Investment Trust Management

Through KB Asset Management and KB Securities, we offer investment trust products to customers and manage the funds invested by them in investment trusts. As of December 31, 2023, KB Asset Management and KB Securities had an aggregate of ￦86,870 billion of investment trust assets under management.

Insurance

Non-Life Insurance

Through a series of acquisitions of stock between June 2015 and December 2016 for an aggregate of ￦1.1 trillion, followed by a tender offer in May 2017 and a comprehensive stock swap effected in July 2017, we acquired all of the outstanding shares of KB Insurance Co., Ltd. (formerly named LIG Insurance Co., Ltd.), as a result of which KB Insurance became our wholly-owned subsidiary. KB Insurance offers a variety of non-life insurance products, including principally the following:

 

  •  

Long-term insurance products. Long-term insurance products are sold to retail customers and provide protection against various types of losses, with specified coverage periods of at least three years and ranging up to 30 years or ending at specified ages. Unlike general property and casualty insurance products, which usually have a coverage period of one year or less and only have pure protection features, substantially all long-term insurance policies in Korea also have an integrated savings feature. KB Insurance offers a broad range of long-term insurance products covering the policyholder’s injuries, illnesses, long-term care, disabilities, accidents, property losses or other events.

 

  •  

Automobile insurance products. Automobile insurance products are sold to both retail and institutional customers and generally provide coverage for the following types of losses resulting from the policyholder’s ownership or use of an insured automobile: (i) liability to third parties for bodily injuries or death as well as damage to automobiles or other personal property; and (ii) the policyholder’s own bodily injuries and automobile damage or theft. KB Insurance’s automobile insurance policies typically have a coverage period of one year or less.

 

  •  

General property and casualty insurance products. General property and casualty insurance products are sold to institutional customers and include the following: (i) fire and allied lines insurance policies, providing protective coverage for damage to buildings and facilities and their contents against fire, flood, storm, lightening, explosion, theft and other risks; (ii) marine insurance policies, providing protective coverage for damage to marine vessels and their cargo; and (iii) specialty insurance policies, which cover various other types of specified risks faced by businesses, including liabilities and business interruption.

The following table sets forth certain information regarding the operations of KB Insurance, on a standalone basis, as of the dates or for the periods indicated:

 

     As of or for the Year Ended December 31,  
     2021     2022     2023  
     (in billions of Won, except as otherwise indicated)  

Total policies in force (in thousands)

      18,522       19,579       20,876  

Number of new policies sold (in thousands)

      10,604       10,818       9,595  

Gross direct written premiums(1)

    ￦ 11,524     ￦ 12,233     ￦ 12,752  

Long-term insurance

      7,233       7,841       8,383  

Automobile insurance

      2,668       2,816       2,938  

General property and casualty insurance

      1,167       1,292       1,249  

Other

      456       285       182  

Net earned premiums(2)

    ￦ 10,298     ￦ 10,889     ￦ 11,340  

Loss ratio(3)

      84.95 %      82.51 %      82.15 % 

Solvency ratio(4)(5)

      179.39 %      171.66 %      216.04 %(6)(7) 

 

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(1) 

The amount of direct written premiums recognized in a specified period in respect of policies in force during such period, on a standalone basis.

(2) 

The sum of (i) gross direct written premiums for the specified period, (ii) reinsurance premium income for such period, (iii) return of surrender refunds for such period and (iv) total unearned premiums deferred from the previous period, less the sum of (x) reinsurance expenses for the specified period, (y) surrender refunds for such period and (z) total unearned premiums deferred to the next period, on a standalone basis.

(3) 

The ratio of (i) total claims paid for the specified period to (ii) net earned premiums for such period, on a standalone basis.

(4) 

Known as “risk-based capital adequacy ratio” as of December 31, 2021 and 2022, prior to the implementation of K-ICS.

(5) 

Calculated in accordance with the applicable requirements of the Financial Supervisory Service. See “—Regulation and Supervision—Principal Regulations Applicable to Insurance Companies—Capital Adequacy.”

(6) 

Calculated in accordance with IFRS 17 and is not directly comparable to the figures as of December 31, 2022 and 2021, which are calculated in accordance with IFRS 4.

(7) 

Preliminary.

KB Insurance operates a multi-channel distribution platform in Korea, comprising agencies (which are independent insurance brokerage companies), a network of financial consultants, bancassurance arrangements with commercial banks and other financial institutions, direct marketing channels (including home shopping television networks and the Internet) and a corporate sales force.

As of December 31, 2023, KB Insurance had ￦34,950 billion of general account investment assets on a standalone basis, of which domestic debt securities, loans, beneficiary certificates, domestic equity securities and overseas securities accounted for 48.5%, 17.9%, 21.4%, 0.3% and 9.7%, respectively.

Life Insurance

In January 2023, in order to maximize the synergy effects in our life insurance operations, we merged the Former KB Life Insurance with and into Prudential Life Insurance, with the surviving entity being called KB Life Insurance Co., Ltd. Through KB Life Insurance, we offer a variety of individual and group life insurance products, including annuities, savings insurance, variable life insurance, whole life insurance and term life insurance as well as health insurance. We utilize our multi-channel distribution platforms to market these products, which includes sales through agencies, financial consultants, telemarketers and bancassurance arrangements with commercial banks and other financial institutions.

In 2023, KB Life Insurance generated gross premium of ￦3,583 billion, on a standalone basis. As of December 31, 2023, KB Life Insurance had ￦24,722 billion of general account investment assets on a standalone basis, of which domestic debt securities, beneficiary certificates, loans, domestic equity securities and overseas securities accounted for 81.0%, 13.1%, 0.0%, 0.2% and 5.7%, respectively. Based on preliminary data, which are subject to change, KB Life Insurance had a solvency ratio of 308.0% as of December 31, 2023.

For further information regarding our insurance-related assets and liabilities, see Note 38 of the notes to our consolidated financial statements included elsewhere in this annual report.

Bancassurance

Through the bancassurance operations of Kookmin Bank, we offer insurance products of other institutions to retail customers in Korea. We currently market a wide range of bancassurance products and seek to generate additional fee-based revenues by expanding our offering of these products.

Currently, our bancassurance business has alliances with 22 life insurance companies (including our subsidiary, KB Life Insurance) and 11 non-life insurance companies (including our subsidiary, KB Insurance) and offers 105 different products through our branch network. These products are composed of 82 types of life insurance policies, such as annuities, savings insurance and variable life insurance, and 23 types of non-life insurance products. In 2023, our commission income from our bancassurance business amounted to ￦102.3 billion.

 

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Consumer Finance

We provide consumer finance services through KB Capital Co., Ltd. We acquired 52.02% of the outstanding shares of KB Capital (formerly known as Woori Financial Co., Ltd.) in March 2014 for ￦280 billion. We conducted a tender offer in May 2017, through which we acquired 5,949,300 shares of KB Capital at ￦27,500 per share, increasing our shareholding in KB Capital to 79.70%. We subsequently acquired the remaining outstanding shares of KB Capital in exchange for 2,269,057 shares of common stock of our company through a comprehensive stock swap effected in July 2017, as a result of which KB Capital became a wholly-owned subsidiary. KB Capital provides leasing services and installment finance services for various products, including automobiles, heavy machineries and medical equipment, as well as microlending services. We expect KB Capital to continue to expand our customer base by providing a variety of non-banking financial services to retail customers, as well as synergies through coordinated business operations with our other subsidiaries, including Kookmin Bank.

Management of the National Housing and Urban Fund

The National Housing and Urban Fund is a government fund that provides financial support to low-income households in Korea by providing mortgage financing and construction loans for projects to build small-sized housing. The operations of the National Housing and Urban Fund include providing and managing National Housing and Urban Fund loans, issuing National Housing and Urban Fund bonds and collecting subscription savings deposits.

In February 2013, the Ministry of Land, Infrastructure and Transport (formerly the Ministry of Land, Transport and Maritime Affairs) designated us as one of the managers of the National Housing and Urban Fund. In 2023, we received total fees of ￦27 billion for managing the National Housing and Urban Fund, compared to ￦29 billion in 2022 and ￦33 billion in 2021.

The financial accounting for the National Housing and Urban Fund is entirely separate from our financial accounting, and the non-performing loans and loan losses of the National Housing and Urban Fund, in general, do not impact our financial condition. Regulations and guidelines for managing the National Housing and Urban Fund are issued by the Minister of Land, Infrastructure and Transport pursuant to the Housing and Urban Fund Act.

Distribution Channels

Banking Branch Network

As of December 31, 2023, Kookmin Bank operated a network of 797 branches and sub-branches in Korea, which was one of the largest branch networks among Korean commercial banks. An extensive branch network is important to attracting and maintaining retail customers, who use branches extensively and value convenience. We believe that our extensive branch network in Korea and retail customer base provide us with a source of stable and relatively low cost funding. Approximately 37.8% of our branches and sub-branches are located in Seoul, and approximately 20.8% of our branches are located in the six next largest cities. The following table presents the geographical distribution of our branch network in Korea as of December 31, 2023:

 

Area

    Number of
Branches		      Percentage  

Seoul

      301        37.8 % 

Six largest cities (other than Seoul)

      166        20.8  

Other

      330        41.4  
  

 

 

     

 

 

  

Total

      797        100.0 % 
  

 

 

     

 

 

  

In addition, we have continued to implement the specialization of our branch functions. Of our branch network as of December 31, 2023, we had two branches that primarily handled large corporate banking.

 

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In order to support our branch network, we have established an extensive network of ATMs, which are located in branches and in unmanned outlets known as “autobanks.” As of December 31, 2023, we had 4,329 ATMs.

We have actively promoted the use of these distribution outlets in order to provide convenient service to customers, as well as to maximize the marketing and sales functions at the branch level, reduce employee costs and improve profitability. The aggregate number of transactions conducted using our ATMs amounted to approximately 251 million in 2021, 224 million in 2022 and 205 million in 2023.

Other Banking Channels

The following table sets forth information, for the periods indicated, on the number of users and transactions of the other banking channels for our retail and corporate banking customers, which are discussed below:

 

     For the Year Ended December 31,  
     2021      2022      2023  

Internet banking:

         

Number of users(1)

      26,415,723        27,711,718        28,767,620  

Number of transactions (thousands)(2)

      18,941,829        4,827,755        4,403,908  

Phone banking:

         

Number of users(3)

      5,076,733        5,076,895        5,075,039  

Number of transactions (thousands)(2)

      62,835        51,594        43,922  

Smartphone banking:

         

Number of users(4)

      17,930,859        19,584,887        20,909,030  

Number of transactions (thousands)(2)

      20,828,944        21,741,324        21,876,061  

 

(1) 

Number of users is defined as the total cumulative number of retail and corporate customers who have registered through our branch offices to use our Internet banking services.

(2) 

Number of transactions includes balance and transaction inquiries, fund transfers and other transactions.

(3) 

Number of users is defined as the total cumulative number of retail and corporate customers who have registered through our branch offices to use our phone banking services.

(4) 

Number of users is defined as the total cumulative number of retail customers who have registered through our branch offices, or the customers’ smartphones, to use our smartphone banking services.

Internet Banking

Our goal is to consolidate our position as a market leader in online banking. Our Internet banking services currently include:

 

  •  

basic banking services, including fund transfers, balance and transaction inquiries, pre-set automatic transfers, product inquiries, online bill and tax payments and foreign exchange services;

 

  •  

investment services, including opening deposit accounts and investing in funds;

 

  •  

processing of loan applications;

 

  •  

electronic certification services, which permit users to authenticate their identity and transactions on a confidential basis through digital signatures; and

 

  •  

wealth management and advisory services, including financial planning and real estate information services.

Phone Banking

We offer a variety of phone banking services, including inter-account fund transfers, balance and transaction inquiries, customer service inquiries and bill payments. We also have call centers, which we primarily use to:

 

  •  

advise clients with respect to deposits, loans and credit cards and to provide our customers a way to report any emergencies with respect to their accounts;

 

62

  •  

allow our customers to conduct transactions with respect to their accounts, such as balance and transfer inquiries, transfers or payments and opening accounts; and

 

  •  

conduct telemarketing to our customers or potential customers to advertise products or services.

Smartphone Banking

“KB Star Banking,” our mobile banking application for smartphones, allows our customers the flexibility to conduct a variety of financial transactions, including balance and transaction inquiries, fund transfers and asset management, anywhere at any time. It is also intended to act as a hub for all of our finance services, including securities transactions and insurance, by providing our customers with access to the key services offered by a number of our subsidiaries, such as KB Securities and KB Insurance. Our smartphone banking services currently include:

 

  •  

basic banking services, including fund transfers, balance and transaction inquiries, bill payments and foreign exchange services;

 

  •  

investment services, including investing in savings deposits that are designed specifically for and offered to smartphone banking customers; and

 

  •  

processing of loan applications and bancassurance services.

We also continue to develop innovative mobile applications that cater to specific customer needs and lifestyles. For example, we offer “Liiv Next,” a finance platform that provides easy-to-use banking services such as wire transfers and electronic payments as well as a variety of non-banking services such as games and quizzes to our younger “Generation Z” customers. We also offer a range of other mobile applications, including “Liiv Talk Talk,” our mobile peer-to-peer payment and messaging application, “KB Liiv M,” a mobile virtual network operator (MVNO) that offers a fusion of finance and mobile services and “KB Real Estate,” our new cloud-based real estate application that provides various information on real properties. We also offer MyData services through several channels including KB Star Banking, our mobile banking application, KB Pay, our credit card services application, and KB M-able, our securities trading application.

Other Channels

We provide cash management services, which include automatic transfers, connection services to other financial institutions, real-time firm banking, automatic fund concentration and transmittal of trading information.

Distribution Channels for Other Services

Through our non-banking subsidiaries, we operate a network of dedicated branches and other distribution channels through which our customers can access credit card, securities brokerage, insurance and consumer finance products and services. The following table sets forth information regarding the number and geographical distribution of the branches in Korea operated by KB Kookmin Card, KB Securities and KB Insurance as of December 31, 2023:

 

Area

    KB Kookmin Card      KB Securities      KB Insurance  

Seoul

      6        33        52  

Six largest cities (other than Seoul)

      8        16        69  

Other

      11        38        141  
  

 

 

     

 

 

     

 

 

  

Total

      25        87        262  
  

 

 

     

 

 

     

 

 

  

Our other non-banking subsidiaries also operate a number of branches in Seoul and other areas. We also provide credit card, securities brokerage, insurance and consumer finance services through dedicated call centers,

 

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smartphone applications and Internet websites operated by KB Kookmin Card, KB Securities, KB Insurance, KB Life Insurance and KB Capital.

Competition

We compete principally with other financial holding companies and nationwide commercial banks, as well as regional banks, development banks, specialized banks and branches of foreign banks operating in Korea. We also compete with other types of financial institutions in Korea, including savings institutions (such as mutual savings and finance companies and credit unions and credit cooperatives), investment institutions (such as merchant banking corporations), life insurance companies, non-life insurance companies, securities companies and other financial investment companies.

Competition in the domestic banking industry is generally based on the types and quality of the products and services offered, including the size and location of retail networks, the level of automation and interest rates charged and paid. Competition has increased significantly in our traditional core businesses, retail banking, small- and medium-sized enterprise banking and credit card lending, contributing to some extent to the asset quality deterioration in retail and small- and medium-sized loans. As a result, our margins on lending activities may decrease in the future.

Furthermore, the introduction of Internet-only banks in Korea has led to an increase in competition in the Korean banking industry. Internet-only banks operate without branches and conduct most of their operations through electronic means, which enables them to minimize costs and offer customers higher interest rates on deposits or lower lending rates. In April 2017, Kbank, the first Internet-only bank in Korea, commenced operations. Kakao Bank, another Internet-only bank, in which Kookmin Bank held a 4.9% equity interest as of December 31, 2023, commenced operations in July 2017. Most recently, Toss Bank, another Internet-only bank, commenced operations in October 2021.

In the Korean insurance industry, competition is based on a number of factors, including brand recognition, service, product features and pricing, investment performance and perceived financial strength. There has been downward pressure in recent years on margins of insurance products as some of our competitors have sought to obtain or maintain market share by reducing margins and increasing marketing efforts. As the Korean non-life insurance and life insurance sectors continue to mature, they may experience a slowdown in growth as well as a stagnation in market penetration. Due to these and other factors, we believe that competition in the Korean insurance industry will likely remain intense in the future.

In addition, general regulatory reforms in the Korean financial industry have increased competition among banks and other financial institutions in Korea. As the reform of the financial sector continues, foreign financial institutions, some with greater resources than us, have entered, and may continue to enter, the Korean market either by themselves or in partnership with existing Korean financial institutions and compete with us in providing financial and related services.

Moreover, the Korean financial industry is undergoing significant consolidation. The number of nationwide commercial banks in Korea has decreased from 16 as of December 31, 1997, to six as of December 31, 2023. A number of significant mergers and acquisitions in the financial industry have taken place in Korea in recent years, including Hana Financial Group’s acquisition of a controlling interest in Korea Exchange Bank in 2012 and the subsequent merger of Hana Bank into Korea Exchange Bank in 2015. In addition, as part of the Korean government’s plans to privatize Woori Finance Holdings Co., Ltd. (the former financial holding company of Woori Bank), certain subsidiaries of Woori Finance Holdings were sold to other financial institutions and Woori Finance Holdings itself was merged into Woori Bank in 2014, which established a new financial holding company, Woori Financial Group Inc., in January 2019. In the insurance sector, China’s Anbang Insurance Group acquired controlling interests in Tong Yang Life Insurance Co., Ltd. and Allianz Life Insurance Korea Co., Ltd. in 2015 and 2016, respectively, while Mirae Asset Life Insurance Co., Ltd. acquired PCA Life

 

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Insurance Co., Ltd. in 2017. Meanwhile, Orange Life Insurance, Ltd. (formerly known as ING Life Insurance Korea, Ltd.) became a wholly-owned subsidiary of Shinhan Financial Group following the acquisition of equity interests by Shinhan Financial Group in February 2019 and January 2020, and subsequently merged with and into Shinhan Life Insurance Co., Ltd. in July 2021. In 2022, Shinhan Financial Group also acquired BNP Paribas Cardif General Insurance, which was subsequently renamed Shinhan EZ General Insurance. In the securities sector, in 2016, Mirae Asset Securities Co., Ltd. acquired a 43% interest in KDB Daewoo Securities Co., Ltd., which subsequently merged with and into Mirae Asset Securities to create Mirae Asset Daewoo Securities Co., Ltd., one of the largest securities companies in Korea in terms of capital. We expect that consolidation in the Korean financial industry will continue. The financial institutions resulting from such consolidation may, by virtue of their increased size and business scope, provide significantly greater competition for us. We intend to review potential acquisition opportunities as they arise. We cannot guarantee that we will not be involved in any future mergers or acquisitions. We also believe that foreign financial institutions, many of which have greater experience and resources than we do, may seek to compete with us in providing financial products and services either by themselves or in partnership with existing Korean financial institutions.

Information Technology

We regularly implement various IT system-related initiatives and upgrades at the group and subsidiary level. We believe that continual improvement of our IT systems is crucial in supporting our operations and management and providing high-quality customer service. Accordingly, we continue to upgrade and improve our systems through various activities, including projects to develop next generation banking systems for Kookmin Bank, further strengthen system security and timely develop and implement various new IT systems and services (including group-wide software) that support our business operations and risk management activities.

Our mainframe-based banking and X86 Linux-based credit card systems are designed to ensure continuity of services even where there is a failure of the host data center due to a natural disaster or other accidents by utilizing backup systems in disaster recovery data centers. In addition, through the implementation of Parallel Sysplex, a “multi-CPU system,” our bank and credit card systems are designed and operated to be able to process transactions without material interruption in the event of CPU failure. From 2019 to 2020, we implemented a next-generation credit card IT system that applies an enhanced platform to ensure greater flexibility and versatility, as well as a banking IT system designed to promote digital transformation and innovation in our IT infrastructure. In addition, we implemented new technologies, including Multi Channel Integration and Enterprise Application Integration systems, to standardize our IT system and better manage IT system operational risk.

The integrity of our IT systems, and their ability to withstand potential catastrophic events (such as natural calamities and internal system failures), are crucial to our continuing operations. We currently test our disaster recovery systems on a quarterly basis using a new disaster recovery system that has been implemented to ensure the continuity of our operations. For additional information, see “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Operational Risk Management” and “Item 16K. Cybersecurity.”

In 2023, we spent approximately ￦869 billion for our IT system implementation and operations, including expenses related to the construction of new IT systems, implementation of hardware and software technologies and other new systems, as well as related labor costs.

As of December 31, 2023, we employed a total of 2,446 full-time employees in our IT operations.

Assets and Liabilities

The tables below set out selected financial highlights regarding our operations and our assets and liabilities. Except as otherwise indicated, amounts as of and for the years ended December 31, 2021, 2022 and 2023 are presented on a consolidated basis under IFRS.

 

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Certain information with respect to our loan portfolio and the asset quality of our loans is presented below on a basis consistent with certain requirements of the Financial Services Commission applicable to Korean financial institutions, which differs (as described below where applicable) from the presentation of such information in our financial statements prepared in accordance with IFRS, as we believe that such alternative presentation allows us to provide additional details regarding our loan portfolio and the asset quality of our loans which would be helpful to our investors.

Loan Portfolio

As of December 31, 2023, our total loan portfolio was ￦450,268 billion compared to ￦437,200 billion as of December 31, 2022. As of December 31, 2023, 89.9% of our total loans were Won-denominated loans compared to 89.5% as of December 31, 2022.

Loan Types

The following table presents loans by type as of the dates indicated. Except where we specify otherwise, all loan amounts stated below are before deduction of allowances for loan losses. Total loans reflect our loan portfolio, including past due amounts.

 

     As of December 31,  
     2022      2023  
     (in billions of Won)  

Domestic:

      

Corporate

      

Small- and medium-sized enterprise

    ￦ 149,339      ￦ 151,892  

Large corporate(1)

      50,451        58,026  

Retail

      

Mortgage and home equity

      121,429        125,338  

Other consumer

      61,663        58,678  

Credit cards

      22,562        22,311  
  

 

 

     

 

 

  

Total domestic

      405,444        416,245  

Foreign

      31,756        34,023  
  

 

 

     

 

 

  

Total gross loans

    ￦ 437,200      ￦ 450,268  
  

 

 

     

 

 

  

 

(1) 

Large corporate loans include ￦1,306 billion and ￦1,894 billion of loans to the Korean government and government related agencies (including the Korea Deposit Insurance Corporation) as of December 31, 2022 and 2023, respectively.

Loan Concentrations

On a consolidated basis, our exposure to any single person (including an individual or an entity) or any single borrower (any single person together with any individual and/or entity that shares the same credit risk with such person) is limited by law to 20% and 25%, respectively, of our “net aggregate equity capital,” as defined under the Enforcement Decree of the Financial Holding Company Act. See “—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Financial Exposure to Any Individual Customer and Major Investor.” In addition, Kookmin Bank’s exposure to any single person or any single borrower is limited by the Bank Act to 20% and 25%, respectively, of its total Tier I and Tier II capital. Starting in 2024, Basel III also restricts the total exposure of a bank to any single counterparty or counterparty group to 25% (or 20% in the case of domestic or global systemically important banks) of the bank’s total Tier I capital.

 

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Loan Concentration by Industry

The following table presents the aggregate balance of our domestic and foreign corporate loans, by industry concentration, as of December 31, 2022 and 2023:

 

     As of December 31,  
     2022     2023  

Industry

    Amount      %     Amount      %  
     (in billions of Won, except percentages)  

Services

    ￦ 98,447        43.5 %    ￦ 106,786        44.8 % 

Manufacturing

      53,157        23.5       51,480        21.6  

Wholesale and retail

      29,700        13.1       29,700        12.5  

Financial institutions

      23,406        10.3       24,938        10.5  

Construction

      6,844        3.0       6,984        2.9  

Public sector

      1,940        0.9       2,259        0.9  

Others

      12,846        5.7       16,108        6.8  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    ￦ 226,340        100.0 %    ￦ 238,255        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Maturity Analysis

We typically roll over our working capital loans and unsecured consumer loans (other than those payable in installments) after we conduct our normal loan review in accordance with our loan review procedures. Working capital loans may generally be extended on an annual basis for an aggregate term of five years and unsecured consumer loans may generally be extended for another term of up to 12 months for an aggregate term of 10 years.

The following table sets out the scheduled maturities (time remaining until maturity) of our loan portfolio as of December 31, 2023. The amounts disclosed are before deduction of allowances for loan losses:

 

    1 Year or
Less		     Over 1 Year
But Not More
Than 5 Years		     Over 5 Years
But Not
More Than
15 Years		     Over 15 Years     Total  
    (in billions of Won)  

Domestic:

          

Corporate

          

Small- and medium-sized enterprises

   ￦ 107,149     ￦ 37,148     ￦ 6,032     ￦ 1,563     ￦ 151,892  

Large corporate

     33,522       19,250       3,544       1,710       58,026  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total corporate

     140,671       56,398       9,576       3,273       209,918  

Retail

          

Mortgage and home equity

     18,577       20,584       6,670       79,507       125,338  

Other consumer

     34,805       15,232       4,199       4,442       58,678  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total retail

     53,382       35,816       10,869       83,949       184,016  

Credit cards

     18,000       4,004       307       —       22,311  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total domestic

     212,053       96,218       20,752       87,222       416,245  

Foreign:

     14,078       11,930       7,711       304       34,023  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   ￦ 226,131     ￦ 108,148     ￦ 28,463     ￦ 87,526     ￦ 450,268  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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Interest Rate Sensitivity

The following table shows, as of December 31, 2023, the total amount of loans due after one year, which have fixed interest rates and variable or adjustable interest rates:

 

    Fixed Rate(1)     Variable or adjustable rates(2)     Total  
    (in billions of Won)  

Domestic:

      

Corporate

      

Small- and medium-sized enterprises

   ￦ 19,747     ￦ 24,996     ￦ 44,743  

Large corporate

     11,469       13,036       24,505  
 

 

 

    

 

 

    

 

 

  

Total corporate

     31,216       38,032       69,248  

Retail

      

Mortgage and home equity

     17,120       89,641       106,761  

Other consumer

     10,062       13,810       23,872  
 

 

 

    

 

 

    

 

 

  

Total retail

     27,182       103,451       130,633  

Credit cards

     4,311       —       4,311  

Total domestic

     62,710       141,483       204,193  
 

 

 

    

 

 

    

 

 

  

Foreign:

     12,050       7,895       19,945  
 

 

 

    

 

 

    

 

 

  

Total

   ￦ 74,760     ￦ 149,378     ￦ 224,138  
 

 

 

    

 

 

    

 

 

  

 

(1) 

Fixed rate loans are loans for which the interest rate is fixed for the entire term.

(2) 

Variable or adjustable rate loans are loans for which the interest rate is not fixed for the entire term.

For additional information regarding our management of interest rate risk, see “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Market Risk Management—Market Risk Management for Non-Trading Activities.”

Credit Exposures to Companies in Workout, Restructuring or Rehabilitation

Workout is a voluntary procedure through which we, together with the borrower and its other creditors, seek to restore the borrower’s financial stability and viability. Previously, workouts were regulated under a series of Corporate Restructuring Promotion Acts, which expired on June 30, 2018. In September 2018, the National Assembly of Korea adopted a new Corporate Restructuring Promotion Act, which became effective in October 2018 and expired as scheduled in October 2023. In December 2023, the National Assembly enacted another new Corporate Restructuring Promotion Act, which will remain effective until 2026. Under the Corporate Restructuring Promotion Act, creditors of a financially troubled borrower may participate in a creditors’ committee, which is authorized to prohibit such creditors from exercising their rights against the borrower, commence workout procedures and approve or make revisions to a reorganization plan prepared by the lead creditor bank, the borrower and external experts. The composition of the creditors’ committee is determined at the initial meeting of the committee by the approval of creditors holding not less than 75% of the borrower’s total outstanding debt held by creditors who were notified of the initial meeting of the committee. Although creditors that are not financial institutions or hold less than 1% of the total outstanding debt of the borrower need not be notified of the initial meeting of the creditors’ committee, if such creditors wish to participate, they may not be excluded. Any decision of the creditors’ committee requires the approval of creditors holding not less than 75% of the total outstanding debt of the borrower. However, if a single creditor holds 75% or more of the borrower’s total outstanding debt held by the creditors comprising the creditors’ committee, any decision of the creditors’ committee requires the approval of not less than 40% of the total number of creditors (including such single creditor) comprising the committee. An additional approval of creditors holding not less than 75% of the secured debt is required with respect to the borrower’s debt restructuring. Once approved, any decision made by the creditors’ committee is binding on all creditors of the borrower, with the exception of those creditors that were excluded by a resolution of the committee at its initial meeting and those who exercised their right to request that their claims be purchased. Creditors that voted against commencement of workout, approval or revision of the

 

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reorganization plan, debt restructuring, granting of new credit, extension of the joint management process or other resolutions of the committee have the right to request the creditors that voted in favor of such matters to purchase their claims at a mutually agreed price. In the event that the parties are not able to agree on the terms of purchase, a coordination committee consisting of experts would determine the terms. The creditors that oppose a decision made by the coordination committee may request a court to change such decision.

Upon approval of the workout plan, a credit exposure is initially classified as precautionary or lower and thereafter cannot be classified higher than precautionary with limited exceptions. If a corporate borrower is in workout, restructuring or rehabilitation, we take the status of the borrower into account in valuing our loans to and collateral from that borrower for purposes of establishing our allowances for credit losses.

Korean law also provides for corporate rehabilitation proceedings, which are court-supervised procedures to rehabilitate an insolvent company. Under these procedures, a restructuring plan is adopted at a meeting of interested parties, including creditors of the company. Such restructuring plan is subject to court approval.

A portion of our loans to and debt securities of corporate customers are currently in workout, restructuring or rehabilitation. As of December 31, 2023, ￦739 billion or 0.12% of our total loans were in workout, restructuring or rehabilitation. This included ￦93 billion of loans to large corporate borrowers and ￦646 billion of loans to small- and medium-sized enterprises.

Provisioning Policy

Under IFRS 9 Financial Instruments, or IFRS 9, we establish allowances for credit losses based on expected credit losses instead of incurred losses by assessing changes in expected credit losses and recognizing such changes as impairment loss (or reversal of impairment loss) in profit or loss. According to the three stages of credit risk deterioration under IFRS 9, the allowance required to be established with respect to a loan or receivable since its initial recognition is (i) the amount of the expected 12-month credit loss for stage 1 loans or receivables and (ii) the expected lifetime credit loss for stages 2 and 3 loans or receivables.

If additions or changes to the allowances for loan losses are required, then we record a provision for loan losses, which is included in impairment losses on credit loss and treated as a charge against current income. Credit exposures that we deem to be uncollectible, including actual loan losses, net of recoveries of previously charged-off amounts, are charged directly against the allowances for loan losses.

We generally consider the following loans to be impaired loans:

 

  •  

loans that are past due by 90 days or more;

 

  •  

loans that are subject to legal proceedings related to collection;

 

  •  

loans to a borrower that has received a warning from the Korea Credit Information Services indicating that such borrower has exhibited difficulties in making timely payments of principal and interest;

 

  •  

loans to corporate borrowers that are rated C or D according to Kookmin Bank’s internal credit ratings for large companies or small-and medium-sized enterprises;

 

  •  

loans for which account-specific provisions have been made resulting from a significant perceived decline in credit quality; and

 

  •  

loans with respect to which the amount of principal and interest payable has been materially decreased due to restructuring.

We regularly evaluate the adequacy of the overall allowances for loan losses and we believe that the allowances for loan losses reflect our best estimate of probable loan losses as of each balance sheet date.

 

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Non-Performing Loans

Non-performing loans are defined as loans that are past due by 90 days or more. These loans are generally classified as “substandard” or below. For further information on the classification of non-performing loans under Korean regulatory requirements, see “—Regulatory Reserve for Credit Losses” below.

The following table shows, as of the dates indicated, certain details of our total non-performing loan portfolio:

 

     As of December 31,  
     2022     2023  
     (in billions of Won, except percentages)  

Total non-performing loans

    ￦ 1,915     ￦ 2,379  

As a percentage of total loans

      0.4 %      0.5 % 

Analysis of Non-Performing Loans

The following table sets forth, as of the dates indicated, our total non-performing loans by type of borrower:

 

     As of December 31,  
     2022     2023  
     Amount      %     Amount      %  
     (in billions of Won, except percentages)  

Domestic:

   

Corporate

           

Small- and medium-sized enterprise

    ￦ 123        6.4 %    ￦ 201        8.5 % 

Large corporate

      51        2.7       96        4.0  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total corporate

      174        9.1       297        12.5  

Retail

           

Mortgage and home equity

      135        7.1       199        8.4  

Other consumer

      173        9.0       252        10.6  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total retail

      308        16.1       451        19.0  

Credit cards

      91        4.7       63        2.6  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total domestic

      573        29.9       811        34.1  

Foreign:

      1,342        70.1       1,568        65.9  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total non-performing loans

    ￦ 1,915        100.0 %    ￦ 2,379        100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

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Top 20 Non-Performing Loans

As of December 31, 2023, our 20 largest non-performing loans accounted for 13.9% of our total non-performing loan portfolio. The following table shows, as of December 31, 2023, certain information regarding our 20 largest non-performing loans:

 

    

Industry

    Gross Principal
Outstanding		      Allowances for
Loan Losses(1)		  
     (in billions of Won)  

Borrower A

    Others    ￦ 66      ￦ 19  

Borrower B

    Services      38        11  

Borrower C

    Construction      30        14  

Borrower D

    Financial institutions      27        6  

Borrower E

    Wholesale and retail      21        6  

Borrower F

    Financial institutions      18        2  

Borrower G

    Others      16        2  

Borrower H

   

Others

      16        2  

Borrower I

    Financial institutions      15        3  

Borrower J

    Services      12        10  

Borrower K

    Construction      10        1  

Borrower L

   

Manufacturing

      9        9  

Borrower M

    Construction      8        2  

Borrower N

    Manufacturing      8        8  

Borrower O

    Services      7        2  

Borrower P

    Wholesale and retail      7        7  

Borrower Q

    Construction      6        2  

Borrower R

    Construction      6        3  

Borrower S

    Others      6        5  

Borrower T

    Services      5        4  
     

 

 

     

 

 

  

Total

       ￦ 331      ￦ 118  
     

 

 

     

 

 

  

 

(1) 

If the estimated recovery value of collateral for a non-performing loan is sufficient compared to the outstanding loan balance, we record no allowances for loan losses for such non-performing loan.

Non-Performing Loan Strategy

One of our primary objectives is to prevent our loans from becoming non-performing. Through our corporate credit rating systems, we believe that we have reduced our risks relating to future non-performing loans. Our credit rating systems are designed to prevent our loan officers from extending new loans to borrowers with high credit risks based on the borrower’s credit rating. Our early warning system is designed to bring any sudden increase in a borrower’s credit risk to the attention of our loan officers, who then closely monitor such loans. See “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Credit Risk Management—Credit Review and Monitoring.”

Notwithstanding the above, if a loan becomes non-performing, an officer at the branch level responsible for monitoring non-performing loans will commence a due diligence review of the borrower’s assets, send a notice either demanding payment or stating that we will take legal action and prepare for legal action.

At the same time, we also initiate our non-performing loan management process, which begins with:

 

  •  

identifying loans subject to a proposed sale by assessing the estimated losses from such sale based on the estimated recovery value of collateral, if any, for such non-performing loans;

 

  •  

identifying loans subject to charge-off based on the estimated recovery value of collateral, if any, for such non-performing loans and the estimated rate of recovery of unsecured loans; and

 

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  •  

on a limited basis, identifying corporate loans subject to normalization efforts based on the cash-flow situation of the borrower.

Once the details of a non-performing loan are identified, we pursue early solutions for recovery. While the overall process is the responsibility of Kookmin Bank’s Credit Division, actual recovery efforts on non-performing loans are handled at the operating branch level.

In addition, we use the services of KB Kookmin Card’s wholly-owned loan collection subsidiary, KB Credit Information Co., Ltd. (which KB Kookmin Card acquired from us in June 2023), which receives payments from recoveries made on charged-off loans and certain loans that are overdue for over three months (28 days on average in the case of credit card loans). KB Credit Information has approximately 122 employees, including legal experts and management employees. The fees that it receives are based on the amounts of non-performing and charged-off loans that are recovered. In 2021, 2022 and 2023, the amount recovered was ￦257 billion, ￦238 billion and ￦316 billion, respectively.

Methods for resolving non-performing loans include the following:

 

  •  

non-performing loans are managed by the operating branches of Kookmin Bank until such loans are charged off;

 

  •  

a demand note is dispatched by mail if payment is generally one month past due;

 

  •  

calls and visits are made by Kookmin Bank’s operating branches to customers encouraging them to make payments;

 

  •  

borrowers who are past due on payments of interest and principal are registered on the Korea Credit Information Services’ database of non-performing loans;

 

  •  

for unsecured loans other than credit card loans, the loans are transferred to KB Credit Information for collection on a case-by-case basis;

 

  •  

for secured loans, actions to enforce or protect the security interests (including foreclosure and auction of the collateral) are commenced within five months of such loans becoming past due; and

 

  •  

charged-off loans are given to KB Credit Information for collection, except for loans where the cost of collection exceeds the possible recovery or where the statute of limitations for collection has expired.

In addition, credit card loans that are in arrears for over 28 days on average are transferred to KB Credit Information for collection.

If a loan becomes non-performing, it is managed by an operating branch of Kookmin Bank until such loan is charged off. However, in order to promote speedy recovery on loans subject to foreclosures and litigation, our policy is to permit the branch responsible for handling these loans to request one of Kookmin Bank’s regional head offices for assistance with litigation proceedings and proceedings related to foreclosure and auction of the collateral.

In addition to making efforts to collect on these non-performing loans, we also undertake measures to reduce the level of our non-performing loans, which include:

 

  •  

selling our non-performing loans to third parties, including the Korea Asset Management Corporation; and

 

  •  

entering into asset securitization transactions with respect to our non-performing loans.

We generally expect to suffer a partial loss on loans that we sell or securitize, to the extent such sales and securitizations are recognized under IFRS as sale transactions.

 

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Regulatory Reserve for Credit Losses

If our allowances for credit losses are deemed insufficient for regulatory purposes, we are required to compensate for the difference by recording a regulatory reserve for credit losses, which is segregated within our retained earnings. Regulatory reserve for credit losses are not available for distribution to shareholders as dividends. The level of regulatory reserve for credit losses required to be recorded is equal to the amount by which our allowances for credit losses under IFRS are less than the greater of (x) the amount of expected loss calculated using the internal ratings-based approach under Basel III and as approved by the Financial Supervisory Service and (y) the required amount of credit loss reserve calculated based on standards prescribed by the Financial Services Commission. In November 2023, the Financial Services Commission amended the Regulation on Supervision of Banking Business to allow the Financial Services Commission to ask banks to increase their reserves for credit losses if the banks’ existing allowances and reserves for credit losses are deemed insufficient to cover their expected future losses, taking into account a number of factors, including the banks’ existing allowances and reserves for credit losses, expected changes in delinquency rates or the level of distressed debt and general market conditions. As of December 31, 2023, our regulatory reserve for credit losses was ￦4,321 billion.

The following tables set forth the Financial Services Commission’s guidelines for the classification of loans and the minimum percentages of the outstanding principal amount of the relevant loans or balances that the credit loss reserve must cover:

 

Loan Classification

   

Loan Characteristics

Normal

    Loans extended to customers that, based on our consideration of their business, financial position and future cash flows, do not raise concerns regarding their ability to repay the loans.

Precautionary

    Loans extended to customers that (i) based on our consideration of their business, financial position and future cash flows, show potential risks with respect to their ability to repay the loans, although showing no immediate default risk or (ii) are in arrears for one month or more but less than three months.

Substandard

   

(i) Loans extended to customers that, based on our consideration of their business, financial position and future cash flows, are judged to have incurred considerable default risks as their ability to repay has deteriorated; or

 

(ii) the portion that we expect to collect of total loans (a) extended to customers that have been in arrears for three months or more, (b) extended to customers that have incurred serious default risks due to the occurrence of, among other things, final refusal to pay their debt instruments, entry into liquidation or bankruptcy proceedings or closure of their businesses, or (c) extended to customers who have outstanding loans that are classified as “doubtful” or “estimated loss.”

Doubtful

   

Loans exceeding the amount that we expect to collect of total loans to customers that:

 

(i) based on our consideration of their business, financial position and future cash flows, have incurred serious default risks due to noticeable deterioration in their ability to repay; or

 

(ii) have been in arrears for three months or more but less than 12 months.

Estimated loss

   

Loans exceeding the amount that we expect to collect of total loans to customers that:

 

(i) based on our consideration of their business, financial position and future cash flows, are judged to be accounted as a loss because the inability to repay became certain due to serious deterioration in their ability to repay;

 

(ii) have been in arrears for 12 months or more; or

 

(iii) have incurred serious risks of default in repayment due to the occurrence of, among other things, final refusal to pay their debt instruments, liquidation or bankruptcy proceedings or closure of their business.

 

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Loan Classifications

    Corporate(1)     Consumer      Credit Card
Balances(2)		      Credit Card
Loans(3)		  

Normal

      0.85% or above (4)      1% or above        1.1% or above        2.5% or above  

Precautionary

      7% or above       10% or above        40% or above        50% or above  

Substandard

      20% or above       20% or above        60% or above        65% or above  

Doubtful

      50% or above       55% or above        75% or above        75% or above  

Estimated loss

      100%       100%        100%        100%  

 

(1) 

Subject to certain exceptions pursuant to the Banking Industry Supervision Regulations of Korea.

(2) 

Applicable for credit card balances from general purchases.

(3) 

Applicable for cash advances, card loans and revolving credit card assets.

(4) 

Or 0.90% or above for certain industries that are more vulnerable to fluctuations in market conditions, such as the construction, retail and wholesale, lodging and food, and real estate industries.

Loan Charge-Offs

Basic Principles

We attempt to minimize loans to be charged off by adhering to a sound credit approval process based on credit risk analysis prior to extending loans and a systematic management of outstanding loans. However, if charge-offs are necessary, we charge off loans subject to our charge-off policy at an early stage in order to maximize accounting transparency, to minimize any waste of resources in managing loans which have a low probability of being collected and to reduce our non-performing loan ratio.

Loans To Be Charged Off

Loans are charged off if they are deemed to be uncollectible by falling under any of the following categories:

 

  •  

loans for which collection is not foreseeable due to insolvency, bankruptcy, compulsory execution, disorganization, dissolution or the shutting down of the business of the debtor;

 

  •  

loans for which collection is not foreseeable due to the death or disappearance of the debtor;

 

  •  

loans for which expenses of collection exceed the collectable amount;

 

  •  

loans on which collection is not possible through legal or any other means;

 

  •  

payments in arrears in respect of credit cards that have been overdue for a period of six months or more and have been classified as expected loss (excluding instances where there has been partial payment of the overdue balance, where a related balance is not overdue or where a charge off is not possible due to Korean regulations); and

 

  •  

the portion of loans classified as “estimated loss,” net of any recovery from collateral, which is deemed to be uncollectible.

Procedure for Charge-off Approval

In order to charge off corporate loans, an application for a charge-off must be submitted to Kookmin Bank’s Credit Management Department promptly after the corporate loan is classified as estimated loss or deemed uncollectible. The Credit Management Department refers the charge-off application to Kookmin Bank’s Audit Department for their review to ensure compliance with our internal procedures for charge-offs. Then, the Credit Management Department, after reviewing the application to confirm that it meets relevant requirements, seeks an approval from the Financial Supervisory Service for our charge-offs, which is typically granted. Once we receive approval from the Financial Supervisory Service, we must also obtain approval from our senior management to charge off those loans.

 

74

With respect to credit card balances and unsecured retail loans, we follow a different process to determine which credit card balances and unsecured retail loans should be charged off, based on the length of time those loans or balances are past due. We charge off unsecured retail loans deemed to be uncollectible and credit card balances which have been overdue for a period of six months or more or which have been deemed to be uncollectible under IFRS.

Treatment of Loans Charged Off

Once loans are charged off, we classify them as charged-off loans and remove them from our balance sheet. These loans are managed based on a different set of procedures. We continue our collection efforts in respect of these loans, including through KB Kookmin Card’s subsidiary, KB Credit Information, although loans may be charged off before we begin collection efforts in some circumstances.

If a collateralized loan is overdue, we will, typically within one year from the time that such loan became overdue (or after a longer period in certain circumstances), petition a court to foreclose and sell the collateral through a court-supervised auction. If a debtor ultimately fails to repay and the court grants its approval for foreclosure, we will sell the collateral, net of expenses incurred from the auction.

 

75

Net Charge-Offs

The following table presents our net charge-offs for each of the years indicated:

 

    For the Year Ended December 31,  
    2021 (IFRS 4)     2022 (IFRS 4)     2022 (IFRS 17)     2023 (IFRS 17)  
    Average
Loans		     Net
Charge-Offs		     Net
Charge-Offs/
Average
Loans		     Average
Loans		     Net
Charge-Offs		     Net
Charge-Offs/
Average
Loans		     Average
Loans		     Net
Charge-Offs		     Net
Charge-Offs/
Average
Loans		     Average
Loans		     Net
Charge-Offs		     Net
Charge-Offs/
Average
Loans		  
    (in billions of Won, except
percentages)		        

Domestic:

                        

Corporate

                        

Small- and medium-sized enterprise

   ￦ 129,410     ￦ (11 )      0.0 %    ￦ 148,198     ￦ (3 )      0.0 %    ￦ 153,128     ￦ (3 )      0.0 %    ￦ 153,629     ￦ 47       0.0 % 

Large corporate

     39,458       100       0.3       48,974       72       0.1       50,655       72       0.1       55,240       162       0.3  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total corporate

     168,868       89       0.1       197,172       69       0.0       203,783       69       0.0       208,869       209       0.1  

Retail

                        

Mortgage and home equity

     116,102       (28 )      0.0       119,039       (9 )      0.0       119,039       (9 )      0.0       120,640       2       0.0  

Other consumer

     71,587       234       0.3       69,789       204       0.3       69,841       204       0.3       62,050       331       0.5  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total retail

     187,689       206       0.1       188,828       195       0.1       188,880       195       0.1       182,690       333       0.2  

Credit cards

     19,923       289       1.5       22,103       327       1.5       22,126       327       1.5       22,837       555       2.4  

Total domestic

     376,480       584       0.2       408,103       591       0.1       414,789       591       0.1       414,396       1,097       0.3  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Foreign:

     22,580       120       0.5       32,309       509       1.6       24,412       509       2.1       34,045       372       1.1  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total

   ￦ 399,060     ￦ 704       0.2 %    ￦ 440,412     ￦ 1,100       0.2 %    ￦ 439,201     ￦ 1,100       0.3 %    ￦ 448,441     ￦ 1,469       0.3 % 
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Investment Portfolio

Investment Policy

We invest in and trade Won-denominated and, to a lesser extent, foreign currency-denominated securities for our own account to:

 

  •  

maintain the stability and diversification of our assets;

 

  •  

maintain adequate sources of back-up liquidity to match our funding requirements; and

 

  •  

supplement income from our core lending activities.

 

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We also invest in and trade such securities as part of the general account investments of our insurance subsidiaries that support their insurance policy liabilities. In making securities investments, we take into account a number of factors, including macroeconomic trends, industry analysis, credit evaluation and maturity in determining whether to make particular investments in securities.

Our investments in securities are also subject to a number of guidelines, including limitations prescribed under the Financial Holding Company Act and the Bank Act. Under these regulations, a bank holding company may not own (i) more than 5% of the total issued and outstanding shares of another finance-related company, (ii) any shares of its affiliates, other than its direct or indirect subsidiaries or (iii) any shares of a non-finance-related company. In addition, Kookmin Bank must limit its investments in equity securities and debt securities with a redemption period of over three years (other than government bonds, the Monetary Stabilization Bonds issued by the Bank of Korea, among others) to 100.0% of its total Tier I and Tier II capital amount (less any capital deductions). Generally, Kookmin Bank is also prohibited from acquiring more than 15.0% of the shares with voting rights issued by any other corporation subject to certain exceptions. Pursuant to the Bank Act, a bank and its trust accounts are prohibited from acquiring the shares of a major shareholder (for the definition of “major shareholder,” see “—Supervision and Regulation—Principal Regulations Applicable to Banks—Financial Exposure to Any Individual Customer and Major Shareholder”) of that bank in excess of an amount equal to 1% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions). Further information on the regulatory environment governing our investment activities is set out in “—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Liquidity,” “—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Restrictions on Shareholdings in Other Companies,” “—Supervision and Regulation—Principal Regulations Applicable to Banks—Liquidity” and “—Supervision and Regulation—Principal Regulations Applicable to Banks—Restrictions on Shareholdings in Other Companies.”

The following table sets out the definitions of the three categories of securities we hold:

 

Category

   

Classification

Financial assets at fair value through profit or loss

    Financial assets that are either classified as held for trading, designated by us at fair value through profit or loss upon initial recognition or required to be mandatorily measured at fair value through profit or loss.

Financial assets at fair value through other comprehensive income

   

Debt instruments held with a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and are consistent with representing solely payments of principal and interest on the principal amount outstanding; or

 

Equity instruments not held for trading with the objective of generating a profit from short-term fluctuations in price or dealers’ margin, designated as financial assets at fair value through other comprehensive income.

Financial assets at amortized cost

    Financial assets held with a business model whose objective is to hold assets in order to collect contractual cash flows, and are consistent with representing solely payments of principal and interest on the principal amount outstanding.

We also hold limited balances of venture capital securities, non-marketable and restricted equity securities and derivative instruments.

 

77

Maturity Analysis

The following table categorizes our debt securities by maturity and weighted average yield as of December 31, 2023:

 

    Within 1
Year		     Weighted
Average
Yield(1)		     Over 1 But
within 5
Years		     Weighted
Average
Yield(1)		     Over 5 But
within 10
Years		     Weighted
Average
Yield(1)		     Over 10
Years		     Weighted
Average
Yield(1)		     Total     Weighted
Average
Yield(1)		  
    (in billions of Won, except percentages)  

Financial assets at fair value through other comprehensive income:

                    

Korean treasury securities and government agencies

   ￦ 2,378       1.90 %    ￦ 8,874       3.02 %    ￦ 4,616       2.25 %    ￦ 17,587       2.03 %    ￦ 33,455       2.31 % 

Debt securities issued by financial institutions

     7,428       2.84       12,726       3.54       227       2.90       518       4.02       20,899       3.30  

Corporate debt securities

     5,822       2.69       10,785       2.85       2,131       3.21       3,755       2.95       22,493       2.86  

Asset-backed securities

     164       2.66       1,094       3.76       275       2.49       430       3.11       1,963       3.35  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Total

   ￦ 15,792       2.64 %    ￦ 33,479       3.19 %    ￦ 7,249       2.56 %    ￦ 22,290       2.25 %    ￦ 78,810       2.76 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Financial assets at amortized cost:

                    

Korean treasury securities and government agencies

   ￦ 587       1.96 %    ￦ 4,661       1.30 %    ￦ 1,260       1.69 %    ￦ —       —     ￦ 6,508       1.44 % 

Debt securities issued by financial institutions

     4,383       2.84       7,774       4.13       899       6.67       1,202       1.95 %      14,258       3.71  

Corporate debt securities

     3,040       2.56       5,684       2.45       645       1.70       —       —       9,369       2.43  

Asset-backed securities

     761       2.21       6,798       2.66       1,784       2.45       75       3.51       9,418       2.59  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Total

   ￦ 8,771       2.63 %    ￦ 24,917       2.82 %    ￦ 4,588       2.96 %    ￦ 1,277       2.04 %    ￦ 39,553       2.77 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Total

   ￦ 24,563       2.64 %    ￦ 58,396       3.03 %    ￦ 11,837       2.72 %    ￦ 23,567       2.24 %    ￦ 118,363       2.76 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

 

(1) 

The weighted average yield for the portfolio represents the yield to maturity for each individual security, weighted using its carrying amount (which is the amortized cost in the case of financial assets at amortized cost and the fair value in the case of financial assets at fair value through other comprehensive income).

Funding

We obtain funding for our lending activities from a variety of sources, both domestic and foreign. Our principal source of funding is customer deposits. In addition, we acquire funding through long-term borrowings (comprising debentures and borrowings), short-term borrowings, including borrowings from the Bank of Korea, and call money.

Our primary funding strategy has been to achieve low-cost funding by increasing the average balances of low-cost retail deposits, in particular demand deposits and time deposits. We also have focused our marketing efforts on higher net worth individuals, who account for a significant portion of the assets in our retail deposit base. Customer deposits accounted for 73.7% of total funding as of December 31, 2022 and 74.6% of total funding as of December 31, 2023.

 

78

Our borrowings consist of issuances of debentures and borrowings from financial institutions, the Korean government and government-affiliated funds. The majority of our borrowings is long-term, with maturities ranging from one year to 15 years.

Deposits

Although the majority of our deposits are short-term, it has been our experience that the majority of our depositors generally roll over their deposits at maturity, providing us with a stable source of funding.

The following table shows the average balances of our deposits and the average rates paid on our deposits for the periods indicated:

 

    2021 (IFRS 4)     2022 (IFRS 4)     2022 (IFRS 17)     2023 (IFRS 17)  
    Average
Balance(1)		     Average
Rate Paid		     Average
Balance(1)		     Average
Rate Paid		     Average
Balance(1)		     Average
Rate Paid		     Average
Balance(1)		     Average
Rate Paid		  
    (in billions of Won, except percentages)              

Demand deposits:

                

Non-interest bearing

   ￦ 5,263       —     ￦ 5,427       —     ￦ 5,452       —     ￦ 5,030       —  

Interest bearing

     180,936       0.15 %      182,468       0.25 %      183,252       0.24 %      158,849       0.44 % 

Time deposits

     158,795       1.20       187,934       2.11       192,357       2.11       224,323       3.98  

Certificates of deposit

     3,618       0.86       5,511       2.36       5,512       2.36       10,418       4.07  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Average total deposits

   ￦ 348,612       0.65 %    ￦ 381,340       1.21 %    ￦ 386,573       1.22 %    ￦ 398,620       2.55 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Average balances are based on daily balances for our banking, credit card and securities operations and monthly or quarterly balances for our other operations.

For a description of our retail deposit products, see “—Business—Retail Banking—Deposit-Taking Activities.”

Uninsured deposits, including uninsured time deposits, are not subject to Korean regulatory reporting requirements. Notwithstanding the foregoing, the Depositor Protection Act provides insurance for certain deposits of banks in Korea through a deposit insurance system. See “—Supervision and Regulation—Principal Regulations Applicable to Banks—Deposit Insurance System.” Other than the maximum ￦50 million per individual or entity for deposits and interest in a single financial institution insured by the Korea Deposit Insurance Corporation in accordance with the foregoing, all deposits are uninsured. Although the Depositor Protection Act provides insurance for the deposits at our foreign branches, to the extent those deposits are recognized by the Korea Deposit Insurance Corporation to also be protected by the deposit insurance systems of the countries where such foreign branches are located, such deposits are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act.

The insured status of deposits in our foreign branches, the amount of which we do not consider to be material as of the date of this annual report, are determined based on the individual insurance limits enacted within local regulations, and are thus subject to differing national deposit insurance regimes.

Our total uninsured deposits, including uninsured deposits at our foreign branches, amounted to ￦343,002 billion, ￦299,356 billion, ￦303,961 billion and ￦310,380 billion as of December 31, 2021 (under IFRS 4), 2022 (under IFRS 4), 2022 (under IFRS 17) and 2023 (under IFRS 17), respectively.

 

79

Uninsured Time Deposits

The following table presents the remaining maturities of our uninsured time deposits, including uninsured time deposits at our foreign subsidiaries, as of December 31, 2023:

 

     As of
December 31, 2023		  
     (in billions of Won)  

Maturing within three months

    ￦ 117,282  

After three but within six months

      45,697  

After six but within 12 months

      72,716  

After 12 months

      12,484  
  

 

 

  

Total

    ￦ 248,179  
  

 

 

  

Supervision and Regulation

Principal Regulations Applicable to Financial Holding Companies

General

The Financial Holding Company Act, last amended in September 2023, regulates Korean financial holding companies and their subsidiaries. The entities that regulate and supervise Korean financial holding companies and their subsidiaries are the Financial Services Commission and the Financial Supervisory Service.

The Financial Services Commission exerts direct control over financial holding companies pursuant to the Financial Holding Company Act. Among other things, the Financial Services Commission approves the establishment of financial holding companies, issues regulations on the capital adequacy of financial holding companies and their subsidiaries, and drafts regulations relating to the supervision of financial holding companies.

Following the instructions and directives of the Financial Services Commission, the Financial Supervisory Service supervises and examines financial holding companies and their subsidiaries. In particular, the Financial Supervisory Service sets requirements relating to Korean financial holding companies’ liquidity and capital adequacy ratios and establishes reporting requirements within the authority delegated under the Financial Services Commission regulations. Financial holding companies must submit quarterly reports to the Financial Supervisory Service discussing business performance, financial status and other matters identified in the Enforcement Decree of the Financial Holding Company Act.

Under the Financial Holding Company Act, a financial holding company is a company which primarily engages in controlling its subsidiaries by holding equity stakes in them equal in aggregate to at least 50% of the financial holding company’s aggregate assets based on its balance sheet as of the end of the immediately preceding fiscal year. A company is required to obtain approval from the Financial Services Commission to become a financial holding company.

A financial holding company may engage only in controlling the management of its subsidiaries, as well as certain ancillary activities including:

 

  •  

financially supporting its direct and indirect subsidiaries;

 

  •  

raising capital necessary for investment in its subsidiaries or providing financial support to its direct and indirect subsidiaries;

 

  •  

supporting the business of its direct and indirect subsidiaries, including the development and marketing of financial products;

 

  •  

providing data processing, legal, accounting and other resources and services that have been commissioned by its direct and indirect subsidiaries so as to support their operations; and

 

80

  •  

any other businesses exempted from authorization, permission or approval under the applicable laws and regulations.

The Financial Holding Company Act requires every financial holding company (other than a financial holding company that is controlled by another financial holding company) and its subsidiaries to obtain prior approval from the Financial Services Commission before acquiring control of another company or to file a report with the Financial Services Commission within 30 days thereafter in certain cases (including acquiring control of another financial company whose assets are less than ￦100 billion as of the end of the immediately preceding fiscal year). In addition, the Financial Services Commission must grant permission to liquidate or to merge with any other company before the liquidation or merger. A financial holding company must report to the Financial Services Commission when certain events, including the following, occur:

 

  •  

when the largest shareholder changes;

 

  •  

in the case of a bank holding company, when a major investor changes;

 

  •  

when the shareholding of the controlling shareholder (i.e., the “largest shareholder” or a “principal shareholder,” each as defined in the Financial Holding Company Act) or a person who has a “special relationship” with such controlling shareholder (as defined in the Enforcement Decree of the Financial Holding Company Act) changes by 1% or more of the total issued and outstanding voting shares of the financial holding company;

 

  •  

when it changes its corporate name;

 

  •  

when there is a cause for its dissolution; and

 

  •  

when it or its subsidiaries cease to control any of their respective direct or indirect subsidiaries by disposing of their shares of such direct or indirect subsidiary.

Capital Adequacy

The Financial Holding Company Act does not provide for a minimum paid-in capital requirement related to financial holding companies. However, all financial holding companies are required to maintain a specified level of solvency. In addition, with respect to the allocation of net profit earned in a fiscal term, a financial holding company must set aside in its legal reserve an amount equal to at least 10% of its net income after tax each time it pays dividends on its net profits earned until its legal reserve reaches at least the aggregate amount of its paid-in capital.

A bank holding company, which is a financial holding company controlling banks or other financial institutions conducting banking business as prescribed in the Financial Holding Company Act, has been required to maintain a total minimum consolidated capital adequacy ratio of 11.5% (including applicable additional capital buffers and requirements as described below) since January 2019, although such minimum ratio will increase to 12.5% in May 2024. “Consolidated capital adequacy ratio” is defined as the ratio of equity capital as a percentage of risk-weighted assets on a consolidated basis, determined in accordance with the Financial Services Commission requirements that have been formulated based on Bank of International Settlements (or BIS) standards. “Equity capital,” as applicable to bank holding companies, is defined as the sum of common equity Tier I capital, additional Tier I capital and Tier II capital less any deductible items, each as defined under the Regulation on the Supervision of Financial Holding Companies. “Risk-weighted assets” is defined as the sum of credit risk-weighted assets and market risk-weighted assets.

Pursuant to regulations promulgated by the Financial Services Commission commencing in 2013 to implement Basel III, Korean bank holding companies were required to maintain a minimum ratio of common equity Tier I capital to risk-weighted assets of 3.5% and Tier I capital to risk-weighted assets of 4.5% from December 1, 2013, which minimum ratios were increased to 4.0% and 5.5%, respectively, from January 1, 2014 and increased further to 4.5% and 6.0%, respectively, from January 1, 2015. The amended regulations also

 

81

require an additional capital conservation buffer of 2.5% in 2022 and 2023, as well as a potential counter-cyclical capital buffer of up to 2.5%, which is determined on a quarterly basis by the Financial Services Commission. In May 2023, the Financial Services Commission announced that a counter-cyclical capital buffer of 1.0% would apply from May 1, 2024, while maintaining an additional conservation buffer of 2.5% in 2024. Furthermore, we and Kookmin Bank were each designated as a domestic systemically important bank holding company and a domestic systemically important bank, respectively, for 2023 by the Financial Services Commission and were subject to an additional capital requirement of 1.0% in 2023. In July 2023, we and Kookmin Bank were each again designated as a domestic systemically important bank holding company and a domestic systemically important bank, respectively, for 2024, which would again subject us to an additional capital requirement of 1.0% in 2024. All such requirements are in addition to the pre-existing requirement for a minimum ratio of Tier I and Tier II capital (less any capital deductions) to risk-weighted assets set forth above.

Liquidity

All financial holding companies are required to match the maturities of their assets and liabilities on a non-consolidated basis in accordance with the Financial Holding Company Act in order to ensure liquidity. Financial holding companies must:

 

  •  

maintain a Won liquidity ratio (defined as Won assets due within one month, including marketable securities, divided by Won liabilities due within one month) of not less than 100% on a non-consolidated basis;

 

  •  

maintain a foreign currency liquidity ratio (defined as foreign currency liquid assets due within three months divided by foreign currency liabilities due within three months) of not less than 80% on a non-consolidated basis (except that such requirement is not applicable to a financial holding company whose foreign currency liabilities constitute less than 1% of its total assets);

 

  •  

maintain a maturity mismatch ratio for foreign currency assets and liabilities due within seven days (defined as foreign currency assets due within seven days less foreign currency liabilities due within seven days, divided by total foreign currency assets) of 0% or more on a non-consolidated basis (except that such requirement is not applicable to a financial holding company whose foreign currency liabilities constitute less than 1% of its total assets);

 

  •  

maintain a maturity mismatch ratio for foreign currency liabilities and assets due within a month (defined as foreign currency liabilities due within a month less foreign currency assets due within a month, divided by total foreign currency assets) of 10% or less on a non-consolidated basis (except that such requirement is not applicable to a financial holding company whose foreign currency liabilities constitute less than 1% of its total assets); and

 

  •  

make quarterly reports regarding their Won liquidity and foreign currency liquidity to the Financial Supervisory Service.

Financial Exposure to Any Individual Customer and Major Investor

Subject to certain exceptions, the aggregate credit (as defined in the Financial Holding Company Act, the Bank Act, the Financial Investment Services and Capital Markets Act, the Insurance Business Act, the Mutual Savings Bank Act and the Specialized Credit Financial Business Act, respectively) of a financial holding company and its direct and indirect subsidiaries that are banks, merchant banks, financial investment companies, insurance companies, savings banks or specialized credit financial business companies (which we refer to as “Financial Holding Company Total Credit”) to a single group of companies that belong to the same conglomerate as defined in the Monopoly Regulations and Fair Trade Act will not be permitted to exceed 25% of net aggregate equity capital (as defined below).

 

82

“Net aggregate equity capital” is defined under the Enforcement Decree of the Financial Holding Company Act as the sum of:

 

  (1)

in case of a financial holding company, the capital amount as defined in Article 24-3(7), Item 2 of the Enforcement Decree of the Financial Holding Company Act;

 

  (2)

in case of a bank, the capital amount as defined in Article 2(1), Item 5 of the Bank Act;

 

  (3)

in case of a merchant bank, the capital amount as defined in Article 342(1) of the Financial Investment Services and Capital Markets Act; and

 

  (4)

in case of a financial investment company, the capital amount as defined in Article 37(3) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act;

 

  (5)

in case of an insurance company, the capital amount as defined in Article 2, Item 15 of the Insurance Business Act;

 

  (6)

in case of a savings bank, the capital amount as defined in Article 2, Item 4 of the Mutual Savings Bank Act; and

 

  (7)

in case of a specialized credit financial business company, the capital amount as defined in Article 2, Item 19 of the Specialized Credit Financial Business Act;

less the sum of:

 

  (1)

the amount of shares of direct and indirect subsidiaries held by the financial holding company;

 

  (2)

the amount of shares that are cross-held by each direct and indirect subsidiary that is a bank, merchant bank, financial investment company, insurance company, savings bank or specialized credit financial business company; and

 

  (3)

the amount of shares of a financial holding company held by such direct and indirect subsidiaries that are banks, merchant banks, financial investment companies, insurance companies, savings banks or specialized credit financial business companies.

The Financial Holding Company Total Credit to a single individual or judicial person may not exceed 20% of the net aggregate equity capital. In addition, the Financial Holding Company Total Credit to a shareholder holding (together with the persons who have a “special relationship” with the shareholder, as defined in the Enforcement Decree of the Financial Holding Company Act) in aggregate more than 10% of the total issued and outstanding voting shares of a financial holding company generally may not exceed the lesser of (x) 25% of the net aggregate equity capital and (y) the amount of the equity capital of the financial holding company multiplied by the shareholding ratio of the shareholder (together with the persons who have a special relationship with the shareholder).

Further, the total sum of credits (as defined in the Financial Holding Company Act, the Bank Act, the Financial Investment Services and Capital Markets Act, the Insurance Business Act, the Mutual Savings Bank Act and the Specialized Credit Financial Business Act, respectively) of a bank holding company and its direct and indirect subsidiaries that are banks, merchant banks, financial investment companies, insurance companies, savings banks or specialized credit financial business companies as applicable (“Bank Holding Company Total Credit”) extended to a “major investor” (as defined below) (together with the persons who have a special relationship with that major investor) will not be permitted to exceed the lesser of (x) 25% of the net aggregate equity capital and (y) the amount of the equity capital of the bank holding company multiplied by the shareholding ratio of the major investor, except for certain cases.

“Major investor” is defined as:

 

  •  

a shareholder holding (together with persons who have a special relationship with that shareholder) in excess of 10% (or in the case of a bank holding company controlling regional banks only, 15%) in the aggregate of the bank holding company’s total issued and outstanding voting shares; or

 

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  •  

a shareholder holding (together with persons who have a special relationship with that shareholder) more than 4% in the aggregate of the total issued and outstanding voting shares of the bank holding company controlling nationwide banks, where the shareholder is the largest shareholder or has actual control over the major business affairs of the bank holding company through, for example, appointment and dismissal of the officers pursuant to the Enforcement Decree of the Financial Holding Company Act.

In addition, the total sum of the Bank Holding Company Total Credit granted to all of a bank holding company’s major investor must not exceed 25% of the bank holding company’s net aggregate equity capital. Furthermore, any bank holding company that, together with its direct and indirect subsidiaries, intends to extend credit to the bank holding company’s major investor in an amount equal to or exceeding the lesser of (x) the amount equivalent to 0.1% of the net aggregate equity capital and (y) ￦5 billion, in any single transaction, must obtain prior unanimous board resolutions and then, immediately after providing the credit, must file a report to the Financial Services Commission and publicly disclose the filing of the report.

Restrictions on Transactions Among Direct and Indirect Subsidiaries and Financial Holding Company

Generally, a direct or indirect subsidiary of a financial holding company may not extend credits (excluding the amount of corporate credit card payments issued by a direct or indirect subsidiary of a financial holding company that is engaged in the banking business) to that financial holding company. In addition, a direct or indirect subsidiary of a financial holding company may not extend credits (excluding the amount of corporate credit card payments issued by a direct or indirect subsidiary of a financial holding company that is engaged in the banking business) to other direct or indirect subsidiaries of the financial holding company in excess of 10% of its capital amount on an individual basis or to those subsidiaries in excess of 20% of its capital amount on an aggregate basis. The subsidiary extending the credit must also obtain an adequate level of collateral depending on the type of such collateral from the other subsidiaries unless the credit is otherwise approved by the Financial Services Commission. The adequate level of collateral for each type of collateral is as follows:

 

  (1)

for deposits and installment savings, obligations of the Korean government or the Bank of Korea, obligations guaranteed by the Korean government or the Bank of Korea, obligations secured by securities issued or guaranteed by the Korean government or the Bank of Korea, 100% of the credit extended;

 

  (2)

for obligations of municipal governments under the Local Autonomy Act, local public enterprise under the Local Public Enterprises Act and investment institutions and other quasi-investment institutions under the Basic Act on the Management of Government-Invested Institution or for obligations guaranteed by, or secured by the securities issued or guaranteed by, the aforementioned entities pursuant to the relevant regulations, 110% of the credit extended; and

 

  (3)

for any property other than those set forth in paragraphs (1) and (2) above, 130% of the credit extended.

Subject to certain exceptions, a direct or indirect subsidiary of a financial holding company is prohibited from owning the shares of any other direct or indirect subsidiaries (other than those directly controlled by that direct or indirect subsidiary) under the common control of the financial holding company.

Subject to certain exceptions, a direct or indirect subsidiary of a financial holding company is also prohibited from owning the shares of the financial holding company controlling that direct or indirect subsidiary. The transfer of certain assets classified as precautionary or below between a financial holding company and its direct or indirect subsidiary or between the direct and indirect subsidiaries of a financial holding company is prohibited except for:

 

  (1)

transfers to a special purpose company, or entrustment with a trust company, for an asset-backed securitization transaction under the Asset-Backed Securitization Act;

 

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  (2)

transfers or in-kind contributions to a corporate restructuring vehicle under the Corporate Restructuring Investment Companies Act; and

 

  (3)

transfers to a corporate restructuring company under the Industrial Development Act.

Disclosure of Management Performance

For the purpose of protecting the depositors and investors in the direct or indirect subsidiaries of financial holding companies, the Financial Services Commission requires financial holding companies to disclose certain material matters including:

 

  (1)

financial condition and profit and loss of the financial holding company and its direct and indirect subsidiaries;

 

  (2)

fund-raising by the financial holding company and its direct and indirect subsidiaries and the appropriation of such funds;

 

  (3)

any sanctions levied on the financial holding company and its direct and indirect subsidiaries under the Financial Holding Company Act or any corrective measures or sanctions under the Law on Improvement of Structure of Financial Industry; and

 

  (4)

occurrence of any non-performing assets or financial incident that may have a material adverse effect, or any other event as prescribed in the applicable regulations.

Restrictions on Shareholdings in Other Companies

Generally, a financial holding company may not own (i) more than 5% of the total issued and outstanding shares of another finance-related company, (ii) any shares of its affiliates, other than its direct or indirect subsidiaries or (iii) any shares of a non-finance-related company.

Restrictions on Shareholdings by Direct and Indirect Subsidiaries

Generally, a direct subsidiary of a financial holding company may not control any other company other than, as an indirect subsidiary of the financial holding company:

 

  •  

financial institutions established in foreign jurisdictions that are relevant to the business of the direct subsidiary;

 

  •  

certain financial institutions that are relevant to the business of the direct subsidiary, which are engaged in any business that the direct subsidiary may conduct without any licenses or permits;

 

  •  

certain financial institutions whose business is related to the business of the direct subsidiary as described by the Enforcement Decree of the Financial Holding Company Act (for example, a bank subsidiary may control only credit information companies, credit card companies and financial investment companies with a dealing, brokerage, collective investment, investment advice, discretionary investment management and/or trust license);

 

  •  

certain financial institutions whose business is related to the financial business as prescribed by the Ordinance of the Prime Minister; and

 

  •  

certain companies which are not financial institutions but whose business is related to the financial business of the financial holding company as prescribed by the Enforcement Decree of the Financial Holding Company Act (for example, a finance-related research company or a finance-related information technology company).

Acquisition of such indirect subsidiaries by direct subsidiaries of a financial holding company requires prior permission from the Financial Services Commission or the submission of a report to the Financial Services Commission, depending on the types of the indirect subsidiaries and the amount of total assets of the indirect subsidiaries.

 

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Subject to certain exceptions, an indirect subsidiary of a financial holding company may not control any other company. If an indirect subsidiary of a financial holding company had control over another company at the time it became such an indirect subsidiary, the indirect subsidiary is required to dispose of its interest in the other company within two years from such time.

Restrictions on Transactions between a Bank Holding Company and its Major Investor

A bank holding company and its direct and indirect subsidiaries may not acquire (including through their respective trust accounts) shares issued by the bank holding company’s major investor in excess of 1% of the net aggregate equity capital (as defined above). In addition, if those entities intend to acquire shares issued by that major investor in any single transaction equal to or exceeding the lesser of (x) the amount equivalent to 0.1% of the net aggregate equity capital and (y) ￦5 billion, that entity must obtain prior unanimous board resolutions and then, immediately after the acquisition, file a report to the Financial Services Commission and publicly disclose the filing of the report.

Restrictions on Ownership of a Financial Holding Company

Under the Financial Holding Company Act, a financial institution generally may not control a financial holding company. In addition, any single shareholder and persons who have a special relationship with that shareholder may acquire beneficial ownership of up to 10% of the total issued and outstanding shares with voting rights of a bank holding company that controls nationwide banks or 15% of the total issued and outstanding shares with voting rights of a bank holding company that controls only regional banks, subject to certain exceptions. Among others, the Korean government and the Korea Deposit Insurance Corporation are not subject to this limit. “Non-financial business group companies” (as defined below), however, may not acquire the beneficial ownership of shares of a bank holding company controlling nationwide banks in excess of 4% of that bank holding company’s outstanding voting shares unless they obtain the approval of the Financial Services Commission and agree not to exercise voting rights in respect of shares in excess of the 4% limit, in which case they may acquire beneficial ownership of up to 10%. Any other person (whether a Korean national or a foreign investor) may acquire no more than 10% of total voting shares issued and outstanding of a bank holding company controlling nationwide banks unless they obtain approval from the Financial Services Commission in each instance where the total holding will exceed 10% (or 15% in the case of a bank holding company controlling only regional banks), 25% or 33% of the total voting shares issued and outstanding of that bank holding company controlling nationwide banks.

Furthermore, in the case where a person (including Korean and foreign investors, but excluding certain persons prescribed under the Enforcement Decree of the Financial Holding Company Act) (i) acquires in excess of 4% of the total issued and outstanding voting shares of any bank holding company (other than a bank holding company controlling only regional banks), (ii) becomes the largest shareholder of such bank holding company in which such person has acquired in excess of 4% of the total issued and outstanding voting shares, (iii) changes its shareholding in such bank holding company, in which it has acquired in excess of 4% of the total issued and outstanding voting shares, by 1% or more of the total issued and outstanding voting shares of such bank holding company or (iv) is a private equity fund or an investment purpose company holding in excess of 4% of the total outstanding voting shares of a bank holding company and changes its members or shareholders, such person must file a report on such change with the Financial Services Commission (x) in case of (i) and (iii), by the last day of the month immediately following the month in which such change occurred, or (y) in case of (ii) and (iv), within ten days after the end of the month in which such change occurred.

“Non-financial business group companies” as defined under the Financial Holding Company Act include:

 

  (1)

any same shareholder group where the aggregate net assets of all non-financial business companies belonging to that group equals or exceeds 25% of the aggregate net assets of all members of that group;

 

  (2)

any same shareholder group where the aggregate assets of all non-financial business companies belonging to that group equals or exceeds ￦2 trillion;

 

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  (3)

any mutual fund where a same shareholder group identified in (1) or (2) above beneficially owns and/or exercises the voting rights of more than 4% of the total issued and outstanding voting shares of that mutual fund;

 

  (4)

any private equity fund (a) where a person falling under any of items (1) through (3) above is a limited partner holding not less than 10% of the total amount of contributions to the private equity fund, or (b) where a person falling under any of items (1) through (3) above is a general partner, or (c) where the total equity of the private equity fund acquired by each affiliate belonging to several enterprise groups subject to the limitation on mutual investment is 30% or more of the total amount of contributions to the private equity fund; or

 

  (5)

the investment purpose company concerned, where a private equity fund falling under item (4) above acquires or holds stocks in excess of 4% of the stock or equity of such company or exercises de facto control over significant managerial matters of such company through appointment or dismissal of executives or in any other manner.

Sharing of Customer Information among Financial Holding Company and its Subsidiaries

Under the Act on Use and Protection of Credit Information, any individual customer’s credit information may be disclosed only after obtaining consent in writing or otherwise to use that information. In addition, under the Act on Real Name Financial Transactions and Confidentiality, an individual working at a financial institution may not provide or reveal information or data concerning the contents of financial transactions to other persons unless such individual receives a request or consent in writing from the holder of a title deed, except under certain exceptions stipulated in the Act. Under the Financial Holding Company Act, a financial holding company and its direct and indirect subsidiaries, however, may share certain credit information of individual customers among themselves for internal management purposes outlined in the Enforcement Decree of the Financial Holding Company Act (such as credit risk management, internal control and customer analysis), without the customers’ written consent, subject to the methods and procedures for provision of such information set forth therein. A subsidiary financial investment company with a dealing and/or brokerage license of a financial holding company may provide that financial holding company and its other direct and indirect subsidiaries information relating to the aggregate amount of cash or securities that a customer of the financial investment company with a dealing and/or brokerage license has deposited, for internal management purposes outlined in the Enforcement Decree of the Financial Holding Company Act, subject to the methods and procedures for provision of such information set forth therein. Certain amendments to the Financial Holding Company Act, which became effective on November 29, 2014, limit the scope of credit information that may be shared without the customers’ prior consent and require certain procedures for provision of customer information as prescribed by the Financial Services Commission. Beginning on November 29, 2014, notice must be given to customers at least once a year regarding (i) the provider of customer information, (ii) the recipient of customer information, (iii) the purpose of providing the information and (iv) the categories of the information provided.

Principal Regulations Applicable to Banks

The banking system in Korea is governed by the Bank Act and the Bank of Korea Act of 1950, as amended (the “Bank of Korea Act”). In addition, Korean banks are subject to the regulations and supervision of the Bank of Korea, the Monetary Policy Board of the Bank of Korea, the Financial Services Commission and its executive body, the Financial Supervisory Service.

The Bank of Korea, established in June 1950 under the Bank of Korea Act, performs the customary functions of a central bank. It seeks to contribute to the sound development of the national economy by price stabilization through establishing and implementing efficient monetary and credit policies with a focus on financial stability. The Bank of Korea acts under instructions of the Monetary Policy Board, the supreme policy-making body of the Bank of Korea.

 

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Under the Bank of Korea Act, the Monetary Policy Board’s primary responsibilities are to formulate monetary and credit policies and to determine the operations, management and administration of the Bank of Korea.

The Financial Services Commission, established in April 1998, regulates commercial banks pursuant to the Bank Act, including establishing guidelines on capital adequacy of commercial banks, and promulgates regulations relating to supervision of banks. Furthermore, the Financial Services Commission regulates market entry into the banking business.

The Financial Supervisory Service, established in January 1999, is subject to the instructions and directives of the Financial Services Commission and carries out supervision and examination of commercial banks. In particular, the Financial Supervisory Service sets requirements both for the prudent control of liquidity and for capital adequacy and establishes reporting requirements pursuant to the authority delegated to it under the Financial Services Commission regulations, pursuant to which banks are required to submit annual reports on financial performance and shareholdings, regular reports on management strategy and non-performing loans, including write-offs, and management of problem companies and plans for the settlement of bad loans.

Under the Bank Act, approval to commence a commercial banking business or a long-term financing business must be obtained from the Financial Services Commission. Commercial banking business is defined as the lending of funds acquired predominantly from the acceptance of demand deposits for a period not exceeding one year or subject to the limitation established by the Financial Services Commission, for a period between one year and three years. Long-term financing business is defined as the lending, for periods in excess of one year, of funds acquired predominantly from paid-in capital, reserves or other retained earnings, the acceptance of time deposits with maturities of at least one year, or the issuance of debentures or other bonds. A bank wishing to enter into any business other than commercial banking and long-term financing businesses must file a report to the Financial Services Commission. For businesses that are subject to a license or approval requirement under applicable laws, such as approval to commence a trust business under the Financial Investment Services and Capital Markets Act, such report must be filed concurrently with a relevant license or approval application to the Financial Services Commission. In addition, approval to merge with any other banking institution, to liquidate, spin off or close a banking business or to transfer all or a part of a business must be obtained from the Financial Services Commission.

If the Financial Services Commission deems a bank’s financial condition to be unsound or if a bank fails to meet the applicable capital adequacy ratio set forth under Korean law, the Financial Services Commission may order:

 

  •  

admonitions or warnings with respect to the bank or its officers;

 

  •  

capital increases or reductions;

 

  •  

assignments of contractual rights and obligations relating to financial transactions;

 

  •  

a suspension of performance by its officers of their duties and the appointment of receivers;

 

  •  

disposals of property holdings or closures of subsidiaries or branch offices or downsizing;

 

  •  

stock cancelations or consolidations;

 

  •  

mergers with other financial institutions;

 

  •  

acquisition of such bank by a third party; and

 

  •  

suspensions of a part or all of its business operations for not more than six months.

Capital Adequacy

The Bank Act requires nationwide banks, such as us, to maintain a minimum paid-in capital of ￦100 billion and regional banks to maintain a minimum paid-in capital of ￦25 billion. All banks, including foreign bank

 

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branches in Korea, are also required to maintain a prescribed solvency position. A bank must also set aside in its legal reserve an amount equal to at least 10% of the net income after tax each time it pays dividends on net profits earned until its legal reserve reaches at least the aggregate amount of its paid-in capital.

Under the Regulation on the Supervision of the Banking Business, the capital of a bank is divided into two categories, Tier I and Tier II capital. Tier I capital (core capital) consists of (i) common equity Tier I capital, including paid-in capital, capital surplus and retained earnings related to common equity and accumulated other comprehensive gains and losses, and (ii) additional Tier I capital, including paid-in capital and capital surplus from the issuance of additional Tier I capital, hybrid capital instruments and other capital securities which meet the standards prescribed by the governor of the Financial Supervisory Service under relevant regulations. Tier II capital (supplementary capital) consists of, among other things, capital and capital surplus from the issuance of Tier II capital, allowances for loan losses on loans classified as “normal” or “precautionary,” subordinated debt and other capital securities which meet the standards prescribed by the governor of the Financial Supervisory Service under Article 26(2) of the Regulation on the Supervision of the Banking Business.

All banks must meet minimum ratios of Tier I and Tier II capital (less any capital deductions) to risk-weighted assets, determined in accordance with Financial Services Commission requirements that have been formulated based on BIS standards. These requirements were adopted and became effective in 1996, and were amended effective January 1, 2008 upon the implementation by the Financial Supervisory Service of Basel II. Under such requirements, all domestic banks and foreign bank branches are required to meet a minimum ratio of Tier I and Tier II capital (less any capital deductions) to risk-weighted assets. Commencing in July 2013, the Financial Services Commission promulgated a series of amended regulations implementing Basel III, pursuant to which Korean banks and bank holding companies were required to maintain a minimum ratio of common equity Tier I capital to risk-weighted assets of 3.5% and Tier I capital to risk-weighted assets of 4.5% from December 1, 2013, which minimum ratios were increased to 4.0% and 5.5%, respectively, from January 1, 2014 and increased further to 4.5% and 6.0%, respectively, from January 1, 2015. The amended regulations also require an additional capital conservation buffer of 2.5% in 2022 and 2023, as well as a potential counter-cyclical capital buffer of up to 2.5%, which is determined on a quarterly basis by the Financial Services Commission and may be fully or partially enforced in 2024. In May 2023, the Financial Services Commission announced that a counter-cyclical capital buffer of 1.0% would apply from May 1, 2024. Furthermore, we and Kookmin Bank were each designated as a domestic systemically important bank holding company and a domestic systemically important bank, respectively, for 2023 by the Financial Services Commission and were subject to an additional capital requirement of 1.0% in 2023. In July 2023, we and Kookmin Bank were each again designated as a domestic systemically important bank holding company and a domestic systemically important bank, respectively, for 2024, which would again subject us to an additional capital requirement of 1.0% in 2024. All such requirements are in addition to the pre-existing requirement for a minimum ratio of Tier I and Tier II capital (less any capital deductions) to risk-weighted assets set forth above.

Under the Detailed Regulation on the Supervision of the Banking Business, the following risk-weight ratios must be applied by Korean banks in respect of home mortgage loans:

 

  (1)

for those banks which adopted a standardized approach for calculating credit risk capital requirements, a risk-weight ratio between 20% and 150% for home equity loans, depending on the loan-to-value ratio and risk profile of the loan; and

 

  (2)

for those banks which adopted an internal ratings-based approach for calculating credit risk capital requirements, a risk-weight ratio calculated with reference to the probability of default, loss given default and exposure at default, each as defined under the Detailed Regulation on the Supervision of the Banking Business.

Liquidity

All banks are required to ensure adequate liquidity by matching the maturities of their assets and liabilities in accordance with the Regulation on the Supervision of the Banking Business. Banks may not invest an amount

 

89

exceeding 100% of their Tier I and Tier II capital (less any capital deductions) in equity securities and certain other securities with a redemption period of over three years. This stipulation does not apply to Korean government bonds, Monetary Stabilization Bonds issued by the Bank of Korea or debentures and stocks referred to in items 1 and 2, respectively, of paragraph (6) of Article 11 of the Act on the Structural Improvement of the Financial Industry. The Financial Services Commission uses the liquidity coverage ratio (described below) as the principal liquidity risk management measure, and currently requires each Korean bank to:

 

  •  

maintain a liquidity coverage ratio (defined as the ratio of highly liquid assets to total net cash outflows over a 30-day period) of not less than 100% (such requirement was temporarily reduced to 92.5% until June 2023 in response to the COVID-19 pandemic, which was increased to 95.0% until June 2024 as part of the normalization measures);

 

  •  

maintain a foreign currency liquidity coverage ratio of not less than 80%; and

 

  •  

submit monthly reports with respect to the maintenance of these ratios.

The Monetary Policy Board of the Bank of Korea is empowered to fix and alter minimum reserve requirements that banks must maintain against their deposit liabilities. The current minimum reserve ratios are:

 

  •  

7% of average balances for Won currency demand deposits outstanding;

 

  •  

0% of average balances for Won currency employee asset establishment savings deposits, employee long-term savings deposits, employee house purchase savings deposits, long-term house purchase savings deposits, household long-term savings deposits and employee preferential savings deposits outstanding (with respect to employee-related deposits and household long-term savings deposits, only if such deposits were made prior to February 28, 2013); and

 

  •  

2% of average balances for Won currency time deposits, installment savings deposits, mutual installments, housing installments and certificates of deposit outstanding.

For foreign currency deposit liabilities, a 2% minimum reserve ratio is applied to time deposits with a maturity of one month or longer, certificates of deposit with a maturity of 30 days or longer and savings deposits with a maturity of six months or longer and a 7% minimum reserve ratio is applied to other deposits. A 1% minimum reserve ratio applies to deposits in offshore accounts, immigrant accounts and resident accounts opened by financial institutions (excluding bank holding companies) and the Export-Import Bank of Korea, as well as foreign currency certificates of deposit held by account holders of such offshore accounts, immigrant accounts and resident accounts opened by such financial institutions.

Furthermore, under the Regulation on the Supervision of the Banking Business, Kookmin Bank is required to maintain a minimum “mid- to long-term foreign exchange funding ratio” of 100%. “Mid-to long term foreign exchange funding ratio” refers to the ratio of (1) the total outstanding amount of foreign exchange borrowing with a maturity of more than one year to (2) the total outstanding amount of foreign exchange lending with a maturity of one year or more.

Net Stable Funding Ratio and Leverage Ratio Requirements

The Financial Services Commission has implemented the Regulation on Supervision of the Banking Business that impose certain liquidity- and leverage-related ratio requirements on banks in Korea, in accordance with Basel III. Pursuant to such Regulation, each Korean bank is required to:

 

  •  

maintain a net stable funding ratio (defined as the ratio of the available amount of stable funding to the required amount of stable funding) of not less than 100%, where (i) the available amount of stable funding generally refers to the portion of liabilities and capital expected to be reliable over a one-year time horizon and (ii) the required amount of stable funding generally refers to the amount of stable funding that is required to be maintained based on the liquidity characteristics, residual maturities and off-balance sheet exposures of the bank’s assets, each as calculated in accordance with the Detailed Regulation on the Supervision of the Banking Business;

 

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  •  

maintain a leverage ratio (defined as the ratio of core capital to total exposures) of not less than 3%, where (i) the core capital includes paid-in capital, capital surplus, retained earnings and hybrid Tier I capital instruments and (ii) total exposures include on-balance sheet exposures, derivative exposures, securities financing transaction exposures and off-balance sheet exposures, each as calculated in accordance with the Detailed Regulation on the Supervision of the Banking Business; and

 

  •  

submit periodic reports with respect to the maintenance of these ratios (monthly reports for the net stable funding ratio and quarterly reports for the leverage ratio).

Financial Exposure to Any Individual Customer or Major Shareholder

Under the Bank Act, subject to certain exceptions, the sum of large exposures by a bank—in other words, the total sum of its credits to single individuals, juridical persons or business groups that exceed 10% of the sum of Tier I and Tier II capital (less any capital deductions)—generally must not exceed five times the sum of Tier I and Tier II capital (less any capital deductions). In addition, subject to certain exceptions, banks generally may not extend credit (including loans, guarantees, purchases of securities (extended for financial support) and any other transactions that directly or indirectly create credit risk) in excess of 20% of the sum of Tier I and Tier II capital (less any capital deductions) to a single individual or juridical person, or grant credit in excess of 25% of the sum of Tier I and Tier II capital (less any capital deductions) to a single group of companies as defined in the Monopoly Regulations and Fair Trade Act.

The Bank Act also provides for certain restrictions on extending credits to a major shareholder. A “major shareholder” is defined as:

 

  •  

a shareholder holding (together with persons who have a special relationship with that shareholder) in excess of 10% (or 15% in the case of regional banks) in the aggregate of the bank’s total issued and outstanding voting shares; or

 

  •  

a shareholder holding (together with persons who have a special relationship with such shareholder) in excess of 4% in the aggregate of the bank’s (excluding regional banks) total issued and outstanding voting shares of a bank (excluding shares subject to the shareholding restrictions on “non-financial business group companies” as described below), where such shareholder is the largest shareholder or has actual control over the major business affairs of the bank through, for example, appointment and dismissal of the officers as prescribed by the Enforcement Decree of the Bank Act. Non-financial business group companies primarily consist of: (i) any single shareholding group whose non-financial company assets comprise no less than 25% of its aggregate net assets; (ii) any single shareholding group whose non-financial company assets comprise no less than ￦2 trillion in aggregate; or (iii) any investment company under the Financial Investment Services and Capital Markets Act of which any single shareholding group identified in (i) or (ii) above, owns more than 4% of the total issued and outstanding shares.

Under these restrictions, banks may not extend credits to a major shareholder (together with persons who have a special relationship with that shareholder) in an amount greater than the lesser of (x) 25% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions) and (y) the relevant major shareholder’s shareholding ratio multiplied by the sum of the bank’s Tier I and Tier II capital (less any capital deductions). In addition, the total sum of credits granted to all major shareholders must not exceed 25% of the bank’s Tier I and Tier II capital (less any capital deductions).

Interest Rates

Korean banks generally depend on deposits as their primary funding source. Under the Act on Registration of Credit Business, Etc. and Protection of Finance Users and the regulations thereunder, interest rates on loans made by registered banks in Korea may not exceed 20% per annum, commencing July 2021. Historically, interest rates on deposits and lending were regulated by the Monetary Policy Board. There are no controls on deposit interest rates in Korea, except for the prohibition on interest payments on current account deposits.

 

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Lending to Small- and Medium-sized Enterprises

In order to obtain funding from the Bank of Korea at concessionary rates for their small- and medium-sized enterprise loans, banks are required to allocate a certain minimum percentage of any quarterly increase in their Won currency lending to small- and medium-sized enterprises. Currently, this minimum percentage is 45% in the case of nationwide banks and 60% in the case of regional banks. If a bank does not comply with this requirement, the Bank of Korea may:

 

  •  

require the bank to prepay all or a portion of funds provided to that bank in support of loans to small- and medium-sized enterprises; or

 

  •  

lower the bank’s credit limit.

Disclosure of Management Performance

For the purpose of protecting depositors and investors in commercial banks, the Financial Services Commission requires commercial banks to publicly disclose certain material matters, including:

 

  •  

the financial condition and profit and loss of the bank and its subsidiaries;

 

  •  

fundraising by the bank and the appropriation of such funds;

 

  •  

any sanctions levied on the bank under the Bank Act or any corrective measures or sanctions under the Act on the Structural Improvement of the Financial Industry; and

 

  •  

the occurrence of any of the following events or any other event as prescribed by the applicable regulations, that have damaged or are likely to damage the soundness of the bank’s management, except as may otherwise have been disclosed by a bank or its financial holding company listed on the KRX KOSPI Market in accordance with the Financial Investment Services and Capital Markets Act,:

 

  (i)

loans bearing no profit made to a single business group in an amount exceeding 10% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions) as of the end of the previous month (where the loan exposure to that borrower is calculated pursuant to the criteria under the Detailed Regulation on the Supervision of the Banking Business), unless the loan exposure to that group is not more than ￦4 billion; and

 

  (ii)

any loss due to court judgments or similar decisions in civil proceedings in an amount exceeding 1% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions) as of the end of the previous month, unless the loss is not more than ￦1 billion.

Restrictions on Lending

Pursuant to the Bank Act and its sub-regulations, a commercial bank may not provide:

 

  •  

loans secured by a pledge of the bank’s own shares, whether direct or indirect;

 

  •  

loans to enable a natural or juridical person to buy the shares issued by the bank, whether direct or indirect;

 

  •  

loans to any of the bank’s officers or employees, other than de minimis loans of up to (i) ￦20 million in the case of a general loan, (ii) ￦50 million in the case of a general loan plus a housing loan or (iii) ￦60 million in the aggregate for general loans, housing loans and loans to pay damages arising from wrongful acts of employees in financial transactions;

 

  •  

credit (including loans) secured by a pledge of the equity securities of its subsidiary corporation or to enable a natural or juridical person to buy shares of the bank’s subsidiary corporation; or

 

  •  

loans to any officers or employees of the bank’s subsidiary corporation, other than general loans of up to ￦20 million or general and housing loans of up to ￦50 million in the aggregate.

 

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Regulations Relating to Retail Household Loans

The Financial Services Commission has implemented a number of changes in recent years to the regulations relating to retail household lending by banks. Under the currently applicable regulations:

 

  •  

as to any new loans secured by housing (including apartments) located nationwide, the loan to value ratio (the aggregate principal amount of loans secured by such collateral over the appraised value of the collateral) should not exceed 70%;

 

  •  

as to any new loans secured by housing (including apartments) located in “excessive investment,” “high speculation” or “adjustment target” areas, in each case as designated by the government, the loan to value ratio should not exceed 50%, except that such maximum loan-to-value ratio shall be 70% for low-income households that (i) have a combined annual income of no more than ￦90 million, (ii) do not currently own any housing and (iii) are using the loan to purchase low-price housing valued at no more than ￦900 million (or ￦800 million in the case of adjustment target areas as designated by the Minister of Land, Infrastructure and Transport);

 

  •  

as to any new loans secured by housing (including apartments) located nationwide to be extended to a household that already owns one or more houses, the maximum loan-to-value ratio must be adjusted to 10% lower than the applicable loan-to-value ratio described above;

 

  •  

as to any new loans secured by housing (including apartments) located in excessive investment, high speculation or adjustment target areas, in each case as designated by the government, extended to a household that already owns one or more houses, the maximum loan-to-value ratio shall be 30%;

 

  •  

as to any new loans secured by housing (including apartments) located in excessive investment or high speculation areas, in each case as designated by the government, the borrower’s debt-to-income ratio (calculated as (1) the aggregate annual total payment amount of (x) the principal of and interest on loans secured by such housing and existing mortgage and home equity loans and (y) the interest on other borrowings of the borrower over (2) the borrower’s annual income) should not exceed 40%, except that such maximum debt-to-income ratio is increased to 60% for (i) low-income households that (x) have an annual income of less than ￦90 million, (y) do not currently own any housing and (z) are using the loan to purchase low-price housing valued at ￦900 million or less (￦800 million or less in the case of adjustment target areas) or (ii) first-time homebuyers;

 

  •  

as to any new loans secured by housing (including apartments) located in adjustment target areas designated by the government, the borrower’s debt-to-income ratio should not exceed 50%, except that such maximum debt-to-income ratio is increased to 60% for low-income households that (a)(i) have an annual income of less than ￦90 million, (ii) do not currently own any housing and (iii) are using the loan to purchase low-price housing valued at ￦800 million or less or (b) are first-time homebuyers; and

 

  •  

as to any new loans extended to a household that has already obtained loans in an aggregate principal amount of more than ￦100 million (including the new loan being applied for), the borrower’s debt-service-ratio (calculated as (1) the aggregate annual total payment amount of the principal of and interest on financial liabilities, including the loans secured by such high-priced housing, divided by (2) the borrower’s annual income) should not exceed 40% unless otherwise specified by the applicable regulations.

Restrictions on Investments in Property

A bank may not invest in the following securities in excess of 100% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions):

 

  •  

debt securities (within the meaning of paragraph (3) of Article 4 of the Financial Investment Services and Capital Markets Act) the maturity of which exceeds three years, but excluding government bonds, monetary stabilization bonds issued by the Bank of Korea and bonds within the meaning of item 2, paragraph (6) of Article 11 of the Act on the Structural Improvement of the Financial Industry;

 

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  •  

equity securities, but excluding securities within the meaning of item 1, paragraph (6) of Article 11 of the Act on the Structural Improvement of the Financial Industry;

 

  •  

derivatives-linked securities (within the meaning of paragraph (7) of Article 4 of the Financial Investment Services and Capital Markets Act) the maturity of which exceeds three years; and

 

  •  

beneficiary certificates, investment contracts and depositary receipts (within the meaning of paragraph (2) of Article 4 of the Financial Investment Services and Capital Markets Act) the maturity of which exceeds three years.

A bank may possess real estate property only to the extent necessary to conduct its business. The aggregate value of such property may not exceed 60% of the sum of the bank’s Tier I and Tier II capital (less any capital deductions). Any property that a bank acquires by exercising its rights as a secured party, or which a bank is prohibited from acquiring under the Bank Act, must be disposed of within three years, unless otherwise specified by the regulations thereunder.

Restrictions on Shareholdings in Other Companies

Under the Bank Act, a bank may not own more than 15% of the shares outstanding with voting rights of another corporation, except where, among other reasons:

 

  •  

that corporation engages in a category of financial businesses set forth by the Financial Services Commission; or

 

  •  

the acquisition of such shares by the bank is necessary for the corporate restructuring of such corporation and is approved by the Financial Services Commission.

In the above exceptional cases, the total investment in corporations in which the bank owns more than 15% of the outstanding shares with voting rights may not exceed (i) 20% of the sum of Tier I and Tier II capital (less any capital deductions) or (ii) 30% of the sum of Tier I and Tier II capital (less any capital deductions) where the acquisition satisfies the requirements determined by the Financial Services Commission.

The Bank Act provides that a bank using its bank accounts and its trust accounts is not permitted to acquire the equity securities issued by the major shareholder of such bank in excess of an amount equal to 1% of the sum of Tier I and Tier II capital (less any capital deductions).

Restrictions on Bank Ownership

Under the Bank Act, a single shareholder and persons who have a special relationship with that shareholder generally may acquire beneficial ownership of no more than 10% of a nationwide bank’s total issued and outstanding shares with voting rights and no more than 15% of a regional bank’s total issued and outstanding shares with voting rights. The Korean government, the Korea Deposit Insurance Corporation and bank holding companies qualifying under the Financial Holding Company Act are not subject to this limit. Pursuant to the Bank Act, non-financial business group companies may not acquire beneficial ownership of shares of a nationwide bank in excess of 4% (or 15% in the case of a regional bank) of that bank’s outstanding voting shares, unless they satisfy certain requirements set forth by the Enforcement Decree of the Bank Act, obtain the approval of the Financial Services Commission and agree not to exercise voting rights in respect of shares in excess of the 4% limit (or the 15% limit in the case of a regional bank), in which case they may acquire beneficial ownership of up to 10% of a nationwide bank’s outstanding voting shares. The Bank Act grants an exception for non-financial business group companies which, at the time of the enactment of the amended provisions, held more than 4% of the shares of a bank.

In addition, if a foreign investor, as defined in the Foreign Investment Promotion Act, owns in excess of 4% of a nationwide bank’s outstanding voting shares, non-financial business group companies may acquire beneficial ownership of up to 10% (or 15% in the case of a regional bank) of that bank’s outstanding voting

 

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shares, and in excess of 10% (or 15% in the case of a regional bank), 25% or 33% of that bank’s outstanding voting shares with the approval of the Financial Services Commission in each instance, up to the number of shares owned by the foreign investor. Any other person (whether a Korean national or a foreign investor), with the exception of non-financial business group companies described above, may acquire no more than 10% of a nationwide bank’s total voting shares issued and outstanding, unless they obtain approval from the Financial Services Commission in each instance where the total holding will exceed 10% (or 15% in the case of regional banks), 25% or 33% of the bank’s total voting shares issued and outstanding provided that, in addition to the foregoing threshold shareholding ratios, the Financial Services Commission may, at its discretion, designate a separate and additional threshold shareholding ratio.

Deposit Insurance System

The Depositor Protection Act provides insurance for certain deposits of banks in Korea through a deposit insurance system. Under the Depositor Protection Act, all banks governed by the Bank Act are required to pay an insurance premium to the Korea Deposit Insurance Corporation on a quarterly basis and the rate is determined under the Enforcement Decree to the Depositor Protection Act. If the Korea Deposit Insurance Corporation makes a payment on an insured amount, it will acquire the depositors’ claims with respect to that payment amount. The Korea Deposit Insurance Corporation insures a maximum of ￦50 million per individual for deposits and interest in a single financial institution, regardless of when the deposits were made and the size of the deposits.

Restrictions on Foreign Exchange Position

Under the Foreign Exchange Transaction Act of Korea, each of a bank’s net overpurchased and oversold positions may not exceed 50% of its shareholder’s equity as of the end of the prior month.

Laws and Regulations Governing Other Business Activities

A bank must register with the Ministry of Economy and Finance to enter the foreign exchange business, which is governed by the Foreign Exchange Transaction Act of Korea. A bank must obtain the permission of the Financial Services Commission to enter the securities business, which is governed by regulations under the Financial Investment Services and Capital Markets Act. Under these laws, a bank may engage in the foreign exchange business, securities repurchase business, governmental/public bond underwriting business and governmental bond dealing business, among others.

Trust Business

A bank must obtain approval from the Financial Services Commission to engage in trust businesses. The Trust Act and the Financial Investment Services and Capital Markets Act govern the trust activities of banks, and they are subject to various legal and accounting procedures and requirements, including the following:

 

  •  

under the Trust Act, assets accepted in trust by a bank in Korea must be segregated from other assets in the accounts of that bank; and

 

  •  

depositors and other general creditors cannot obtain or assert claims against the assets comprising the trust accounts in the event the bank is liquidated or wound-up.

The bank must make a special reserve of 25% or more of fees from each unspecified money trust account for which a bank guarantees the principal amount and a fixed rate of interest until the total reserve for that account equals 5% of the trust amount.

Under the Financial Investment Services and Capital Markets Act, a bank with a trust business license (such as Kookmin Bank) is permitted to offer both specified money trust account products and unspecified money trust account products. However, pursuant to guidelines from regulatory authorities that discourage the sale of unspecified money trust account products, sales of such products have generally been suspended.

 

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Credit Card Business

General

In order to enter the credit card business, a company must obtain a license from the Financial Services Commission. Credit card businesses are governed by the Specialized Credit Financial Business Act, which sets forth specific requirements with respect to the credit card business as well as generally prohibiting unsound business practices relating to the credit card business which may infringe on the rights of credit card holders or negatively affect the soundness of the credit card industry. Credit card companies, including our wholly-owned subsidiary, KB Kookmin Card Co., Ltd., are regulated by the Financial Services Commission and the Financial Supervisory Service.

Disclosure and Reports

Under the Specialized Credit Financial Business Act and the regulations thereunder, a credit card company is required to disclose on a periodic and on-going basis certain material matters and events. In addition, a credit card company must submit periodic reports with respect to its results of operations to the Governor of the Financial Supervisory Service, in accordance with the guidelines of the Financial Supervisory Service.

Restrictions on Funding

Under the Specialized Credit Financial Business Act and the regulations thereunder, a credit card company must ensure that its total assets do not exceed an amount equal to eight times its equity capital and that the ratio of its adjusted equity capital to its adjusted total assets is not less than 8.0%. However, if a credit card company is unable to comply with such limit upon the occurrence of unavoidable events, such as drastic changes in the domestic and global financial markets, such limit may be adjusted through a resolution of the Financial Services Commission.

Risk of Loss Due to Lost, Stolen, Forged or Altered Credit Cards

Under the Specialized Credit Financial Business Act, a credit card company is liable for any loss arising from the unauthorized use of credit cards or debit cards after it has received notice from the holder of the loss or theft of the card. A credit card company is also responsible for any losses resulting from the use of forged or altered credit cards, debit cards and pre-paid cards. A credit card company may, however, transfer all or part of this latter risk of loss to holders of credit card in the event of willful misconduct or gross negligence by holders of credit card if the terms and conditions of the agreement entered between the credit card company and members of such cards specifically provide for that transfer.

For these purposes, disclosure of a customer’s password that is made intentionally or through gross negligence, or the transfer of or giving as collateral of the credit card or debit card, is considered willful misconduct or gross negligence. However, a disclosure of a cardholder’s password that is made under irresistible force or threat to cardholder or his/her relatives’ life or health will not be deemed as willful misconduct or negligence of the cardholder.

Each credit card company must institute appropriate measures to fulfill these obligations, such as establishing provisions, purchasing insurance or joining a cooperative association.

Pursuant to the Enforcement Decree to Specialized Credit Financial Business Act, a credit card company will be liable for any losses arising from loss or theft of a credit card (which was not from the holder’s willful misconduct or negligence) during the period beginning 60 days before the notice by the holder to the credit card company.

Pursuant to the Specialized Credit Financial Business Act, the Financial Services Commission may either restrict the limit or take other necessary measures against the credit card company with respect to such matters as

 

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the maximum limits on the amount per credit card, details of credit card terms and conditions, management of credit card merchants and collection of claims, including the following:

 

  •  

maximum limits for cash advances on credit cards;

 

  •  

use restrictions on debit cards with respect to per day or per transaction usage;

 

  •  

aggregate issuance limits and maximum limits on the amount per card on pre-paid cards; and

 

  •  

other matters prescribed by the Enforcement Decree to the Specialized Credit Financial Business Act.

Lending Ratio in Ancillary Business

Pursuant to the Enforcement Decree to the Specialized Credit Financial Business Act, a credit card company must maintain an aggregate quarterly average outstanding lending balance to credit cardholders (including cash advances and credit card loans, but excluding restructured loans) no greater than the sum of (i) its aggregate quarterly average outstanding credit card balance arising from the purchase of goods and services and (ii) the aggregate quarterly debit card transaction volume.

Issuance of New Cards and Solicitation of New Cardholders

The Enforcement Decree to the Specialized Credit Financial Business Act establishes the conditions under which a credit card company may issue new cards and solicit new members. New credit cards may be issued only to the following persons:

 

  •  

persons who are at least 19 years old when they apply for a credit card;

 

  •  

persons whose capability to pay bills as they come due has been verified using standards established by the credit card company; and

 

  •  

in the case of minors who are 18 years old, persons who submit documents evidencing employment as of the date of the credit card application, such as an employment certificate, or persons for whom the issuance of a credit card is necessitated by governmental policies, such as financial aid.

In addition, a credit card company may not solicit credit card members by:

 

  •  

providing economic benefits or promising to provide economic benefits in excess of 10% of the annual credit card fee (in the case of credit cards with annual fees that are less than the average of the annual fees charged by major credit cards in Korea, the annual fee will be deemed to be equal to such average annual fee) in connection with issuing a credit card; provided, however, that providing economic benefits or promising to provide economic benefits not exceeding the amount of the annual credit card fee to an applicant that becomes a credit card member through an online platform is permissible;

 

  •  

soliciting applicants on roads, public places or along corridors used by the general public;

 

  •  

soliciting applicants through visits, except those visits made upon prior consent and visits to a business area;

 

  •  

soliciting applicants through the Internet without verifying whether the applicant is who he or she purports to be, by means of a digital signature (limited, however, to cases where it can be confirmed that the applicant is the person in question by using identifiable information) under the Digital Signature Act; and

 

  •  

soliciting applicants through pyramid sales methods.

Compliance Rules on Collection of Receivable Claims

Pursuant to Supervisory Regulation on the Specialized Credit Financial Business, a credit card company may not:

 

  •  

exert violence or threaten violence;

 

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  •  

inform a related party (a guarantor of the debtor, blood relative or fiancé(e) of the debtor, a person living in the same household as the debtor or a person working in the same workplace as the debtor) of the debtor’s obligations without just cause;

 

  •  

provide false information relating to the debtor’s obligation to the debtor or his or her related parties;

 

  •  

threaten to sue or sue the debtor for fraud despite lack of affirmative evidence to establish that the debtor has submitted forged or false documentation with respect to his or her ability to make payment;

 

  •  

visit or telephone the debtor during late evening hours (between the hours of 9:00 p.m. and 8:00 a.m.); and

 

  •  

utilize other uncustomary methods to collect the receivables that interfere with the privacy or the peace in the workplace of the debtor or his or her related parties.

Principal Regulations Applicable to Insurance Companies

General

Under the Insurance Business Act, a company seeking to engage in the insurance business in Korea is required to obtain business authorizations and licenses from the Financial Services Commission, and such company is required to comply with the Insurance Business Act and the regulations thereunder. These rules and regulations cover, among other things: (i) the requirements for obtaining business authorizations and licenses to operate an insurance company; (ii) the scope of business an insurance company may undertake; (iii) the operations of an insurance company, including its asset management activities; (iv) the methods of insurance solicitation; (v) the supervision of the insurance business; and (vi) the disciplinary actions for violation of the Insurance Business Act, which may include revocation of a license, imprisonment, suspension of operations, fines, surcharges and penalties.

The Financial Services Commission has the authority to oversee matters involving licenses necessary for, and supervision of, the operation of an insurance business. Pursuant to the Regulation on Supervision of Insurance Business and the Regulation on Corporate Governance of Financial Companies, the Financial Services Commission sets forth detailed criteria for obtaining the authorization necessary to engage in the insurance business, as well as various comprehensive standards required to be met by an insurance company. The Financial Services Commission entrusts the Financial Supervisory Service with certain matters pursuant to the Regulation on Supervision of Insurance Business, as specified under the Detailed Enforcement Regulations on Insurance Supervision.

Since an insurance company falls within the scope of a financial institution under the Act on the Structural Improvement of the Financial Industry, special provisions thereunder apply to an insurance company in the event (i) it merges with, or converts into, another financial institution, (ii) it becomes bankrupt or insolvent or is dissolved or (iii) members of its business group acquire shares of another company in excess of a certain percentage. In addition, an insurance company that offers and sells investment-type insurance products, such as variable insurance products, and manages assets under special accounts for variable insurance policies is deemed a financial investment company under the Financial Investment Services and Capital Markets Act. Such insurance company is subject to certain provisions under the Financial Investment Services and Capital Markets Act, such as regulations on the control of conflicts of interest as well as the establishment and maintenance of firewalls for asset management of special accounts related to variable insurance policies. In addition, pursuant to the Foreign Exchange Transactions Act, an insurance company is required to obtain prior approval from the Ministry of Economy and Finance, the Bank of Korea, the Financial Supervisory Service or a foreign exchange bank and may be required to file periodic reports if the company engages in any of the following: (a) a transaction involving a foreign currency; (b) a transaction with a non-resident involving either the Won or a foreign currency; (c) a transaction that requires an outgoing overseas payment; (d) a transaction that requires receipt of an overseas payment; and (e) any other transaction prescribed under the Foreign Exchange Transactions Act. Furthermore, an insurance company is required to comply with the Act on the Corporate Governance of Financial Companies.

 

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Scope of Business of Insurance Companies

Under the Insurance Business Act, an insurance company is prohibited from concurrently operating a life insurance business and a non-life insurance business (including property, marine and cargo and liability insurance), provided that an insurance company may concurrently operate a “type three” insurance business (including casualty, disease and health care insurance) and provide reinsurance to other insurance companies. However, limited cross-selling of life insurance and non-life insurance products by insurance sales agents working for life insurance or non-life insurance companies in Korea is permitted by the Financial Services Commission.

Upon approval by the Financial Services Commission, a life insurance company may operate (i) a life insurance business, (ii) a pension insurance (including retirement insurance) business and (iii) type three insurance businesses, while a non-life insurance company may operate (i) various types of non-life insurance businesses (including property, marine and cargo, automobile, guarantee, reinsurance and certain other enumerated non-life insurance as designated under the Enforcement Decree of the Insurance Business Act as well as liability insurance) and (ii) type three insurance businesses.

Both life insurance and non-life insurance companies may also operate certain financial businesses and incidental businesses designated under the Enforcement Decree of the Insurance Business Act.

Requirements Relating to Insurance Solicitation

The Insurance Business Act limits entities that may engage in insurance solicitation to insurance sales agents, insurance agencies (including those of financial institutions), insurance brokers and officers and employees of an insurance company. Any person or entity wishing to act as an insurance sales agent, insurance agency (including those of financial institutions) or insurance broker must register with the Financial Services Commission and report promptly to the Financial Services Commission the occurrence of certain changes prescribed under the Insurance Business Act.

Insurance brochures used for insurance solicitation must clearly specify the terms required under the Insurance Business Act in an easy-to-understand manner. Where an insurance company or any person engaging in insurance solicitation persuades an ordinary policyholder to enter into an insurance contract, it must explain to such ordinary policyholder about certain critical matters of the insurance contract prescribed by the Financial Consumer Protection Act, including details of insurance products, insurance premiums (including mutual aid premiums), procedures for payment of insurance proceeds (including mutual aid) and grounds for restricting the payment and coverage scope in a manner the policyholder can easily understand.

Where an insurance company or any person engaging in insurance solicitation advertises an insurance product, it must include the details of such insurance product in such advertisement as prescribed under the Financial Consumer Protection Act and must not engage in any act which, among other things, may lead to a misunderstanding that such insurance product would provide a large amount of insurance proceeds by emphasizing selective terms and conditions of such product or introducing cases where a large amount of insurance proceeds were paid.

In connection with the execution or solicitation of an insurance contract, any person engaging in insurance solicitation must not engage in any act prohibited under the Insurance Business Act and the Financial Consumer Protection Act, including acts of providing a policyholder with false information regarding an insurance product and acts intended to interrupt or prevent a policyholder (including interested parties prescribed by the Enforcement Decree of the Financial Consumer Protection Act) from notifying an insurance company of an important matter relevant to an insurance policy.

Any person engaging in insurance solicitation is prohibited from providing special benefits (including, but not limited to, cash over a certain amount and discounts on insurance premiums) in connection with the

 

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execution of an insurance contract unless such special benefits are stipulated in the underlying documents for such insurance product. In addition, an insurance company is prohibited from entrusting any person other than those who are eligible under the Insurance Business Act to engage in insurance solicitation or paying any compensation to any ineligible persons for his or her insurance solicitation. The Insurance Business Act and the Financial Consumer Protection Act also prescribe in detail certain practices that insurance agencies of financial institutions are restricted from engaging in, including, but not limited to:

 

  •  

forcing entry into contracts on financial products against the will of the policyholder using a position of advantage; and

 

  •  

including insurance premiums in loan transactions without the prior consent of the borrower.

The Insurance Business Act permits insurance sales agents working for life insurance companies to cross-sell non-life insurance products of one non-life insurance company, and insurance sales agents working for non-life insurance companies are correspondingly permitted to cross-sell the life insurance products of one life insurance company.

Capital Adequacy

Pursuant to the solvency requirements implemented by the Financial Services Commission, insurance companies in Korea are required to maintain a statutory ratio of available capital to required capital of not less than 100% on a consolidated basis (although a risk-based capital adequacy ratio of not less than 150% is still considered standard in the Korean insurance industry). Solvency requirements require insurance companies to hold adequate capital to cover their exposures to life/long-term non-life insurance risk, general non-life insurance risk, market risk, credit risk and operational risk by reflecting such risks in their calculation of required capital. The statutory solvency ratio for insurance companies is computed by dividing available capital by required capital. Available capital of an insurance company is computed as the sum of, among other things, capital stock, reserve for policyholder dividends and bad debt allowance after deducting the amount of assets and/or capital from the financial soundness balance sheet that are recognized by the governor of the Financial Supervisory Service as unable to be used to cover losses incurred by unforeseen risks of an insurance company, such as stock discounts and treasury stocks. Required capital is calculated based on the sum of (a) basic required capital, which is calculated as the sum of (i) the square root of the sum of the squares of (w) life/long-term non-life insurance risk, (x) general non-life insurance risk amounts, (y) credit risk amounts and (z) market risk amounts, and (ii) operating risk amounts, with each risk amount being calculated in accordance with the detailed criteria set forth under the Regulation on Supervision of Insurance Business and the Detailed Enforcement Regulations on Insurance Supervision, and (b) (xx) other required capital, which is the required capital for subsidiaries or other entities to which basic required capital is difficult to apply, which is calculated in accordance with the criteria set forth by the governor of the Financial Supervisory Service minus (yy) the amount of adjusted corporate tax calculated in accordance with the criteria determined by the governor of the Financial Supervisory Service as the amount of loss that can be compensated by increased net deferred corporate tax assets, in the event the loss corresponds to the amount of the basic required capital.

On January 1, 2023, the Financial Supervisory Service introduced K-ICS, a new regulatory solvency regime for insurance companies based on the International Capital Standard developed by the International Association of Insurance Supervisors, which is similar in substance to the Solvency II Directive of the European Union. The Solvency II Directive, which has been in effect in the European Union since January 1, 2016, is a comprehensive program of regulatory requirements for insurance companies, covering authorization, corporate governance, supervisory reporting, public disclosure and risk assessment and management, as well as solvency. Under K-ICS, insurance contract liabilities are expected to be measured based on market value, rather than book value, at the time of the computation of available capital. K-ICS has also introduced new risk subcategories, including those related to termination, business expenses, longevity, catastrophes and asset concentration, to be considered at the time of the computation of required capital. It is expected that these changes, among others, would require a number of insurance companies in Korea with a large portfolio of high guaranteed rate of return products to obtain additional capital to meet their capital adequacy requirements. However, the Financial Supervisory

 

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Service has allowed for a gradual deduction from available capital and a gradual recognition of risks in relation to required capital, for up to ten years. In order to ease the burden on insurance companies, corrective measures will be withheld for up to five years even if the solvency ratio under K-ICS is less than 100%, if the risk-based capital adequacy ratio exceeds 100%.

Regulations on Class Actions Regarding Securities

The Law on Class Actions Regarding Securities was enacted as of January 20, 2004 and last amended on May 28, 2013. The Law on Class Actions Regarding Securities governs class actions suits instituted by one or more representative plaintiff(s) on behalf of 50 or more persons who claim to have been damaged in a capital markets transaction involving securities issued by a listed company in Korea.

Applicable causes of action with respect to such suits include:

 

  •  

claims for damages caused by misleading information contained in a securities statement;

 

  •  

claims for damages caused by the filing of a misleading business report, semi-annual report, or quarterly report;

 

  •  

claims for damages caused by insider trading or market manipulation; and

 

  •  

claims instituted against auditors for damages caused by accounting irregularities.

Any such class action may be instituted upon approval from the presiding court and the outcome of such class action will have a binding effect on all potential plaintiffs who have not joined the action, with the exception of those who have filed an opt out notice with such court.

Financial Investment Services and Capital Markets Act

The Financial Investment Services and Capital Markets Act, which became effective in February 2009, regulates and governs the financial investment business in Korea. The entities that regulate and supervise financial investment companies are the Financial Services Commission, the Financial Supervisory Service and the Securities and Futures Commission.

Under the Financial Investment Services and Capital Markets Act, a company must obtain a license from the Financial Services Commission to commence a financial investment business such as a brokerage business, a dealing business or an underwriting business, or register with the Financial Services Commission to commence a financial investment business such as an investment advisory business or a discretionary investment management business. A bank is permitted to engage in certain types of financial investment business as specified under the Enforcement Decree of the Bank Act. Prior to commencing a financial investment business, a bank must file a report with the Financial Services Commission and apply for a license pursuant to the Financial Investment Services and Capital Markets Act.

Consolidation of Capital Markets-Related Laws

Prior to the effectiveness of the Financial Investment Services and Capital Markets Act, there were separate laws regulating various types of financial institutions depending on the type of financial institution (for example, securities companies, futures companies, trust business companies and asset management companies) and subjecting financial institutions to different licensing and ongoing regulatory requirements (for example, the Korean Securities Exchange Act, the Futures Business Act and the Indirect Investment Asset Management Business Act). By applying one uniform set of rules to the same financial business having the same economic function, the Financial Investment Services and Capital Markets Act attempts to improve and address issues caused by the previous regulatory system under which the same economic function relating to capital

 

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markets-related businesses are governed by multiple regulations. To this end, the Financial Investment Services and Capital Markets Act categorizes capital markets-related businesses into six different functions, as follows:

 

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dealing, trading and underwriting of “financial investment products” (as defined below);

 

  •  

brokerage of financial investment products;

 

  •  

establishment of collective investment schemes and the management thereof;

 

  •  

investment advice;

 

  •  

discretionary investment management; and

 

  •  

trusts (together with the five businesses set forth above, the “Financial Investment Businesses”).

Accordingly, all financial businesses relating to financial investment products have been reclassified as one or more of the Financial Investment Businesses described above, and financial institutions are subject to the regulations applicable to their relevant Financial Investment Businesses, regardless of the type of the financial institution. For example, under the Financial Investment Services and Capital Markets Act, derivative businesses conducted by former securities companies and future companies will be subject to the same regulations.

Banking and insurance businesses are not subject to the Financial Investment Services and Capital Markets Act and will continue to be regulated under separate laws. However, they may become subject to the Financial Investment Services and Capital Markets Act if their activities involve any financial investment businesses requiring a license pursuant to the Financial Investment Services and Capital Markets Act.

Comprehensive Definition of Financial Investment Products

In an effort to encompass the various types of securities and derivative products available in the capital markets, the Financial Investment Services and Capital Markets Act sets forth a comprehensive term “financial investment products,” defined to mean all financial products with a risk of loss in the invested amount (in contrast to “deposits,” which are financial products for which the invested amount is protected or preserved). Financial investment products are classified into two major categories: (i) “securities” (financial investment products in which the risk of loss is limited to the invested amount) and (ii) “derivatives” (financial investment products in which the risk of loss may exceed the invested amount). As a result of the general and broad definition of financial investment products, a variety of financial products may be defined as a financial investment product, which would enable Financial Investment Companies (defined below) to handle a broader range of financial products. Under the Financial Investment Services and Capital Markets Act, entities formerly licensed as securities companies, asset management companies, futures companies and other entities engaging in any Financial Investment Business are classified as “Financial Investment Companies.”

New License System and the Conversion of Existing Licenses

Under the Financial Investment Services and Capital Markets Act, Financial Investment Companies are able to choose the type of Financial Investment Business in which to engage (through a “check the box” method set forth in the relevant license application), by specifying the desired (i) Financial Investment Business, (ii) financial investment product and (iii) target customers to which financial investment products may be sold or distributed (that is, general investors or professional investors). Licenses will be issued under the specific business sub-categories described in the foregoing sentence. For example, it would be possible for a Financial Investment Company to obtain a license to engage in the Financial Investment Business of (i) dealing (ii) over the counter derivatives products (iii) only with sophisticated investors.

Financial institutions that engage in business activities constituting a Financial Investment Business are required to take certain steps, such as renewal of their license or registration, in order to continue engaging in such business activities. Financial institutions that are not licensed Financial Investment Companies are not permitted to engage in any Financial Investment Business.

 

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Expanded Business Scope of Financial Investment Companies

Under the previous regulatory regime in Korea, it was difficult for a financial institution to explore a new line of business or expand upon its existing line of business. For example, previously a financial institution licensed as a securities company generally was not permitted to engage in the asset management business. In contrast, under the Financial Investment Services and Capital Markets Act, pursuant to the integration of its current businesses involving financial investment products into a single Financial Investment Business, a licensed Financial Investment Company is permitted to engage in all types of Financial Investment Businesses, subject to satisfying relevant regulations (for example, maintaining an adequate “Chinese Wall,” to the extent required). As to incidental businesses (that is, a financial related business which is not a Financial Investment Business), the Financial Investment Services and Capital Markets Act generally allows a Financial Investment Company to freely engage in such incidental businesses by shifting away from the previous positive-list system towards a more comprehensive system. In addition, a Financial Investment Company is permitted to (i) outsource marketing activities by contracting “introducing brokers” that are individuals but not employees of the Financial Investment Company, (ii) engage in foreign exchange businesses related to their Financial Investment Business and (iii) participate in the settlement network, pursuant to an agreement among the settlement network participants.

Improvement in Investor Protection Mechanism

While the Financial Investment Services and Capital Markets Act widens the scope of financial businesses in which financial institutions are permitted to engage, a more rigorous investor-protection mechanism is also imposed upon Financial Investment Companies dealing in financial investment products. The Financial Investment Services and Capital Markets Act distinguishes general investors from sophisticated investors and provides new or enhanced protections to general investors. For instance, the Financial Investment Services and Capital Markets Act expressly provides for a strict know-your-customer rule for general investors and imposes an obligation that Financial Investment Companies should market financial investment products suitable to each general investor, using written explanatory materials. Under the Financial Investment Services and Capital Markets Act, a Financial Investment Company could be liable if a general investor proves (i) damage or losses relating to such general investor’s investment in financial investment products solicited by such Financial Investment Company and (ii) the absence of the requisite written explanatory materials, without having to prove fault or causation. With respect to conflicts of interest between Financial Investment Companies and investors, the Financial Investment Services and Capital Markets Act expressly requires (i) disclosure of any conflict of interest to investors and (ii) mitigation of conflicts of interest to a comfortable level or abstention from the relevant transaction.

Other Changes to Securities / Fund Regulations

The Financial Investment Services and Capital Markets Act changed various securities regulations including those relating to public disclosure, insider trading and proxy contests, which were previously governed by the Korean Securities Exchange Act. For example, the 5% and 10% reporting obligations under the Korean Securities Exchange Act have become more stringent. The Indirect Investment and Asset Management Business Act strictly limited the kind of vehicles that could be utilized under a collective investment scheme, restricting the range of potential vehicles to trusts and corporations, and the type of funds that can be used for investments. However, under the Financial Investment Services and Capital Markets Act, these restrictions have been significantly liberalized, permitting all vehicles that may be created under Korean law, such as limited liability companies or partnerships, to be used for the purpose of collective investments and allowing investment funds to be more flexible as to their investments.

Act on the Corporate Governance of Financial Companies

The Act on the Corporate Governance of Financial Companies, which became effective on August 1, 2016, was enacted to address the need for strengthened regulations on corporate governance of financial institutions

 

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and to serve as a uniform set of regulations on corporate governance matters applicable to financial institutions across a variety of industry sectors. It contains several key measures, including (i) eligibility requirements for officers of financial institutions and standards for determining whether officers of financial institutions may hold concurrent positions in other companies, (ii) standards for composition and operation of the board of directors of financial institutions, (iii) standards for establishment, composition and operation of various committees of the board of directors of financial institutions, (iv) regulations on internal control and risk management, (v) requirements and procedures for the approval of a change of major shareholders and (vi) special regulations to protect the rights of minority shareholders of financial institutions.

Financial Consumer Protection Act

The Financial Consumer Protection Act became effective on March 25, 2021, and certain provisions relating to internal control under such Act have become effective on September 25, 2021. The Financial Consumer Protection Act aims to enhance measures to protect financial consumers and to establish a sound market order in the financial product sales and advisory businesses. The Financial Consumer Protection Act consolidates existing regulations relating to the sale of financial products and consumer protection stipulated in other laws governing the financial sector, such as the Financial Investment Services and Capital Markets Act, the Banking Act and the Insurance Business Act, and applies to the financial industry on a cross-sectoral basis.

Application of the Financial Consumer Protection Act

All financial products that are classified as (i) deposits, (ii) loans, (iii) investment products or (iv) insurance products are subject to the Financial Consumer Protection Act. These four types of products encompass most of the products covered by the Bank Act, the Financial Investment Services and Capital Markets Act and the Insurance Business Act. Financial products offered by credit unions, peer-to-peer (P2P) lending firms and registered credit service providers are also regulated by the Financial Consumer Protection Act.

Six Principles Regulating Selling Activities

The Financial Consumer Protection Act consolidates previously scattered regulations regarding financial business operations into six uniform standards that cover the following: (i) suitability, (ii) appropriateness, (iii) duty to explain, (iv) unfair sales practices, (v) improper solicitation and (vi) advertisements. Among these six principles, suitability, appropriateness and duty to explain apply only to “general financial consumers,” although “professional financial consumers” may elect to be treated as “general financial consumers,” in which case all six principles would apply to them.

Internal Control Requirements for Consumer Protection

The Financial Consumer Protection Act requires sellers of financial products to have adequate internal control standards to protect consumers. The Enforcement Decree to the Financial Consumer Protection Act sets forth details of certain of the internal control standards as follows:

 

  •  

Establishment of the authority and responsibilities of the decision maker, such as the representative director or a director, in the implementation of internal control measures;

 

  •  

Development of an organizational structure and designation of personnel responsible for consumer protection matters, including the establishment of a financial consumer protection committee;

  •  

Implementation of (i) inter-departmental consultation procedures for the development and sale of financial products, (ii) processes for internal deliberations and the incorporation of opinions from independent third party advisors, (iii) standards for vetting advertisements, (iv) mandatory training requirements for officers and employees and implementation of qualification requirements, (v) standards for the prevention of conflicts of interest, (vi) proper management of confidential information, and (vii) disclosure obligations when potential harm to consumers arises; and

 

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  •  

Establishment of standards for performance-based compensation of officers and employees in charge of sales of financial products.

Right to Withdraw Subscriptions and Right to Terminate Contracts

Under the Financial Consumer Protection Act, consumers have the right to withdraw subscriptions, allowing them to receive a refund during a statutory cooling-off period following the execution of the relevant subscription agreement. This right generally applies to all types of financial products with the exception of deposits, although in the case of investment products, the right to withdraw applies only to highly complex funds and trusts. Consumers also have the right to terminate a contract if the sellers violate the Financial Consumer Protection Act in relation to the sales process. The right to terminate contracts applies to long-term contracts but such right must be exercised within one year from the time that the customer becomes aware that the financial product was sold in violation of the regulatory requirements.

Punitive Penalty Surcharges

In case of a violation of the principles regarding the duty to explain, unfair sales practices, improper solicitation and advertisements, sellers are subject to a punitive penalty of up to half the “amount that is the purpose of the contract” (which would be the deposit amount in case of deposit products, loan amount in case of loan products, investment amount in case of investment products, and insurance premium in case of insurance products), depending on the severity of the violation of the Financial Consumer Protection Act.

Environment, Social Responsibility and Corporate Governance

As part of our mission to become a “financial service delivering changes,” we are committed to a management philosophy focused on issues relating to the environment, social responsibility and corporate governance (“ESG”). Our ESG strategy is to focus on internalizing ESG values across all of our business operations by developing a climate change risk management system, an inclusive society and a transparent corporate governance structure.

We have also developed the “KB Green Wave 2030” program to fulfill our responsibility as a leading financial group and to become a more trusted company to our stakeholders. Under this program, we plan to increase the total value of our ESG-related products, investments and loans to ￦50 trillion by 2030. In addition, we have established a group-wide carbon neutrality program called “KB Net Zero S.T.A.R.” to effectively respond to the problems posed by climate change. Pursuant to the program, we intend to reduce the level of our own carbon emissions by 42% by 2030 to achieve carbon neutrality by 2040 and to reduce the level of carbon emissions of our asset portfolio companies by 33% by 2030 to achieve carbon neutrality by 2050. Moreover, we have established the “KB Diversity 2027” program, which is our mid- to long-term plan aimed at achieving our diversity goals and cultivating a more inclusive culture. The program includes specific goals to promote diversity, such as increasing the hiring levels of people from diverse backgrounds, including people with disabilities, veterans, people from multicultural families and basic livelihood security recipients, to 15%, as well as increasing the ratio of female leaders to 20% and female core professionals to 30%, by 2027.

Since 2011, we have published a group-wide sustainability report on our website on an annual basis.

 

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Item 4.C.

Organizational Structure

The following chart provides an overview of our structure, including our significant subsidiaries and our ownership of such subsidiaries as of March 31, 2024:

 

LOGO

 

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Our largest subsidiary is Kookmin Bank, the assets of which represented approximately 74.1% of our total assets as of December 31, 2023. The following table provides summary information for our operating subsidiaries that are consolidated in our consolidated financial statements as of and for the year ended December 31, 2023, including their consolidated total assets, operating revenue, profit (loss) and total equity:

 

Subsidiaries

    Total Assets      Operating Revenue      Profit (Loss)     Total Equity  
     (in millions of Won)  

Kookmin Bank

    ￦ 530,012,853      ￦ 45,032,120      ￦ 3,261,499     ￦ 36,548,727  

KB Securities Co., Ltd.

      61,266,990        11,580,526        389,618       6,299,157  

KB Insurance Co., Ltd.

      37,729,688        11,864,879        752,901       6,255,556  

KB Kookmin Card Co., Ltd.

      29,365,575        4,205,146        351,133       4,819,823  

KB Life Insurance Co., Ltd.

      31,953,218        2,628,109        82,233       4,130,033  

KB Asset Management Co., Ltd.

      377,919        204,202        61,525       268,274  

KB Capital Co., Ltd.

      16,560,800        2,295,471        186,505       2,260,029  

KB Savings Bank Co., Ltd.

      859,408        148,763        (84,073 )      286,060  

KB Real Estate Trust Co., Ltd.

      2,661,999        234,197        (90,568 )      193,776  

KB Investment Co., Ltd.

      1,544,836        154,287        9,187       279,475  

KB Data Systems Co., Ltd.

      61,508        230,825        125       20,892  

Further information regarding our subsidiaries is provided below:

 

  •  

Kookmin Bank was established in Korea in 2001 as a result of the merger of the former Kookmin Bank (established in 1963) and H&CB (established in 1967). Kookmin Bank provides a wide range of banking and other financial services to individuals, small- and medium-sized enterprises and large corporations in Korea. As of December 31, 2023, Kookmin Bank was one of the largest commercial banks in Korea based upon total assets (including loans) and deposits. As of December 31, 2023, Kookmin Bank had approximately 33.3 million customers, with 797 branches nationwide.

 

  •  

KB Securities Co., Ltd., formerly known as Hyundai Securities Co., Ltd., was established in Korea in 1962 to provide various securities brokerage and investment banking services. In 2016, we acquired 100% of the outstanding shares of Hyundai Securities, merged another subsidiary, KB Investment & Securities Co., Ltd., with and into Hyundai Securities and changed the name of the surviving entity to KB Securities Co., Ltd.

 

  •  

KB Insurance Co., Ltd., formerly known as LIG Insurance Co., Ltd., was established in Korea in January 1959 to provide non-life insurance products. KB Insurance became our wholly-owned subsidiary in July 2017 after a series of stock purchases, a tender offer and a comprehensive stock swap.

 

  •  

KB Kookmin Card Co., Ltd. was established in March 2011 as a separate entity upon the completion of a horizontal spin-off of Kookmin Bank’s credit card business, to provide credit card services.

 

  •  

KB Life Insurance Co., Ltd. was established in January 2023 as a result of the merger between the Former KB Life Insurance (established in April 2004) and Prudential Life Insurance (acquired from Prudential Financial, Inc. in August 2020), to provide life insurance and wealth management products.

 

  •  

KB Asset Management Co., Ltd. was established in Korea in April 1988 as a subsidiary of Citizens Investment Trust Company to provide investment advisory services.

 

  •  

KB Capital Co., Ltd., which provides leasing services and installment finance services, was formerly known as Woori Financial Co., Ltd. and was acquired by us in March 2014. KB Capital became our wholly-owned subsidiary in July 2017 after a tender offer followed by a comprehensive stock swap.

 

  •  

KB Savings Bank Co., Ltd. was established in Korea in January 2012 to provide small-loan finance services. KB Savings Bank was established in connection with our purchase of assets and assumption of liabilities of Jeil Savings Bank in January 2012. We acquired Yehansoul Savings Bank, which

 

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provided small-loan finance services, in September 2013 and merged it with KB Savings Bank in January 2014, with KB Savings Bank as the surviving entity.

 

  •  

KB Real Estate Trust Co., Ltd. was established in Korea in December 1996 to provide real estate development and brokerage services by managing trusts related to the real estate industry.

 

  •  

KB Investment Co., Ltd. was established in Korea in March 1990 to invest in and finance small- and medium-sized enterprises.

 

  •  

KB Data Systems Co., Ltd. was established in Korea in September 1991 to provide software services to us and other financial institutions.

In June 2023, KB Kookmin Card acquired all of the shares of KB Credit Information from us, as a result of which it is now a wholly-owned subsidiary of KB Kookmin Card.

 

Item 4.D.

Property, Plants and Equipment

Our registered office and corporate headquarters are located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea. The following table presents information regarding certain of our properties in Korea:

 

Type of facility/building

   

Location

    Area
(square meters)		  

Registered office and corporate headquarters and Kookmin Bank headquarters #1

   

26, Gukjegeumyung-ro 8-gil

Yeongdeungpo-gu, Seoul 07331

      5,354  

Kookmin Bank headquarters #2

    141, Uisadang-daero, Yeongdeungpo-gu, Seoul 07332      4,727  

KB Kookmin Card headquarters building

    Jongno-gu, Seoul      3,923  

Kookmin Bank training institute

    Ilsan      207,560  

Kookmin Bank training institute

    Daecheon      4,158  

Kookmin Bank training institute

    Sokcho      15,559  

Kookmin Bank training institute

    Cheonan      196,649  

Kookmin Bank IT center

    Gangseo-gu, Seoul      13,116  

Kookmin Bank IT center

    Yeouido, Seoul      5,928  

Kookmin Bank IT center

    Yeouido, Seoul      2,006  

Kookmin Bank IT center

    Gimpo      13,144  

Kookmin Bank support center

    Seongbuk-gu, Seoul      9,939  

KB Securities training institute

    Kiheung-gu, Yongin      64,600  

As of December 31, 2023, we had a countrywide network of 797 banking branches and sub-branches, as well as 471 branches and sub-branches and 133 representative offices for our other operations including our credit card, securities brokerage, insurance and consumer finance businesses. Approximately one-fifth of these facilities are housed in buildings owned by us, while the remaining branches are leased properties. See “Item 4.B. Business Overview—Capital Markets Activities and International Banking/Finance—International Banking/Finance” for a list of our overseas subsidiaries, branches and representative and liaison offices in operation as of December 31, 2023. Kookmin Bank, Gurgaon Representative Office in India converted to Kookmin Bank, Gurugram Branch in February 2019 and Kookmin Bank, Hanoi Representative Office was liquidated in September 2020. In December 2020, we established KB Bank Myanmar Ltd., a subsidiary, in Myanmar, and in January 2022, we established Kookmin Bank, Singapore Branch in Singapore. Kookmin Bank, Yangon Representative Office was liquidated in February 2023. Lease terms are generally from two to three years and seldom exceed five years. We do not own any material properties outside of Korea.

The net carrying amount of all the properties owned by us at December 31, 2023 was ￦3,986 billion.

 

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Item 4A.

UNRESOLVED STAFF COMMENTS

We do not have any unresolved comments from the U.S. Securities and Exchange Commission staff regarding our periodic reports under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

 

Item 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

 

Item 5.A.

Operating Results

Overview

The following discussion is based on our consolidated financial statements, which have been prepared in accordance with IFRS as issued by the IASB. The consolidated financial statements include the accounts of subsidiaries over which substantive control is exercised through majority ownership off voting stock and/or other means. Investments in jointly controlled entities and associates (which are companies over which we have the ability to exercise significant influence) are accounted for by the equity method of accounting.

Trends in the Korean Economy

Our financial position and results of operations have been and will continue to be significantly affected by financial and economic conditions in Korea. In recent years, commercial banks, consumer finance companies and other financial institutions in Korea have made significant investments and engaged in aggressive marketing in retail lending (including mortgage and home equity loans), leading to substantially increased competition in this segment. From the second half of 2016 to 2021, the Korean government introduced various measures to tighten regulations on mortgage and other lending and housing subscription in response to the rapid growth in consumer debt and concerns over speculative investments in real estate in certain areas. The Korean government has since relaxed some of these measures by introducing a number of policy measures that seek to sustain housing prices and activity levels in the Korean real estate market, in light of an overall decrease in housing prices over the course of 2022. However, the Korean government has indicated in the second half of 2023 that it would begin tightening regulations again in response to the continued rise in the level of consumer debt. A continued decrease in housing prices, together with the high level of consumer debt and deteriorating domestic and global economic conditions, could result in declines in consumer spending and reduced economic growth, which may lead to increases in delinquency levels of our portfolio of retail loans. Our portfolio of retail loans increased from ￦183,092 billion as of December 31, 2022 to ￦184,016 billion as of December 31, 2023. In 2023, we recorded charge-offs of ￦449 billion and provision for credit losses of ￦507 billion in respect of our retail loan portfolio, compared to charge-offs of ￦336 billion and provision for credit losses of ￦551 billion in 2022 and charge-offs of ￦411 billion and provision for credit losses of ￦461 billion in 2021 (as stated in accordance with IFRS 4). See “Item 3.D. Risk Factors—Risks relating to our retail credit portfolio.”

Our loans to small- and medium-sized enterprises increased from ￦149,339 billion as of December 31, 2022 to ￦151,892 billion as of December 31, 2023. Substantial growth in lending in Korea to small- and medium-sized enterprises in recent years, and financial difficulties experienced by such enterprises as a result of, among other things, adverse changes in economic conditions in Korea and globally, may lead to increasing delinquencies and a deterioration in overall asset quality in the credit exposures of Korean banks to small- and medium-sized enterprises. In 2023, we recorded charge-offs of ￦54 billion in respect of our loans to small- and medium-sized enterprises, compared to charge-offs of ￦7 billion in 2022 and ￦8 billion in 2021. See “Item 3.D. Risk Factors—Risks relating to our small- and medium-sized enterprise loan portfolio—We have significant exposure to small- and medium-sized enterprises, and any financial difficulties experienced by these customers may result in a deterioration of our asset quality and have an adverse impact on us.”

The Korean economy is closely tied to, and is affected by developments in, the global economy. The overall prospects for the Korean and global economy in 2024 and beyond remain uncertain. In recent years, the global financial markets have experienced significant volatility as a result of, among other things:

 

  •  

the occurrence of severe health epidemics, including the COVID-19 pandemic;

 

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  •  

hostilities, political or social tensions involving Russia (including the invasion of Ukraine by Russia and ensuing actions that the United States and other countries have taken or may take in the future) and the resulting adverse effects on the global supply of oil and other natural resources and the global financial markets;

 

  •  

interest rate fluctuations as well as perceived or actual changes in policy rates, or other monetary and fiscal policies set forth, by the U.S. Federal Reserve and other central banks;

 

  •  

a rise in inflation rates and volatility in stock markets and exchange rates worldwide;

 

  •  

financial and social difficulties affecting many countries worldwide, in particular in Latin America and Europe;

 

  •  

a deterioration in economic and trade relations between the United States and its major trading partners, including China;

 

  •  

escalations in trade protectionism globally and geopolitical tensions in East Asia and the Middle East (including those resulting from the escalation of hostilities in the Middle East following the Israel-Hamas war);

 

  •  

the slowdown of economic growth in China and other major emerging market economies;

 

  •  

increased uncertainties in the global financial markets and industry, including difficulties faced by several banks in the United States and Europe; and

 

  •  

political and social instability in various countries in the Middle East, including Iran, Syria, Iraq and Yemen.

In light of the high level of interdependence of the global economy, unfavorable changes in the global financial markets, including as a result of any of the foregoing developments, could have a material adverse effect on the Korean economy and financial markets, and in turn on our business, financial condition and results of operations. For example, in recent years, the COVID-19 pandemic had led to significant global economic and financial disruptions, including an adverse impact on international trade and business activities, sharp declines and significant volatility in the financial markets as well as decreases in interest rates worldwide. See “Item 3.D. Risk Factors—Other risks relating to our business—The global COVID-19 pandemic and any possible recurrence of other types of widespread infectious diseases may adversely affect our business, financial condition or results of operations.” More recently, in early 2023, difficulties at several banks in the United States and Europe caused uncertainty for financial services companies, in particular the banking sector, and fear of instability in the global financial system generally, including in Korea. Future events involving limited liquidity, defaults, non-performance or other adverse developments that affect the financial services industry generally or financial institutions, transactional counterparties or other companies in the financial services industry, or concerns or rumors about any events of these kinds or other similar risks, may lead to market-wide liquidity problems or increase our risk in various dealings with our counterparties, among others. See “Item 3.D. Risk Factors—Other risks relating to our business—Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, could adversely affect our results of operations and financial condition.”

In addition, the interest rates on our interest-earning assets and interest-bearing liabilities, and therefore our net interest income, are affected by The Bank of Korea’s policy rates. Amid rising concerns of a potential global recession as a result of the COVID-19 pandemic, the Bank of Korea had reduced its policy rate to 0.75% in March 2020 and 0.50% in May 2020. However, as the economy began to show signs of recovery from the COVID-19 pandemic starting from the second half of 2021, the Bank of Korea gradually raised its policy rate to pre-pandemic levels of 1.25% from August 2021 through January 2022. More recently, in response to rising levels of household debt and inflation in Korea as well as globally, the Bank of Korea continued to raise its policy rate to 3.50% from April 2022 through January 2023.

We are also exposed to adverse changes and volatility in the global and Korean financial markets as a result of our liabilities and assets denominated in foreign currencies and our holdings of trading and investment securities, including structured products. The value of the Won relative to major foreign currencies in general and

 

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the U.S. dollar in particular has fluctuated widely in recent years and has been subject to significant volatility as a result of the COVID-19 pandemic, the invasion of Ukraine by Russia and the ensuing sanctions against Russia, the escalation of hostilities in the Middle East following the Israel-Hamas war and the widening difference in policy rates between the United States and Korea, among others. A depreciation of the Won will increase our cost in Won of servicing our foreign currency-denominated borrowings, while continued exchange rate volatility may also result in foreign exchange losses for us. Furthermore, as a result of the deterioration in global and Korean economic conditions, there have been fluctuations in securities prices, including the stock prices of Korean and foreign companies in which we hold an interest. Such developments have resulted in and may lead to further trading and valuation losses on our trading and investment securities portfolio as well as impairment losses on our investments accounted for under the equity method.

As a result of the volatile conditions on the Korean and global economies and financial markets, as well as factors such as fluctuations in oil and commodity prices, high inflation rates, difficulties faced by several banks in the United States and Europe, increased uncertainties resulting from geopolitical tensions, interest and exchange rate fluctuations, higher unemployment, lower consumer confidence, stock market volatility, changes in fiscal and monetary policies and continued tensions with North Korea, the economic outlook for the financial services sector in Korea in 2024 and for the foreseeable future remains highly uncertain.

Acquisitions

In recent years, we have engaged in a number of acquisitions, which have affected, and may continue to affect, our results of operations and their comparability from period to period.

In August 2020, we acquired all of the outstanding shares of Prudential Life Insurance, which we then subsequently merged with the Former KB Life Insurance in January 2023 to form KB Life Insurance.

Changes in Securities Values, Exchange Rates and Interest Rates

Fluctuations of exchange rates, interest rates and stock prices affect, among other things, the demand for our products and services, the value of and rate of return on our assets, the availability and cost of funding and the financial condition of our customers. The following table shows, for the dates indicated, the stock price index of all equities listed on the KRX KOSPI Market as published in the KOSPI, the Won to U.S. dollar exchange rates and benchmark Won borrowing interest rates.

 

    June 28,
2019		     Dec. 31,
2019		     June 30,
2020		     Dec. 31,
2020		     June 30,
2021		     Dec. 31,
2021		     June 30,
2022		     Dec. 31,
2022		     June 30,
2023		     Dec. 31,
2023		  

KOSPI

     2,130.62       2,197.67 (4)      2,108.33       2,873.47 (5)      3,296.68       2,977.65 (6)      2,332.64       2,236.40 (7)      2,564.28       2,655.28 (8) 

￦/US$ exchange rates(1)

   ￦ 1,156.8     ￦ 1,157.8     ￦ 1,200.7     ￦ 1,088.0     ￦ 1,130.4     ￦ 1,188.6     ￦ 1,299.0     ￦ 1,260.2     ￦ 1,317.8     ￦ 1,291.0  

Corporate bond rates(2)

     1.98 %      1.99 %      1.78 %      1.70 %      1.99 %      2.54 %      4.50 %      5.47 %      5.11 %      4.55 % 

Treasury bond rates(3)

     1.47 %      1.36 %      0.85 %      0.97 %      1.45 %      1.80 %      3.55 %      3.73 %      3.66 %      3.15 % 

 

(1) 

Represents the noon buying rate on the dates indicated.

(2) 

Measured by the yield on three-year Korean corporate bonds rated as A+ by the Korean credit rating agencies.

(3) 

Measured by the yield on three-year treasury bonds issued by the Ministry of Economy and Finance of Korea.

(4) 

As of December 30, 2019, the last day of trading for the KRX KOSPI Market in 2019.

(5) 

As of December 30, 2020, the last day of trading for the KRX KOSPI Market in 2020.

(6) 

As of December 30, 2021, the last day of trading for the KRX KOSPI Market in 2021.

(7) 

As of December 29, 2022, the last day of trading for the KRX KOSPI Market in 2022.

(8) 

As of December 28, 2023, the last day of trading for the KRX KOSPI Market in 2023.

Results of Operations

IFRS 17 Insurance Contracts, or IFRS 17, is effective for annual periods beginning on or after January 1, 2023 and replaces IFRS 4 Insurance Contracts, or IFRS 4. We have applied IFRS 17 in our consolidated

 

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financial statements as of and for the years ended December 31, 2022 and 2023 included elsewhere in this annual report. As permitted by the transition rules of IFRS 17, our consolidated financial statements as of and for the year ended December 31, 2021 included elsewhere in this annual report have not been restated to retroactively apply IFRS 17. Therefore, figures for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, may not be directly comparable to corresponding figures for the year ended December 31, 2021. See “Item 3.D. Risk Factors—Risks relating to our insurance operations—Changes in accounting standards for insurance contracts and their implementation could adversely impact our reported results of operations and financial condition and their comparability with those from prior periods.” For a detailed description of the main features of IFRS 17, see Note 2.1 of the notes to our consolidated financial statements included elsewhere in this annual report.

Net Interest Income

The following table shows, for the periods indicated, the principal components of our net interest income:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
     (in billions of Won, except percentages)     (%)  

Interest income

             

Due from financial institutions measured at amortized cost(1)

    ￦ 66     ￦ 158     ￦ 166     ￦ 352       139.4       112.0  

Financial instruments at fair value through profit or loss(2)

      590       876       930       1,415       48.5       52.2  

Loans(3)

      12,999       17,543       17,369       23,965       35.0       38.0  

Financial investments (debt securities)(4)

      1,557       2,211       2,306       3,389       42.0       47.0  

Insurance finance income

      —       —       17       24       N/A (5)      41.2  
  

 

 

    

 

 

    

 

 

    

 

 

      

Total interest income

      15,211       20,789       20,788       29,145       36.7       40.2  
  

 

 

    

 

 

    

 

 

    

 

 

      

Interest expense

             

Deposits

      2,218       4,536       4,637       10,053       104.5       116.8  

Borrowings(6)

      593       1,498       1,498       3,067       152.6       104.7  

Debentures

      1,170       1,641       1,641       2,307       40.3       40.6  

Insurance finance expense

      —       —       1,496       1,577         5.4  
  

 

 

    

 

 

    

 

 

    

 

 

      

Total interest expense

      3,981       7,676       9,272       17,003       92.8       83.4  
  

 

 

    

 

 

    

 

 

    

 

 

      

Net interest income

    ￦ 11,230     ￦ 13,113     ￦ 11,515     ￦ 12,142       16.8       5.4  
  

 

 

    

 

 

    

 

 

    

 

 

      

Net interest margin(7)

      2.07 %      2.23 %      1.95 %      1.99 %     

 

(1) 

Consists of cash and interest-earning deposits in other banks.

(2) 

Consists of deposits, loans and securities at fair value through profit or loss. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(3) 

Consists of loans measured at amortized cost and others. For information on interest income arising from such loans, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(4) 

Consists of securities measured at fair value through other comprehensive income and at amortized cost and loans at fair value through other comprehensive income. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(5) 

“N/A” means not applicable.

(6) 

Consists of borrowings and others. For information on interest expense arising from such borrowings, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(7) 

The ratio of net interest income to average interest-earning assets. See “Item 8.A. Consolidated Statements and Other Financial Information—Profitability ratios and other data.”

Comparison of 2023 to 2022

Interest income. Interest income increased 40.2% from ￦20,788 billion in 2022 to ￦29,145 billion in 2023, primarily as a result of a 38.0% increase in interest on loans, the effect of which was enhanced by a 47.0%

 

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increase in interest on financial investments and a 52.2% increase in interest on financial instruments at fair value through profit or loss. The average yields on our interest-earning assets increased by 124 basis points from 3.53% in 2022 to 4.77% in 2023, which reflected the higher overall level of interest rates prevailing in Korea in 2023 compared to 2022, as discussed above in “—Overview—Trends in the Korean Economy.” The effect of such increase was enhanced by a 3.7% increase in the average volume of our interest-earning assets from ￦589,105 billion in 2022 to ￦611,111 billion in 2023, principally due to growths in our financial investments and loan portfolios.

The 38.0% increase in interest on loans from ￦17,369 billion in 2022 to ￦23,965 billion in 2023 was primarily the result of:

 

  •  

a 108 basis point increase in the average yields on corporate loans from 3.60% in 2022 to 4.68% in 2023, which was enhanced by a 2.5% increase in the average volume of such loans from ￦203,783 billion in 2022 to ￦208,869 billion in 2023;

 

  •  

a 133 basis point increase in the average yields on mortgage loans from 3.01% in 2022 to 4.34% in 2023, which was slightly enhanced by a 0.7% increase in the average volume of such loans from ￦91,781 billion in 2022 to ￦92,427 billion in 2023;

 

  •  

a 39.5% increase in the average volume of foreign-currency loans from ￦24,412 billion in 2022 to ￦34,045 billion in 2023, which was enhanced by a 178 basis point increase in the average yields on such loans from 6.59% in 2022 to 8.37% in 2023; and

 

  •  

a 218 basis point increase in the average yields on other consumer loans from 4.63% in 2022 to 6.81% in 2023, which was offset in part by an 11.2% decrease in the average volume of such loans from ￦69,841 billion in 2022 to ￦62,050 billion in 2023.

The average yields on corporate, mortgage, foreign-currency and other consumer loans increased mainly due to the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022. The increases in the average volumes of corporate, mortgage and foreign-currency loans were attributable primarily to an increase in demand for such loans in light of the increasing uncertainty in the Korean and global financial markets in 2023 compared to 2022. The decrease in the average volume of other consumer loans was primarily due to an increase in interest rates applicable to these loans, which led to a decrease in demand for such loans. Overall, the average yields on our loans increased by 139 basis points from 3.95% in 2022 to 5.34% in 2023, while the average volume of our loans increased 2.1% from ￦439,201 billion in 2022 to ￦448,441 billion in 2023.

Our financial investments portfolio consists of securities and loans measured at fair value through other comprehensive income and securities measured at amortized cost, including debt securities issued by government-owned or -controlled enterprises or financial institutions and debt securities issued by Korean banks and other financial institutions. The 47.0% increase in interest on financial investments from ￦2,306 billion in 2022 to ￦3,389 billion in 2023 was the result of a 76 basis point increase in the average yields on financial investments from 2.20% in 2022 to 2.96% in 2023, which was enhanced by a 9.4% increase in the average volume of financial investments from ￦104,601 billion in 2022 to ￦114,407 billion in 2023. The increase in the average yields on financial investments primarily reflected the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022. The increase in average volume of financial investments was primarily due to an increase in our purchases of corporate bonds and bonds issued by financial institutions.

The 52.2% increase in interest on financial instruments at fair value through profit or loss from ￦930 billion in 2022 to ￦1,415 billion in 2023 was primarily due to a 129 basis point increase in the average yields on such financial instruments from 3.38% in 2022 to 4.67% in 2023, which was enhanced by a 10.2% increase in the average volume of such financial instruments from ￦27,519 billion in 2022 to ￦30,318 billion in 2023. The increase in average yields on such financial instruments mainly reflected the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022. The increase in the average volume of such financial instruments mainly reflected an increase in our purchases of government and public bonds as well as corporate bonds.

 

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Interest expense. Interest expense increased 83.4% from ￦9,272 billion in 2022 to ￦17,003 billion in 2023, primarily due to a 116.8% increase in interest expense on deposits and, to lesser extents, a 104.7% increase in interest expense on borrowings and a 40.6% increase in interest expense on debentures. The average cost of interest-bearing liabilities increased by 120 basis points from 1.66% in 2022 to 2.86% in 2023, which was driven mainly by the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022. The effect of this increase was enhanced by a 6.1% increase in the average volume of our interest-bearing liabilities from ￦559,732 billion in 2022 to ￦593,622 billion in 2023, which mainly reflected increases in the average volumes of insurance liabilities and, to lesser extents, deposits and borrowings.

The 116.8% increase in interest expense on deposits from ￦4,637 billion in 2022 to ￦10,053 billion in 2023 was primarily due to a 187 basis point increase in the average cost of time deposits from 2.11% in 2022 to 3.98% in 2023, which was enhanced by a 16.6% increase in the average volume of such deposits from ￦192,357 billion in 2022 to ￦224,323 billion in 2023. The increase in the average cost of such deposits was principally due to the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022, while the increase in the average volume of such deposits mainly reflected customers’ increasing demand for such products in light of the higher general level of interest rates in Korea and the increase in the volatility of the financial markets in 2023 compared to 2022. Overall, the average cost of our deposits increased by 133 basis points from 1.22% in 2022 to 2.55% in 2023, while the average volume of our deposits increased 3.3% from ￦381,121 billion in 2022 to ￦393,590 billion in 2023.

The 104.7% increase in interest expense on borrowings from ￦1,498 billion in 2022 to ￦3,067 billion in 2023 was principally attributable to a 171 basis point increase in the average cost of borrowings from 1.98% in 2022 to 3.69% in 2023, which was enhanced by a 9.8% increase in the average volume of borrowings from ￦75,774 billion in 2022 to ￦83,216 billion in 2023. The increase in the average cost of borrowings mainly reflected the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022, while the increase in the average volume of borrowings was primarily due to our increased use of borrowings to meet our funding needs.

The 40.6% increase in interest expense on debentures from ￦1,641 billion in 2022 to ￦2,307 billion in 2023 was primarily due to a 97 basis point increase in the average cost of debentures from 2.34% in 2022 to 3.31% in 2023, which was offset in part by a 0.9% decrease in the average volume of debentures from ￦70,267 billion in 2022 to ￦69,603 billion in 2023. The increase in the average cost of debentures mainly reflected the increase in the general level of interest rates in Korea and globally in 2023 compared to 2022, while the decrease in the average volume of debentures was principally due to our decreased use of debentures to meet our funding needs.

Net interest margin. Net interest margin represents the ratio of net interest income to average interest-earning assets. Our overall net interest margin increased from 1.95% in 2022 to 1.99% in 2023, as a 5.4% increase in our net interest income from ￦11,515 billion in 2022 to ￦12,142 billion in 2023 outpaced a 3.7% increase in the average volume of our interest-earnings assets from ￦589,105 billion in 2022 to ￦611,111 billion in 2023. The amount of increase in interest income outpaced the amount of increase in interest expense, resulting in an increase in net interest income. The growth in average interest-earning assets was more than offset by a 6.1% increase in average interest-bearing liabilities from ￦559,732 billion in 2022 to ￦593,622 billion in 2023. Our net interest spread, which represents the difference between the average yield on our interest-earning assets and the average cost of our interest-bearing liabilities, increased from 1.87% in 2022 to 1.91% in 2023. The increase in our net interest spread reflected a larger increase in the average yield on interest-earning assets compared to the increase in the average cost of interest-bearing liabilities between the two periods, primarily as interest rates on interest-earning assets adjusted earlier than those on interest-bearing liabilities in the context of a higher interest rate environment in 2023 compared to 2022.

Comparison of 2022 to 2021

Interest income. Interest income increased 36.7% from ￦15,211 billion in 2021 to ￦20,789 billion in 2022, primarily as a result of a 35.0% increase in interest on loans, the effect of which was enhanced by a 42.0%

 

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increase in interest on financial investments and a 48.5% increase in interest on financial instruments at fair value through profit or loss. The average yields on our interest-earning assets increased by 72 basis points from 2.81% in 2021 to 3.53% in 2022, which reflected the higher overall level of interest rates prevailing in Korea in 2022 compared to 2021, as discussed above in “—Overview—Trends in the Korean Economy.” The effect of such increase was enhanced by an 8.8% increase in the average volume of our interest-earning assets from ￦541,287 billion in 2021 to ￦588,860 billion in 2022, principally due to growth in our loan portfolio and, to a lesser extent, our financial investments portfolio.

The 35.0% increase in interest on loans from ￦12,999 billion in 2021 to ￦17,543 billion in 2022 was primarily the result of:

 

  •  

a 75 basis point increase in the average yields on corporate loans from 2.67% in 2021 to 3.42% in 2022, which was enhanced by a 16.8% increase in the average volume of such loans from ￦168,868 billion in 2021 to ￦197,172 billion in 2022;

 

  •  

a 43.1% increase in the average volume of foreign-currency loans from ￦22,580 billion in 2021 to ￦32,309 billion in 2022, which was enhanced by a 109 basis point increase in the average yields on such loans from 5.15% in 2021 to 6.24% in 2022;

 

  •  

a 101 basis point increase in the average yields on other consumer loans from 4.08% in 2021 to 5.09% in 2022, which was partially offset by a 2.5% decrease in the average volume of such loans from ￦71,587 billion in 2021 to ￦69,789 billion in 2022; and

 

  •  

a 49 basis point increase in the average yields on mortgage loans from 2.52% in 2021 to 3.01% in 2022, which was enhanced by a 3.4% increase in the average volume of such loans from ￦88,769 billion in 2021 to ￦91,781 billion in 2022.

The average yields on corporate, foreign-currency, other consumer and mortgage loans increased mainly due to the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021. The increases in the average volumes of corporate, foreign-currency and mortgage loans were attributable primarily to an increase in demand for such loans in light of the increasing uncertainty in the Korean and global financial markets in 2022 compared to 2021. The decrease in the average volume of other consumer loans was primarily due to an increase in interest rates applicable to these loans, which led to a decrease in demand for such loans. Overall, the average yields on our loans increased by 72 basis points from 3.26% in 2021 to 3.98% in 2022, while the average volume of our loans increased 10.4% from ￦399,060 billion in 2021 to ￦440,412 billion in 2022.

The 42.0% increase in interest on financial investments from ￦1,557 billion in 2021 to ￦2,211 billion in 2022 was the result of a 49 basis point increase in the average yields on financial investments from 1.60% in 2021 to 2.09% in 2022, which was enhanced by an 8.9% increase in the average volume of financial investments from ￦97,296 billion in 2021 to ￦105,980 billion in 2022. The increase in the average yields on financial investments mainly reflected the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021. The increase in average volume of financial investments was primarily due to an increase in our purchases of government and public bonds as well as corporate bonds.

The 48.5% increase in interest on financial instruments at fair value through profit or loss from ￦590 billion in 2021 to ￦876 billion in 2022 was primarily due to a 134 basis point increase in the average yields on such financial instruments from 1.86% in 2021 to 3.20% in 2022, which was partially offset by a 13.6% decrease in the average volume of such financial instruments from ￦31,670 billion in 2021 to ￦27,371 billion in 2022. The increase in average yields on such financial instruments mainly reflected the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021. The decrease in the average volume of such financial instruments mainly reflected a decrease in our purchases of government and public bonds as well as corporate bonds.

Interest expense. Interest expense increased 92.8% from ￦3,981 billion in 2021 to ￦7,676 billion in 2022 due to a 104.5% increase in interest expense on deposits and, to lesser extents, a 152.6% increase in interest

 

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expense on borrowings and a 40.3% increase in interest expense on debentures. The average cost of interest-bearing liabilities increased by 64 basis points from 0.84% in 2021 to 1.48% in 2022, which was driven mainly by the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021. The effect of this increase was enhanced by a 10.2% increase in the average volume of our interest-bearing liabilities from ￦472,015 billion in 2021 to ￦519,930 billion in 2022, which reflected increases in the average volumes of deposits and, to lesser extents, borrowings and debentures.

The 104.5% increase in interest expense on deposits from ￦2,218 billion in 2021 to ￦4,536 billion in 2022 was primarily due to a 91 basis point increase in the average cost of time deposits from 1.20% in 2021 to 2.11% in 2022, which was enhanced by an 18.4% increase in the average volume of such deposits from ￦158,795 billion in 2021 to ￦187,934 billion in 2022. The increase in the average cost of such deposits was principally due to the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021. The increase in the average volume of such deposits mainly reflected customers’ increasing demand for such products in light of the higher general level of interest rates in Korea and the increase in the volatility of the financial markets in 2022 compared to 2021. Overall, the average cost of our deposits increased by 56 basis points from 0.65% in 2021 to 1.21% in 2022, while the average volume of our deposits increased 9.5% from ￦343,349 billion in 2021 to ￦375,913 billion in 2022.

The 152.6% increase in interest expense on borrowings from ￦593 billion in 2021 to ￦1,498 billion in 2022 was principally attributable to a 109 basis point increase in the average cost of borrowings from 0.94% in 2021 to 2.03% in 2022, which was enhanced by a 17.5% increase in the average volume of borrowings from ￦62,907 billion in 2021 to ￦73,885 billion in 2022. The increase in the average cost of borrowings mainly reflected the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021, while the increase in the average volume of borrowings was primarily due to our increased use of borrowings to meet our funding needs.

The 40.3% increase in interest expense on debentures from ￦1,170 billion in 2021 to ￦1,641 billion in 2022 was primarily due to a 56 basis point increase in the average cost of debentures from 1.78% in 2021 to 2.34% in 2022, which was enhanced by a 6.7% increase in the average volume of debentures from ￦65,759 billion in 2021 to ￦70,132 billion in 2022. The increase in the average cost of debentures mainly reflected the increase in the general level of interest rates in Korea and globally in 2022 compared to 2021, while the increase in the average volume of debentures was principally due to our increased use of debentures to meet our funding needs.

Net interest margin. Our overall net interest margin increased from 2.07% in 2021 to 2.23% in 2022, as a 16.8% increase in our net interest income from ￦11,230 billion in 2021 to ￦13,113 billion in 2022 outpaced an 8.8% increase in the average volume of our interest-earnings assets from ￦541,287 billion in 2021 to ￦588,860 billion in 2022. The amount of increase in interest income outpaced the amount of increase in interest expense, resulting in an increase in net interest income. The growth in average interest-earning assets was more than offset by a 10.2% increase in average interest-bearing liabilities from ￦472,015 billion in 2021 to ￦519,930 billion in 2022. Our net interest spread increased from 1.97% in 2021 to 2.05% in 2022. The increase in our net interest spread reflected a larger increase in the average yield on interest-earning assets compared to the increase in the average cost of interest-bearing liabilities between the two periods, primarily as interest rates on interest-earning assets adjusted earlier than those on interest-bearing liabilities in the context of a higher interest rate environment in 2022 compared to 2021.

Provision for Credit Losses

Provision for credit losses includes provision for credit losses of loans, provision for credit losses of unused loan commitments, provision for credit losses of acceptances and guarantees, provision for credit losses of financial guarantee contracts, provision for credit losses of financial investments and provision for credit losses of other financial assets, in each case net of reversal of provisions. For a discussion of our credit losses provisioning policy, see “Item 4.B. Business Overview—Assets and Liabilities—Loan Portfolio—Provisioning Policy.”

 

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In accordance with the guidelines of the Financial Supervisory Service, if our allowances and provisions for credit losses are deemed insufficient for regulatory purposes, we compensate for the difference by recording a regulatory reserve for credit losses, which is segregated within retained earnings. See “Item 4.B. Business Overview—Assets and Liabilities—Loan Portfolio—Regulatory Reserve for Credit Losses” and Note 27.5 of the notes to our consolidated financial statements included elsewhere in this annual report.

Comparison of 2023 to 2022

Our provision for credit losses increased 70.2% from ￦1,848 billion in 2022 to ￦3,146 billion in 2023, primarily due to an increase in provision for credit losses of loans.

Our provision for credit losses of loans increased 62.1% from ￦1,766 billion in 2022 to ￦2,863 billion in 2023, mainly due to increases in provision for credit losses in respect of our corporate loans and our credit card receivables. Such increases mainly reflected our provisioning strategy pursuant to which we preemptively accounted for a potential increase in credit losses that could result from a deterioration in the overall asset quality of our loan portfolios and credit card receivables, mainly due to an increasing likelihood of default by borrowers, including real estate project financing companies in particular, and increasing delinquency levels of our credit card users, each in light of the rising interest rate levels and a general slowdown in the economy in Korea. Such increases were slightly offset by a decrease in provision for credit losses in respect of our retail loans, which resulted from an improvement in the overall asset quality of such loans. Our loan write-offs increased 16.0% from ￦1,516 billion in 2022 to ￦1,758 billion in 2023, due to increases in write-offs of credit card receivables and retail loans, which were offset in part by a decrease in write-offs of corporate loans.

Comparison of 2022 to 2021

Our provision for credit losses increased 54.9% from ￦1,185 billion in 2021 to ￦1,836 billion in 2022, primarily due to an increase in provision for credit losses of loans.

Our provision for credit losses of loans increased 62.1% from ￦1,089 billion in 2021 to ￦1,765 billion in 2022, mainly due to increases in provision for credit losses in respect of our corporate loans and our retail loans. Such increases mainly reflected our provisioning policy pursuant to which we preemptively accounted for a potential increase in credit losses that could result from a deterioration in the overall asset quality of our loan portfolios, due to an increasing likelihood of default by borrowers in light of the rising interest rate levels and a general slowdown in the economy in Korea, and to a lesser extent, increases in the volumes of such loans. Such increases were offset in part by a decrease in provision for credit losses in respect of our credit card receivables, which resulted from an improvement in the overall asset quality of such receivables. Our loan write-offs increased 38.8% from ￦1,092 billion in 2021 to ￦1,516 billion in 2022, due to increases in write-offs of corporate loans and, to lesser extents, credit card receivables and retail loans.

Allowances for Credit Losses of Loans

We establish allowances for credit losses of loans with respect to loans to absorb such losses. We assess individually significant loans on a case-by-case basis and other loans on a collective basis.

 

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Corporate Loans. The following table shows, for the periods indicated, certain information regarding our impaired corporate loans:

 

     As of December 31,  
     2021      2022      2023  
     (%)  

Impaired corporate loans as a percentage of total corporate loans

      1.1        0.9        1.2  

Allowances for credit losses for corporate loans as a percentage of total corporate loans

      0.9        0.9        1.3  

Allowances for credit losses for corporate loans as a percentage of impaired corporate loans

      87.3        98.5        106.9  

Net charge-offs of corporate loans as a percentage of total corporate loans

      0.1        0.2        0.2  

During 2023, impaired corporate loans as a percentage of total corporate loans increased due to an increase in our impaired corporate loans, mainly reflecting a deterioration of the overall credit quality of our corporate loans, which outpaced an increase in our total corporate loans. Allowances for credit losses for corporate loans as a percentage of both total corporate loans and impaired corporate loans increased during 2023, as an increase in our allowances for credit losses for corporate loans outpaced both the increase in our total corporate loans and the increase in our impaired corporate loans.

During 2022, impaired corporate loans as a percentage of total corporate loans decreased due to a decrease in our impaired corporate loans, which mainly reflected an improvement in the overall credit quality of our corporate loans, as well as an increase in our total corporate loans. Allowances for credit losses for corporate loans as a percentage of total corporate loans remained stable, as our allowances for credit losses for corporate loans and our total corporate loans increased. Allowances for credit losses for corporate loans as a percentage of impaired corporate loans increased due to an increase in allowances for credit losses for corporate loans and the decrease in impaired corporate loans.

Retail Loans. The following table shows, for the periods indicated, certain information regarding our impaired retail loans:

 

     As of December 31,  
     2021      2022      2023  
     (%)  

Impaired retail loans as a percentage of total retail loans

      0.4        0.5        0.6  

Allowances for credit losses for retail loans as a percentage of total retail loans

      0.5        0.7        0.7  

Allowances for credit losses for retail loans as a percentage of impaired retail loans

      125.9        142.8        118.2  

Net charge-offs of retail loans as a percentage of total retail loans

      0.1        0.2        0.3  

During 2023, impaired retail loans as a percentage of total retail loans increased due to an increase in our impaired retail loans, mainly reflecting a deterioration in the overall asset quality of our retail loan portfolio, which outpaced an increase in the amount of our total retail loans. Allowances for credit losses for retail loans as a percentage of total retail loans remained stable, as our allowances for credit losses for retail loans and our total retail loans increased. Allowances for credit losses for retail loans as a percentage of impaired retail loans decreased during 2023, reflecting a rate of increase in allowances for credit losses for retail loans that was outpaced by the rate of increase in the amount of impaired retail loans.

During 2022, impaired retail loans as a percentage of total retail loans increased due to an increase in our impaired retail loans, which mainly reflected a deterioration in the overall asset quality of our retail loan portfolio, as well as a decrease in the amount of our total retail loans. Allowances for credit losses for retail loans as a percentage of total retail loans increased, as our allowances for credit losses for retail loans increased while our total retail loans decreased. Allowances for credit losses for retail loans as a percentage of impaired retail

 

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loans also increased during 2022, reflecting a rate of increase in allowances for credit losses for retail loans that outpaced the rate of increase in the amount of impaired retail loans.

Credit Card Balances. The following table shows, for the periods indicated, certain information regarding our impaired credit card balances:

 

     As of December 31,  
     2021      2022      2023  
     (%)  

Impaired credit card balances as a percentage of total credit card balances

      2.5        2.6        3.6  

Allowances for credit losses for credit card balances as a percentage of total credit card balances

      3.8        3.7        4.2  

Allowances for credit losses for credit card balances as a percentage of impaired credit card balances

      150.2        140.8        117.6  

Net charge-offs as a percentage of total credit card balances

      1.5        1.5        2.5  

During 2023, impaired credit card balances as a percentage of total credit card balances increased due to an increase in our impaired credit card balances, as well as a decrease in our total credit card balances. Allowances for credit losses for credit card balances as a percentage of total credit card balances increased during 2023, as allowances for credit losses for credit card balances increased while our total credit card balances decreased. However, allowances for credit losses for credit card balances as a percentage of impaired credit card balances decreased, as the rate of increase in the amount of our allowances for credit losses for credit card balances was outpaced by the rate of increase of our impaired credit card balances.

During 2022, impaired credit card balances as a percentage of total credit card balances increased as the rate of increase in the amount of our impaired credit card balances outpaced the rate of increase in the amount of our total credit card balances. Allowances for credit losses for credit card balances as a percentage of both total credit card balances and impaired credit card balances decreased during 2022, as the rate of increase in the amount of our allowances for credit losses for credit card balances was outpaced by the rates of increases of both our total credit card balances and our impaired credit card balances.

Net Fee and Commission Income

The following table shows, for the periods indicated, the components of our net fee and commission income:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
     (in billions of Won)     (%)  

Fee and commission income

    ￦ 5,324     ￦ 5,122     ￦ 5,126     ￦ 5,368       (3.8 )      4.7  

Fee and commission expense

      (1,698 )      (1,800 )      (1,611 )      (1,695 )      6.0       5.2  
  

 

 

    

 

 

    

 

 

    

 

 

      

Net fee and commission income

    ￦ 3,626     ￦ 3,322     ￦ 3,515     ￦ 3,674       (8.4 )      4.5  
  

 

 

    

 

 

    

 

 

    

 

 

      

Comparison of 2023 to 2022

Our net fee and commission income increased 4.5% from ￦3,515 billion in 2022 to ￦3,674 billion in 2023, due to a 4.7% increase in fee and commission income from ￦5,126 billion in 2022 to ￦5,368 billion in 2023, which was offset in part by a 5.2% increase in fee and commission expense from ￦1,611 billion in 2022 to ￦1,695 billion in 2023.

The 4.7% increase in fee and commission income was primarily due to a 7.2% increase in credit card and debit card related fees received from ￦1,492 billion in 2022 to ￦1,599 billion in 2023 and a 9.2% increase in

 

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lease fees received from ￦1,005 billion in 2022 to ￦1,097 billion in 2023. The increase in credit card and debit card related fees received was mainly due to an increase in the use of credit cards and debit cards by our customers and the increase in lease fees received was mainly due to an increase in fees received on automobile leases and other lease-related income.

The 5.2% increase in fee and commission expense was principally attributable to a 5.8% increase in credit card and debit card related fees paid from ￦815 billion in 2022 to ￦862 billion in 2023, which was enhanced by a 32.9% increase in foreign currency related fees paid from ￦70 billion in 2022 to ￦93 billion in 2023 and a 4.6% increase in other miscellaneous fees paid from ￦460 billion in 2022 to ￦481 billion in 2023. The increase in credit card and debit card related fees paid was mainly due to an increase in the use of credit cards and debit cards by our customers. The increase in foreign currency related fees paid was primarily due to an increase in the number of our foreign currency transactions, while the increase in other miscellaneous fees paid was mainly due to an increase in other miscellaneous fees paid by Kookmin Card and KB Securities.

Comparison of 2022 to 2021

Our net fee and commission income decreased 8.4% from ￦3,626 billion in 2021 to ￦3,322 billion in 2022, due to a 3.8% decrease in fee and commission income from ￦5,324 billion in 2021 to ￦5,122 billion in 2022, which was enhanced by a 6.0% increase in fee and commission expense from ￦1,698 billion in 2021 to ￦1,800 billion in 2022.

The 3.8% decrease in fee and commission income was primarily due to a 28.7% decrease in commissions received on securities business from ￦881 billion in 2021 to ￦628 billion in 2022 and a 17.6% decrease in trust and other fiduciary fees received from ￦409 billion in 2021 to ￦337 billion in 2022, the effects of which were offset in part by an 11.9% increase in lease fees received from ￦898 billion in 2021 to ￦1,005 billion in 2022. The decrease in commissions received on securities business was mainly due to a decrease in the volume of commission-generating securities instruments sold by KB Securities and the decrease in trust and other fiduciary fees received was primarily due to a decrease in our sales of money trust products, while the increase in lease fees was primarily attributable to an increase in automobile lease fees received by KB Capital.

The 6.0% increase in fee and commission expense was principally attributable to a 12.1% increase in other fees paid from ￦506 billion in 2021 to ￦567 billion in 2022 and a 21.9% increase in outsourcing related fees paid from ￦210 billion in 2021 to ￦256 billion in 2022. The increase in other fees paid was primarily due to increases in miscellaneous other fees paid in Korean Won and securitization fees paid, while the increase in outsourcing related fees paid was primarily due to increases in miscellaneous other outsourcing related fees paid and consulting fees paid.

Net Insurance Income

The following table shows, for the periods indicated, the components of our net insurance income:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021      2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)      (IFRS 17)  
     (in billions of Won)     (%)         

Insurance income

    ￦ 16,108     ￦ 17,137     ￦ 10,072     ￦ 10,979       6.4        9.0  

Insurance expense

      (15,551 )      (16,440 )      (8,761 )      (9,556 )      5.7        9.1  
  

 

 

    

 

 

    

 

 

    

 

 

       

Net insurance income

    ￦ 557     ￦ 697     ￦ 1,311     ￦ 1,423       25.1        8.5  
  

 

 

    

 

 

    

 

 

    

 

 

       

Comparison of 2023 to 2022

Our net insurance income increased 8.5% from ￦1,311 billion in 2022 to ￦1,423 billion in 2023, due to a 9.0% increase in insurance income from ￦10,072 billion in 2022 to ￦10,979 billion in 2023, the effect of which

 

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was mostly offset by a 9.1% increase in insurance expense from ￦8,761 billion in 2022 to ￦9,556 billion in 2023.

The increase in insurance income was due to a 7.8% increase in insurance revenue from ￦9,550 billion in 2022 to ￦10,296 billion in 2023 and a 30.8% increase in reinsurance revenue from ￦522 billion in 2022 to ￦683 billion in 2023. The increase in insurance revenue was primarily due to an 11.6% increase in long-term non-life insurance income from ￦4,755 billion in 2022 to ￦5,306 billion in 2023, which was enhanced by a 5.8% increase in automobile insurance income from ￦2,567 billion in 2022 to ￦2,715 billion in 2023.

The increase in insurance expense was attributable to a 9.1% increase in insurance service expense from ￦7,990 billion in 2022 to ￦8,719 billion in 2023 and an 8.4% increase in reinsurance expense from ￦772 billion in 2022 to ￦837 billion in 2023. The increase in insurance service expense was primarily due to a 16.7% increase in long-term non-life insurance expense from ￦3,820 billion in 2022 to ￦4,459 billion in 2023, which was enhanced by a 3.9% increase in automobile insurance expense from ￦2,543 billion in 2022 to ￦2,642 billion in 2023.

Comparison of 2022 to 2021

Our net insurance income increased 25.1% from ￦557 billion in 2021 to ￦697 billion in 2022, due to a 6.4% increase in insurance income from ￦16,108 billion in 2021 to ￦17,137 billion in 2022, which was in large part offset by a 5.7% increase in insurance expense from ￦15,551 billion in 2021 to ￦16,440 billion in 2022.

The increase in insurance income was mainly due to a 7.4% increase in premium income from ￦14,684 billion in 2021 to ￦15,766 billion in 2022, which was offset in part by a decrease in income from changes in reinsurance assets from ￦135 billion in 2021 to nil in 2022. The increase in premium income was principally due to an increase in the number of new insurance products sold by the Former KB Life Insurance, Prudential Life Insurance and KB Insurance. The decrease in income from changes in reinsurance assets was mainly due to a decrease in the volume of reinsurance assets of KB Insurance.

The increase in insurance expense was principally attributable to a 37.8% increase in refunds of surrender value paid from ￦4,032 billion in 2021 to ￦5,556 billion in 2022, which was enhanced by a 9.5% increase in insurance claims paid from ￦5,778 billion in 2021 to ￦6,325 billion in 2022 and a 24.4% increase in amortization of deferred acquisition costs from ￦819 billion in 2021 to ￦1,019 billion in 2022. Such increases were offset in part by a 62.1% decrease in provisions for policy reserves from ￦2,762 billion in 2021 to ￦1,046 billion in 2022. The increases in refunds of surrender value and insurance claims paid mainly reflected an increase in the accumulated number of insurance products sold by the Former KB Life Insurance, Prudential Life Insurance and KB Insurance, and the increase in amortization of deferred acquisition costs mainly reflected an increase in depreciable acquisition costs due to the sale of new insurance products. The decrease in provisions for policy reserves was mainly due to a decrease in our sales of savings-type insurance policies.

 

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For further information regarding our net insurance income, see Note 38 of the notes to our consolidated financial statements included elsewhere in this annual report.

Net Gains on Financial Instruments at Fair Value through Profit or Loss

The following table shows, for the periods indicated, the components of our net gains on financial instruments at fair value through profit or loss:

 

    Year Ended December 31,     Percentage Change  
    2021     2022     2023     2022/2021     2023/2022  
    (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
    (in billions of Won)     (%)  

Net gains (losses) on financial assets at fair value through profit or loss

   ￦ 831     ￦ (740 )    ￦ (2,110 )    ￦ 3,243       N/M (1)      N/M (1) 

Net gains (losses) on derivatives held for trading

     204       178       161       (431 )      (12.7 )      N/M (1) 

Net gains (losses) on financial liabilities at fair value through profit or loss

     (8 )      51       51       (318 )      N/M (1)      N/M (1) 

Net gains (losses) on financial instruments designated at fair value through profit or loss

     (31 )      758       758       (331 )      N/M (1)      N/M (1) 
 

 

 

    

 

 

    

 

 

    

 

 

      

Net gains (losses) on financial instruments at fair value through profit or loss

   ￦ 995     ￦ 247     ￦ (1,140 )    ￦ 2,163       (75.2 )      N/M (1) 
 

 

 

    

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our net gains (losses) on financial instruments at fair value through profit or loss changed from net losses of ￦1,140 billion in 2022 to net gains of ￦2,163 billion in 2023. Such change was due to a change in net gains (losses) on financial assets at fair value through profit or loss from net losses in 2022 to net gains in 2023, the effect of which was offset in part by a change in net gains (losses) on financial instruments designated at fair value through profit or loss from net gains in 2022 to net losses in 2023.

 

  •  

Our net gains (losses) on financial assets at fair value through profit or loss changed from net losses of ￦2,110 billion in 2022 to net gains of ￦3,243 billion in 2023, due to a change in net gains (losses) on debt securities held for trading from net losses of ￦1,751 billion in 2022 to net gains of ￦2,797 billion in 2023, which was enhanced by a change in net gains (losses) on equity securities held for trading from net losses of ￦359 billion in 2022 to net gains of ￦446 billion in 2023.

 

  •  

Our net gains (losses) on financial instruments designated at fair value through profit or loss changed from net gains of ￦758 billion in 2022 to net losses of ￦331 billion in 2023. Such change was attributable to a 146.4% increase in losses on financial liabilities designated at fair value through profit or loss from ￦429 billion in 2022 to ￦1,057 billion in 2023, which was enhanced by a 38.8% decrease in gains on financial liabilities designated at fair value through profit or loss from ￦1,187 billion in 2022 to ￦726 billion in 2023.

Comparison of 2022 to 2021

Our net gains on financial instruments at fair value through profit or loss decreased 75.2% from ￦995 billion in 2021 to ￦247 billion in 2022. Such decrease was primarily attributable to a change in our net gains (losses) on financial assets at fair value through profit or loss from net gains in 2021 to net losses in 2022, the effect of which was offset in part by a change in our net gains (losses) on financial instruments designated at fair value through profit or loss from net losses in 2021 to net gains in 2022.

 

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  •  

Our net gains (losses) on financial assets at fair value through profit or loss changed from net gains of ￦831 billion in 2021 to net losses of ￦740 billion in 2022, due to a change in net gains (losses) on debt securities held for trading from net gains of ￦523 billion in 2021 to net losses of ￦688 billion in 2022, which was enhanced by a change in net gains (losses) on equity securities held for trading from net gains of ￦307 billion in 2021 to net losses of ￦51 billion in 2022.

 

  •  

Our net gains (losses) on financial instruments designated at fair value through profit or loss changed from net losses of ￦31 billion in 2021 to net gains of ￦758 billion in 2022. Such change was primarily attributable to a 90.2% increase in gains on financial liabilities designated at fair value through profit or loss from ￦624 billion in 2021 to ￦1,187 billion in 2022, which was enhanced by a 34.5% decrease in losses on financial liabilities designated at fair value through profit or loss from ￦655 billion in 2021 to ￦429 billion in 2022.

For further information regarding our net gains on financial instruments at fair value through profit or loss, see Note 30 of the notes to our consolidated financial statements included elsewhere in this annual report.

Net other insurance finance income (expenses)

Other insurance finance income (expense) arising on insurance contracts reflects the change in the effect of the time value of money arising from the passage of time and the effect of changes in financial assumptions. For a detailed description of items that comprise other insurance finance income (expense), see Note 38.8 of the notes to our consolidated financial statements included elsewhere in this annual report.

Comparison of 2023 to 2022

Our net other insurance finance income (expenses) changed from net income of ￦841 billion in 2022 to net expenses of ￦459 billion in 2023, primarily due to a change in other insurance finance income (expense) of our variable life insurance from net income in 2022 to net expenses in 2023.

General and Administrative Expenses

The following table shows, for the periods indicated, the components of our general and administrative expenses:

 

     Year Ended December 31,      Percentage Change  
     2021      2022      2023      2022/2021      2023/2022  
     (IFRS 4)      (IFRS 4)      (IFRS 17)      (IFRS 17)      (IFRS 4)      (IFRS 17)  
     (in billions of Won)             (%)  

Expenses related to employees

    ￦ 4,635      ￦ 4,733      ￦ 4,157      ￦ 4,014        2.1        (3.4 ) 

Depreciation and amortization

      851        879        817        866        3.3        6.0  

Other general and administrative expenses

      1,715        1,926        1,670        1,767        12.3        5.8  
  

 

 

     

 

 

     

 

 

     

 

 

        

General and administrative expenses

    ￦ 7,201      ￦ 7,538      ￦ 6,644      ￦ 6,647        4.7        0.0  
  

 

 

     

 

 

     

 

 

     

 

 

        

Comparison of 2023 to 2022

Our general and administrative expenses increased slightly from ￦6,644 billion in 2022 to ￦6,647 billion in 2023, as a 5.8% increase in other general and administrative expenses from ￦1,670 billion in 2022 to ￦1,767 billion in 2023 and a 6.0% increase in depreciation and amortization expenses from ￦817 billion in 2022 to ￦866 billion in 2023 were mostly offset by a 3.4% decrease in expenses related to employees from ￦4,157 billion in 2022 to ￦4,014 billion in 2023.

The increase in other general and administrative expenses was mainly attributable to a 19.2% increase in taxes and dues paid from ￦255 billion in 2022 to ￦304 billion in 2023 and a 14.5% increase in electronic data processing expenses from ￦310 billion in 2022 to ￦355 billion in 2023.

 

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The increase in depreciation and amortization expenses was mainly due to an increase in our software amortization expenses.

The decrease in expenses related to employees was attributable mainly to a 29.7% decrease in post-employment defined benefit plans from ￦222 billion in 2022 to ￦156 billion in 2023, which was enhanced by a 4.2% decrease in other employee benefits from ￦898 billion in 2022 to ￦860 billion in 2023 and an 11.8% decrease in termination benefits from ￦313 billion in 2022 to ￦276 billion in 2023. The decrease in post-employment defined benefit plans was mainly due to changes in our actuarial assumptions for calculating service costs, including an increase in the discount rate we used. The decrease in other employee benefits mainly reflected a decrease in the employee benefit expenses of Kookmin Bank, while the decrease in termination benefits mainly reflected decreases in the number of employees participating in our early retirement programs and the amount of termination benefits granted per employee.

Comparison of 2022 to 2021

Our general and administrative expenses increased 4.7% from ￦7,201 billion in 2021 to ￦7,538 billion in 2022, primarily as a result of a 12.3% increase in other general and administrative expenses from ￦1,715 billion in 2021 to ￦1,926 billion in 2022, which was enhanced by a 2.1% increase in expenses related to employees from ￦4,635 billion in 2021 to ￦4,733 billion in 2022.

The increase in other general and administrative expenses was attributable mainly to a 26.0% increase in electronic data processing expenses from ￦315 billion in 2021 to ￦397 billion in 2022, a 16.0% increase in taxes and dues paid from ￦268 billion in 2021 to ￦311 billion in 2022 and a 10.6% increase in miscellaneous expenses from ￦321 billion in 2021 to ￦355 billion in 2022.

The increase in expenses related to employees was attributable mainly to a 2.1% increase in salaries from ￦3,007 billion in 2021 to ￦3,071 billion in 2022 and a 6.6% increase in other employee benefits from ￦928 billion in 2021 to ￦989 billion in 2022, which was offset in part by a 43.1% decrease in share-based payments from ￦102 billion in 2021 to ￦58 billion in 2022. The increase in salaries paid was primarily attributable to a general increase in the salaries paid to employees, while the increase in other employee benefits mainly reflected increases in short-term employee benefits. The decrease in share-based payments was primarily due to a decrease in our share price.

Net Other Operating Expenses

The following table shows, for the periods indicated, the components of our net other operating expenses:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021      2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)      (IFRS 17)  
     (in billions of Won)     (%)  

Other operating income

    ￦ 4,929     ￦ 13,017     ￦ 13,083     ￦ 7,651       164.1        (41.5 ) 

Other operating expenses

      (6,853 )      (15,382 )      (15,345 )      (10,364 )      124.5        (32.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

       

Net other operating expenses

    ￦ (1,924 )    ￦ (2,366 )    ￦ (2,262 )    ￦ (2,713 )      23.0        19.9  
  

 

 

    

 

 

    

 

 

    

 

 

       

Comparison of 2023 to 2022

Our net other operating expenses increased 19.9% from ￦2,262 billion in 2022 to ￦2,713 billion in 2023, due to a 41.5% decrease in other operating income from ￦13,083 billion in 2022 to ￦7,651 billion in 2023, although the effect of such decrease was mostly offset by a 32.5% decrease in other operating expenses from ￦15,345 billion in 2022 to ￦10,364 billion in 2023.

 

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Other operating income includes principally gains on foreign exchange transactions, gains on hedge accounting, gains on financial assets at amortized cost, gains on financial instruments at fair value through other comprehensive income and miscellaneous other operating income. The 41.5% decrease in other operating income was primarily attributable to a 44.0% decrease in gains on foreign exchange transactions from ￦11,579 billion in 2022 to ￦6,481 billion in 2023, which was enhanced by a 58.1% decrease in gains on hedge accounting from ￦861 billion in 2022 to ￦361 billion in 2023. The decrease in gains on foreign exchange transactions, which was mainly the result of lower exchange rate volatility in 2023 compared to 2022, was mostly offset by a decrease in losses on foreign exchange transactions, which is recorded as part of other operating expenses. The decrease in gains on hedge accounting, which was mainly the result of lower interest rate volatility in 2023 compared to 2022, was mostly offset by a decrease in losses on hedge accounting, which is recorded as part of other operating expenses.

Other operating expenses include principally losses on foreign exchange transactions, losses on hedge accounting, losses related to financial assets at amortized cost, losses related to financial instruments at fair value through other comprehensive income, depreciation expenses of operating lease assets, deposit insurance fees, credit guarantee fund fees and miscellaneous other operating expenses. The 32.5% decrease in other operating expenses was mainly the result of a 45.1% decrease in losses on foreign exchange transactions from ￦11,159 billion in 2022 to ￦6,130 billion in 2023, which was enhanced by a 56.7% decrease in losses on hedge accounting from ￦875 billion in 2022 to ￦379 billion in 2023 and offset in part by a 34.1% increase in miscellaneous other operating expenses from ￦1,394 billion in 2022 to ￦1,870 billion in 2023. The decrease in losses on foreign exchange transactions, which was primarily due to lower exchange rate volatility in 2023 compared to 2022, was more than offset by an increase in gains on foreign exchange transactions, which is recorded as part of other operating income, as discussed above. The decrease in losses on hedge accounting, which was mainly the result of lower interest rate volatility in 2023 compared to 2022, was more than offset by a decrease in gains on hedge accounting, which is recorded as part of other operating expenses, as discussed above. The increase in miscellaneous other operating expenses was mainly due to an increase in losses recognized in connection with the sale of rental assets by KB Capital.

Comparison of 2022 to 2021

Our net other operating expenses increased 23.0% from ￦1,924 billion in 2021 to ￦2,366 billion in 2022, as a 124.5% increase in other operating expenses from ￦6,853 billion in 2021 to ￦15,382 billion in 2022 outpaced a 164.1% increase in other operating income from ￦4,929 billion in 2021 to ￦13,017 billion in 2022.

The increase in other operating expenses was mainly the result of a 212.9% increase in losses on foreign exchange transactions from ￦3,571 billion in 2021 to ￦11,173 billion in 2022, which was enhanced by a 41.7% increase in miscellaneous other operating expenses from ￦1,626 billion in 2021 to ￦2,304 billion in 2022. The increase in losses on foreign exchange transactions, which was primarily due to higher exchange rate volatility, was more than offset by an increase in gains on foreign exchange transactions, which is recorded as part of other operating income. On a net basis, our net gains on foreign exchange transactions increased 11.4% from ￦307 billion in 2021 to ￦342 billion in 2022. The increase in miscellaneous other operating expenses was mainly due to an increase in losses on risk hedging related to debt instruments and interest rate swaps.

The increase in other operating income was primarily attributable to a 196.9% increase in gains on foreign exchange transactions from ￦3,878 billion in 2021 to ￦11,515 billion in 2022, which was enhanced by an 80.0% increase in miscellaneous other operating income from ￦754 billion in 2021 to ￦1,357 billion in 2022. The increase in gains on foreign exchange transactions, which was mainly the result of increased exchange rate volatility, was mostly offset by an increase in losses on foreign exchange transactions, which is recorded as part of other operating expenses, as discussed above. The increase in miscellaneous other operating income was mainly due to an increase in gains on risk hedging related to debt instruments and interest rate swaps.

For further information regarding our net other operating expenses, see Note 31 of the notes to our consolidated financial statements included elsewhere in this annual report.

 

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Net Non-operating Income (Expenses)

The following table shows, for the periods indicated, the components of our net non-operating income:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
     (in billions of Won)     (%)  

Share of profit (loss) of associates and joint ventures

    ￦ 94     ￦ (29 )    ￦ (29 )    ￦ 33       N/M (1)      N/M (1) 

Net other non-operating income (expenses)

      (110 )      186       189       (298 )      N/M (1)      N/M (1) 
  

 

 

    

 

 

    

 

 

    

 

 

      

Net non-operating income (expenses)

    ￦ (16 )    ￦ 157     ￦ 161     ￦ (265 )      N/M (1)      N/M (1) 
  

 

 

    

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our net non-operating income (expenses) changed from net income of ￦161 billion in 2022 to net expense of ￦265 billion in 2023, primarily as a result of a change in net other non-operating income (expenses) from net income of ￦189 billion in 2022 to net expense of ￦298 billion in 2023, which was partially offset by a change in share of profit (loss) of associates and joint ventures from a net loss of ￦29 billion in 2022 to a net profit of ￦33 billion in 2023.

The change in net other non-operating income (expenses) from net income to net expense was attributable to a 66.2% decrease in other non-operating income from ￦465 billion in 2022 to ￦157 billion in 2023, which was enhanced by a 64.9% increase in other non-operating expenses from ￦276 billion in 2022 to ￦455 billion in 2023. The decrease in other non-operating income was primarily attributable to a 98.7% decrease in gains on disposal of property and equipment from ￦155 billion in 2022 to ￦2 billion in 2023, which mainly reflected gains on disposals of certain investment properties in 2022 that were not repeated in 2023, and a 53.5% decrease in miscellaneous other non-operating income from ￦284 billion in 2022 to ￦132 billion in 2023, which mainly reflected gains on disposals of certain assets held for sale in 2022 that were not repeated in 2023. The increase in other non-operating expenses was mainly due to an 85.5% increase in miscellaneous other non-operating expenses from ￦172 billion in 2022 to ￦319 billion in 2023, which was mainly due to an increase in impairment losses recognized on investment properties of KB Securities.

The change in share of profit (loss) of associates and joint ventures from a net loss to a net profit was primarily due to gain on valuation using the equity-method of certain of our investees that are considered to be our consolidated affiliates, as well as those of KB Investment and KB Securities.

Comparison of 2022 to 2021

Our net non-operating income (expenses) changed from net expenses of ￦16 billion in 2021 to a net income of ￦157 billion in 2022, primarily as a result of a change in net other non-operating income (expenses) from net expenses of ￦110 billion in 2021 to a net income of ￦186 billion in 2022, which was partially offset by a change in share of profit (loss) of associates and joint ventures from a net profit of ￦94 billion in 2021 to a net loss of ￦29 billion in 2022.

The change in net other non-operating income (expenses) from net expenses to a net income was attributable to a 272.0% increase in other non-operating income from ￦125 billion in 2021 to ￦465 billion in 2022, which was partially offset by a 19.1% increase in other non-operating expenses from ￦235 billion in 2021 to ￦280 billion in 2022. The increase in other non-operating income was mainly due to a 250.6% increase in miscellaneous other non-operating income from ￦81 billion in 2021 to ￦284 billion in 2022, which primarily reflected an increase in gains on disposal of assets held for sale, as well as a significant increase in gains on

 

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disposal of property and equipment from ￦9 billion in 2021 to ￦155 billion in 2022, which was primarily due to an increase in gains on disposal of investment properties. The increase in other non-operating expenses was mainly due to a 50.4% increase in miscellaneous other non-operating expenses from ￦117 billion in 2021 to ￦176 billion in 2022.

The change in share of profit (loss) of associates and joint ventures from a net profit to a net loss was primarily due to a decrease in profit of equity-method investees of Kookmin Bank.

Income Tax Expense

Our income tax expense is calculated by adding or subtracting changes in deferred income tax liabilities and assets to income tax amounts payable for the period. Deferred income tax assets are recognized for deductible temporary differences, unused tax losses and unused tax credits, while deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are those between the carrying values of assets and liabilities for financial reporting purposes and their respective tax bases. Deferred income tax assets, including unused tax losses and credits, are recognized only to the extent it is probable that sufficient taxable profit will be available against which such deferred income tax assets can be utilized.

Comparison of 2023 to 2022

Income tax expense increased 5.9% from ￦1,518 billion in 2022 to ￦1,607 billion in 2023, primarily due to a 13.2% increase in profit before income tax from ￦5,450 billion in 2022 to ￦6,170 billion in 2023, which was enhanced by a 68.8% decrease in income tax refunds for taxes of prior years from ￦138 billion in 2022 to ￦43 billion in 2023. Such effects were offset in part by a change in temporary differences for which no deferred tax is recognized from a net increase of ￦136 billion in 2022 to a net decrease of ￦4 billion in 2023. Our effective tax rate was 26.0% in 2023 compared to 27.9% in 2022.

Comparison of 2022 to 2021

Income tax expense decreased 4.4% from ￦1,697 billion in 2021 to ￦1,622 billion in 2022, primarily due to a 4.7% decrease in profit before income tax from ￦6,082 billion in 2021 to ￦5,796 billion in 2022, which was enhanced by an increase in income tax refunds for taxes of prior years from ￦14 billion in 2021 to ￦138 billion in 2022. Such effects were offset in part by an increase in temporary differences for which no deferred tax is recognized from ￦5 billion in 2021 to ￦136 billion in 2022. Our effective tax rate was 28.0% in 2022 compared to 27.9% in 2021.

See Note 34 of the notes to our consolidated financial statements included elsewhere in this annual report.

Profit for the Year

Comparison of 2023 to 2022

As a result of the factors described above, our profit for the year increased 16.1% from ￦3,931 billion in 2022 to ￦4,563 billion in 2023.

Comparison of 2022 to 2021

As a result of the factors described above, our profit for the year decreased 4.8% from ￦4,384 billion in 2021 to ￦4,173 billion in 2022.

Results by Principal Business Segment

We compile and analyze financial information for our business segments based upon segment information used by our management for the purposes of resource allocation and performance evaluation. We are organized

 

127

into seven major business segments: retail banking operations, corporate banking operations, other banking operations, credit card operations, securities operations, life insurance operations and non-life insurance operations.

The following table shows, for the periods indicated, our results of operations by segment:

 

    Profit (Loss)(1)
for the Year Ended December 31,		     Total Net Operating Revenues (Expenses)(2)
for the Year Ended December 31,		  
    2021     2022     2023     2021     2022     2023  
    (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)  
    (in billions of Won)  

Retail banking operations

   ￦ 577     ￦ 1,576     ￦ 1,576     ￦ 1,766     ￦ 2,958     ￦ 4,473     ￦ 4,473     ￦ 4,444  

Corporate banking operations

     1,021       1,502       1,502       1,587       3,590       4,982       4,994       5,641  

Other banking operations

     940       (350 )      (350 )      (202 )      1,585       (188 )      (188 )      31  

Credit card operations

     421       383       383       351       1,774       1,781       1,785       2,026  

Securities operations

     594       189       189       383       1,676       1,127       1,125       1,667  

Life insurance operations

     290       186       (83 )      82       631       502       (60 )      188  

Non-life insurance operations

     302       558       558       753       1,286       1,424       737       1,174  

Other

     332       347       347       305       984       913       914       1,059  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total(3)

   ￦ 4,477     ￦ 4,392     ￦ 4,122     ￦ 5,025     ￦ 14,484     ￦ 15,013     ￦ 13,781     ￦ 16,229  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

After deduction of income tax allocated to each segment. See Note 5 of the notes to our consolidated financial statements.

(2) 

Represents net operating revenue (expenses) from external customers. See Note 5 of the notes to our consolidated financial statements.

(3) 

Prior to adjustments for consolidation, inter-segment transactions and certain differences in classification under our management reporting system.

Our other banking operations, which include treasury activities, provide funding to our retail banking operations and corporate banking operations and receive funds procured through the financing activities of such segments, such as deposit-taking activities. When our retail banking operations or corporate banking operations engage in an investing activity, such as lending, the relevant amount is recognized as an inter-segment borrowing from the other banking operations. When our retail banking operations or corporate banking operations engage in a financing activity, such as deposit-taking, the relevant amount is recognized as an inter-segment lending to the other banking operations (or as a reduction in inter-segment borrowings from the other banking operations). Generally, for our retail banking operations, the amounts procured from financing activities are greater than the amounts used in investing activities, whereas for our corporate banking operations, the amounts used in investing activities are greater than the amounts procured from financing activities. The cost of borrowing from the other banking operations is calculated by multiplying the average balance of the amounts used in investing activities by the applicable internal funding rate on such inter-segment borrowings, whereas the income from lending to the other banking operations is calculated by multiplying the average balance of the amounts procured from financing activities by the applicable internal funding rate on such inter-segment lendings. The applicable internal funding rates on inter-segment borrowings tend to be generally higher than the applicable internal funding rates on inter-segment lendings, primarily due to the difference in the maturity structure of interest rates on the amounts used in investing activities and the amounts procured from financing activities. The cost of borrowing from the other banking operations is offset by the income from lending to the other banking operations, and the difference is recorded as expenses related to inter-segment borrowings, within net other operating expenses, for our retail banking operations and corporate banking operations, while a corresponding amount is recorded as income from inter-segment lending, within net other operating income, for our other banking operations.

 

128

Retail Banking Operations

This segment consists of retail banking services provided by Kookmin Bank. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 4,438     ￦ 5,764     ￦ 7,723       29.9       34.0  

Interest expense

      (896 )      (1,827 )      (4,326 )      103.9       136.8  

Net fee and commission income

      392       261       252       (33.4 )      (3.4 ) 

Net other operating income (expenses)

      (975 )      275       795       N/M (1)      189.1  

General and administrative expenses

      (2,037 )      (2,093 )      (1,952 )      2.7       (6.7 ) 

Provision for credit losses

      (126 )      (282 )      (92 )      123.8       (67.4 ) 
  

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      795       2,098       2,399       163.9       14.3  

Income tax expense

      (219 )      (522 )      (633 )      138.4       21.3  
  

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 577     ￦ 1,576     ￦ 1,766       173.1       12.1  
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment increased 14.3% from ￦2,098 billion in 2022 to ￦2,399 billion in 2023.

Interest income from our retail banking operations increased 34.0% from ￦5,764 billion in 2022 to ￦7,723 billion in 2023, which was mainly due to increases in the average yields on mortgage loans, other consumer loans and home equity loans. The effects of such increases were enhanced by an increase in the average volume of home equity loans but offset in part by a decrease in the average volume of other consumer loans.

Interest expense for this segment increased 136.8% from ￦1,827 billion in 2022 to ￦4,326 billion in 2023. Our largest and most important funding source is deposits from retail customers, which represent more than half of our total deposits. The increase in interest expense for this segment was mainly due to increases in the average costs on demand deposits, time deposits and certificates of deposit, the effects of which were enhanced by increases in the average volumes of time deposits and certificates of deposit and offset in part by a decrease in the average volume of demand deposits.

Net fee and commission income attributable to this segment decreased 3.4% from ￦261 billion in 2022 to ￦252 billion in 2023, mainly due to decreases in bancassurance fees and securities brokerage service fees, which were offset in large part by an increase in trust fees for specified money trusts.

Net other operating income attributable to this segment increased 189.1% from ￦275 billion in 2022 to ￦795 billion in 2023, which was primarily due to an increase in gains related to inter-segment borrowings.

General and administrative expenses attributable to this segment decreased 6.7% from ￦2,093 billion in 2022 to ￦1,952 billion in 2023, primarily due to a decrease in common general and administrative expenses allocated to the retail banking segment, which was enhanced by a decrease in expenses related to employee benefits.

 

129

Provision for credit losses decreased 67.4% from ￦282 billion in 2022 to ￦92 billion in 2023, mainly due to decreases in provisions for credit losses of retail loans and, to a lesser extent, unused retail loan commitments. Such decreases mainly reflected our aggressive provisioning policy in 2022, which we loosened in 2023 following an improvement in our general outlook on the economy in Korea.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment increased 163.9% from ￦795 billion in 2021 to ￦2,098 billion in 2022.

Interest income from our retail banking operations increased 29.9% from ￦4,438 billion in 2021 to ￦5,764 billion in 2022. This increase was mainly due to increases in the average yields on other consumer loans, mortgage loans and home equity loans. Such increase was enhanced by an increase in the average volume of mortgage loans but offset in part by a decrease in the average volume of other consumer loans.

Interest expense for this segment increased 103.9% from ￦896 billion in 2021 to ￦1,827 billion in 2022. The increase in interest expense for this segment was mainly due to increases in the average costs on time deposits and demand deposits, the effects of which were enhanced by increases in the average volumes of time deposits and certificates of deposit.

Net fee and commission income attributable to this segment decreased 33.4% from ￦392 billion in 2021 to ￦261 billion in 2022, mainly due to decreases in trust fees for specified money trusts.

Net other operating income (expenses) attributable to this segment changed from net expenses of ￦975 billion in 2021 to net income of ￦275 billion in 2022, primarily due to a decrease in expenses related to inter-segment borrowings.

General and administrative expenses attributable to this segment increased 2.7% from ￦2,037 billion in 2021 to ￦2,093 billion in 2022, primarily due to an increase in common general and administrative expenses allocated to the retail banking segment, which was partially offset by decreases in expenses related to employee benefits and depreciation expenses.

Provision for credit losses increased 123.8% from ￦126 billion in 2021 to ￦282 billion in 2022, mainly due to increases in provision for credit losses of retail loans and unused retail loan commitments, reflecting a deterioration in asset quality of our retail loan portfolio resulting from an increasing likelihood of default by borrowers in light of the rising interest rate levels and a general slowdown in the economy in Korea.

 

130

Corporate Banking Operations

This segment consists of corporate banking services provided by Kookmin Bank. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 5,318     ￦ 7,831     ￦ 11,688       47.3       49.3  

Interest expense

      (1,515 )      (3,111 )      (6,042 )      105.3       94.2  

Net fee and commission income

      391       386       427       (1.3 )      10.6  

Net gains (losses) on financial instruments at fair value through profit or loss

      29       74       (6 )      155.2       N/M (1) 

Net other operating expenses

      (598 )      (182 )      (309 )      (69.6 )      69.8  

General and administrative expenses

      (1,832 )      (1,972 )      (1,959 )      7.6       (0.7 ) 

Provision for credit losses

      (393 )      (778 )      (1,563 )      98.0       100.9  

Net other non-operating expenses

      (9 )      (13 )      (15 )      44.4       15.4  
  

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      1,390       2,234       2,221       60.7       (0.6 ) 

Income tax expense

      (369 )      (732 )      (634 )      98.4       (13.4 ) 
  

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 1,021     ￦ 1,502     ￦ 1,587       47.1       5.7  
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment decreased 0.6% from ￦2,234 billion in 2022 to ￦2,221 billion in 2023.

Interest income from our corporate banking operations increased 49.3% from ￦7,831 billion in 2022 to ￦11,688 billion in 2023. This increase was primarily due to an increase in the average yields on corporate loans of Kookmin Bank, which was enhanced by an increase in the average volume of such loans.

Interest expense for this segment increased 94.2% from ￦3,111 billion in 2022 to ￦6,042 billion in 2023. This increase was principally due to an increase in the average cost of deposits held by corporate customers of Kookmin Bank, which was enhanced by an increase in the average volume of such deposits.

Net fee and commission income attributable to this segment increased 10.6% from ￦386 billion in 2022 to ￦427 billion in 2023, primarily due to increases in local currency transaction fees received, foreign currency transaction fees received and trust and other fiduciary fees received, which were offset in part by a decrease in fees and commissions received from Kookmin Bank’s overseas subsidiaries.

Net gains (losses) on financial instruments at fair value through profit or loss attributable to this segment changed from net gains of ￦74 billion in 2022 to net losses of ￦6 billion in 2023, principally due to decreases in net gains on financial instruments at fair value through profit or loss held by Kookmin Bank’s overseas subsidiaries.

Net other operating expenses attributable to this segment increased 69.8% from ￦182 billion in 2022 to ￦309 billion in 2023, mainly as a result of an increase in expenses related to inter-segment borrowings, which was offset in part by a decrease in losses on disposal of loans held by Bank Bukopin, a foreign subsidiary of Kookmin Bank.

 

131

General and administrative expenses attributable to this segment decreased 0.7% from ￦1,972 billion in 2022 to ￦1,959 billion in 2023, principally due to decreases in the general and administrative expenses of KB PRASAC Bank and Bank Bukopin, Kookmin Bank’s overseas subsidiaries, the effects of which were largely offset by an increase in the common administrative expenses allocated to the corporate banking segment.

Provision for credit losses attributable to this segment increased 100.9% from ￦778 billion in 2022 to ￦1,563 billion in 2023, mainly due to an increase in provisions for credit losses of loans to Kookmin Bank’s corporate customers resulting from a deterioration in the credit quality of such loans.

Net other non-operating expenses attributable to this segment increased 15.4% from ￦13 billion in 2022 to ￦15 billion in 2023, primarily due to an increase in miscellaneous other non-operating expenses of Bank Bukopin, a foreign subsidiary of Kookmin Bank, which was in large part offset by regulatory fines paid by one of Kookmin Bank’s foreign branches in 2022 that was not repeated in 2023.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment increased 60.7% from ￦1,390 billion in 2021 to ￦2,234 billion in 2022.

Interest income from our corporate banking operations increased 47.3% from ￦5,318 billion in 2021 to ￦7,831 billion in 2022. This increase was primarily due to an increase in the average yields on corporate loans of Kookmin Bank, which was enhanced by an increase in the average volume of such loans.

Interest expense for this segment increased 105.3% from ￦1,515 billion in 2021 to ￦3,111 billion in 2022. This increase was principally due to an increase in the average cost of deposits held by corporate customers of Kookmin Bank, which was enhanced by an increase in the average volume of such deposits.

Net fee and commission income attributable to this segment decreased 1.3% from ￦391 billion in 2021 to ￦386 billion in 2022, primarily due to a decrease in investment finance fees received, which was offset in part by an increase in foreign currency transaction fees received.

Net gains on financial instruments at fair value through profit or loss attributable to this segment increased 155.2% from ￦29 billion in 2021 to ￦74 billion in 2022, principally as a result of increases in net gains on currency-related derivatives held by Kookmin Bank’s foreign subsidiaries and net gains on fair value hedges.

Net other operating expenses attributable to this segment decreased 69.6% from ￦598 billion in 2021 to ￦182 billion in 2022, mainly as a result of a decrease in expenses related to inter-segment borrowings, which was offset in part by an increase in losses on sales of loans of Bank Bukopin, a foreign subsidiary of Kookmin Bank.

General and administrative expenses attributable to this segment increased 7.6% from ￦1,832 billion in 2021 to ￦1,972 billion in 2022, principally due to an increase in common administrative expenses allocated to the corporate banking segment.

Provision for credit losses attributable to this segment increased 98.0% from ￦393 billion in 2021 to ￦778 billion in 2022, due mainly to an increase in provisions for credit losses of foreign-currency loans of Kookmin Bank’s foreign subsidiaries, due to a deterioration in the credit quality of such loans.

Net other non-operating expenses attributable to this segment increased 44.4% from ￦9 billion in 2021 to ￦13 billion in 2022, mainly attributable to regulatory fines paid by one of Kookmin Bank’s foreign branches, which was offset in part by a decrease in miscellaneous other non-operating expenses of Bank Bukopin, a foreign subsidiary of Kookmin Bank.

 

132

Other Banking Operations

This segment primarily consists of Kookmin Bank’s banking operations other than retail and corporate banking operations, including treasury activities and Kookmin Bank’s “back office” administrative operations. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
       2021         2022         2023       2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 919     ￦ 1,763     ￦ 2,936       91.8       66.5  

Interest expense

      (534 )      (1,130 )      (2,109 )      111.6       86.6  

Net fee and commission income

      405       449       489       10.9       8.9  

Net gains on financial instruments at fair value through profit or loss

      313       137       766       (56.2 )      459.1  

Net other operating income (expenses)

      754       (1,037 )      (1,826 )      N/M (1)      76.1  

General and administrative expenses

      (534 )      (633 )      (610 )      18.5       (3.6 ) 

Reversal of (Provision for) credit losses

      (4 )      (61 )      48       N/M (1)      N/M (1) 

Share of profit of associates and joint ventures

      57       13       0       (77.2 )      (100.0 ) 

Net other non-operating expenses

      (70 )      (25 )      (84 )      (64.3 )      236.0  
  

 

 

    

 

 

    

 

 

      

Profit (Loss) before income tax expense

      1,306       (523 )      (390 )      N/M (1)      (25.4 ) 

Income tax benefit (expense)

      (366 )      173       187       N/M (1)      8.1  
  

 

 

    

 

 

    

 

 

      

Profit (Loss) for the year

    ￦ 940     ￦ (350 )    ￦ (202 )      N/M (1)      (42.3 ) 
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our loss before income tax expense for this segment decreased from ￦523 billion in 2022 to ￦390 billion in 2023.

Interest income from our other banking operations increased 66.5% from ￦1,763 billion in 2022 to ￦2,936 billion in 2023, mainly due to increases in the average yields on other banking loans and debt securities in this segment, which were enhanced by increases in the average volumes of such loans and securities.

Interest expense for this segment increased 86.6% from ￦1,130 billion in 2022 to ￦2,109 billion in 2023, primarily due to increases in the average costs of deposits, borrowings and debentures in this segment, which were enhanced by increases in the average volumes of such deposits, borrowings and debentures.

Net fee and commission income attributable to this segment increased 8.9% from ￦449 billion in 2022 to ￦489 billion in 2023, mainly due to increases in investment banking fees received and group brand licensing fees received.

Net gains on financial instruments at fair value through profit or loss attributable to this segment increased more than four-fold from ￦137 billion in 2022 to ￦766 billion in 2023, principally as a result of increases in net gains on short-term trading securities and net gains on valuation of debt securities, which were largely offset by a decrease in net gains on derivatives held for trading.

Net other operating expenses attributable to this segment increased 76.1% from ￦1,037 billion in 2022 to ￦1,826 billion in 2023, mainly as a result of an increase in net expenses related to inter-segment borrowings, which was enhanced by an increase in other operating expenses of Kookmin Bank’s overseas subsidiaries in 2023 compared to 2022.

 

133

General and administrative expenses attributable to this segment decreased 3.6% from ￦633 billion in 2022 to ￦610 billion in 2023, primarily due to a decrease in expenses related to employees, which were offset in part by an increase in common administrative expenses allocated to this segment.

Reversal of (provision for) credit losses attributable to this segment changed from provisions of ￦61 billion in 2022 to a reversal of provisions of ￦48 billion in 2023, due mainly to a significant decrease in provisions for credit losses of loans in foreign currencies held by one of our consolidated subsidiaries.

Share of profit of associates and joint ventures attributable to this segment decreased 100.0% from ￦13 billion in 2022 to ￦0 billion in 2023, principally as a result of a decrease in profits of equity-method investees of Kookmin Bank.

Net other non-operating expenses attributable to this segment increased 236.0% from ￦25 billion in 2022 to ￦84 billion in 2023, primarily due to an increase in impairment losses recognized by equity-method investees of Kookmin Bank.

Comparison of 2022 to 2021

Our profit (loss) before income tax expense for this segment changed from a profit of ￦1,306 billion in 2021 to a loss of ￦523 billion in 2022.

Interest income from our other banking operations increased 91.8% from ￦919 billion in 2021 to ￦1,763 billion in 2022, mainly due to increases in the average yields on other banking loans and debt securities in this segment, which were enhanced by increases in the average volumes of such loans and securities.

Interest expense for this segment increased 111.6% from ￦534 billion in 2021 to ￦1,130 billion in 2022, primarily due to increases in the average costs of deposits, borrowings and debentures in this segment, which were enhanced by increases in the average volumes of such deposits, borrowings and debentures.

Net fee and commission income attributable to this segment increased 10.9% from ￦405 billion in 2021 to ￦449 billion in 2022, mainly due to an increase in net fee and commission income from our funds and trusts in this segment.

Net gains on financial instruments at fair value through profit or loss attributable to this segment decreased 56.2% from ￦313 billion in 2021 to ￦137 billion in 2022, principally as a result of a decrease in net gains on financial instruments at fair value through profit or loss attributable to our funds and trusts in this segment.

Net other operating income (expenses) attributable to this segment changed from a net income of ￦754 billion in 2021 to net expenses of ￦1,037 billion in 2022, mainly as a result of an increase in net expenses related to inter-segment borrowings.

General and administrative expenses attributable to this segment increased 18.5% from ￦534 billion in 2021 to ￦633 billion in 2022, primarily due to an increase in salary expenses.

Provision for credit losses attributable to this segment increased from ￦4 billion in 2021 to ￦61 billion in 2022, due mainly to an increase in provisions for credit losses of loans in foreign currencies held by one of our consolidated subsidiaries.

Share of profit of associates and joint ventures attributable to this segment decreased 77.2% from ￦57 billion in 2021 to ￦13 billion in 2022, principally as a result of a decrease in profits of equity-method investees of Kookmin Bank.

 

134

Net other non-operating expenses attributable to this segment decreased 64.3% from ￦70 billion in 2021 to ￦25 billion in 2022, primarily due to an increase in dividend income from equity-method investments.

Credit Card Operations

This segment consists of credit card activities conducted by KB Kookmin Card. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
       2021         2022         2023       2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 1,768     ￦ 1,984     ￦ 2,343       12.2       18.1  

Interest expense

      (377 )      (510 )      (704 )      35.3       38.0  

Net fee and commission income

      546       520       614       (4.8 )      18.1  

Net insurance income

      12       11       10       (8.3 )      (9.1 ) 

Net gains on financial instruments at fair value through profit or loss

      3       2       7       (33.3 )      250.0  

Net other operating expenses

      (336 )      (375 )      (391 )      11.6       4.3  

General and administrative expenses

      (578 )      (597 )      (625 )      3.3       4.7  

Provision for credit losses

      (465 )      (500 )      (827 )      7.5       65.4  

Share of profit of associates and joint ventures

      1       2       1       100.0       (50.0 ) 

Net other non-operating income (expenses)

      (7 )      (7 )      44       0.0       N/M (1) 
  

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      566       527       473       (6.9 )      (10.2 ) 

Income tax expense

      (145 )      (144 )      (121 )      (0.7 )      (16.0 ) 
  

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 421     ￦ 383     ￦ 351       (9.0 )      (8.4 ) 
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment decreased 10.2% from ￦527 billion in 2022 to ￦473 billion in 2023.

Interest income from our credit card operations increased 18.1% from ￦1,984 billion in 2022 to ￦2,343 billion in 2023. This increase was primarily due to an increase in the average yields on credit card receivables, which was enhanced by an increase in the average balance of such receivables.

Interest expense for this segment increased 38.0% from ￦510 billion in 2022 to ￦704 billion in 2023. This increase was primarily due to increases in the average costs of debentures and borrowings issued by KB Kookmin Card, which were enhanced by an increase in the average volume of borrowings.

Net fee and commission income attributable to this segment increased 18.1% from ￦520 billion in 2022 to ￦614 billion in 2023, mainly due to increases in commissions received related to payment gateways and debit card processing fees received. Such increases were offset in part by increases in credit card commissions paid.

Net insurance income attributable to this segment decreased 9.1% from ￦11 billion in 2022 to ￦10 billion in 2023, primarily due to a decrease in the number of customers using certain services for which KB Kookmin Card stopped accepting new customers.

Net gains on financial instruments at fair value through profit or loss attributable to this segment increased more than two-fold from ￦2 billion in 2022 to ￦7 billion in 2023, primarily due to increases in gains on valuations of investment trust beneficiary certificates and gains on the valuation of equity securities.

 

135

Net other operating expenses attributable to this segment increased 4.3% from ￦375 billion in 2022 to ￦391 billion in 2023, primarily due to an increase in credit card reward program-related expenses, which was offset in part by an increase in gains on transactions of foreign exchange.

General and administrative expenses attributable to this segment increased 4.7% from ￦597 billion in 2022 to ￦625 billion in 2023, mainly due to increases in salary expenses and computer and IT related expenses.

Provision for credit losses attributable to this segment increased 65.4% from ￦500 billion in 2022 to ￦827 billion in 2023, mainly due to an increase in provision for credit losses of card loans.

Share of profit of associates and joint ventures attributable to this segment decreased 50.0% from ￦2 billion in 2022 to ￦1 billion in 2023, primarily due to decreases in gains on valuation of equity-method investees and gains on trading in equity investments denominated in Korean Won.

Net other non-operating income (expenses) attributable to this segment changed from net expenses of ￦7 billion in 2022 to net income of ￦44 billion in 2023, primarily due to damages awarded to Kookmin Bank in 2023 in connection with a lawsuit relating to customer data theft.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment decreased 6.9% from ￦566 billion in 2021 to ￦527 billion in 2022.

Interest income from our credit card operations increased 12.2% from ￦1,768 billion in 2021 to ￦1,984 billion in 2022. This increase was primarily due to an increase in the average volume of credit card receivables, which was offset in part by a decrease in the average yields on such receivables.

Interest expense for this segment increased 35.3% from ￦377 billion in 2021 to ￦510 billion in 2022. This increase was primarily due to increases in the average costs of debentures and borrowings issued by KB Kookmin Card, which were enhanced by increases in the average volumes of such debentures and borrowings.

Net fee and commission income attributable to this segment decreased 4.8% from ￦546 billion in 2021 to ￦520 billion in 2022, mainly due to a decrease in commissions related to payment gateways received, which was offset in part by a decrease in credit card commissions paid in Korean Won.

Net insurance income attributable to this segment decreased 8.3% from ￦12 billion in 2021 to ￦11 billion in 2022, which was primarily caused by a decrease in the number of customers using related services.

Net gains on financial instruments at fair value through profit or loss attributable to this segment decreased 33.3% from ￦3 billion in 2021 to ￦2 billion in 2022, primarily due to a decrease in gains on valuation of equity securities.

Net other operating expenses attributable to this segment increased 11.6% from ￦336 billion in 2021 to ￦375 billion in 2022, due to a decrease in gains on sales of loans measured at amortized cost and an increase in credit card reward program-related expenses.

General and administrative expenses attributable to this segment increased 3.3% from ￦578 billion in 2021 to ￦597 billion in 2022, mainly due to increases in salary expenses and software depreciation expenses.

Provision for credit losses attributable to this segment increased 7.5% from ￦465 billion in 2021 to ￦500 billion in 2022, mainly due to increases in provision for credit losses of card loans and installment loans.

 

136

Share of profit of associates and joint ventures attributable to this segment increased 100.0% from ￦1 billion in 2021 to ￦2 billion in 2022, primarily due to an increase in gains on valuation of equity-method investees.

Net other non-operating expenses attributable to this segment remained stable at ￦7 billion in 2021 and 2022.

Securities Operations

This segment consists primarily of securities brokerage, investment banking, securities investment and trading and other capital markets activities conducted by KB Securities, including its predecessor entities. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 825     ￦ 1,157     ￦ 1,763       40.2       52.4  

Interest expense

      (268 )      (618 )      (1,149 )      130.6       85.9  

Net fee and commission income

      1,015       785       743       (22.7 )      (5.4 ) 

Net gains (losses) from financial instruments at fair value through profit or loss

      123       (211 )      357       N/M (1)      N/M (1) 

Net other operating income (expenses)

      (7 )      (24 )      6       242.9       N/M (1) 

General and administrative expenses

      (855 )      (822 )      (903 )      (3.9 )      9.9  

Provision for credit losses

      (18 )      (28 )      (144 )      55.6       414.3  

Share of profit of associates and joint ventures

      14       3       3       (78.6 )      0.0  

Net other non-operating income (expenses)

      (18 )      13       (190 )      N/M (1)      N/M (1) 
  

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      810       253       485       (68.8 )      91.7  

Income tax expense

      (215 )      (64 )      (103 )      (70.2 )      60.9  
  

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 594     ￦ 189     ￦ 383       (68.2 )      102.6  
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment increased 91.7% from ￦253 billion in 2022 to ￦485 billion in 2023.

Interest income from this segment increased 52.4% from ￦1,157 billion in 2022 to ￦1,763 billion in 2023, primarily due to increases in the average yields on deposits and other interest-earning assets held by KB Securities, which were enhanced by increases in the average volumes of such financial assets.

Interest expense for this segment increased 85.9% from ￦618 billion in 2022 to ￦1,149 billion in 2023, principally as a result of increases in the average costs on bonds sold under repurchase agreements, borrowings and debentures, which were enhanced by an increase in the average volume of borrowings, but partially offset by decreases in the average volumes of bonds sold under repurchase agreements and debentures.

Net fee and commission income attributable to this segment decreased 5.4% from ￦785 billion in 2022 to ￦743 billion in 2023, primarily due to decreases in underwriting fees and brokerage fees received, which were enhanced by an increase in securities trading fees paid.

 

137

Net gains (losses) on financial instruments at fair value through profit or loss attributable to this segment changed from net losses of ￦211 billion in 2022 to net gains of ￦357 billion in 2023, principally due to a change in net gains (losses) on sales and valuations of debt instruments from net losses in 2022 to net gains in 2023.

Net other operating income (expenses) attributable to this segment changed from net expenses of ￦24 billion in 2022 to net income of ￦6 billion in 2023, primarily due to a decrease in net losses on foreign currency valuation with respect to foreign currency-denominated assets and liabilities, mainly as a result of fluctuations in the value of the Korean Won against other currencies.

General and administrative expenses attributable to this segment increased 9.9% from ￦822 billion in 2022 to ￦903 billion in 2023, primarily due to increases in salaries paid, miscellaneous other general and administrative expenses and depreciation and amortization expenses.

Provision for credit losses increased over four-fold from ￦28 billion in 2022 to ￦144 billion in 2023, primarily due to increases in provision for credit losses of loans and other financial assets.

Share of profit of associates and joint ventures attributable to this segment remained stable at ￦3 billion in 2022 and 2023.

Net other non-operating income (expenses) attributable to this segment changed from net income of ￦13 billion in 2022 to net expenses of ￦190 billion in 2023, mainly due to an increase in other non-operating expenses, which was primarily attributable to increases in impairment losses, the effects of which were enhanced by a decrease in other non-operating income.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment decreased 68.8% from ￦810 billion in 2021 to ￦253 billion in 2022.

Interest income from this segment increased 40.2% from ￦825 billion in 2021 to ￦1,157 billion in 2022, primarily due to increases in the average yields on deposits and other interest-earning assets held by KB Securities, which were enhanced by increases in the average volumes of such financial assets.

Interest expense for this segment increased 130.6% from ￦268 billion in 2021 to ￦618 billion in 2022, principally as a result of increases in the average costs on bonds sold under repurchase agreements, borrowings and debentures, which were enhanced by increases in the average volumes of borrowings and debentures, but partially offset by a decrease in the average volume of bonds sold under repurchase agreements.

Net fee and commission income attributable to this segment decreased 22.7% from ￦1,015 billion in 2021 to ￦785 billion in 2022, primarily due to a decrease in securities brokerage commissions received, resulting from a decrease in the volume of activity in the Korean securities trading market in 2022.

Net gains (losses) on financial instruments at fair value through profit or loss attributable to this segment changed from net gains of ￦123 billion in 2021 to net losses of ￦211 billion in 2022, principally due to increases in net losses on sales and valuations of debt instruments.

Net other operating expenses attributable to this segment increased 242.9% from ￦7 billion in 2021 to ￦24 billion in 2022, primarily due to an increase in net losses on foreign currency valuation with respect to foreign currency-denominated assets and liabilities, mainly as a result of a depreciation of the Korean Won against other foreign currencies.

 

138

General and administrative expenses attributable to this segment decreased 3.9% from ￦855 billion in 2021 to ￦822 billion in 2022, primarily due to a decrease in salaries paid, which was partially offset by increases in depreciation and amortization expenses and other administrative expenses.

Provision for credit losses increased 55.6% from ￦18 billion in 2021 to ￦28 billion in 2022, primarily due to increases in provision for credit losses of loans and other financial assets.

Share of profit of associates and joint ventures attributable to this segment decreased 78.6% from ￦14 billion in 2021 to ￦3 billion in 2022, mainly due to a decrease in gains on disposal of investments in associates and joint ventures and an increase in losses on valuation of equity-method investees.

Net other non-operating income (expenses) attributable to this segment changed from net expenses of ￦18 billion in 2021 to net income of ￦13 billion in 2022, mainly due to an increase in miscellaneous other non-operating income, which was partially offset by an increase in miscellaneous other non-operating expenses.

Life Insurance Operations

This segment consists of the life insurance operations of KB Life Insurance, which was formed in January 2023 through a merger between the Former KB Life Insurance and Prudential Life Insurance. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
     (in billions of Won)     (%)  

Income statement data

             

Interest income

    ￦ 524     ￦ 566     ￦ 574     ￦ 582       8.0       1.4  

Interest expense

      (4 )      (11 )      (846 )      (881 )      175.0       4.1  

Net fee and commission expense

      (27 )      (39 )      (2 )      (8 )      44.4       300.0  

Net insurance income

      57       39       309       422       (31.6 )      36.6  

Net gains (losses) on financial instruments at fair value through profit or loss

      137       67       (888 )      659       (51.1 )      N/M (1) 

Net other insurance finance income (expenses)

      —       —       837       (433 )      —       N/M (1) 

Net other operating expenses

      (63 )      (150 )      (67 )      (137 )      138.1       104.5  

General and administrative expenses

      (203 )      (225 )      (46 )      (100 )      10.8       117.4  

Reversal of (Provision for) credit losses

      2       1       1       (2 )      (50.0 )      N/M (1) 

Net other non-operating income (expenses)

      (0 )      (0 )      3       5       N/A (2)      66.7  
  

 

 

    

 

 

    

 

 

    

 

 

      

Profit (Loss) before income tax expense

      422       248       (124 )      107       (41.2 )      N/M (1) 

Income tax benefit (expense)

      (133 )(3)      (62 )(3)      40 (3)      (24 )      (53.4 )      N/M (1) 
  

 

 

    

 

 

    

 

 

    

 

 

      

Profit (Loss) for the year

    ￦ 290     ￦ 186     ￦ (83 )    ￦ 82       (35.9 )      N/M (1) 
  

 

 

    

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

(2) 

“N/A” means not applicable.

(3) 

For 2021 and 2022, represents income tax attributable to the Former KB Life Insurance and Prudential Life Insurance prior to their merger in January 2023.

Comparison of 2023 to 2022

Our profit (loss) before income tax expense for this segment changed from net losses of ￦124 billion in 2022 to net profit of ￦107 billion in 2023.

Interest income from this segment increased 1.4% from ￦574 billion in 2022 to ￦582 billion in 2023, primarily due to an increase in interest income from other debentures, which was mostly offset by a decrease in interest income from government bonds.

 

139

Interest expense for this segment increased 4.1% from ￦846 billion in 2022 to ￦881 billion in 2023, principally due to an increase in interest expenses categorized under insurance finance expenses of KB Life Insurance.

Net fee and commission expense attributable to this segment increased three-fold from ￦2 billion in 2022 to ￦8 billion in 2023, primarily due to a decrease in other miscellaneous fees and commissions received.

Net insurance income attributable to this segment increased 36.6% from ￦309 billion in 2022 to ￦422 billion in 2023, due to an increase in insurance income, which in turn was attributable to increases in contractual service margins recognized for services provided and expected incurred claims, and a decrease in insurance expenses, which in turn was due to a decrease in losses on onerous contracts.

Net gains (losses) on financial instruments at fair value through profit or loss attributable to this segment changed from net losses of ￦888 billion in 2022 to net gains of ￦659 billion in 2023, primarily due to increases in gains on valuations of equity securities, investment trust beneficiary certificates and debt securities.

Net other insurance finance income (expenses) attributable to this segment changed from net income of ￦837 billion in 2022 to net expenses of ￦433 billion in 2023, primarily due to a change in net other insurance finance income (expenses) of variable life insurance products from net income in 2022 to net expenses in 2023.

Net other operating expenses attributable to this segment increased 104.5% from ￦67 billion in 2022 to ￦137 billion in 2023, principally due to increases in losses on sales of debt securities, losses on valuation of foreign currency-denominated assets and liabilities and losses on valuation of currency forward contracts, the effects of which were largely offset by an increase in gains on the sale of currency forward contracts.

General and administrative expenses attributable to this segment increased 117.4% from ￦46 billion in 2022 to ￦100 billion in 2023, primarily due to an increase in miscellaneous other general and administrative expenses.

Reversal of (provision for) credit losses attributable to this segment changed from a reversal of provisions of ￦1 billion in 2022 to provisions of ￦2 billion in 2023, mainly due to a decrease in reversal of provisions for loans denominated in Korean Won.

Net other non-operating income attributable to this segment increased 66.7% from ￦3 billion in 2022 to ￦5 billion in 2023, mainly due to a decrease in certain non-operating expenses related to investment properties.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment decreased 41.2% from ￦422 billion in 2021 to ￦248 billion in 2022.

Interest income from this segment increased 8.0% from ￦524 billion in 2021 to ￦566 billion in 2022, primarily due to increases in the interest income on government and public bonds, debentures and insurance policy loans held by Prudential Life Insurance.

Interest expense for this segment increased 175.0% from ￦4 billion in 2021 to ￦11 billion in 2022, principally due to the Former KB Life Insurance’s issuance of new bonds sold under repurchase agreements.

Net fee and commission expense attributable to this segment increased 44.4% from ￦27 billion in 2021 to ￦39 billion in 2022, primarily due to increases in miscellaneous other service fees paid and consulting fees paid.

 

140

Net insurance income attributable to this segment decreased 31.6% from ￦57 billion in 2021 to ￦39 billion in 2022, mainly due to increases in the Former KB Life Insurance’s expenses related to refunds of surrender value and other insurance expenses, the effects of which were offset in large part by an increase in insurance premium income received by the Former KB Life Insurance.

Net gains on financial instruments at fair value through profit or loss attributable to this segment decreased 51.1% from ￦137 billion in 2021 to ￦67 billion in 2022, primarily due to an increase in losses on valuations of investment trust beneficiary certificates and a decrease in gains on sales of equity securities.

Net other operating expenses attributable to this segment increased 138.1% from ￦63 billion in 2021 to ￦150 billion in 2022, principally due to a decrease in gains on valuation of foreign currency-denominated assets and liabilities, and an increase in losses on currency forward contracts held by Prudential Life Insurance.

General and administrative expenses attributable to this segment increased 10.8% from ￦203 billion in 2021 to ￦225 billion in 2022, primarily due to increases in the IT expenses and advertising expenses of Prudential Life Insurance.

Reversal of provisions for credit losses decreased 50.0% from ￦2 billion in 2021 to ￦1 billion in 2022, mainly due to a decrease in reversal of provisions for credit losses relating to loans in Korean Won.

Non-Life Insurance Operations

This segment consists of the non-life insurance operations of KB Insurance. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)     (IFRS 4)     (IFRS 17)  
           (in billions of Won)     (%)  

Income statement data

             

Interest income

    ￦ 635     ￦ 718     ￦ 709     ￦ 812       13.1       14.5  

Interest expense

      (10 )      (24 )      (787 )      (979 )      140.0       24.4  

Net fee and commission expense

      (173 )      (190 )      (26 )      (34 )      9.8       30.8  

Net insurance income

      493       655       991       961       32.9       (3.0 ) 

Net gains (losses) on financial instruments at fair value through profit or loss

      370       340       (133 )      455       (8.1 )      N/M (1) 

Net other insurance finance income (expenses)

      —       —       4       (26 )      N/A (2)      N/M (1) 

Net other operating expenses

      (82 )      (104 )      (82 )      (33 )      26.8       (59.8 ) 

General and administrative expenses

      (834 )      (849 )      (134 )      (142 )      1.8       6.0  

Provision for credit losses

      (5 )      (6 )      (18 )      (14 )      20.0       (22.2 ) 

Share of profit of associates and joint ventures

      —       —       1       2       N/A (2)      100.0  

Net other non-operating income

      17       190       190       15       N/M (1)      (92.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      411       730       716       1,017       77.6       42.0  

Income tax expense

      (109 )      (172 )      (158 )      (264 )      57.8       67.1  
  

 

 

    

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 302     ￦ 558     ￦ 558     ￦ 753       84.8       34.9  
  

 

 

    

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

(2) 

“N/A” means not applicable.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment increased 42.0% from ￦716 billion in 2022 to ￦1,017 billion in 2023.

 

141

Interest income attributable to this segment increased 14.5% from ￦709 billion in 2022 to ￦812 billion in 2023, primarily due to increases in interest income earned on debentures, other financial bonds and government treasury bonds held by KB Insurance.

Interest expense attributable to this segment increased 24.4% from ￦787 billion in 2022 to ￦979 billion in 2023, primarily due to an increase in interest expenses on deposits related to insurance contracts.

Net fee and commission expense attributable to this segment increased 30.8% from ￦26 billion in 2022 to ￦34 billion in 2023, mainly due to an increase in other service fees paid, the effects of which were enhanced by a decrease in miscellaneous other fees received.

Net insurance income attributable to this segment decreased 3.0% from ￦991 billion in 2022 to ￦961 billion in 2023, primarily due to an increase in insurance expenses, mainly reflecting increases in insurance claims paid and insurance service expenses for insurance contracts applying the premium allocation method, the effects of which were mostly offset by an increase in insurance income, mainly reflecting increases in expected incurred claims as well as reinsurance income for reinsurance contracts applying the premium allocation method.

Net gains (losses) on financial instruments at fair value through profit or loss attributable to this segment changed from net losses of ￦133 billion in 2022 to net gains of ￦455 billion in 2023, primarily as a result of increases in valuation gains on other foreign currency-denominated securities, investment trust beneficiary certificates and foreign currency-denominated beneficiary certificates.

Net other insurance finance income (expenses) changed from net income of ￦4 billion in 2022 to net expenses of ￦26 billion in 2023, primarily due to a decrease in reinsurance finance income, the effect of which was offset in part by an increase in insurance finance income.

Net other operating expenses attributable to this segment decreased 59.8% from ￦82 billion in 2022 to ￦33 billion in 2023, primarily due to increases in gains on debt security transactions and gains on currency derivative transactions, the effects of which were offset in large part by decreases in other gains on fair value hedges and gains on foreign currency assets.

General and administrative expenses attributable to this segment increased 6.0% from ￦134 billion in 2022 to ￦142 billion in 2023, principally due to increases in salaries paid and depreciation and amortization expenses.

Provisions for credit losses attributable to this segment decreased 22.2% from ￦18 billion in 2022 to ￦14 billion in 2023, primarily due to an increase in reversal of provisions for credit losses of foreign currency loans, the effect of which was offset in part by increases in provisions for credit losses of securities in Korean Won and other financial assets.

Share of profit of associates and joint ventures attributable to this segment increased 100.0% from ￦1 billion in 2022 to ￦2 billion in 2023, primarily due to an increase in gains on valuation of equity-method investees.

Net other non-operating income attributable to this segment decreased 92.1% from ￦190 billion in 2022 to ￦15 billion in 2023, principally due to decreases in gains on disposal of investment property and gains on the disposal of assets held for sale.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment increased 77.6% from ￦411 billion in 2021 to ￦730 billion in 2022.

 

142

Interest income attributable to this segment increased 13.1% from ￦635 billion in 2021 to ￦718 billion in 2022, primarily due to an increase in interest income earned on government and public bonds, insurance policy loans and other loans.

Interest expense attributable to this segment increased 140.0% from ￦10 billion in 2021 to ￦24 billion in 2022, primarily due to interest expense incurred by KB Insurance in connection with its issuance of subordinated debentures in 2022.

Net fee and commission expense attributable to this segment increased 9.8% from ￦173 billion in 2021 to ￦190 billion in 2022, mainly due to increases in external service fees paid and miscellaneous other fees paid in Korean Won, the effects of which were offset in part by an increase in miscellaneous other fees received.

Net insurance income attributable to this segment increased 32.9% from ￦493 billion in 2021 to ￦655 billion in 2022, primarily due to an increase in insurance income, mainly reflecting an increase in insurance premium income, which was offset in part by an increase in insurance expenses, mainly reflecting increases in refunds of surrender value and insurance claims paid.

Net gains on financial instruments at fair value through profit or loss attributable to this segment decreased 8.1% from ￦370 billion in 2021 to ￦340 billion in 2022, primarily as a result of decreases in net gains on beneficiary certificates and net gains on other foreign currency securities, the effects of which were offset in part by an increase in net gains on currency forward contracts.

Net other operating expenses attributable to this segment increased 26.8% from ￦82 billion in 2021 to ￦104 billion in 2022, due to an increase in other operating expenses, mainly reflecting an increase in losses on currency swap transactions, which was offset in part by an increase in other operating income, which mainly reflected an increase in miscellaneous other operating income.

General and administrative expenses attributable to this segment increased 1.8% from ￦834 billion in 2021 to ￦849 billion in 2022, principally due to increases in salaries paid.

Provisions for credit losses attributable to this segment increased 20.0% from ￦5 billion in 2021 to ￦6 billion in 2022, primarily due to an increase in provisions for credit losses of loans, the effect of which was mostly offset by an increase in reversals of provisions for credit losses of other financial assets.

Net other non-operating income attributable to this segment increased significantly from ￦17 billion in 2021 to ￦190 billion in 2022, principally due to an increase in gains on disposal of investment property.

 

143

Other

“Other” includes the operations of our holding company and all of our subsidiaries that were consolidated under IFRS as issued by the IASB as of December 31, 2023 except Kookmin Bank, KB Kookmin Card, KB Securities, KB Life Insurance and KB Insurance, including principally KB Asset Management, KB Real Estate Trust, KB Investment, KB Credit Information, KB Data System, KB Savings Bank and KB Capital. The following table shows, for the periods indicated, our income statement data for this segment:

 

     Year Ended December 31,     Percentage Change  
     2021     2022     2023     2022/2021     2023/2022  
     (in billions of Won)     (%)  

Income statement data

           

Interest income

    ￦ 817     ￦ 1,065     ￦ 1,408       30.4       32.2  

Interest expense

      (405 )      (505 )      (749 )      24.7       48.3  

Net fee and commission income

      1,069       1,145       1,213       7.1       5.9  

Net gains on financial instruments at fair value through profit or loss

      184       22       284       (88.0 )      N/M (1) 

Net other operating expenses

      (583 )      (608 )      (749 )      4.3       23.2  

General and administrative expenses

      (438 )      (467 )      (483 )      6.6       3.4  

Provision for credit losses

      (176 )      (178 )      (554 )      1.1       211.2  

Share of profit (loss) of associates and joint ventures

      9       (8 )      11       N/M (1)      N/M (1) 

Net other non-operating income (expenses)

      2       (5 )      (11 )      N/M (1)      120.0  
  

 

 

    

 

 

    

 

 

      

Profit before income tax expense

      480       461       370       (4.0 )      (19.7 ) 

Income tax expense(2)

      (148 )      (113 )      (64 )      (23.6 )      (43.4 ) 
  

 

 

    

 

 

    

 

 

      

Profit for the year

    ￦ 332     ￦ 347     ￦ 305       4.5       (12.1 ) 
  

 

 

    

 

 

    

 

 

      

 

(1) 

“N/M” means not meaningful.

(2) 

Represents income tax attributable to our holding company and all of our subsidiaries that were consolidated under IFRS as issued by the IASB except Kookmin Bank, KB Kookmin Card, KB Securities (including its predecessor entities), KB Life Insurance and KB Insurance.

Comparison of 2023 to 2022

Our profit before income tax expense for this segment decreased 19.7% from ￦461 billion in 2022 to ￦370 billion in 2023.

Interest income attributable to this segment increased 32.2% from ￦1,065 billion in 2022 to ￦1,408 billion in 2023, primarily due to increases in the average yields on loans of KB Capital and, to a lesser extent, KB Savings Bank.

Interest expense attributable to this segment increased 48.3% from ￦505 billion in 2022 to ￦749 billion in 2023, mainly due to increases in the average costs on debentures of KB Capital and the average costs on deposits of KB Savings Bank.

Net fee and commission income attributable to this segment increased 5.9% from ￦1,145 billion in 2022 to ￦1,213 billion in 2023, principally reflecting increases in the operating lease fees received by our consolidated funds and, to a lesser extent, the lease and rental fees received by KB Capital, the effects of which were offset in part by a decrease in miscellaneous other fees received by KB Real Estate Trust.

Net gains on financial instruments at fair value through profit or loss attributable to this segment increased significantly from ￦22 billion in 2022 to ￦284 billion in 2023, primarily as a result of an increase in distributions of profit from our consolidated funds and an increase in gains on valuation of hybrid securities of our holding company.

 

144

Net other operating expenses attributable to this segment increased 23.2% from ￦608 billion in 2022 to ￦749 billion in 2023, principally due to an increase in other provisions for KB Real Estate Trust, a decrease in gains on foreign currency transactions of our consolidated funds and an increase in depreciation expenses with respect to leased assets of KB Capital.

General and administrative expenses attributable to this segment increased 3.4% from ￦467 billion in 2022 to ￦483 billion in 2023, which mainly reflected increases in amortization expenses for other intangible assets and utility expenses of KB Savings Bank.

Provision for credit losses increased over two-fold from ￦178 billion in 2022 to ￦554 billion in 2023, primarily due to increases in provisions for credit losses of loans in Korean Won of KB Capital and KB Savings Bank, the effects of which were enhanced by an increase in provisions for credit losses of other financial assets of KB Real Estate Trust.

Share of profit (loss) of associates and joint ventures attributable to this segment changed from losses of ￦8 billion in 2022 to a profit of ￦11 billion in 2023, mainly reflecting an increase in valuation gains on equity-method investments, and a decrease in valuation losses on equity-method investments, of KB Investment.

Net other non-operating expenses attributable to this segment increased 120.0% from ￦5 billion in 2022 to ￦11 billion in 2023, principally reflecting an increase in other non-operating expenses of our consolidated funds, the effect of which was offset in part by an increase in other non-operating income of our holding company.

Comparison of 2022 to 2021

Our profit before income tax expense for this segment decreased 4.0% from ￦480 billion in 2021 to ￦461 billion in 2022.

Interest income attributable to this segment increased 30.4% from ￦817 billion in 2021 to ￦1,065 billion in 2022. This increase was primarily due to increases in the average volumes of loans of KB Capital and, to a lesser extent, KB Savings Bank.

Interest expense attributable to this segment increased 24.7% from ￦405 billion in 2021 to ￦505 billion in 2022, mainly due to an increase in the average volume of deposits of KB Savings Bank and an increase in the average yields of debentures of KB Capital.

Net fee and commission income attributable to this segment increased 7.1% from ￦1,069 billion in 2021 to ￦1,145 billion in 2022, principally reflecting increases in lease and rental fees received by KB Capital and, to a lesser extent, an increase in the operating lease fees received by our consolidated funds, which were offset in part by an increase in other service fees paid by our consolidated funds.

Net gains on financial instruments at fair value through profit or loss attributable to this segment decreased 88.0% from ￦184 billion in 2021 to ￦22 billion in 2022, primarily as a result of decreases in gains on valuation of foreign equity securities of KB Investment, gains on sales of equity securities of KB Investment and gains on valuations of debt securities of our consolidated funds.

Net other operating expenses attributable to this segment increased 4.3% from ￦583 billion in 2021 to ￦608 billion in 2022, which mainly reflected a decrease in gains on sales of loans measured at amortized cost of KB Capital.

General and administrative expenses attributable to this segment increased 6.6% from ￦438 billion in 2021 to ￦467 billion in 2022, principally due to an increase in the salary expenses of our holding company, KB Asset Management, KB Real Estate Trust and KB Capital.

 

145

Provision for credit losses increased 1.1% from ￦176 billion in 2021 to ￦178 billion in 2022, primarily due to an increase in provisions for credit losses of loans in Korean Won of KB Capital, which was offset in part by a reversal of provisions for credit losses of debentures of our holding company.

Share of profit (loss) of associates and joint ventures attributable to this segment changed from a profit of ￦9 billion in 2021 to a loss of ￦8 billion in 2022, mainly reflecting an increase in valuation losses on equity-method investments, and a decrease in valuation gains on equity-method investments, of KB Investment.

Net other non-operating income (expenses) attributable to this segment changed from a net income of ￦2 billion in 2021 to a net expense of ￦5 billion in 2022, principally reflecting a decrease in other non-operating income of KB Capital and an increase in other non-operating expenses of our consolidated funds.

 

Item 5.B.

Liquidity and Capital Resources

Financial Condition

Assets

The following table sets forth, as of the dates indicated, the principal components of our assets:

 

     As of December 31,     Percentage Change  
     2022     2023     2023/2022  
     (in billions of Won)     (%)  

Cash and due from financial institutions

    ￦ 32,475     ￦ 29,836       (8.1 )% 

Financial assets at fair value through profit or loss

      70,092       77,038       9.9  

Derivative financial assets

      9,447       6,158       (34.8 ) 

Financial investments

      115,453       122,200       5.8  

Loans measured at amortized cost:

       

Loans to banks

      9,750       11,549       18.5  
  

 

 

    

 

 

    

Loans to customers other than banks:

       

Loans in Korean Won

      355,045       368,637       3.8  

Loans in foreign currencies

      30,720       30,309       (1.3 ) 

Domestic import usance bills

      4,499       3,399       (24.4 ) 

Off-shore funding loans

      908       508       (44.1 ) 

Call loans

      119       269       126.1  

Bills bought in Korean Won

      286       2       (99.3 ) 

Bills bought in foreign currencies

      1,781       1,277       (28.3 ) 

Guarantee payments under acceptances and guarantees

      18       20       11.1  

Credit card receivables in Korean Won

      22,562       22,305       (1.1 ) 

Credit card receivables in foreign currencies

      47       45       (4.3 ) 

Bonds purchased under repurchase agreements

      3,151       3,633       15.3  

Privately placed bonds

      719       902       25.5  

Factored receivables

      0       0       N/A (1) 

Lease receivables

      1,134       785       (30.8 ) 

Loans for installment credit

      6,458       6,608       2.3  
  

 

 

    

 

 

    

Total loans to customers other than banks

      427,448       438,699       2.6  

Less:

       

Allowances for credit losses

      (4,159 )      (5,442 )      30.8  
  

 

 

    

 

 

    

Total loans measured at amortized cost, net

      433,039       444,805       2.7  

Insurance contract assets

      83       230       177.1  

Reinsurance contract assets

      1,496       1,655       10.6  

Property and equipment

      4,991       4,946       (0.9 ) 

Other assets(2)

      21,589       28,871       33.7  
  

 

 

    

 

 

    

Total assets

    ￦ 688,665     ￦ 715,738       3.9 % 
  

 

 

    

 

 

    

 

146

 

(1) 

“N/A” means not applicable.

(2) 

Includes investments in associates and joint ventures, investment property, intangible assets, net defined benefit assets, current income tax assets, deferred income tax assets, assets held for sale, assets of a disposal group held for sale and miscellaneous other assets.

For further information on our assets, see “Item 4.B. Business Overview—Assets and Liabilities.”

Our total assets increased 3.9% from ￦688,665 billion as of December 31, 2022 to ￦715,738 billion as of December 31, 2023, principally due to a 2.7% increase in loans from ￦433,039 billion as of December 31, 2022 to ￦444,805 billion as of December 31, 2023, which was enhanced by a 9.9% increase in financial assets at fair value through profit or loss from ￦70,092 billion as of December 31, 2022 to ￦77,038 billion as of December 31, 2023 and a 5.8% increase in financial investments from ￦115,453 billion as of December 31, 2022 to ￦122,200 billion as of December 31, 2023. The increase in loans was mainly due to increases in loans in Korean Won, which was offset in small part by a decrease in domestic import usance bills. The increase in financial assets at fair value through profit or loss was mainly due to an increase in corporate bonds. The increase in financial investments was primarily due to an increase in debt securities measured at amortized cost and an increase in debt securities measured at fair value through other comprehensive income.

Liabilities and Equity

The following table sets forth, as of the dates indicated, the principal components of our liabilities and our equity:

 

     As of December 31,     Percentage Change  
     2022     2023     2023/2022  
     (in billions of Won)     (%)  

Liabilities:

       

Financial liabilities at fair value through profit or loss

    ￦ 12,272     ￦ 10,920       (11.0 )% 

Deposits

      393,929       406,512       3.2  

Borrowings

      71,717       69,584       (3.0 ) 

Debentures

      68,698       69,177       0.7  

Insurance contract liabilities

      45,969       50,309       9.4  

Reinsurance contract liabilities

      32       36       12.5  

Provisions

      934       1,444       54.6  

Other liabilities(1)

      41,006       48,883       19.2  
  

 

 

    

 

 

    

Total liabilities

      634,557       656,865       3.5  
  

 

 

    

 

 

    

Equity:

       

Share capital

      2,091       2,091       0.0  

Hybrid securities

      4,434       5,033       13.5  

Capital surplus

      16,941       16,648       (1.7 ) 

Accumulated other comprehensive income

      1,250       2,295       83.6  

Retained earnings

      28,948       32,029       10.6  

Treasury shares

      (836 )      (1,166 )      39.5  
  

 

 

    

 

 

    

Equity attributable to shareholders of the Parent Company

      52,828       56,930       7.8  

Non-controlling interests

      1,280       1,944       51.9  
  

 

 

    

 

 

    

Total equity

      54,108       58,873       8.8  
  

 

 

    

 

 

    

Total liabilities and equity

    ￦ 688,665     ￦ 715,738       3.9 % 
  

 

 

    

 

 

    

 

(1) 

Includes derivative financial liabilities, current income tax liabilities, deferred income tax liabilities, net defined benefit liabilities and miscellaneous other liabilities.

 

147

Our total liabilities increased 3.5% from ￦634,557 billion as of December 31, 2022 to ￦656,865 billion as of December 31, 2023. Such increase was primarily due to a 3.2% increase in deposits from ￦393,929 billion as of December 31, 2022 to ￦406,512 billion as of December 31, 2023, which was enhanced by a 19.2% increase in other liabilities from ￦41,006 billion as of December 31, 2022 to ￦48,883 billion as of December 31, 2023. Our deposits increased mainly as a result of an increase in time deposits, which was enhanced by an increase in certificates of deposit and offset in small part by a decrease in demand deposits. The increase in other liabilities resulted mainly from an increase in miscellaneous other liabilities, which mainly reflected an increase in payables reflecting an increase in our foreign currency transactions.

Our total equity increased 8.8% from ￦54,108 billion as of December 31, 2022 to ￦58,873 billion as of December 31, 2023. This increase mainly resulted from increases in our retained earnings and, to a lesser extent, accumulated other comprehensive income.

Liquidity

Our primary source of funding has historically been and continues to be deposits. Deposits amounted to ￦393,929 billion and ￦406,512 billion as of December 31, 2022 and 2023, which represented approximately 73.7% and 74.6% of our total funding, respectively. We have been able to use customer deposits to finance our operations generally, including meeting a portion of our liquidity requirements. Although the majority of deposits are short-term, it has been our experience that the majority of our depositors generally roll over their deposits at maturity, thus providing us with a stable source of funding. However, in the event that a substantial number of our depositors do not roll over their deposits or otherwise decide to withdraw their deposited funds, we would need to place increased reliance on alternative sources of funding, some of which may be more expensive than customer deposits, in order to finance our operations. See “Item 3.D. Risk Factors—Risks relating to liquidity and capital management—Our funding is highly dependent on short-term deposits, which dependence may adversely affect our operations.” In particular, we may increase our utilization of alternative funding sources such as short-term borrowings and cash and cash equivalents (including funds from maturing loans), as well as liquidating our positions in financial assets and using the proceeds to fund parts of our operations, as necessary.

We also obtain funding through debentures and borrowings to meet our liquidity needs. Debentures represented 12.9% and 12.7% of our total funding as of December 31, 2022 and 2023, respectively. Borrowings represented 13.4% and 12.8% of our total funding as of December 31, 2022 and 2023, respectively. For further information on our sources of funding, see “Item 4.B. Business Overview—Assets and Liabilities—Funding.”

The Financial Services Commission of Korea requires each financial holding company in Korea to maintain specific Won and foreign currency liquidity ratios and each bank in Korea to maintain a liquidity coverage ratio and a foreign currency liquidity coverage ratio. These ratios require us and Kookmin Bank to keep the ratio of liquid assets to liquid liabilities above certain minimum levels. For a description of these requirements, see “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Liquidity” and “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Banks—Liquidity.”

We are exposed to liquidity risk arising from withdrawals of deposits, payments of insurance contract claims and refunds, and maturities of our debentures and borrowings, as well as the need to fund our lending, trading and investment activities (including our capital expenditures) and the management of our trading positions. The goal of liquidity management is for us to be able, even under adverse conditions, to meet all of our liability repayments on time and fund all investment opportunities. For an explanation of how we manage our liquidity risk, see “Item 11. Quantitative and Qualitative Disclosures about Market Risk—Liquidity Risk Management.” From time to time, we engage in the purchase and/or cancellation of our own equity securities, as part of our efforts to generate additional shareholder value. For example, from February 8, 2023 to March 29, 2023, we engaged in a series of open-market transactions to purchase a total of 5,385,996 of our shares of common stock at an average price of ￦50,454 per share for an aggregate amount of ￦271.7 billion, followed by

 

148

the cancellation of such shares in their entirety. More recently, in August 2023, we entered into a trust agreement with Samsung Securities Co., Ltd. to acquire, by July 2024, our shares of common stock in the aggregate amount of approximately ￦300 billion, and in February 2024, we entered into another trust agreement with Samsung Securities Co., Ltd. to acquire, by August 2024, our shares of common stock in the aggregate amount of approximately ￦320 billion. We currently intend to cancel all such shares of common stock following each of the acquisitions described above.

We are a financial holding company, and substantially all of our operations are in our subsidiaries. Accordingly, we rely on distributions from our subsidiaries (as well as associates), direct borrowings and issuances of debt and equity securities to fund our liquidity obligations at the holding company level. We received aggregate dividends of ￦1,618 billion, ￦1,871 billion and ￦2,192 billion from our subsidiaries and associates in 2021, 2022 and 2023, respectively. See “Item 3.D. Risk Factors—Risks relating to our financial holding company structure and strategy.”

Asset Encumbrance

Part of our future funding and collateral needs are supported by assets readily available and unrestricted. The following table sets forth our assets that are available and those that are encumbered and not available to support our future funding and collateral needs as of December 31, 2023.

 

     December 31, 2023  
                   Unencumbered Assets  
     Assets      Encumbered
Asset(1)		      Readily
Available(2)		      Other  
     (in billions of Won)  

On-balance sheet

   

Cash and due from financial institutions

    ￦ 29,836      ￦ 2,111      ￦ 25,172      ￦ 2,553  

Financial assets at fair value through profit or loss

      77,038        15,423        23,815        37,800  

Derivative financial assets

      6,158        —        —        6,158  

Loans measured at amortized cost

      444,805        18,034        —        426,771  

Financial investments

      122,200        24,600        54,255        43,345  

Investments in associates and joint ventures

      722        —        —        722  

Insurance contract assets

      230        —        —        230  

Reinsurance contract assets

      1,655        —        —        1,655  

Property and equipment

      4,946        —        —        4,946  

Investment property

      4,110        622        —        3,488  

Intangible assets

      1,951        —        —        1,951  

Net defined benefit assets

      374        —        —        374  

Current income tax assets

      244        —        —        244  

Deferred income tax assets

      274        —        —        274  

Assets held for sale

      208        —        —        208  

Assets of a disposal group held for sale

      —        —        —        —  

Other assets

      20,987        954        —        20,033  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total on-balance sheet

    ￦ 715,738      ￦ 61,744      ￦ 103,242      ￦ 550,752  
  

 

 

     

 

 

     

 

 

     

 

 

  

Off-balance sheet

            

Fair value of securities accepted as collateral

    ￦ 3,893      ￦ —      ￦ 3,893      ￦ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total off-balance sheet

    ￦ 3,893      ￦ —      ￦ 3,893      ￦ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Represents assets that have been pledged as collateral against an existing liability or are otherwise restricted in their use to secure funding.

(2) 

Represents those on- and off-balance sheet assets that are not otherwise encumbered, and which are in freely transferable form.

 

149

Commitments and Guarantees

The following table sets forth our commitments and guarantees as of December 31, 2023. These commitments and guarantees are not included within our consolidated statements of financial position.

 

     Payments Due by Period  
     Total      1 Year or Less      1-3 Years      3-5 Years      More Than
5 Years		  
     (in billions of Won)  

Financial guarantees(1)

    ￦ 7,194      ￦ 3,344      ￦ 3,714      ￦ 79      ￦ 57  

Confirmed acceptances and guarantees

      9,677        4,911        4,179        563        24  

Commitments

      204,540        145,805        9,414        4,218        45,103  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    ￦ 221,411      ￦ 154,060      ￦ 17,307      ￦ 4,860      ￦ 45,184  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Includes ￦6,013 billion of irrevocable commitments to provide contingent liquidity credit lines to special purpose entities for which we serve as the administrator. See Note 40 of the notes to our consolidated financial statements.

Capital Adequacy

Kookmin Bank is subject to capital adequacy requirements of the Financial Services Commission applicable to Korean banks. The requirements applicable commencing in December 2013 pursuant to amended Financial Services Commission regulations promulgated in July 2013 were formulated based on Basel III, which was first introduced by the Basel Committee on Banking Supervision, Bank for International Settlements in December 2009. Under the amended Financial Services Commission regulations, all banks in Korea are required to maintain certain minimum ratios of common equity Tier I capital, total Tier I capital and total Tier I and Tier II capital to risk-weighted assets. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Banks—Capital Adequacy.”

As of December 31, 2023, Kookmin Bank’s total Tier I and Tier II capital adequacy ratio was 18.08%.

 

150

The following table sets forth a summary of Kookmin Bank’s capital and capital adequacy ratios as of December 31, 2022 and 2023, based on applicable regulatory reporting standards.

 

     As of December 31,  
     2022     2023  
     (in billions of Won, except percentages)  

Tier I capital:

    ￦ 30,963     ￦ 33,479  

Common equity Tier I capital

      30,089       32,196  

Paid-in capital

      2,022       2,022  

Capital reserves

      5,025       4,735  

Retained earnings

      25,834       27,718  

Non-controlling interests in consolidated subsidiaries

      —       —  

Others

      (2,792 )      (2,279 ) 

Additional Tier I capital

      874       1,283  

Tier II capital:

      5,270       5,561  

Revaluation reserves

      —       —  

Allowances for credit losses(1)

      886       1,266  

Hybrid debt

      —       —  

Subordinated debt

      4,384       4,295  

Valuation gain on financial investments

      —       —  

Others

      —       —  
  

 

 

    

 

 

  

Total core and supplementary capital

      36,233       39,040  

Risk-weighted assets

      207,558       215,962  

Credit risk:

      182,294       194,210  

Market risk

      12,611       7,068  

Operational risk

      12,653       14,684  

Total Tier I and Tier II capital adequacy ratio

      17.46 %      18.08 % 

Tier I capital adequacy ratio

      14.92 %      15.50 % 

Common equity Tier I capital adequacy ratio

      14.50 %      14.91 % 

Tier II capital adequacy ratio

      2.54 %      2.58 % 

 

(1) 

Under the standardized approach, allowances for credit losses in respect of credits classified as normal or precautionary are used to calculate Tier II capital only to the extent they represent up to 1.25% of credit risk-weighted assets. Under the internal ratings-based approach, allowances for credit losses, less estimated losses, are used to calculate Tier II capital only to the extent they represent up to 0.6% of credit risk-weighted assets.

In addition, we, as a bank holding company, are required to maintain certain minimum capital adequacy ratios pursuant to applicable regulations of the Financial Services Commission. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Capital Adequacy.”

 

151

The following table sets forth a summary of our consolidated capital adequacy ratio as of December 31, 2022 and 2023, based on applicable regulatory reporting standards.

 

     As of December 31,  
     2022     2023  
     (in billions of Won)  

Tier I capital

     

Common equity Tier I capital

    ￦ 40,104     ￦ 43,664  

Additional Tier I capital

      4,928       5,727  
  

 

 

    

 

 

  

Total Tier I capital

    ￦ 45,032     ￦ 49,391  

Tier II capital

      3,938       4,353  
  

 

 

    

 

 

  

Risk-weighted assets

    ￦ 302,984     ￦ 321,319  
  

 

 

    

 

 

  

Total Tier I and Tier II capital adequacy ratio

      16.16 %      16.73 % 

Tier I capital adequacy ratio

      14.86 %      15.37 % 

Common equity Tier I capital adequacy ratio

      13.24 %      13.59 % 

Tier II capital adequacy ratio

      1.30 %      1.35 % 

Recent Accounting Pronouncements

See Note 2.1 of the notes to our consolidated financial statements for a description of other recent accounting pronouncements under IFRS as issued by the IASB that have been issued but are not yet effective.

 

Item 5.C.

Research and Development, Patents and Licenses, etc.

Not applicable.

 

Item 5.D.

Trend Information

These matters are discussed under Item 5.A. and Item 5.B. above where relevant.

 

Item 5.E.

Critical Accounting Estimates

Not applicable.

 

Item 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

 

Item 6.A.

Directors and Senior Management

Board of Directors

Our board of directors, currently consisting of one executive director, one non-standing director and seven non-executive directors, has the ultimate responsibility for the management of our affairs.

Our articles of incorporation provide that:

 

  •  

we may have no more than 30 directors;

 

  •  

the number of executive directors must be less than 50% of the total number of directors; and

 

  •  

we have five or more non-executive directors.

 

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The term of office for each director is renewable and is subject to the Korean Commercial Code, the Act on the Corporate Governance of Financial Companies and related regulations.

Our board of directors meets on a regular basis to discuss and resolve material corporate matters. Additional extraordinary meetings may also be convened at the request of any director or any committee that serves under the board of directors.

The names and positions of our directors are set forth below. The business address of all of the directors is our registered office at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul 07331, Korea.

Executive Director

The table below identifies our executive director as of the date of this annual report:

 

Name

   Date of Birth    

Position

   Director Since     End of Term  

Jong Hee Yang

     June 10, 1961     Chairman and Chief Executive Officer     November 21, 2023       November 20, 2026  

Our executive director does not have any significant activities outside KB Financial Group.

Jong Hee Yang is our chairman and chief executive officer. He became an executive director in November 2023. He previously served as our vice chairman, as well as the head of our retail customer business unit, our wealth management and pension business unit and our small and medium enterprise business unit. He has also served as the chief executive officer of KB Insurance Co., Ltd. Mr. Yang received a B.A. in history from Seoul National University.

Non-standing Director

The table below identifies our non-standing director as of the date of this annual report:

 

Name

   Date of Birth  

Position

  

Director Since

  

End of Term

Jae Keun Lee

   May 27, 1966   Non-standing director; President and Chief Executive Officer of Kookmin Bank   March 25, 2022   Annual general meeting of shareholders in 2025

Jae Keun Lee has been a non-standing director since March 2022. He currently serves as the president and chief executive officer of Kookmin Bank. Mr. Lee previously served as a senior executive vice president of the sales group and a senior managing director of the strategy and finance planning group at Kookmin Bank, as well as our chief finance officer. Mr. Lee received a B.A. in mathematics and an M.A. in economics from Sogang University, and an M.B.A. in financial engineering from the Korea Advanced Institute of Science and Technology.

Non-executive Directors

Our non-executive directors are selected based on the candidates’ knowledge and experience in diverse areas, such as finance, business management, accounting, laws and regulations, finance and risk management, ESG and consumer protection and digital and information technology. All seven non-executive directors below were nominated by our Non-executive Director Nominating Committee and approved by our shareholders.

 

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The table below identifies our non-executive directors as of the date of this annual report:

 

Name

  

Date of Birth

   Position   Director Since   Date Term Ends(1)

Seon-joo Kwon

   November 12, 1956   Non-executive Director   March 20, 2020   March 21, 2025

Whajoon Cho

   February 24, 1957   Non-executive Director   March 24, 2023   March 23, 2025

Gyutaeg Oh

   February 20, 1959   Non-executive Director   March 20, 2020   March 21, 2025

Jungsung Yeo

   April 1, 1960   Non-executive Director   March 24, 2023   March 23, 2025

Jaehong Choi

   August 1, 1962   Non-executive Director   March 25, 2022   March 21, 2025

Sung-Yong Kim

   March 16, 1966   Non-executive Director   March 24, 2023   March 23, 2025

Myong-Hwal Lee

   May 4, 1964   Non-executive Director   March 22, 2024   March 21, 2026

 

(1) 

The date on which each term will end will be the date of the general stockholders’ meeting in the relevant year unless otherwise specified.

Seon-joo Kwon has been a non-executive director since March 2020. She previously served a number of roles at Industrial Bank of Korea, including the chairman and chief executive officer, the head of the risk management division, the head of the credit card business division and the head of the central regional headquarters. She also previously served as a visiting scholar at the Korea Institute of Finance. Ms. Kwon received a B.A. in English from Yonsei University.

Whajoon Cho has been a non-executive director since March 2023. She previously served as the auditor of Mercedes-Benz Financial Services Korea Limited, the president, chief executive officer and chief financial officer of KT Capital Corporation, the chief financial officer of BC Card Co., Ltd. and the investor relations officer at KT Corporation. Ms. Cho received a B.A. in mass communication from Sogang University, an M.A. in sociology from Indiana University, an M.S. in accounting from University of Wisconsin, Madison and a Ph.D. in accounting from Indiana University.

Gyutaeg Oh has been a non-executive director since March 2020. He previously served as a professor at Chung-Ang University School of Business Administration. He previously served as a member of the Public Funds Oversight Committee of the Financial Services Commission, an assistant professor at the University of Iowa, a non-executive director at Kiwoom Securities Co., Ltd. and a non-executive director at Moa Savings Bank. Mr. Oh received a B.A. in economics from Seoul National University, an M.S. in management science from the Korea Advanced Institute of Science and Technology and an M.A. and a Ph.D. in economics from Yale University.

Jungsung Yeo has been a non-executive director since March 2023. She is currently a professor in the Department of Consumer Science at Seoul National University and the chairperson of the Consumer Policy Committee of the Korean Government. She previously served as the executive vice president for Academic Affairs at Seoul National University, the executive vice president for Planning and Communication at Seoul National University, the president of the Korean Society of Consumer Studies, a commissioner of the Personal Information Protection Commission of Korea and a commissioned member of the National Economic Advisory Council under the President of Korea. Ms. Yeo received a B.S. in home economics from Seoul National University and an M.S. and a Ph.D. in consumer economics from Cornell University.

Jaehong Choi has been a non-executive director since March 2022. He is currently a professor at the Startup College of Gachon University. He previously served as a non-executive director at Kakao Corp., an advisor at NHN Japan Corp. and an advisor at eSamsung Japan Corp. Mr. Choi received a B.S., M.S. and Ph.D. in electronic engineering from Hanyang University.

Sung-Yong Kim has been a non-executive director since March 2023. He is currently a professor at Sungkyunkwan University Law School. He previously served as the chair of the Insolvency Law Institute of Korea, a non-standing commissioner of the Securities and Futures Commission, a member of the management

 

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committee for the Key Industries Stabilization Fund and a non-executive director at Woori Bank. Mr. Kim received an LL.B. from Seoul National University College of Law and an LL.M. from the University of Pennsylvania Law School.

Myong-Hwal Lee has been a non-executive director since March 2024. He is currently a senior research fellow and a director at the Korea Institute of Finance. He previously served as a member of the sanction review committee of the Financial Supervisory Service, a member of the Postal Services Steering Committee, the vice president of the Korea Institute of Finance and the vice president of the Korea Money and Finance Association. Mr. Lee received a B.A. in economics from Seoul National University and an M.S. and Ph.D. in economics from the University of Texas at Austin.

Any director having an interest in a transaction that is subject to approval by the board of directors may not vote at the meeting during which the board approves the transaction.

Executive Officers

The table below identifies our executive officers who are not executive directors as of the date of this annual report:

 

Name

   

Date of Birth

   

Position

Seung Jong Lee

    January 9, 1966    Senior Executive Vice President and Chief Strategy Officer

Jae Kwan Kim

    July 14, 1968    Senior Executive Vice President and Chief Finance Officer

Cheal Soo Choi

    October 8, 1966    Senior Executive Vice President and Chief Risk Management Officer

Scott Y. H. Seo

    March 26, 1966    Senior Executive Vice President and Chief Business Officer of Global

Young Suh Cho

    February 25, 1971    Senior Executive Vice President, Chief Digital Officer and Chief IT Officer

Dae Hwan Lim

    November 8, 1965    Senior Executive Vice President and Chief Compliance Officer

Bong Joong Kwon

    November 5, 1969    Senior Managing Director and Head of the IR Division

Hyo Ik Park

    January 7, 1970    Senior Managing Director and Chief Business Officer of Insurance

Shin Dong Jeung

    January 1, 1966    Senior Managing Director and Head of KB Research

Dae Hyun Cha

    January 30, 1966    Senior Managing Director and Chief Officer of the Audit Department

Keoung Nam Kim

    August 9, 1967    Managing Director and Head of the ESG Division

Sang Rock Na

    August 17, 1972    Managing Director and General Manager of the Financial Planning Department

Hyo Sung Jeon

    March 24, 1971    Managing Director and Chief Human Resources Officer

Ki Won Seo

    November 4, 1972    Managing Director and General Manager of the Office of the Board of Directors

Jin Young Park

    September 12, 1972    Chief Public Relations Officer

Jin Ho Jeong

    October 3, 1967    Head of the Digital Transformation (DT) Division

Chang Hwa Yook

    December 11, 1967    Head of the Artificial Intelligence (AI) Division

Sang Won Oh

    December 17, 1967    Head of the Information Technology (IT) Division

Yoon Ha

    March 10, 1971    Head of the Customer Experience Design Center

Soon Young Oh

    August 26, 1977    Head of the Financial AI Center

Ki Eun Park

    September 27, 1970    Head of the Group Architecture Center

Joo Hyun Kim

    November 15, 1970    Head of the Group Cloud Center

Chan Yong Park

    September 12, 1965    Head of the Planning and Coordination Department

 

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None of the executive officers has any significant activities outside KB Financial Group.

Seung Jong Lee is a senior executive vice president and our chief strategy officer. He previously served as a senior managing director of the shared service group at Kookmin Bank. Mr. Lee received a B.A. in international trade from Hankuk University of Foreign Studies.

Jae Kwan Kim is a senior executive vice president and our chief finance officer. He previously served as a senior executive vice president of the strategy and finance planning group at Kookmin Bank. Mr. Kim received a B.A. in economics from Sogang University.

Cheal Soo Choi is a senior executive vice president and our chief risk management officer. He previously served as a senior managing director of the risk management group at Kookmin Bank. Mr. Choi received a B.A. in agricultural economics from Korea University.

Scott Y. H. Seo is a senior executive vice president and our chief business officer of global. He previously served as our chief finance officer. Mr. Seo received a B.A. in business administration from Sogang University and an M.B.A. from Yonsei University.

Young Suh Cho is a senior executive vice president and our chief digital officer and chief IT officer. He previously served as a senior managing director of Kookmin Bank’s DT strategy division. Mr. Cho received a B.A. in economics from Seoul National University and an M.B.A. from Columbia University.

Dae Hwan Lim is a senior executive vice president and our chief compliance officer. He previously served as a senior managing director of the capital markets sales department at Kookmin Bank. Mr. Lim received a B.A. in economics from Jeonbuk National University.

Bong Joong Kwon is a senior managing director and the head of our IR division. He previously served as the general manager of our IR department. Mr. Kwon received a B.A. in law from Hallym University and an M.B.A. from Yonsei University.

Hyo Ik Park is a senior managing director and our chief business officer of insurance. He previously served as a managing director of the retail marketing division at KB Insurance. Mr. Park received a B.A. and an M.A. in business administration from Seoul National University.

Shin Dong Jeung is a senior managing director and the head of KB Research. He previously served as the chief audit executive at KB Savings Bank Co., Ltd. Mr. Jeung received a B.A. and an M.A. in economics from Seoul National University and a Ph.D. in economics from Michigan State University.

Dae Hyun Cha is a senior managing director and our chief officer of the audit department. He previously served as the head of the audit operations division at Kookmin Bank. Mr. Cha received a B.A. in accounting from Dong-eui University and an M.A. in business administration from Korea University.

Keoung Nam Kim is a managing director and the head of our ESG division. She previously served as the head of the foreign exchange business division at Kookmin Bank. Ms. Kim received a B.A. in German language from Chung-Ang University and an M.A in economics from Sogang University.

Sang Rock Na is a managing director and the general manager of our financial planning department. He previously served as a general manager at the Seongsuyeok branch of Kookmin Bank. Mr. Na received a B.A. in economics from Sogang University and an M.A in business administration from Emory University.

Hyo Sung Jeon is a managing director and our chief human resources officer. He previously served as a general manager of our human resources department. Mr. Jeon received a B.A. in accounting from Kyungpook National University.

 

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Ki Won Seo is a managing director and the general manager of our office of the board of directors. He previously served as a general manager of the structured finance department at Kookmin Bank. Mr. Seo received a B.A. in business administration from Sogang University.

Jin Young Park is our chief public relations officer. He also serves as a managing director of Kookmin Bank’s brand and public relations group. He previously served as a general manager of our brand strategy department. Mr. Park received a B.A. and an M.A. in business administration from Sogang University.

Jin Ho Jeong is the head of our DT division and also serves as a senior executive vice president of the Digital Transformation initiative division at Kookmin Bank. He previously served as the head of the strategy division at Kookmin Bank. Mr. Jeong received a B.A. in English literature from Korea University.

Chang Hwa Yook is the head of our AI division. He also serves as a senior executive vice president and the head of the AI/data innovation division at Kookmin Bank. He previously served as our chief data officer. Mr. Yook received a B.A. in economics from Chungnam National University.

Sang Won Oh is the head of our IT division. He also serves as a senior executive vice president of the tech group at Kookmin Bank. He previously served as the head of the tech service division at Kookmin Bank. Mr. Oh received a B.S. in statistics from Dong-A University.

Yoon Ha is the head of our customer experience design center. He also serves as the head of the customer experience design center at Kookmin Bank. He previously served as a principal designer of the customer experience innovation team at Samsung SDS. Mr. Ha received a B.S. in electronic engineering, an M.S. in psychology from Yonsei University and an M.S. in industrial design from Hongik University.

Soon Young Oh is the head of our financial AI center. She also serves as a managing director of the financial AI center at Kookmin Bank. She previously served as the chief technology officer of the research and development division at Hancom Inc. Ms. Oh received a B.S. in computer science from Seoul Women’s University.

Ki Eun Park is the head of our group architecture center. He also serves as a senior executive vice president of the tech development division of Kookmin Bank. He previously served as the chief technology officer of Naver Cloud. Mr. Park received a B.S. in electronic computation and an M.S. in computer science from Chung-Ang University.

Joo Hyun Kim is the head of our group cloud center. He also serves as the head of the cloud platform department of Kookmin Bank. He previously served as the head of the cloud service technology center at Naver Cloud. Mr. Kim received a B.S. in computer science and statistics from Seoul National University.

Chan Yong Park is the head of our planning and coordination department. He is also a senior executive vice president at Kookmin Bank’s planning and coordination department. He previously served as the head of Kookmin Bank’s shared service division. Mr. Park received a B.A. in business administration from Kwandong University.

 

Item 6.B.

Compensation

The aggregate remuneration paid and benefits-in-kind granted, excluding stock grants, by us and our subsidiaries to our chairman and chief executive officer, our other executive and non-standing directors, our non-executive directors and our executive officers for the year ended December 31, 2023 was ￦31,206 million. For the year ended December 31, 2023, we set aside ￦376 million for allowances for severance and retirement benefits for our chairman and chief executive officer, the other executive directors and our executive officers.

 

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Among those who received total annual compensation exceeding ￦500 million in 2023 at the holding company level, the five highest-paid individuals were as follows:

 

Name

  

Position

  

Total Compensation in 2023
(in millions of Won)(1)

   Incentive Compensation for Payment
Subsequent to 2023 (number of shares)(2)		  

Jong Kyoo Yoon

   Former Chairman and Chief Executive Officer(3)   ￦3,856     51,424  

Jong Hee Yang

   Chairman and Chief Executive Officer / Former Vice Chairman and Head of Retail Customer, Wealth Management and Pension, Small and Medium Enterprise Business Units(3)   1,555     6,884  

Dong Whan Han

   Senior Executive Vice President and Head of KB Research   952     6,234  

Dong Cheol Lee

   Former Vice Chairman and Head of Digital and IT Business Units   894     2,544  

Yin Hur

   Former Vice Chairman and Head of Global and Insurance Business Units   854     3,057  

 

(1) 

Includes annual salary and performance-based incentive payments paid by the holding company.

(2) 

Consists of performance-based shares expected to be granted by the holding company in the future. The actual payment amount will be determined at the time of payment based on the then-current market price of our common shares.

(3) 

Jong Kyoo Yoon was our chairman and chief executive officer until November 2023, and was succeeded by Jong Hee Yang.

We do not have service contracts with any of our directors or executive officers providing for benefits upon termination of their employment with us.

In 2008, we established a stock grant plan. Pursuant to this plan, we have entered into performance share agreements with certain of our and our subsidiaries’ directors and executive officers, whereby we may grant shares of our common stock (or the equivalent monetary amount based on the market value of such shares) within specified periods as long-term incentive performance shares in accordance with pre-determined performance targets. See “Item 6.E. Share Ownership—Performance Share Agreements.” In 2023, we incurred ￦78,014 million of compensation costs relating to stock grants under such agreements. See Note 32 of the notes to our consolidated financial statements included elsewhere in this annual report.

 

Item 6.C.

Board Practices

See “Item 6.A. Directors and Senior Management” above for information concerning the terms of office and contractual employment arrangements with our directors and executive officers.

Committees of the Board of Directors

We currently have the following committees that serve under the board:

 

  •  

the Audit Committee;

 

  •  

the Risk Management Committee;

 

  •  

the Evaluation & Compensation Committee;

 

  •  

the Non-Executive Director Nominating Committee;

 

  •  

the Audit Committee Member Nominating Committee;

 

158

  •  

the CEO Nominating Committee;

 

  •  

the Subsidiaries’ CEO Director Nominating Committee; and

 

  •  

the ESG Committee.

Each committee member is appointed by the board of directors, except for members of the Audit Committee, who are elected at the general meeting of stockholders.

Audit Committee

The committee currently consists of four non-executive directors, Whajoon Cho, Seon-joo Kwon, Gyutaeg Oh and Sung-Yong Kim. The chairperson of the Audit Committee is Whajoon Cho. The committee oversees our financial reporting and approves the appointment of our independent registered public accounting firm. The committee also reviews our financial information, auditor’s examinations, key financial statement issues, the plans and evaluation of internal control and the administration of our financial affairs by the board of directors. In connection with the general meetings of stockholders, the committee examines the agenda for, and financial statements and other reports to be submitted by, the board of directors to each general meeting of stockholders. The committee holds regular meetings every quarter.

Risk Management Committee

The committee currently consists of four non-executive directors, Sung-Yong Kim, Whajoon Cho, Jungsung Yeo and Myong-Hwal Lee. The chairperson of the committee is Sung-Yong Kim. The Risk Management Committee oversees and makes determinations on all issues relating to our comprehensive risk management function. In order to ensure our stable financial condition and to maximize our profits, the committee monitors our overall risk exposure and reviews our compliance with risk policies and risk limits. In addition, the committee reviews risk and control strategies and policies, evaluates whether each risk is at an adequate level, establishes or abolishes risk management divisions and reviews solvency allocations as well as recovery and resolution plans. The committee holds regular meetings every quarter.

Evaluation & Compensation Committee

The committee currently consists of four non-executive directors, Jungsung Yeo, Seon-joo Kwon, Jaehong Choi and Myong-Hwal Lee. The chairperson of the committee is Jungsung Yeo. The Evaluation and Compensation Committee reviews compensation schemes and compensation levels of us and our subsidiaries. The committee is also responsible for deliberating and deciding the compensation of directors, evaluating management’s performance and implementing management training programs, as well as deciding and supervising the performance-based annual salary of the president and the executive officers of us and our subsidiaries. The committee holds regular meetings semi-annually.

Non-executive Director Nominating Committee

The committee currently consists of four non-executive directors, Gyutaeg Oh, Seon-joo Kwon, Jungsung Yeo and Jaehong Choi. The chairperson of the committee is Gyutaeg Oh. The committee is responsible for the management and evaluation of a pool of non-executive director candidates and recommendation of the non-executive director candidates to be nominated at the annual general meeting of shareholders.

Audit Committee Member Nominating Committee

The committee currently consists of all seven of our non-executive directors. As of the date of this annual report, the committee has not appointed a chairperson. The committee oversees the selection of Audit Committee member candidates and recommends them annually sometime prior to the general stockholders meeting. The term of office of its members is from the first meeting of the committee held to nominate the Audit Committee members until the Audit Committee members are appointed.

 

159

CEO Nominating Committee

The committee currently consists of all seven of our non-executive directors. The chairperson of the CEO Nominating Committee is Jaehong Choi. The committee is responsible for establishing and monitoring procedures for our CEO candidate cultivation and succession program pursuant to our “CEO Succession Regulations,” which cover, among other things, the qualifications of CEO candidates, continued maintenance of the candidate pool and the CEO candidate nomination process. The committee holds regular meetings semi-annually.

Subsidiaries’ CEO Director Nominating Committee

The committee currently consists of one non-standing director, Jae Keun Lee, and three non-executive directors, Gyutaeg Oh, Jaehong Choi and Myong-Hwal Lee, together with our chairman and chief executive officer, Jong Hee Yang. The chairperson of the Subsidiaries’ CEO Director Nominating Committee is Jong Hee Yang. The committee is responsible for candidate cultivation and succession programs for chief executive officers of our subsidiaries. The committee holds regular meetings semi-annually.

ESG Committee

The Committee currently consists of all seven of our non-executive directors, one non-standing director, Jae Keun Lee, and our chairman and chief executive officer, Jong Hee Yang. The chairperson of the ESG Committee is Myong-Hwal Lee. The committee is responsible for establishing and enforcing strategies and policies relating to non-financial aspects of our business, which consist of the environment, social responsibility and corporate governance, in order to promote sustainable development and enhance our corporate value. The committee also manages ESG-related products and investments and monitors ESG-related global initiatives and community outreach efforts. The committee holds regular meetings semi-annually.

 

Item 6.D.

Employees

As of December 31, 2023, we had a total of 142 full-time employees, excluding 10 executive officers, at our financial holding company.

The following table sets forth information regarding our employees at both our financial holding company and our subsidiaries as of the dates indicated:

 

          As of December 31,  
          2021      2022      2023  

KB Financial Group

    Full-time employees(1)      149        145        142  
   Contractual employees      —        —        —  
   Managerial employees      133        131        127  
   Members of Korea Financial Industry Union      —        —        —  

Kookmin Bank

    Full-time employees(1)      15,333        14,697        14,039  
   Contractual employees      1,899        2,429        2,389  
   Managerial employees      8,474        8,063        7,647  
   Members of Korea Financial Industry Union      13,989        13,016        11,897  

Other subsidiaries

    Full-time employees(1)      9,181        9,171        9,003  
   Contractual employees      1,092        1,233        1,229  
   Managerial employees      5,190        5,341        5,206  
   Members of Korea Financial Industry Union      6,486        6,587        6,945  

 

(1) 

Excluding executive officers.

We consider our relations with our employees to be satisfactory. We and our subsidiaries each have a joint labor-management council which serves as a forum for ongoing discussions between our management and

 

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employees. At eight of our direct subsidiaries, Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, KB Life Insurance, KB Capital, KB Real Estate Trust and KB Data Systems, our employees have a labor union. Every year, the unions at Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, KB Life Insurance, KB Capital, KB Real Estate Trust and KB Data Systems and their respective managements negotiate and enter into new collective bargaining agreements and negotiate annual wage adjustments.

Our compensation packages consist of base salary and base bonuses. We also provide performance-based compensation to employees and management officers, including those of our subsidiaries, depending on the level of responsibility of the employee or officer and business of the relevant subsidiary. Typically, executive officers, heads of regional headquarters and employees in positions that require professional skills, such as fund managers and dealers, are compensated depending on their individual annual performance evaluation. Also, Kookmin Bank has implemented a profit-sharing system in order to enhance the performance of Kookmin Bank’s employees. Under this system, Kookmin Bank pays bonuses to its employees, in addition to the base salary and depending on Kookmin Bank’s annual performance.

In January 2016, Kookmin Bank implemented a “mileage stock” program, pursuant to which its employees may receive performance-based cash payments that correspond to the market value of our common shares. The accumulated “miles” of common shares can be exercised for cash during a two-year period commencing on the one-year anniversary of the grant date.

We provide a wide range of benefits to our employees, including our executive directors. Specific benefits provided may vary for each of our subsidiaries but generally include medical insurance, employment insurance, workers compensation, employee and spouse life insurance, free medical examinations, child tuition and fee reimbursement, disabled child financial assistance and reimbursement for medical expenses, and other benefits may be provided depending on the subsidiary.

In accordance with the National Pension Act, we contribute an amount equal to 4.5% of employee wages, and each employee contributes 4.5% of his or her wages, into each employee’s personal pension account. In addition, in accordance with the Guarantee of Worker’s Retirement Benefits Act, we have adopted a retirement pension plan for our employees. Contributions under the retirement pension plan are deposited annually into a financial institution, and an employee may elect to receive a monthly pension or a lump-sum amount upon retirement. Our retirement pension plans are provided in the form of a defined benefit plan and a defined contribution plan. The defined benefit plan guarantees a certain payout at retirement, according to a fixed formula based on the employee’s average salary and the number of years for which the employee has been a plan member. The defined contribution plan, in which the employer’s contribution is determined in advance based on one twelfth of an employee’s total annual pay, is managed directly by the employees. Under Korean law, we may not terminate the employment of full-time employees except under certain limited circumstances. However, from time to time, we invite our employees to apply for our early retirement programs, which provide for varying amounts of severance pay based on the duration of time an employee has worked for us, along with several other key features. We believe that such programs enhance our productivity and efficiency by improving our labor structure.

In June 2009, we established an employee stock ownership association. All of our employees are eligible to participate in this association. We are not required to, and do not, make cash contributions to this plan. Members of our employee stock ownership association have pre-emptive rights to acquire up to 20% of our shares issued in public offerings by us pursuant to the Financial Investment Services and Capital Markets Act. In August 2009, we offered to members of our employee stock ownership association 6,000,000 of the 30,000,000 new shares of common stock to be issued in our rights offering to our existing shareholders, and the entire amount was subscribed by members of our employee stock ownership association. The employee stock ownership association held 9,584,313 shares of our common stock as of December 31, 2023.

Employees of Kookmin Bank have been eligible to participate in its employee stock ownership association, which will be terminated once all of our common stock held by the association (which the association received following the transfer of Kookmin Bank shares held by it as a result of the comprehensive stock transfer pursuant

 

161

to which we were established) have been distributed to the relevant Kookmin Bank employees at the requests of such employees following the expiration of the required holding periods. As of December 31, 2023, such employee stock ownership association held 218,198 shares of our common stock.

In order to develop our next generation of leaders and enhance the operational capability of our employees at each of our subsidiaries, we operate various employee training programs. These programs, which are aimed at cultivating financial specialists with higher levels of management and business skills, developing regional experts for increased global capabilities and enhancing employee loyalty, comprise a number of customized programs such as training courses for employees of different positions, domestic and foreign M.B.A. courses and intensive human resources development programs for high performers to cultivate future leaders. For example, Kookmin Bank offers training programs at its employees’ worksites to facilitate access to training, as well as a foreign regional expert training program and a global language training course. We also provide financial and other support for our employees to develop their finance-related knowledge and skills by enrolling in training courses or engaging in self-study programs. The broad spectrum of training programs, combined with the state-of-the-art technologies such as cyber training, satellite broadcasting and mobile-learning, maximizes the level of exposure of the trainees to the contents of the programs. We also believe that our training scheme based on classified training courses and a development evaluation system has facilitated systemic development of employee skills and a spontaneous learning environment.

 

Item 6.E.

Share Ownership

Common Stock

As of March 12, 2024, the persons who are currently our directors or executive officers, as a group, held an aggregate of 28,108 shares of our common stock, representing approximately 0.01% of the issued shares of our common stock as of such date. None of these persons individually held more than 1% of the outstanding shares of our common stock as of such date. The following table presents information regarding our directors and executive officers who beneficially owned our shares as of March 12, 2024:

 

Name of Executive Officer or Director

    Number of Shares
of Common Stock		  

Jong Hee Yang

      914  

Jae Keun Lee

      1,119  

Seung Jong Lee

      1,198  

Jae Kwan Kim

      4,807  

Cheal Soo Choi

      504  

Scott Y. H. Seo

      2,000  

Young Suh Cho

      1,000  

Dae Hwan Lim

      1,715  

Bong Joong Kwon

      2,103  

Hyo Ik Park

      784  

Dae Hyun Cha

      1,244  

Keoung Nam Kim

      1,213  

Sang Rock Na

      743  

Hyo Sung Jeon

      1,272  

Ki Won Seo

      665  

Jin Young Park

      1,680  

Jin Ho Jeong

      2,138  

Chang Hwa Yook

      657  

Sang Won Oh

      676  

Ki Eun Park

      261  

Joo Hyun Kim

      281  

Chan Yong Park

      1,134  
  

 

 

  

Total

      28,108  
  

 

 

  

 

162

Performance Share Agreements

Pursuant to a stock grant plan we established in 2008, we have entered into performance share agreements with certain of our and our subsidiaries’ directors and executive officers, pursuant to which we may grant shares of our common stock (or the equivalent monetary amount based on the market value of such shares) within specified periods as long-term incentive performance shares in accordance with pre-determined performance targets. Since January 2010, in accordance with the best practice guidelines for outside directors of banking institutions announced by the Korea Federation of Banks, which have been replaced with the Financial Corporate Governance Code issued by the Financial Services Commission in December 2014, we have not entered into any performance share agreements with our non-executive directors.

 

Item 6.F.

Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation

Not applicable.

 

Item 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

 

Item 7.A.

Major Shareholders

The following table presents information regarding the beneficial ownership of our shares at December 31, 2023 by each person or entity known to us to own beneficially more than 5% of our issued and outstanding shares.

Except as otherwise indicated, each stockholder identified by name has:

 

  •  

sole voting and investment power with respect to its shares; and

 

  •  

record and beneficial ownership with respect to its shares.

 

Beneficial Owner

    Number of Shares
of Common Stock		     Percentage of
Total Outstanding
Shares of
Common Stock (%)(1)		  

Korean National Pension Service

      33,473,917       8.84 % 

JP Morgan Chase Bank, N.A.(2)

      24,923,235       6.58 % 

BlackRock Fund Advisors

      25,626,675 (3)      6.77 % 

 

(1) 

Calculated based on 378,663,825 shares of our common stock outstanding as of December 31, 2023.

(2) 

As depositary bank.

(3) 

As of December 31, 2023, based on disclosure made by BlackRock Fund Advisors in a beneficial ownership filing on February 9, 2024.

Other than as set forth above, no other person or entity known by us to be acting in concert, directly or indirectly, jointly or separately, owned 5.0% or more of the issued shares of our common stock or exercised control or could exercise control over us as of December 31, 2023. None of our major stockholders has different voting rights from our other stockholders.

As of December 31, 2023, there were 378,663,825 shares of common stock outstanding. Of the total outstanding shares, 24,923,235 shares were held in the form of ADSs and 92,487,716 shares were held of record in the form of common stock by residents in the United States. As of December 31, 2023, the number of registered holders of our ADSs was 22 and the number of holders of our common stock in the United States was 659.

 

Item 7.B.

Related Party Transactions

As of December 31, 2023, we had an aggregate of ￦5,497 million in loans outstanding to our executive officers and directors, executive officers and directors of Kookmin Bank and chief executive officers of our other

 

163

subsidiaries, including family members of such individuals. In addition, as of such date, we had loans outstanding to various companies whose directors or executive officers were serving concurrently as our directors or executive officers. See Note 43 of the notes to our consolidated financial statements included elsewhere in this annual report. All of these loans were made in the ordinary course of business, on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectability or present other unfavorable features.

None of our directors or officers have or had any interest in any transactions effected by us that are or were unusual in their nature or conditions or significant to our business which were effected during the current or immediately preceding year or were effected during an earlier year and remain in any respect outstanding or unperformed.

 

Item 7.C.

Interests of Experts and Counsel

Not applicable.

 

Item 8.

FINANCIAL INFORMATION

 

Item 8.A.

Consolidated Statements and Other Financial Information

See “Item 18. Financial Statements” and pages F-1 through F-299.

IFRS 17 is effective for annual periods beginning on or after January 1, 2023 and replaces IFRS 4. We have applied IFRS 17 in our consolidated financial statements as of and for the years ended December 31, 2022 and 2023 included elsewhere in this annual report. As permitted by the transition rules of IFRS 17, our consolidated financial statements as of and for the year ended December 31, 2021 included elsewhere in this annual report have not been restated to retroactively apply IFRS 17. Therefore, figures for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, may not be directly comparable to corresponding figures for the year ended December 31, 2021. Likewise, business figures and other financial information as of and for the year ended December 31, 2021 in this annual report have not been restated to retroactively apply IFRS 17, and as such, may not be directly comparable to corresponding figures and information as of and for the years ended December 31, 2022 and 2023, which reflect the application of IFRS 17, where applicable. See “Item 3.D. Risk Factors—Risks relating to our insurance operations—Changes in accounting standards for insurance contracts and their implementation could adversely impact our reported results of operations and financial condition and their comparability with those from prior periods.” For a detailed description of the main features of IFRS 17, see Note 2.1 of the notes to our consolidated financial statements included elsewhere in this annual report.

You should read the following data together with the more detailed information contained in “Item 5. Operating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this annual report. Historical results do not necessarily predict future results.

Profitability ratios and other data

 

     As of or for the year Ended December 31,  
      2021       2022       2023   
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)  
     (Percentages)  

Net interest spread(1)

      1.97 %      2.05 %      1.87 %      1.91 % 

Net interest margin(2)

      2.07       2.23       1.95       1.99  

Average asset liability ratio(3)

      114.68       113.26       105.25       102.95  

Efficiency ratio(4)

      49.72       50.21       48.21       40.96  

Cost-to-average assets ratio(5)

      1.14       1.08       0.95       0.89  

Won loans (gross) as a percentage of Won deposits

      112.81       112.02       109.47       109.28  

Total loans (gross) as a percentage of total deposits

      113.32       113.32       110.98       110.76  

 

164

 

(1) 

Represents the difference between the yield on average interest-earning assets and cost of average interest-bearing liabilities.

(2) 

Represents the ratio of net interest income to average interest-earning assets.

(3) 

Represents the ratio of average interest-earning assets to average interest-bearing liabilities.

(4) 

Represents the ratio of general and administrative expenses to the sum of net interest income, net fee and commission income, net insurance income, net gain on financial assets and liabilities at fair value through profit or loss, other insurance finance income and net other operating income.

(5) 

Represents the ratio of general and administrative expenses to average total assets.

Capital ratios

 

     As of or for the year Ended December 31,  
       2021        2022         2023    
     (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)  
     (Percentages)  

Consolidated capital adequacy ratio of KB Financial Group(1)

      15.77 %      16.16 %      16.16 %      16.73 % 

Capital adequacy ratios of Kookmin Bank

         

Tier I capital adequacy ratio(2)

      14.98       14.92       14.92       15.50  

Common equity Tier I capital adequacy ratio(2)

      14.70       14.50       14.50       14.91  

Tier II capital adequacy ratio(2)

      2.50       2.54       2.54       2.58  

Average stockholders’ equity as a percentage of average total assets

      7.23       6.99       9.55       12.82  

 

(1) 

Under applicable guidelines of the Financial Services Commission, we, as a bank holding company, were required to maintain a total minimum consolidated capital adequacy ratio of 11.5% (including applicable additional capital buffers and requirements) as of December 31, 2023. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Capital Adequacy.”

(2) 

Kookmin Bank’s capital adequacy ratios are computed in accordance with the guidelines issued by the Financial Services Commission. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Banks—Capital Adequacy.”

Credit portfolio ratios and other data

 

     As of December 31,  
         2022             2023      
     (in billions of Won, except percentages)  

Total loans(1)

    ￦ 437,200     ￦ 450,268  

Total non-performing loans(2)

      1,915       2,379  

Other impaired loans not included in non-performing loans

      1,636       2,529  

Total of non-performing loans and other impaired loans

      3,551       4,908  

Total allowances for loan losses

      4,161       5,463  

Non-performing loans as a percentage of total loans

      0.44 %      0.53 % 

Non-performing loans as a percentage of total assets

      0.28 %      0.33 % 

Total of non-performing loans and other impaired loans as a percentage of total loans

      0.81 %      1.09 % 

Allowances for loan losses as a percentage of total loans

      0.95 %      1.21 % 

 

(1) 

Before deduction of allowances for loan losses.

(2) 

Non-performing loans are defined as those loans, including corporate, retail and other loans, which are past due by 90 days or more.

 

165

Selected Statistical Information

Average Balance Sheets and Related Interest

The following table shows our average balances and interest rates for the past three years:

 

    Year Ended December 31,  
    2021     2022     2023  
    (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)  
    Average
Balance(1)		     Interest
Income(2)		     Average
Yield		     Average
Balance(1)		     Interest
Income(2)		     Average
Yield		     Average
Balance(1)		     Interest
Income(2)		     Average
Yield		     Average
Balance(1)		     Interest
Income(2)		     Average
Yield		  
    (in billions of Won, except percentages)  

Assets

                        

Due from financial institutions measured at amortized cost

   ￦ 13,261     ￦ 66       0.50 %    ￦ 15,097     ￦ 159       1.05 %    ￦ 16,165     ￦ 166       1.03 %    ￦ 16,219     ￦ 352       2.17 % 

Financial instruments at fair value through profit or loss (debt securities)(3)

     31,670       590       1.86       27,371       876       3.20       27,519       930       3.38       30,318       1,415       4.67  

Financial investments (debt securities)(4)

     97,296       1,557       1.60       105,980       2,211       2.09       104,601       2,306       2.20       114,407       3,389       2.96  

Loans:

                        

Corporate

     168,868       4,511       2.67       197,172       6,745       3.42       203,783       7,331       3.60       208,869       9,770       4.68  

Mortgage

     88,769       2,239       2.52       91,781       2,760       3.01       91,781       2,760       3.01       92,427       4,010       4.34  

Home equity

     27,333       723       2.65       27,258       903       3.31       27,258       903       3.31       28,213       1,257       4.46  

Other consumer(5)

     71,587       2,922       4.08       69,789       3,552       5.09       69,841       3,235       4.63       62,050       4,223       6.81  

Credit cards(6)

     19,923       1,441       7.23       22,103       1,568       7.09       22,126       1,532       6.92       22,837       1,856       8.13  

Foreign(7)

     22,580       1,162       5.15       32,309       2,015       6.24       24,412       1,608       6.59       34,045       2,849       8.37  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Loans (total)

     399,060       12,998       3.26       440,412       17,543       3.98       439,201       17,369       3.95       448,441       23,965       5.34  

Insurance assets

     —       —       —       —       —       —       1,619       17       1.05       1,726       24       1.39  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total average interest-earning assets

   ￦ 541,287     ￦ 15,211       2.81 %    ￦ 588,860     ￦ 20,789       3.53 %    ￦ 589,105     ￦ 20,788       3.53 %    ￦ 611,111     ￦ 29,145       4.77 % 
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Cash and due from banks

     14,946       —       —       15,893       —       —       15,893       —       —       14,875       —       —  

Financial assets at fair value through profit or loss (excluding debt securities):

                        

Equity securities

     4,443       —       —       4,671       —       —       4,408       —       —       6,816       —       —  

Other

     26,566       —       —       33,525       —       —       35,433       —       —       42,645       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Financial assets at fair value through profit or loss (excluding debt securities) (total)

     31,009       —       —       38,196       —       —       39,841       —       —       49,461       —       —  

Financial investment (equity securities)

     3,684       —       —       3,285       —       —       3,213       —       —       2,276       —       —  

Investment in associates

     555       —       —       595       —       —       13,529       —       —       30,523       —       —  

Derivative financial assets

     3,899       —       —       8,903       —       —       9,107       —       —       8,686       —       —  

Premises and equipment

     8,130       —       —       8,095       —       —       8,077       —       —       8,814       —       —  

Intangible assets

     3,279       —       —       3,232       —       —       1,525       —       —       1,382       —       —  

Allowances for loan losses

     (3,606 )      —       —       (4,002 )      —       —       (3,983 )      —       —       (5,074 )      —       —  

Other non-interest-earning assets

     30,851       —       —       31,818       —       —       23,824       —       —       23,226       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total average non-interest earning assets

     92,747       —       —       106,015       —       —       111,026       —       —       134,169       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

Total average assets

   ￦ 634,034     ￦ 15,211       2.40 %    ￦ 694,875     ￦ 20,789       2.99 %    ￦ 700,131     ￦ 20,788       2.97 %    ￦ 745,280     ￦ 29,145       3.91 % 
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

166

    Year Ended December 31,  
    2021     2022     2023  
    (IFRS 4)     (IFRS 4)     (IFRS 17)     (IFRS 17)  
    Average
Balance(1)		     Interest
Expense		     Average
Cost		     Average
Balance(1)		     Interest
Expense		     Average
Cost		     Average
Balance(1)		     Interest
Expense		     Average
Cost		     Average
Balance(1)		     Interest
Expense		     Average
Cost		  
    (in billions of Won, except percentages)  

Liabilities

                        

Deposits:

                        

Demand deposits

   ￦ 180,936     ￦ 280       0.15 %    ￦ 182,468     ￦ 448       0.25 %    ￦ 183,252     ￦ 448       0.24 %    ￦ 158,849     ￦ 693       0.44 % 

Time deposits

     158,795       1,907       1.20       187,934       3,958       2.11       192,357       4,060       2.11       224,323       8,936       3.98  

Certificates of deposit

     3,618       31       0.86       5,511       130       2.36       5,512       130       2.36       10,418       424       4.07  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Deposits (total)

     343,349       2,218       0.65       375,913       4,536       1.21       381,121       4,638       1.22       393,590       10,053       2.55  

Borrowings:

                        

Bonds sold under repurchase agreements

     14,126       105       0.74       11,257       207       1.84       11,196       205       1.83       11,081       391       3.53  

Other borrowings(8)

     48,781       488       1.00       62,628       1,291       2.06       64,578       1,293       2.00       72,135       2,677       3.71  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Borrowings (total)

     62,907       593       0.94       73,885       1,498       2.03       75,774       1,498       1.98       83,216       3,068       3.69  

Debentures

     65,759       1,170       1.78       70,132       1,641       2.34       70,267       1,641       2.34       69,603       2,307       3.31  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Insurance liabilities

     —       —       —       —       —       —       32,570       1,496       4.59       47,213       1,576       3.34  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total average interest-bearing liabilities

   ￦ 472,015     ￦ 3,981       0.84 %    ￦ 519,930     ￦ 7,676       1.48 %    ￦ 559,732     ￦ 9,273       1.66 %    ￦ 593,622     ￦ 17,004       2.86 % 
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Non-interest bearing demand deposits

     5,263       —       —       5,427       —       —       5,452       —       —       5,030       —       —  

Derivative financial liabilities

     3,704       —       —       9,353       —       —       9,569       —       —       8,724       —       —  

Financial liabilities at fair value through profit or loss

     12,461       —       —       12,704       —       —       12,704       —       —       11,342       —       —  

Other non-interest-bearing liabilities

     93,885       —       —       97,670       —       —       45,061       —       —       30,867       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total average non-interest bearing liabilities

     115,313       —       —       125,154       —       —       72,786       —       —       55,963       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total average liabilities

     587,328       3,981       0.68       645,084       7,676       1.19       632,518       9,273       1.47       649,585       17,004       2.62  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total equity

     46,706       —       —       49,791       —       —       67,613       —       —       95,695       —       —  
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Total average liabilities and equity

   ￦ 634,034     ￦ 3,981       0.63 %    ￦ 694,875     ￦ 7,676       1.10 %    ￦ 700,131     ￦ 9,273       1.32 %    ￦ 745,280     ￦ 17,004       2.28 % 
 

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

(1) 

Average balances are based on daily balances for our banking, credit card and securities operations and monthly or quarterly balances for our other operations.

(2) 

We do not invest in any tax-exempt securities.

(3) 

Includes deposits and loans at fair value through profit or loss. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(4) 

Comprises financial assets at fair value through other comprehensive income and at amortized cost, and includes loans at fair value through other comprehensive income. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report. Information related to investment securities classified as financial assets at fair value through other comprehensive income has been computed using amortized cost, and therefore does not give effect to changes in fair value that are reflected as a component of total equity.

(5) 

Includes other interest income.

(6) 

Interest income from credit cards includes principally cash advance fees of ￦185 billion, ￦190 billion and ￦209 billion and interest on credit card loans of ￦743 billion, ￦768 billion and ￦820 billion for the years ended December 31, 2021, 2022 and 2023, respectively, but does not include interchange fees.

(7) 

Consists primarily of loans from the overseas branches of our subsidiaries to affiliates of large Korean manufacturing companies for trade financing and working capital.

(8) 

Includes (i) lease-related interest expense pursuant to our adoption of IFRS 16 Leases and (ii) other interest expense.

 

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Analysis of Changes in Net Interest Income—Volume and Rate Analysis

The following table provides an analysis of changes in interest income, interest expense and net interest income based on changes in volume and changes in rate for 2021 compared to 2022 and 2022 compared to 2023. Information is provided with respect to: (1) effects attributable to changes in volume (changes in volume multiplied by prior rate) and (2) effects attributable to changes in rate (changes in rate multiplied by prior volume). Changes attributable to the combined impact of changes in rate and volume have been allocated proportionately to the changes due to volume changes and changes due to rate changes.

 

     2022 vs. 2021
(IFRS 4)
Increase/(Decrease)
Due to Change in		      2023 vs. 2022
(IFRS 17)
Increase/(Decrease)
Due to Change in		  
     Volume     Rate     Total      Volume     Rate      Total  
     (in billions of Won)  

Interest-earning assets

               

Due from financial institutions measured at amortized cost

    ￦ 10     ￦ 83     ￦ 93      ￦ 1     ￦ 185      ￦ 186  

Financial instruments at fair value through profit or loss (debt securities)(1)

      (89 )      375       286        102       383        485  

Financial investments (debt securities)(2)

      148       506       654        231       852        1,083  

Loans:

               

Corporate

      835       1,399       2,234        187       2,252        2,439  

Mortgage

      77       444       521        20       1,230        1,250  

Home equity

      (2 )      182       180        32       322        354  

Other consumer

      (75 )      705       630        (394 )      1,382        988  

Credit cards

      155       (28 )      127        50       274        324  

Foreign

      572       281       853        737       504        1,241  

Insurance assets

      —       —       —        1       6        7  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total interest income

    ￦ 1,631     ￦ 3,947     ￦ 5,578      ￦ 967     ￦ 7,390      ￦ 8,357  
  

 

 

    

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

     2022 vs. 2021(1)
Increase/(Decrease)
Due to Change in		      2023 vs. 2022(2)
Increase/(Decrease)
Due to Change in		  
     Volume     Rate      Total      Volume     Rate     Total  
     (in billions of Won)  

Interest-bearing liabilities

               

Deposits:

               

Demand deposits

    ￦ 2     ￦ 166      ￦ 168      ￦ (67 )    ￦ 312     ￦ 245  

Time deposits

      400       1,651        2,051        770       4,106       4,876  

Certificates of deposit

      23       76        99        162       132       294  

Borrowings:

               

Bonds sold under repurchase agreements

      (25 )      127        102        (2 )      188       186  

Other borrowings

      170       633        803        167       1,217       1,384  

Debentures

      81       390        471        (16 )      682       666  

Insurance liabilities

      —       —        —        557       (477 )      80  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total interest expense

      652       3,043        3,695        1,571       6,160       7,731  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Total net interest income

    ￦ 979     ￦ 904      ￦ 1,883      ￦ (604 )    ￦ 1,230     ￦ 626  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

 

(1) 

Includes deposits and loans at fair value through profit or loss. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report.

(2) 

Comprises financial assets at fair value through other comprehensive income and at amortized cost, and includes loans at fair value through other comprehensive income. For information on interest income arising from such financial instruments, see Note 28 of the notes to our consolidated financial statements included elsewhere in this annual report. Information related to investment securities classified as financial assets at fair value through other comprehensive income has been computed using amortized cost, and therefore does not give effect to changes in fair value that are reflected as a component of total equity.

 

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Legal Proceedings

Excluding the legal proceedings discussed below, we and our subsidiaries are not a party to any legal or administrative proceedings and no proceedings are known by any of us or our subsidiaries to be contemplated by governmental authorities or third parties, which, if adversely determined, may have a material adverse effect on our consolidated financial condition or results of operations.

In June 2010, Fairfield Sentry Limited, or Fairfield, which is currently in liquidation and whose assets were directly or indirectly invested with Bernard L. Madoff Investment Securities LLC, or BLMIS, filed a lawsuit in the Supreme Court of the State of New York against Kookmin Bank, which acted as a trustee bank for its clients who invested in Fairfield. Fairfield seeks recovery of approximately US$42 million it paid to Kookmin Bank in connection with share redemptions on the ground that such payments were made by mistake, based on inflated values resulting from BLMIS’ fraud. In September 2010, the case was transferred to the United States Bankruptcy Court for the Southern District of New York, or the Bankruptcy Court, which in turn ordered that the case be returned to a state court in September 2011 but then stayed the lawsuit before it was sent to state court. In August 2019, the Bankruptcy Court issued an order to the effect that the case would proceed in a federal court, instead of returning to a state court, on the condition that the proceedings be halted temporarily until a similar lawsuit that Fairfield had filed against a different fund investor (the “Parallel Case”), then pending in the United States District Court for the Southern District of New York, or the District Court, was decided. The Bankruptcy Court had dismissed the Parallel Case in December 2018, which Fairfield had then subsequently appealed to the District Court. In August 2022, the District Court dismissed Fairfield’s appeal related to the Parallel Case, and in September 2022, Fairfield again appealed such dismissal to the United States Court of Appeals for the Second Circuit, or the Second Circuit, where the Parallel Case is currently pending. It is difficult to predict when the Second Circuit will rule on Fairfield’s appeal. Fairfield has filed similar actions against numerous other fund investors to seek recovery of redemption payments.

In May 2012, the trustee appointed for the liquidation of BLMIS filed a lawsuit against Kookmin Bank in the Bankruptcy Court. The trustee seeks recovery of approximately US$42 million, the amount of funds that were allegedly redeemed by Kookmin Bank from Fairfield between June 2004 and January 2006 as described in the paragraph above. The trustee alleges that Fairfield was a “feeder fund” that invested in BLMIS and that redemptions from such BLMIS feeder fund are avoidable and recoverable under the U.S. Bankruptcy Code and New York law. The Bankruptcy Court issued an order to dismiss the case during the pleading stage of the litigation in March 2017, and the trustee appealed such decision to the United States Court of Appeals for the Second Circuit, or the Second Circuit, which reversed the dismissal and vacated the judgment in February 2019. Kookmin Bank, along with other defendants, filed a motion asking the Second Circuit to reconsider its ruling and, after such motion was denied, filed a petition for a writ of certiorari asking the United States Supreme Court to accept an appeal of the Second Circuit’s ruling, which was denied in June 2020. Subsequently, the Second Circuit remanded the case to the Bankruptcy Court for further proceedings, and in December 2022, Kookmin Bank’s motion to dismiss the case was denied. Kookmin Bank filed its response denying liability in March 2023, and the case is currently ongoing. The trustee has filed similar claw back actions against numerous other institutions.

In February 2014, the Financial Services Commission suspended the new credit card issuance and other related activities of KB Kookmin Card for three months from February to May 2014, in response to an incident involving the misappropriation of the personal information of a large number of its customers by an employee of the Korea Credit Bureau in the first half of 2013. Specifically, during such suspension period, KB Kookmin Card was prohibited from engaging in the following activities:

 

  •  

adding new subscribers for credit cards, prepaid cards and debit cards or issuing such types of cards (except as permitted by the chairman of the Financial Services Commission for public policy purposes);

 

  •  

providing new or additional credit lines to credit card customers; and

 

169

  •  

providing new services through mail order or telemarketing channels or related to travel or insurance products.

As of December 31, 2023, all lawsuits against KB Kookmin Card filed by its customers in connection with the misappropriation incident have been resolved.

Commencing in December 2019, a number of plaintiffs brought legal action against KB Securities, alleging that they invested in JB Australia NDIS Private Equity Investment Trust No. 1 through KB Securities based on an offering circular that had made untrue statements of a material fact. The plaintiffs are seeking to terminate the related investment contract on the basis of either breach of contract or mistake and are demanding an aggregate of ￦56.8 billion from KB Securities as compensation for the alleged unjust enrichment. In the alternative, they are seeking aggregate damages of ￦56.8 billion from KB Securities for violations of the relevant securities law, among others. As of the date of this annual report, the final outcome of the lawsuits remains uncertain.

In November 2023, the Financial Supervisory Service commenced an on-site inspection at Kookmin Bank in order to determine whether Kookmin Bank was in compliance with the Financial Consumer Protection Act in connection with its past sales of certain equity-linked securities products tied to the performance of the Hang Seng China Enterprise Index, or the HSCEI, which is expected to result in substantial losses to the customers who purchased such products upon maturity. The Financial Supervisory Service commenced similar inspections at other banks in Korea as well starting in January 2024. Approximately ￦4.8 trillion of such products sold by Kookmin Bank is expected to mature in the first half of 2024, and Kookmin Bank has recently ceased all sales of equity-linked securities products tied to the performance of the HSCEI, which has fluctuated widely in recent years. In March 2024, the Financial Supervisory Service released an interim inspection report on Kookmin Bank and other banks involved as well as dispute resolution guidelines for those customers who incurred losses from the purchase of such products. Subsequently, in March 2024, the board of directors of Kookmin Bank resolved to compensate such customers on a voluntary basis by engaging in private negotiations with each one of such customers based on the Financial Supervisory Service’s dispute resolution guidelines. The compensation amount to be recognized as provisions in the first quarter of 2024 is ￦861.5 billion, which will adversely affect our profit for such period. No assurance can be given that the final resolution of such matter will not have a material adverse effect on our results of operations and financial condition. See Note 44.2 of the notes to our consolidated financial statements.

In February 2023, the Korea Fair Trade Commission commenced investigations into banks in Korea with respect to whether they had engaged in any unfair practices in violation of competition laws. In January 2024, the Korea Fair Trade Commission issued a review report addressed to the four largest banks in Korea, including Kookmin Bank, which alleged that the banks had colluded among themselves to maintain similar loan-to-value ratios for real estate collateral. Specifically, the Korea Fair Trade Commission alleged that the banks had shared information about the maximum loan-to-value ratio each bank offered to its respective customers with the intent of maintaining similar levels among themselves. In April 2024, Kookmin Bank filed a response to the Korea Fair Trade Commission denying such allegations.

In November 2023, MTS Bank, a Russian bank, filed a lawsuit against Kookmin Bank in the Arbitrazh Court of the City of Moscow, seeking the return of approximately US$109.2 million of its funds held at Kookmin Bank. Kookmin Bank had frozen such assets in compliance with applicable sanctions in March 2023, after the U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, added MTS Bank to its Specially Designated Nationals And Blocked Persons List. Although we believe that there is a high probability that the Arbitrazh Court will rule against us given the outcome of other similar lawsuits in Russia that resulted from compliance with U.S. sanctions, we believe that the effects on our financial position will be limited to the accrued interest, as the principal amount at issue will be paid through the frozen assets held by Kookmin Bank. However, it is not possible to predict the final outcome of the lawsuit at this time.

Dividends

Dividends must be approved by the stockholders at the annual general meeting of stockholders. Cash dividends may be paid out of retained earnings that have not been appropriated to statutory reserves. See

 

170

“Item 10.B. Memorandum and Articles of Association—Description of Capital Stock— Dividends and Other Distributions.” In addition to annual dividends, we may declare, and distribute in cash, interim dividends pursuant to board resolutions.

The table below sets forth, for the periods indicated, the dividend per share of common stock and the total amount of dividends declared and paid by us in respect of the years ended December 31, 2021, 2022 and 2023. Except as otherwise noted, the dividends set forth below with respect to each year were paid within 30 days after our annual stockholders meeting, which was held no later than March of the following year.

 

Fiscal Year

    Dividends per
Common Share(1)		      Total Amount of Cash
Dividends Paid		  
            (in millions of Won)  

2021(2)(3)

      2,940        1,145,525  

2022(4)(5)

      2,950        1,149,421  

2023(6)(7)

      3,060        1,173,937  

 

(1) 

Won amounts are expressed in U.S. dollars at the noon buying rate in effect at the end of the relevant periods as quoted by the Federal Reserve Bank of New York in the United States.

(2) 

On February 8, 2022, our board of directors passed a board resolution recommending a cash dividend of ￦2,190 per common share (before dividend tax), representing 43.8% of the par value of each share, for the fiscal year ended December 31, 2021. This resolution was approved and ratified by our stockholders on March 25, 2022.

(3) 

Includes an interim cash dividend of ￦750 per common share (before dividend tax), representing 15.0% of the par value of each share, declared and paid in 2021.

(4) 

On February 7, 2023, our board of directors passed a board resolution recommending a cash dividend of ￦1,450 per common share (before dividend tax), representing 29.0% of the par value of each share, for the fiscal year ended December 31, 2022. This resolution was approved and ratified by our stockholders on March 24, 2023.

(5) 

Includes an interim cash dividend of ￦500 per common share (before dividend tax), representing 10.0% of the par value of each share, declared in April 2022 and paid in May 2022, an interim cash dividend of ￦500 per common share (before dividend tax), representing 10.0% of the par value of each share, declared in July 2022 and paid in August 2022 and an interim cash dividend of ￦500 per common share (before dividend tax), representing 10.0% of the par value of each share, declared in October 2022 and paid in November 2022.

(6) 

On February 7, 2024, our board of directors passed a board resolution recommending a cash dividend of ￦1,530 per common share (before dividend tax), representing 30.6% of the par value of each share, for the fiscal year ended December 31, 2023. This resolution was approved and ratified by our stockholders on March 22, 2024.

(7) 

Includes an interim cash dividend of ￦510 per common share (before dividend tax), representing 10.2% of the par value of each share, declared in April 2023 and paid in May 2023, an interim cash dividend of ￦510 per common share (before dividend tax), representing 10.2% of the par value of each share, declared in July 2023 and paid in August 2023 and an interim cash dividend of ￦510 per common share (before dividend tax), representing 10.2% of the par value of each share, declared in October 2023 and paid in November 2023.

Future dividends will depend upon our revenues, cash flow, financial condition and other factors. As an owner of ADSs, you will be entitled to receive dividends payable in respect of the shares of common stock represented by such ADSs.

For a description of the tax consequences of dividends paid to our stockholders, see “Item 10.E. Taxation—United States Taxation” and “—Korean Taxation—Taxation of Dividends on Common Shares or ADSs.”

 

Item 8.B.

Significant Changes

Except as disclosed elsewhere in this annual report, there have been no significant changes since the date of our audited financial statements included in this annual report.

 

Item 9.

THE OFFER AND LISTING

 

Item 9.A.

Offering and Listing Details

Principal Trading Market

The principal trading market for our common stock is the KRX KOSPI Market. Our common stock has been listed on the KRX KOSPI Market since October 10, 2008 under the identifying code 105560, and the ADSs have

 

171

been listed on the New York Stock Exchange under the symbol “KB” since September 29, 2008. The ADSs are identified by the CUSIP number 48241A105.

Restrictions Applicable to ADSs

No Korean governmental approval is necessary for the sale and purchase of our ADSs in the secondary market outside Korea or for the withdrawal of shares of our common stock underlying the ADSs and the delivery inside Korea of shares in connection with the withdrawal, provided that a foreigner procures a Legal Entity Identifier (passport number for individuals) as described below. The acquisition of the shares by a foreigner must be immediately reported to the governor of the Financial Supervisory Service, either by the foreigner or by his standing proxy in Korea.

Persons who have acquired shares of our common stock as a result of the withdrawal of shares underlying our ADSs may exercise their preemptive rights for new shares, participate in free distributions and receive dividends on shares without any further Korean governmental approval.

Under current Korean laws and regulations, the depositary is required to obtain our prior consent for the number of shares of our common stock to be deposited in any given proposed deposit that exceeds the difference between:

 

  (1)

the aggregate number of shares of our common stock deposited by us for the issuance of our ADSs (including deposits in connection with the initial issuance and all subsequent offerings of our ADSs and stock dividends or other distributions related to these ADSs); and

 

  (2)

the number of shares of our common stock on deposit with the depositary at the time of such proposed deposit.

We have agreed to grant such consent to the extent that the total number of shares on deposit with the depositary would not exceed 116,583,985 at any time.

Restrictions Applicable to Shares

As a result of amendments to the Foreign Exchange Transaction Act of Korea, the regulations thereunder and Financial Services Commission regulations (which we refer to collectively as the “Investment Rules”), foreigners may invest, with limited exceptions and subject to procedural requirements, in all shares of Korean companies, whether listed on the KRX KOSPI Market or on the KRX KOSDAQ Market, unless prohibited by specific laws. Foreign investors may trade shares listed on the KRX KOSPI Market or on the KRX KOSDAQ Market only through the KRX KOSPI Market or the KRX KOSDAQ Market, except in limited circumstances, including:

 

  •  

odd-lot trading of shares;

 

  •  

acquisition of shares (which we refer to as “Converted Shares”) by exercise of warrants, conversion rights or exchange rights under bonds with warrants, convertible bonds or exchangeable bonds or withdrawal rights under depositary receipts issued outside of Korea by a Korean company;

 

  •  

acquisition of shares as a result of inheritance, donation, bequest or exercise of stockholders’ rights, including preemptive rights or rights to participate in free distributions and receive dividends;

 

  •  

over-the-counter transactions between foreigners of a class of shares for which the ceiling on aggregate acquisition by foreigners has been reached or exceeded subject to certain exceptions; and

 

  •  

sale and purchase of shares at fair value between foreigners who are part of an investor group comprised of foreign companies investing under the control of a common investment manager pursuant to applicable laws or contract.

 

172

The Investment Rules require a foreign investor who wishes to invest in shares on the KRX KOSPI Market or the KRX KOSDAQ Market (including Converted Shares) to prove its identity with the Legal Entity Identifier or passport number prior to making any such investment.

Upon a foreign investor’s purchase of shares through the KRX KOSPI Market or the KRX KOSDAQ Market, no separate report is required to be made by the investor. However, a foreign investor’s acquisition or sale of shares outside the KRX KOSPI Market or the KRX KOSDAQ Market (as discussed above) must be reported by the foreign investor or his standing proxy to the governor of the Financial Supervisory Service immediately following each such acquisition or sale. In particular, if a foreign investor acquires or sells his shares in connection with a tender offer or odd-lot trading of shares, such foreign investor or his standing proxy must ensure that the financial investment company that was engaged to facilitate the transaction reports such transaction to the governor of the Financial Supervisory Service. A foreign investor may appoint a standing proxy from among the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies with a dealing and/or brokerage license (including domestic branches of foreign financial investment companies with such license), financial investment companies with a collective investment license (including domestic branches of foreign financial investment companies with such license) and internationally recognized custodians which will act as a standing proxy to exercise stockholders’ rights or perform any matters related to the foregoing activities if the foreign investor does not perform these activities himself. Generally, a foreign investor may not permit any person, other than its standing proxy, to exercise rights relating to his shares or perform any tasks related thereto on his behalf. However, a foreign investor may be exempted from complying with these standing proxy rules with the approval of the governor of the Financial Supervisory Service in cases deemed inevitable, including by reason of conflict between laws of Korea and the home country of the foreign investor.

The shares of a listed Korean company owned by a foreign investor must be electronically registered in accordance with the Act on Electronic Registration of Stocks, Bonds, Etc. through an eligible custodian in Korea. The same entities eligible to act as a standing proxy are eligible to act as a custodian of shares for a non-resident or foreign investor. A foreign investor may be exempted from complying with the above requirement if it (i) acquires shares publicly offered or sold outside Korea for the purpose of listing on an overseas stock exchange or (ii) acquires or disposes of shares through an overseas stock exchange if such shares are simultaneously listed on the Korea Exchange and such overseas stock exchange.

An investment by a foreign investor in 10% or more of the issued and outstanding shares with voting rights of a Korean company is defined as a foreign direct investment under the Foreign Investment Promotion Act of Korea. Generally, a foreign direct investment must be reported to the Ministry of Trade, Industry and Energy of Korea. The acquisition of shares of a Korean company by a foreign investor may also be subject to certain foreign or other shareholding restrictions in the event that the restrictions are prescribed in a specific law that regulates the business of the Korean company. For a description of such restrictions applicable to Korean banks and bank holding companies (such as us), see “Item 4.B. Business Overview—Supervision and Regulation.”

 

Item 9.B.

Plan of Distribution

Not applicable.

 

Item 9.C.

Markets

See “Item 9.A. Offering and Listing Details.”

 

Item 9.D.

Selling Shareholders

Not applicable.

 

173

Item 9.E.

Dilution

Not applicable.

 

Item 9.F.

Expenses of the Issue

Not applicable.

 

Item 10.

ADDITIONAL INFORMATION

 

Item 10.A.

Share Capital

Not applicable.

 

Item 10.B.

Memorandum and Articles of Association

Description of Capital Stock

Set forth below is information relating to our capital stock, including brief summaries of certain provisions of our articles of incorporation, the Korean Commercial Code, Financial Investment Services and Capital Markets Act and certain related laws of Korea, all as currently in effect. The following summaries do not purport to be complete and are subject to the articles of incorporation and the applicable provisions of the Financial Investment Services and Capital Markets Act, the Korean Commercial Code, and certain other related laws of Korea.

As of December 31, 2023, our authorized share capital is 1,000,000,000 shares. Pursuant to our articles of incorporation, we are authorized to issue shares with preferred dividend, non-voting shares, class shares with conversion rights, class shares with redemption rights and shares with a combination of all or any of the foregoing characteristics (which we refer to collectively as “Class Shares”), as well as common shares. Subject to applicable laws and regulations, we are authorized to issue Class Shares up to one-half of all of our issued and outstanding shares.

Under our articles of incorporation, dividends on non-voting shares with preferred dividend are required to be at least 1% per annum of the par value and the board of directors must determine at the time of issuance of such shares the dividend rate, type of distributable properties, method of determining the value of distributable properties and conditions on payment of dividends. Also, we may, pursuant to a resolution of the board of directors, issue such non-voting shares with preferred dividend as redeemable shares that may be redeemed with profits at the relevant shareholder’s or our discretion, up to one-half of all of our issued and outstanding shares.

In addition, pursuant to a resolution of the board of directors, we may issue shares that are convertible into common shares or Class Shares at the request of the relevant shareholders, up to 20% of all of our issued and outstanding shares. The period during which a relevant shareholder may make a request for conversion may be determined by a resolution of the board of directors and must be a period between one and ten years from the issue date.

Furthermore, through an amendment of the articles of incorporation, we may create new classes of shares, which may be common shares or Class Shares having additional features as prescribed under the Korean Commercial Code. See “—Voting Rights.”

As of March 31, 2024, 403,511,072 shares of common stock were issued and 382,763,825 shares of common stock were outstanding. No Class Shares are currently outstanding. All of the issued and outstanding shares are fully-paid and non-assessable, and are in registered form. Our authorized but unissued share capital consists of 596,488,928 shares. We may issue the unissued shares without further stockholder approval, subject to a board resolution as provided in the articles of incorporation. See “—Preemptive Rights and Issuances of Additional Shares” and “—Dividends and Other Distributions—Distribution of Free Shares.”

 

174

Our articles of incorporation provide that our stockholders may, by special resolution, grant to our and our subsidiaries’ officers and employees stock options exercisable for up to 15% of the total number of our issued and outstanding shares. Our board of directors may also grant stock options to officers and employees other than directors exercisable for up to 1% of our issued and outstanding shares, provided that such grant must be approved by a resolution of the subsequent general meeting of stockholders. As of March 31, 2024, none of our officers, directors and employees held options to purchase shares of our common stock.

Share certificates are issued in denominations of one, five, ten, 50, 100, 500, 1,000 and 10,000 shares.

Organization and Register

We are a financial holding company established under the Financial Holding Company Act. We are registered with the commercial registry office of Seoul Central District Court.

Dividends and Other Distributions

Dividends

Dividends are distributed to stockholders in proportion to the number of shares of the relevant class of capital stock owned by each stockholder following approval by the stockholders at an annual general meeting of stockholders. Subject to the requirements of the Korean Commercial Code and other applicable laws and regulations, we expect to pay full annual dividends on newly issued shares for the year in which the new shares are issued.

We declare our dividend annually at the annual general meeting of stockholders, which are held within three months after the end of each fiscal year. Once declared, the annual dividend must be paid to the stockholders of record as of the end of the preceding fiscal year within one month after the annual general meeting unless otherwise resolved thereby. Annual dividends may be distributed either in cash or in shares provided that shares must be distributed at par value and, if the market price of the shares is less than their par value, dividends in shares may not exceed one-half of the total annual dividend (including dividends in shares). In addition, we may declare and distribute interim dividends pursuant to a board resolution.

Under the Korean Commercial Code and our articles of incorporation, we do not have an obligation to pay any annual or interim dividend unclaimed for five years from the payment date.

The Financial Holding Company Act and related regulations require that each time a Korean financial holding company pays an annual dividend, it must set aside in its legal reserve to stated capital an amount equal to at least one-tenth of its net income after tax until the amount set aside reaches at least the aggregate amount of its stated capital. Unless it sets aside this amount, a Korean financial holding company may not pay an annual dividend. We intend to set aside allowances for loan losses and reserves for severance pay in addition to this legal reserve.

For information regarding Korean taxes on dividends, see “Item 10.E. Taxation—Korean Taxation.”

Distribution of Free Shares

In addition to permitting dividends in the form of shares to be paid out of retained or current earnings, the Korean Commercial Code permits a company to distribute to its stockholders, in the form of free shares, an amount transferred from the capital surplus or legal reserve to stated capital. These free shares must be distributed pro rata to all stockholders. Our articles of incorporation provide that the types of shares to be distributed to the holders of non-voting shares with preferred dividend will be the same type of non-voting shares with preferred dividend held by such holders.

 

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Preemptive Rights and Issuances of Additional Shares

Unless otherwise provided in the Korean Commercial Code, a company may issue authorized but unissued shares at such times and upon such terms as the board of directors of the company may determine. The company must offer the new shares on uniform terms to all stockholders who have preemptive rights and who are listed on the stockholders’ register as of the applicable record date. Our stockholders will be entitled to subscribe for any newly issued shares in proportion to their existing shareholdings. However, as provided in our articles of incorporation, new shares may be issued to persons other than existing stockholders if such shares are: (1) publicly offered pursuant to the Financial Investment Services and Capital Markets Act, (2) issued to an employee stock ownership association, (3) issued upon exercise of stock options pursuant to the Financial Investment Services and Capital Markets Act, (4) issued for the issuance of our depositary receipts, (5) issued to certain foreign or domestic financial institutions or institutional investors to raise funds to meet urgent needs for our management or operations or (6) issued primarily to a third party who has contributed to the management of our business, including by providing financing, credit, advanced financing technique, know-how or entering into close business alliances, except that, in the case of issuances of new shares under (1), (4), (5) and (6) above, the number of new shares issued to persons other than existing stockholders may not exceed 50% of our total issued and outstanding capital stock.

Public notice of the preemptive rights to new shares and the transferability thereof must be given not less than two weeks (excluding the period during which the stockholders’ register is closed) prior to the record date. We will notify the stockholders or persons other than existing stockholders, who are entitled to subscribe for newly issued shares of the deadline for subscription at least two weeks prior to the deadline. If such stockholders or persons fail to subscribe on or before such deadline, their preemptive rights will lapse. Our board of directors may determine how to distribute shares in respect of which preemptive rights have not been exercised or where fractions of shares occur.

Under the Financial Investment Services and Capital Markets Act, members of a company’s employee stock ownership association, whether or not they are stockholders, will have a preemptive right, subject to certain exceptions, to subscribe for up to 20% of the shares publicly offered pursuant to the Financial Investment Services and Capital Markets Act. This right is exercisable only to the extent that the total number of shares so acquired and held by such members does not exceed 20% of the total number of shares then issued and outstanding.

Voting Rights

Each outstanding share of our common stock is entitled to one vote per share. However, voting rights with respect to shares of common stock that we hold or any of our subsidiaries holds may not be exercised. Unless stated otherwise in a company’s articles of incorporation, the Korean Commercial Code permits holders of an aggregate of 1% or more of the issued and outstanding shares with voting rights to request cumulative voting when electing two or more directors. Our articles of incorporation do not prohibit cumulative voting. The Korean Commercial Code and our articles of incorporation provide that an ordinary resolution may be adopted if approval is obtained from the holders of at least a majority of those shares of common stock present or represented at such meeting and such majority also represents at least one-fourth of the total of our issued and outstanding voting shares. Holders of non-voting shares (other than enfranchised non-voting shares) will not be entitled to vote on any resolution or to receive notice of any general meeting of stockholders unless the agenda of the meeting includes consideration of a resolution on which such holders are entitled to vote. The Korean Commercial Code provides that a company’s articles of incorporation may prescribe conditions for the enfranchisement of non-voting shares. For example, if our annual general stockholders’ meeting resolves not to pay to holders of non-voting shares with preferred dividend the annual dividend as determined by the board of directors at the time of issuance of such shares, the holders of non-voting shares with preferred dividend will be entitled to exercise voting rights from the general stockholders’ meeting following the meeting adopting such resolution to the end of a meeting to declare to pay such dividend with respect to the non-voting shares with

 

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preferred dividend. Holders of such enfranchised non-voting shares with preferred dividend will have the same rights as holders of common stock to request, receive notice of, attend and vote at a general meeting of stockholders.

The Korean Commercial Code provides that to amend the articles of incorporation, which is also required for any change to the authorized share capital of the company, and in certain other instances, including removal of a director of a company, dissolution, merger or consolidation of a company, transfer of the whole or a significant part of the business of a company, acquisition of all of the business of any other company, acquisition of a part of the business of any other company having a material effect on the business of the company or issuance of new shares at a price lower than their par value, a special resolution must be adopted by the approval of the holders of at least two-thirds of those shares present or represented at such meeting and such special majority also represents at least one-third of the total issued and outstanding shares with voting rights of the company.

In addition, in the case of amendments to the articles of incorporation or any merger or consolidation of a company or in certain other cases, where the rights or interest of the holders of Class Shares are adversely affected, a resolution must be adopted by a separate meeting of holders of Class Shares. Such a resolution may be adopted if the approval is obtained from stockholders of at least two-thirds of the Class Shares present or represented at such meeting and such shares also represent at least one-third of the total issued and outstanding Class Shares of the company.

A stockholder may exercise his voting rights by proxy given to another stockholder. The proxy must present the power of attorney prior to the start of a meeting of stockholders.

Liquidation Rights

In the event we are liquidated, the assets remaining after the payment of all borrowings, liquidation expenses and taxes will first be distributed to holders of Class Shares which have a preference right in respect of the distribution of residual properties as determined by our board of directors at the time of their issuance, and the residue thereafter will be distributed to the other stockholders in proportion to the number of shares held by them.

General Meetings of Stockholders

There are two types of general meetings of stockholders: annual general meetings and extraordinary general meetings. We are required to convene our annual general meeting within three months after the end of each fiscal year. Subject to a board resolution or court approval, an extraordinary general meeting of stockholders may be held when necessary or at the request of the holders of an aggregate of 3% or more of our issued and outstanding shares, or the holders of an aggregate of 0.75% or more of our issued and outstanding stock with voting rights, who have held those shares at least for six months, under the Act on the Corporate Governance of Financial Companies and its sub-regulations. Under the Korean Commercial Code, an extraordinary general meeting of stockholders may also be convened at the request of our Audit Committee, subject to a board resolution or court approval. Holders of non-voting shares may be entitled to request a general meeting of stockholders only to the extent the non-voting shares have become enfranchised as described under the section entitled “—Voting Rights” above, hereinafter referred to as “enfranchised non-voting shares.” Meeting agendas will be determined by the board of directors or proposed by holders of an aggregate of 3% or more of the issued and outstanding shares with voting rights, or by holders of an aggregate of 0.1% or more of our issued and outstanding shares with voting rights, who have held those shares for at least six months, by way of a written proposal to the board of directors at least six weeks prior to the meeting, under the Act on the Corporate Governance of Financial Companies and its sub-regulations. Written notices or e-mail notices stating the date, place and agenda of the meeting must be given to the stockholders at least two weeks prior to the date of the general meeting of stockholders. Notice may, however, be given to holders of 1% or less of the total number of issued and

 

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outstanding shares which are entitled to vote, either by placing at least two public notices at least two weeks in advance of the meeting in at least two daily newspapers or by placing a notice through the electronic disclosure system operated by the Financial Supervisory Service or the Korea Exchange. Stockholders who are not on the stockholders’ register as of the record date will not be entitled to receive notice of the general meeting of stockholders, and they will not be entitled to attend or vote at such meeting. Holders of enfranchised non-voting shares who are on the stockholders’ register as of the record date will be entitled to receive notice of the general meeting of stockholders and they will be entitled to attend and vote at such meeting. Otherwise, holders of non-voting shares will not be entitled to receive notice of or vote at general meetings of stockholders.

The general meeting of stockholders will be held at our head office, which is our registered head office, or, if necessary, may be held anywhere in the vicinity of our head office.

Rights of Dissenting Stockholders

Pursuant to the Financial Investment Services and Capital Markets Act and the Act on the Improvement of the Structure of the Financial Industry, in certain limited circumstances (including, without limitation, if we transfer all or any significant part of our business, if we acquire a part of the business of any other company and such acquisition has a material effect on our business or if we merge or consolidate with another company), dissenting holders of shares of our common stock and our stock with preferred dividends will have the right to require us to purchase their shares. To exercise such a right, stockholders must submit to us a written notice of their intention to dissent prior to the general meeting of stockholders. Within 20 days (10 days in the case of a stock transfer or exchange for the purposes of establishing a financial holding company or acquiring all issued shares of an existing subsidiary under the Financial Holding Company Act) after the date on which the relevant resolution is passed at such meeting, such dissenting stockholders must request in writing that we purchase their shares. We are obligated to purchase the shares from dissenting stockholders within one month after the end of such request period at a price to be determined by negotiation between the stockholder and us. If we cannot agree on a price with the stockholder through such negotiations, the purchase price will be the arithmetic mean of:

 

  •  

the weighted average of the closing stock prices on the KRX KOSPI Market for the two-month period prior to the date of the adoption of the relevant board of directors’ resolution;

 

  •  

the weighted average of the closing stock prices on the KRX KOSPI Market for the one-month period prior to the date of the adoption of the relevant board of directors’ resolution; and

 

  •  

the weighted average of the closing stock prices on the KRX KOSPI Market for the one-week period prior to the date of the adoption of the relevant board of directors’ resolution.

However, any dissenting stockholder who wishes to contest the purchase price may bring a claim in court.

Required Disclosure of Ownership

Any person whose direct or beneficial ownership of our common stock with voting rights, whether in the form of shares of common stock or ADSs, certificates representing the rights to subscribe for shares or equity-related debt securities including convertible bonds and bonds with warrants (which we refer to collectively as “Equity Securities”), together with the Equity Securities beneficially owned by certain related persons or by any person acting in concert with the person, accounts for 5% or more of the total issued and outstanding shares (Equity Securities of us held by such persons and treasury stock) is required to report the status and purpose (in terms of whether the purpose of the shareholding is to exercise control over our management) of the holdings to the Financial Services Commission and the KRX KOSPI Market within five business days after reaching the 5% ownership interest. In addition, any change in (i) the ownership interest subsequent to the report that equals or exceeds 1% of the total issued and outstanding Equity Securities of us or (ii) the purpose of the shareholding is required to be reported to the Financial Services Commission and the KRX KOSPI Market within five business days from the date of the change.

 

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Violation of these reporting requirements may subject a person to criminal sanctions such as fines or imprisonment, an administrative fine of up to 0.001% of the aggregate market value of the total issued and outstanding stock or ￦500 million, whichever is lower, and/or a loss of voting rights with respect to the ownership of Equity Securities exceeding 5% of the total issued and outstanding Equity Securities with respect to which the reporting requirements were violated. Furthermore, the Financial Services Commission may order the disposal of the unreported Equity Securities.

In addition to the reporting requirements described above, any person whose direct or beneficial ownership of our stock accounts for 10% or more of the total issued and outstanding stock (which we refer to as a “major stockholder”) must report the status of his/her shareholding to the Korea Securities and Futures Commission and the KRX KOSPI Market within five days after becoming a major stockholder. In addition, any change in the ownership interest subsequent to the report must be reported to the Korea Securities and Futures Commission and the KRX KOSPI Market within five days of the occurrence of the change, provided that such reporting obligation would not apply if the change in the ownership interest consists of less than 1,000 shares and the amount of such change is less than ￦10 million. Violation of these reporting requirements may subject a person to criminal sanctions such as fines or imprisonment.

Other Provisions

Register of Stockholders and Record Dates

We maintain the register of our stockholders at our principal office in Seoul, Korea. We register transfers of shares on the register of stockholders upon presentation of the share certificates.

The record date for annual dividends is determined through a resolution of our board of directors. Further, the Korean Commercial Code and our articles of incorporation permit us upon at least two weeks’ public notice to set a record date for the purpose of determining the stockholders entitled to certain rights pertaining to the shares, provided, however, that the Korean Commercial Code further requires that the register of stockholders shall not be closed for such purposes for more than three months. The trading of shares and the delivery of certificates in respect thereof may continue while the register of stockholders is closed. Also, we may distribute dividends to stockholders on a quarterly basis, and the record dates for these quarterly dividends are the end of March, June and September of each year.

Annual Reports

Under the Financial Investment Services and Capital Markets Act, we must file with the Financial Services Commission and the KRX KOSPI Market an annual business report within 90 days after the end of each fiscal year, a half-year business report within 45 days after the end of the first six months of each fiscal year and quarterly business reports within 45 days after the end of the first three months and nine months of each fiscal year, respectively. In addition, in accordance with the Enforcement Decree of the Commercial Act, we must make available our annual business report and audit report to our shareholders by sending such reports electronically or posting them on our website at least one week before the annual general meeting of stockholders. Copies of such business reports will be available for public inspection at the Financial Services Commission and the KRX KOSPI Market.

Transfer of Shares

Under the Korean Commercial Code, the transfer of shares is effected by the delivery of share certificates. The Financial Investment Services and Capital Markets Act provides, however, that in case of a company listed on the KRX KOSPI Market such as us, share transfers can be effected by the book-entry method. In order to assert stockholders’ rights against us, the transferee must have his name and address registered on the register of stockholders. For this purpose, stockholders are required to file with us their name, address and seal. Non-resident stockholders must notify us of the name of their proxy in Korea to which our notice can be sent.

 

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Under current Korean regulations, the following entities may act as agents and provide related services for foreign stockholders:

 

  •  

the Korea Securities Depository;

 

  •  

internationally recognized foreign custodians;

 

  •  

financial investment companies with a dealing license (including domestic branches of foreign financial investment companies with such license);

 

  •  

financial investment companies with a brokerage license (including domestic branches of foreign financial investment companies with such license);

 

  •  

foreign exchange banks (including domestic branches of foreign banks); and

 

  •  

financial investment companies with a collective investment license (including domestic branches of foreign financial investment companies with such license).

In addition, foreign stockholders may appoint a standing proxy among the foregoing and generally may not allow any person other than the standing proxy to exercise rights to the acquired shares or perform any tasks related thereto on their behalf. Certain foreign exchange controls and securities regulations apply to the transfer of shares by non-residents or non-Koreans. See “Item 9.A. Offering and Listing Details” and “Item 10.D. Exchange Controls.” Except as provided in the Financial Holding Company Act, the ceiling on the aggregate shareholdings of a single stockholder and persons who stand in a special relationship with such stockholder is 10% of our issued and outstanding voting shares. See “Item 4.B. Business Overview—Supervision and Regulation—Principal Regulations Applicable to Financial Holding Companies—Restrictions on Ownership of a Financial Holding Company.”

Acquisition of Our Shares

Under the Korean Commercial Code, we may acquire our own shares upon a resolution of a general meeting of shareholders by either (i) purchasing them on a stock exchange or (ii) purchasing a number of shares, other than redeemable shares as set forth in Article 345, Paragraph (1) of the Korean Commercial Code, from each shareholder in proportion to their existing shareholding ratio through the methods set forth in the Presidential Decree, provided that the total purchase price does not exceed the amount of our profit that may be distributed as dividends in respect of the immediately preceding fiscal year.

Additionally, pursuant to the Financial Investment Services and Capital Markets Act and regulations under the Financial Holding Company Act and after submission of certain reports to the Financial Services Commission, we may purchase our own shares on the KRX KOSPI Market or through a tender offer, subject to the restrictions that:

 

  •  

the aggregate purchase price of such shares may not exceed the total amount available for distribution of dividends at the end of the preceding fiscal year; and

 

  •  

the purchase of such shares shall meet the risk-weighted capital adequacy ratio requirements prescribed in the regulations under the Financial Holding Company Act based on Bank for International Settlements standards.

Subject to certain limited exceptions, our subsidiaries will not be permitted to acquire our shares pursuant to the Financial Holding Company Act.

 

Item 10.C.

Material Contracts

None.

 

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Item 10.D.

Exchange Controls

General

The Foreign Exchange Transaction Act of Korea and the Enforcement Decree and regulations under that Act and Decree, which we refer to collectively as the “Foreign Exchange Transaction Laws,” regulate investment in Korean securities by non-residents and issuance of securities outside Korea by Korean companies. Non-residents may invest in Korean securities pursuant to the Foreign Exchange Transaction Laws. The Financial Services Commission has also adopted, pursuant to its authority under the Financial Investment Services and Capital Markets Act, regulations that restrict investment by foreigners in Korean securities and regulate issuance of securities outside Korea by Korean companies.

Under the Foreign Exchange Transaction Laws, (1) if the Korean government deems that it is inevitable due to the outbreak of natural calamities, wars, conflict of arms or grave and sudden changes in domestic or foreign economic circumstances or other situations equivalent thereto, the Ministry of Economy and Finance may temporarily suspend payment, receipt or the whole or part of transactions to which the Foreign Exchange Transaction Laws apply, or impose an obligation to safe-keep, deposit or sell means of payment in or to certain Korean governmental agencies or financial institutions; and (2) if the Korean government deems that international balance of payments and international finance are confronted or are likely to be confronted with serious difficulty or the movement of capital between Korea and abroad brings or is likely to bring about serious obstacles in carrying out its currency policies, exchange rate policies and other macroeconomic policies, the Ministry of Economy and Finance may take measures to require any person who intends to perform capital transactions to obtain permission or to require any person who performs capital transactions to deposit part of the payments received in such transactions at certain Korean governmental agencies or financial institutions, in each case subject to certain limitations.

Restrictions Applicable to Shares

Under the Foreign Exchange Transaction Laws, a foreign investor who intends to acquire shares must designate a foreign exchange bank at which he must open a foreign currency account and a Won account exclusively for stock investments. No approval is required for remittance into Korea and deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account at the time required to place a deposit for, or settle the purchase price of, a stock purchase transaction to a Won account opened at a financial investment company with a dealing and/or brokerage license. Funds in the foreign currency account may be remitted abroad without any Korean governmental approval.

Dividends on shares of Korean companies are paid in Won. No Korean governmental approval is required for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a non-resident of Korea must be deposited either in a Won account with the investor’s financial investment company with a dealing and/or brokerage license or in his Won account. Funds in the investor’s Won account may be transferred to his foreign currency account or withdrawn for local living expenses up to certain limitations. Funds in the Won account may also be used for future investment in shares or for payment of the subscription price of new shares obtained through the exercise of preemptive rights.

Financial investment companies with dealing and/or brokerage licenses are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating foreign investors’ stock investments in Korea. Through these accounts, such financial investment companies may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds, either as a counterparty to or on behalf of foreign investors, without the investors having to open their own accounts with foreign exchange banks.

 

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Item 10.E.

Taxation

United States Taxation

This summary describes certain U.S. federal income tax consequences for a U.S. holder (as defined below) of acquiring, owning, and disposing of common shares or ADSs. This summary applies to you only if you hold the common shares or ADSs as capital assets for tax purposes. This summary does not apply to you if you are a member of a class of holders subject to special rules, such as:

 

  •  

a broker or dealer in securities or currencies;

 

  •  

a trader in securities that elects to use a mark-to-market method of accounting for securities holdings;

 

  •  

a bank;

 

  •  

a life insurance company;

 

  •  

a tax-exempt organization;

 

  •  

an entity treated as a partnership for U.S. federal income tax purposes or a partner in such partnership;

 

  •  

a person that holds common shares or ADSs that are a hedge or that are hedged against interest rate or currency risks;

 

  •  

a person that holds common shares or ADSs as part of a straddle or conversion transaction for tax purposes;

 

  •  

a person whose functional currency for tax purposes is not the U.S. dollar; or

 

  •  

a person that owns or is deemed to own 10% or more of our stock, measured by voting power or value.

This summary is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations promulgated thereunder, and published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

This summary does not discuss the application of the U.S. federal estate and gift taxes, the Medicare net investment income tax or any alternative minimum tax, or any state, local or non-U.S. taxes.

Please consult your own tax advisers concerning the U.S. federal, state, local, and other tax consequences of purchasing, owning, and disposing of common shares or ADSs in your particular circumstances.

For purposes of this summary, you are a “U.S. holder” if you are the beneficial owner of a common share or an ADS and are:

 

  •  

a citizen or resident of the United States;

 

  •  

a U.S. domestic corporation; or

 

  •  

otherwise subject to U.S. federal income tax on a net income basis with respect to income from the common share or ADS.

In general, if you are the beneficial owner of ADSs, you will be treated as the beneficial owner of the common shares represented by those ADSs for U.S. federal income tax purposes, and no gain or loss will be recognized if you exchange an ADS for the common share represented by that ADS.

Dividends

The gross amount of cash dividends that you receive (prior to deduction of Korean taxes) generally will not be eligible for the dividends received deduction. Dividends paid in Won will be included in your income in a

 

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U.S. dollar amount calculated by reference to the exchange rate in effect on the date of your receipt of the dividend, in the case of common shares, or the depositary’s receipt, in the case of ADSs, regardless of whether the payment is in fact converted into U.S. dollars. If such a dividend is converted into U.S. dollars on the date of receipt, you generally should not be required to recognize foreign currency gain or loss in respect of the dividend income.

The U.S. dollar amount of dividends received by an individual with respect to the ADSs will be subject to taxation at reduced rates if the dividends are “qualified dividends.” Subject to certain exceptions for short-term and hedged positions, dividends paid on the common shares or ADSs will be treated as qualified dividends if (i) the common shares or ADSs are readily tradable on an established securities market in the United States or we are eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Treasury determines is satisfactory for purposes of this provision and that includes an exchange of information program; and (ii) we were not, in the year prior to the year in which the dividend was paid, and are not, in the year in which the dividend is paid, a passive foreign investment company as defined for U.S. federal income tax purposes (“PFIC”). The ADSs are listed on the New York Stock Exchange, and will qualify as readily tradable on an established securities market in the United States so long as they are so listed. In addition, the U.S. Treasury has determined that the Korea-United States income tax treaty (the “Treaty”) meets the requirements for reduced rates of taxation, and we believe we are eligible for the benefits of that treaty. Based on our audited financial statements, we believe that we were not a PFIC in our 2022 or 2023 taxable year. In addition, based on our audited financial statements and current expectations regarding our income, assets and activities, we do not anticipate becoming a PFIC for our 2024 taxable year. Therefore, we believe that dividends received by a U.S. holder with respect to either common shares or ADSs will be “qualified dividends,” provided the holder satisfies the holding period requirement. Holders should consult their own tax advisers regarding the availability of the reduced dividend tax rate in light of their own particular circumstances.

Distributions of additional shares in respect of common shares or ADSs that are made as part of a pro-rata distribution to all of our stockholders generally will not be subject to U.S. federal income tax.

Sale or Other Disposition

For U.S. federal income tax purposes, gain or loss you realize on a sale or other disposition of common shares or ADSs generally will be treated as U.S. source capital gain or loss, and will be long-term capital gain or loss if the common shares or ADSs were held for more than one year. Your ability to offset capital losses against ordinary income is limited. Long-term capital gain recognized by an individual U.S. holder generally is subject to taxation at reduced rates.

If a U.S. holder sells or otherwise disposes of our common shares or ADSs in exchange for currency other than U.S. dollars, the amount realized generally will be the U.S. dollar value of the currency received at the spot rate on the date of sale or other disposition (or, if the shares are traded on an established securities market at such time, in the case of cash basis and electing accrual basis U.S. holders, the settlement date). An accrual basis U.S. holder that does not elect to determine the amount realized using the spot exchange rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot exchange rates in effect on the date of the sale or other disposition and the settlement date. If an accrual basis U.S. holder makes the election described in the first sentence of this paragraph, it must be applied consistently from year to year and cannot be revoked without the consent of the Internal Revenue Service, or the IRS. A U.S. holder should consult its own tax advisors regarding the treatment of any foreign currency gain or loss realized with respect to any currency received in a sale or other disposition of the common shares or ADSs.

Foreign Tax Credit Considerations

Subject to generally applicable limitations and conditions, Korean tax on dividends paid at the appropriate rate applicable to you may be eligible for a credit against your U.S. federal income tax liability. These generally

 

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applicable limitations and conditions include new requirements recently adopted by the IRS in regulations promulgated in December 2021, and any Korean tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. holder. In the case of a U.S. holder that consistently elects to apply a modified version of these rules under recently issued temporary guidance and complies with specific requirements as set forth in such guidance, the Korean tax on dividends may be treated as meeting the new requirements and therefore as a creditable tax. In the case of all other U.S. holders, the application of these requirements to the Korean tax on dividends is uncertain and we have not determined whether these requirements are met, including requirements applicable to the Treaty. If the Korean tax is not a creditable tax for a U.S. holder or you do not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, you may be able to deduct the Korean tax in computing your taxable income for U.S. federal income tax purposes. Dividends will constitute income from sources without the United States and, if the withholding tax is a creditable tax for a U.S. holder that elects to claim foreign tax credits, generally will constitute “passive category income” for foreign tax credit purposes.

Additionally, under the new foreign tax credit requirements recently adopted by the IRS, any Korean tax imposed on the sale or other disposition of the common shares or ADSs generally will not be treated as a creditable tax for U.S. foreign tax credit purposes except in the case of a U.S. holder that consistently elects to apply a modified version of the U.S. foreign tax credit rules that is permitted under recently issued temporary guidance and complies with the specific requirements set forth in such guidance. Additionally, capital gain or loss recognized by a U.S. holder on the sale or other disposition of the common shares or ADSs generally will be U.S. source gain or loss for U.S. foreign tax credit purposes. Consequently, even if the withholding tax qualifies as a creditable tax, a U.S. holder may not be able to credit the tax against its U.S. federal income tax liability unless such credit can be applied (subject to generally applicable conditions and limitations) against tax due on other income treated as derived from foreign sources. If the Korean tax is not a creditable tax, the tax would reduce the amount realized on the sale or other disposition of the common shares or ADSs even if you have elected to claim a foreign tax credit for other taxes in the same year. You should consult your own tax advisers regarding the application of the foreign tax credit rules to a sale or other disposition of the common shares or ADSs and any Korean tax imposed on such sale or disposition.

Any Korean securities transaction tax or agriculture and fishery special surtax that you pay will not be creditable for foreign tax credit purposes.

Similarly, a U.S. holder will not be able to claim a foreign tax credit against its U.S. federal income tax liability for any Korean inheritance or gift tax imposed in respect of the common shares or ADSs.

The availability and calculation of foreign tax credits and deductions for foreign taxes depend upon a U.S. holder’s particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. You should consult your own tax advisers regarding the application of these rules to your particular situation.

Specified Foreign Financial Assets

Certain U.S. holders that own “specified foreign financial assets” with an aggregate value in excess of US$50,000 on the last day of the taxable year or US$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently on IRS Form 8938, with respect to such assets. “Specified foreign financial assets” include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer (which would include the common shares or ADSs) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign

 

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financial assets based on certain objective criteria. U.S. holders who fail to report the required information could be subject to substantial penalties. Prospective investors should consult their own tax advisers concerning the application of these rules to their investment in the common shares or ADSs, including the application of the rules to their particular circumstances.

U.S. Information Reporting and Backup Withholding Rules

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject to information reporting and may be subject to backup withholding unless the U.S. holder provides an accurate taxpayer identification number and makes any other required certification or otherwise establishes an exemption. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a refund or credit against the U.S. holder’s U.S. federal income tax liability, provided the required information is furnished to the IRS in a timely manner.

Holders that are not “United States persons” (as defined in the Internal Revenue Code of 1986, as amended) generally are not subject to information reporting or backup withholding. However, such a holder may be required to provide a certification of its non-U.S. status in connection with payments received within the United States or through a U.S.-related financial intermediary.

Korean Taxation

The following summary of Korean tax considerations applies to you so long as you are not:

 

  •  

a resident of Korea;

 

  •  

a corporation with its head office, principal place of business or place of effective management in Korea; or

 

  •  

engaged in a trade or business in Korea through a permanent establishment or a fixed base to which the relevant income is attributable or with which the relevant income is effectively connected.

Taxation of Dividends on Common Shares or ADSs

We will deduct Korean withholding tax from dividends paid to you (whether payable in cash or in shares) at a rate of 22.0% (inclusive of local income surtax). If you are a qualified resident and a beneficial owner of the dividends in a country that has entered into a tax treaty with Korea, you may qualify for a reduced rate of Korean withholding tax. See “—Tax Treaties” below for a discussion on treaty benefits. If we distribute to you free shares representing a transfer of earning surplus or certain capital reserves into paid-in capital, that distribution may be subject to Korean withholding tax.

Taxation of Capital Gains from Transfer of Common Shares or ADSs

As a general rule, capital gains earned by non-residents upon transfer of our common shares or ADSs are subject to Korean withholding tax at the lower of (1) 11.0% (inclusive of local income surtax) of the gross proceeds realized or (2) subject to the production of satisfactory evidence of acquisition costs and certain direct transaction costs of the common shares or ADSs, 22.0% (inclusive of local income surtax) of the net realized gain, unless exempt from Korean income taxation under the applicable Korean tax treaty with the non-resident’s country of tax residence. See “—Tax Treaties” below for a discussion on treaty benefits. Even if you do not qualify for an exemption under a tax treaty, you will not be subject to the foregoing withholding tax on capital gains if you qualify under the relevant Korean domestic tax law exemptions discussed in the following paragraphs.

 

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In regards to the transfer of our common shares through the Korea Exchange, you will not be subject to the withholding tax on capital gains (as described in the preceding paragraph) if you (1) have no permanent establishment in Korea and (2) did not own or have not owned (together with any shares owned by any person with which you have a certain special relationship) 25% or more of the total issued and outstanding shares, which may include the common shares represented by the ADSs, at any time during the calendar year in which the sale occurs and during the five consecutive calendar years prior to the calendar year in which the sale occurs.

Under Korean tax law, ADSs are viewed as shares of common stock for capital gains tax purposes. Accordingly, capital gains from the sale or disposition of ADSs are taxed (if such sale or disposition constitutes a taxable event) as if such gains are from the sale or disposition of the underlying common shares. Capital gains that you earn (regardless of whether you have a permanent establishment in Korea) from a transfer of ADSs outside of Korea will generally be exempt from Korean income taxation by virtue of the Special Tax Treatment Control Law of Korea, or STTCL, provided that the issuance of the ADSs is deemed to be an overseas issuance under the STTCL. However, if you transfer ADSs after having converted the underlying common shares, such exemption under the STTCL will not apply and you will be required to file a corporate income tax return and pay tax in Korea with respect to any capital gains derived from such transfer unless the purchaser or a financial investment company with a brokerage license, as applicable, withholds and pays such tax.

If you are subject to tax on capital gains with respect to the sale of ADSs, or of our common shares you acquired as a result of a withdrawal, the purchaser or, in the case of the sale of the common shares on the Korea Exchange or through a financial investment company with a brokerage license in Korea, such financial investment company is required to withhold Korean tax on capital gains from the sales price in an amount equal to the lower of (1) 11.0% (inclusive of local income surtax) of the gross realization proceeds or (2) subject to the production of satisfactory evidence of acquisition costs and certain direct transaction costs of the common shares or ADSs, 22.0% (inclusive of local income surtax) of the net realized gain, and to make payment of these amounts to the Korean tax authority, unless you establish your entitlement to an exemption under an applicable tax treaty or domestic tax law. See the discussion under “—Tax Treaties” below for an additional explanation on claiming treaty benefits.

Tax Treaties

Korea has entered into a number of income tax treaties with other countries (including the United States), which would reduce or exempt Korean withholding tax on dividends on, and capital gains on transfer of, the common shares or ADSs. For example, under the Korea-United States income tax treaty, reduced rates of Korean withholding tax of 16.5% or 11.0% (depending on your shareholding ratio and inclusive of local income surtax) on dividends and an exemption from Korean withholding tax on capital gains are available to residents of the United States that are beneficial owners of the relevant dividend income or capital gains, subject to certain exceptions. However, under Article 17 (Investment or Holding Companies) of the Korea-United States income tax treaty, such reduced rates and exemption do not apply if (i) you are a United States corporation, (ii) by reason of any special measures, the tax imposed on you by the United States with respect to such dividend income or capital gains is substantially less than the tax generally imposed by the United States on corporate profits and (iii) 25% or more of your capital is held of record or is otherwise determined, after consultation between competent authorities of the United States and Korea, to be owned directly or indirectly by one or more persons who are not individual residents of the United States. Also, under Article 16 (Capital Gains) of the Korea-United States income tax treaty, the exemption on capital gains does not apply if (a) you have a permanent establishment in Korea and any shares of common stock in which you hold an interest and which gives rise to capital gains are effectively connected with such permanent establishment, (b) you are an individual and you maintain a fixed base in Korea for an aggregate of 183 days or more during a given taxable year and your ADSs or common shares giving rise to capital gains are effectively connected with such fixed base or (c) you are an individual and you are present in Korea for an aggregate of 183 days or more during a given taxable year.

You should inquire for yourself whether you are entitled to the benefit of a tax treaty between Korea and the country where you are a resident. It is the responsibility of the party claiming the benefits of an income tax treaty

 

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in respect of dividend payments or capital gains to submit to us, the purchaser or the financial investment company, as applicable, a certificate as to his tax residence. In the absence of sufficient proof, we, the purchaser or the financial investment company, as applicable, must withhold tax at the normal rates. Furthermore, in order for you to claim the benefit of a tax rate reduction or tax exemption on certain Korean source income (such as dividends or capital gains) under an applicable tax treaty, Korean tax law requires you (or your agent) to submit an application (for reduced withholding tax rate, “application for entitlement to reduced tax rate,” and in the case of exemptions from withholding tax, “application for tax exemption,” along with a certificate of your tax residency issued by a competent authority of your country of tax residence, subject to certain exceptions) as the beneficial owner of such Korean source income (“BO application”). For example, a U.S. resident would be required to provide Form 6166 as a certificate of tax residency together with the application for entitlement to reduced tax rate or the application for tax exemption. However, if such tax exemption is being sought by a corporate entity for an amount that is ￦1 billion or more (including where the aggregate amount exempted within one year from the last day of the month in which the payment was made is ￦1 billion or more), you will be required to submit, in addition to the certificate of tax residence issued by a competent authority of your country of residence, (i) the names and addresses of all of the members of your board of directors, (ii) the identities and shareholding percentages of all of your shareholders (provided that if there are more than 100 shareholders, you may instead provide a statement showing the total number of shareholders and the aggregate investment amount from each country), and (iii) audit reports for the most recent three years submitted to your country of residence (or, if you are an entity that has been in existence for less than three years, audit reports since your incorporation). Such application should be submitted to the withholding agent prior to the payment date of the relevant income. Subject to certain exceptions, where the relevant income is paid to an overseas investment vehicle (which is not the beneficial owner of such income) (“OIV”), a beneficial owner claiming the benefit of an applicable tax treaty with respect to such income must submit its BO application to such OIV, which must submit an OIV report and a schedule of beneficial owners (and the BO applications collected from each beneficial owner, if such beneficial owner is applying for tax exemption) to the withholding agent prior to the payment date of such income. Effective from January 1, 2022, an OIV is deemed to be a beneficial owner of the Korean source income if (i) under the applicable tax treaty, the OIV bears tax liabilities in the country in which it is established and (ii) the Korean source income is eligible for benefits under the tax treaty. The benefits under a tax treaty between Korea and the country of such OIV’s residence will apply with respect to the relevant income paid to such OIV, subject to certain application requirements as prescribed by the Corporate Income Tax or Individual Income Tax Law. In the case of a tax exemption application, the withholding agent is required to submit such applications (together with the applicable OIV report in the case of income paid to an OIV) to the relevant district tax office by the ninth day of the month following the date of the payment of such income.

Inheritance Tax and Gift Tax

If you die while holding an ADS or donate an ADS, it is unclear whether, for Korean inheritance tax and gift tax purposes, you will be treated as the owner of the common shares underlying the ADSs. If the tax authority interprets depositary receipts as the underlying share certificates, you may be treated as the owner of the common shares and your heir or the donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance tax or gift tax presently at the rate of 10% to 50%, provided that the value of the ADSs or the common shares is greater than a specified amount.

If you die while holding a common share or donate a common share, your heir or donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance tax or gift tax at the same rate as indicated above.

At present, Korea has not entered into any tax treaty relating to inheritance tax or gift tax.

Securities Transaction Tax

If you transfer our common shares on the Korea Exchange in 2024, you will be subject to securities transaction tax at the rate of 0.03% (with no such securities transaction tax to be imposed on transfers starting

 

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January 1, 2025) and an agriculture and fishery special surtax at the rate of 0.15% of the sale price of the common shares. If your transfer of the common shares is not made on the Korea Exchange, subject to certain exceptions, you will be subject to securities transaction tax at the rate of 0.35% and will not be subject to an agriculture and fishery special surtax.

Under the Securities Transaction Tax Law, depositary receipts (such as American depositary receipts) constitute share certificates subject to the securities transaction tax. However, the transfer of depositary receipts listed on the New York Stock Exchange, the Nasdaq Global Market, or other qualified foreign exchanges is exempt from the securities transaction tax.

In principle, the securities transaction tax, if applicable, must be paid by the transferor of the common shares or ADSs. When the transfer is effected through a securities settlement company in Korea, such settlement company is generally required to withhold and pay the tax to the tax authorities. When such transfer is made through a financial investment company only, such financial investment company is required to withhold and pay the tax. Where the transfer is effected by a non-resident without a permanent establishment in Korea, other than through a securities settlement company or a financial investment company, the transferee is required to withhold the securities transaction tax.

Non-reporting or under-reporting of securities transaction tax will generally result in penalties equal to 20% to 60% of the non-reported tax amount or 10% to 60% of under-reported tax amount. Also, a failure to timely pay securities transaction tax will result in a penalty equal to 8.03% per annum of the due but unpaid tax amount. The penalties are imposed on the party responsible for paying the securities transaction tax or, if such tax is required to be withheld, on the party that has the obligation to withhold.

 

Item 10.F.

Dividends and Paying Agents

Not applicable.

 

Item 10.G.

Statement by Experts

Not applicable.

 

Item 10.H.

Documents on Display

We are subject to the information requirements of the Exchange Act, and, in accordance therewith, are required to file reports, including annual reports on Form 20-F, and other information with the U.S. Securities and Exchange Commission. As a foreign private issuer, we are also required to make filings with the Commission by electronic means. Any filings we make electronically will be available to the public over the Internet at the Commission’s web site at http://www.sec.gov.

 

Item 10.I.

Subsidiary Information

Not applicable.

 

Item 10.J.

Annual Report to Security Holders

Not applicable.

 

Item 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Overview

As a financial services provider, we are exposed to various risks related to our lending and trading businesses, our funding activities and our operating environment, principally through Kookmin Bank, our

 

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banking subsidiary. Our goal in risk management is to ensure that we identify, measure, monitor and control the various risks that arise, and that our organization adheres strictly to the policies and procedures which we establish to address these risks. Under our internal regulations pertaining to our consolidated capital adequacy ratio and internal standards for risk appetite and internal capital under Basel III, we identify the following eight separate categories of risk inherent in our business activities: credit risk, market risk, operational risk, interest rate risk, liquidity risk, credit concentration risk, reputation risk and strategic risk. Of these, the principal risks to which we are exposed are credit risk, market risk, liquidity risk and operational risk, and we strive to manage these and other risks within acceptable limits.

Organization

We have a multi-tiered risk management governance structure. Our Risk Management Committee is ultimately responsible for group-wide risk management, and directs our various subordinate risk management entities. The Risk Management Council coordinates the implementation of policies set forth by the Risk Management Committee with the relevant risk management units of our subsidiaries. The Subsidiary Risk Management Committee of each of our subsidiaries, based on the Risk Management Committee’s policies, determines risk management strategies and implements risk management policies and guidelines for such subsidiary and directs the activities of the subsidiary’s risk management units within the risk guidelines set at the group level. Each Subsidiary Risk Management Committee generally receives inputs from the respective risk management units of such subsidiary, which report to the Risk Management Committee.

The following chart sets out our risk management governance structure as of the date of this annual report:

 

LOGO

Risk Management Committee

Our Risk Management Committee is a board-level committee that is responsible for overseeing all risks and advising the board of directors with respect to risk management-related issues. The committee consists of four non-executive directors (one of whom serves as the chairman of the committee), and convenes on a quarterly basis. Its major roles include:

 

  •  

establishing risk management strategies in accordance with the directives of the board of directors;

 

  •  

determining our target risk appetite;

 

  •  

allocating risk capital to each subsidiary and approving our subsidiaries’ risk limits;

 

  •  

reviewing the level of risks we are exposed to and the appropriateness of our risk management policies, systems and operations; and

 

  •  

reviewing recovery and resolution plans.

 

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Risk Management Council

Our Risk Management Council is responsible for coordinating with the risk management units of our subsidiaries to ensure that they implement the policies, guidelines and limits established by the Risk Management Committee. The Risk Management Council is comprised of our chief risk management officer and the chief risk management officers of all of our subsidiaries. It operates independently from all business units and convenes on a quarterly basis. Its responsibilities include:

 

  •  

analyzing our risk status by using information provided by our subsidiary-level risk management units;

 

  •  

deliberating adjustments to the integrated risk capital allocation plan and risk limits for each of our subsidiaries; and

 

  •  

coordinating issues relating to the group-wide integration of our risk management functions.

Subsidiary Risk Management Committees

Each of our subsidiaries has delegated risk management authority to its Subsidiary Risk Management Committee. Each Subsidiary Risk Management Committee measures and monitors the various risks faced by the relevant subsidiary and reports to that subsidiary’s board of directors regarding decisions that it makes on risk management issues. It also makes certain strategic risk-related decisions regarding the operations of the relevant subsidiary, such as setting total exposure limits, allocating credit risk limits and market risk-related limits and determining which market risk derivatives instruments the subsidiary can trade. The major activities of each Subsidiary Risk Management Committee include:

 

  •  

determining and monitoring risk policies, guidelines, limits and tolerance levels and the level of subsidiary risk in accordance with group policy;

 

  •  

reviewing and analyzing the subsidiary’s risk profile;

 

  •  

setting limits for and adjusting the risk capital allocation plan and risk levels for each business unit within the subsidiary; and

 

  •  

monitoring compliance with our group-wide risk management policies and practices at the business unit and subsidiary level.

Each Subsidiary Risk Management Committee is comprised of the subsidiary’s non-executive directors on its board of directors.

Credit Risk Management

Credit risk is the risk of expected and unexpected losses in the event of borrower or counterparty defaults. Credit risk management aims to improve asset quality and generate stable profits while reducing risk through diversified and balanced loan portfolios. We determine the creditworthiness of each type of borrower or counterparty through reviews conducted by our credit experts and through our credit rating systems, and we set a credit limit for each borrower or counterparty.

We assess and manage all credit exposures. We measure expected losses and internal capital on assets (whether on- or off-balance sheet) that are subject to credit risk management and use expected losses and internal capital as management indicators. We manage credit risk by allocating credit risk internal capital limits. In addition, we control credit concentration risk exposure by applying and managing total exposure limits to prevent excessive risk concentration to particular industries or borrowers. Credit exposures that we assess and manage include loans to borrowers and counterparties, investments in securities, letters of credit, bankers’ acceptances, derivatives and commitments. Our risk appetite, which is the ratio of our required internal capital to our estimated available book capital, is approved by the Risk Management Committee once a year. Thereafter, we calculate internal capital every month for all of our subsidiaries and on a holding company level based on

 

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attributed internal capital in accordance with the risk appetite as approved by the Risk Management Committee, and measure and report profiles of credit risk on a holding company level and by subsidiary regularly to our senior management, including our Risk Management Committee.

We use expected default rates and recovery rates to determine the expected loss rate of a borrower or counterparty. We use the expected loss rate to make credit related decisions, including pricing, loan approval and establishment of standards to be followed at each level of decision making. These rates are calculated using information gathered from our internal database. With respect to large corporate borrowers, we also use information provided by external credit rating services to calculate default rates and recovery rates. 

Our credit risk management processes include:

 

  •  

establishing credit policy;

 

  •  

credit evaluation and approval;

 

  •  

industry assessment;

 

  •  

total exposure management;

 

  •  

collateral evaluation and monitoring;

 

  •  

credit risk assessment;

 

  •  

early warning and credit review; and

 

  •  

post-credit extension monitoring.

Credit Evaluation

With respect to corporate loans, Kookmin Bank evaluates the ability of all loan applicants to repay their borrowings before it approves any loans, except for loans fully guaranteed by letters of guarantee issued by the Credit Guarantee Fund and the Korea Technology Credit Guarantee Fund, for loans fully secured by deposits and for other loans similarly guaranteed or secured. Kookmin Bank assigns each borrower or guarantor a credit rating based on the judgment of its experts or scores calculated using the appropriate credit rating system. Factors that Kookmin Bank considers in assigning credit ratings include both financial factors and non-financial factors, such as its perception of the borrower’s ability to meet its payment obligations, risks relating to the industry in which the borrower operates, management and operational risks relating to the borrower, the borrower’s financial flexibility and the borrower’s level of reliability based on its transaction history. With respect to retail loans, Kookmin Bank assigns credit ratings based on its internal information regarding the borrower that has been accumulated as well as external information gathered from credit bureaus relating to various criteria, such as the borrower’s profession, annual income, credit card overdue information and transaction history involving both Kookmin Bank and other financial institutions. The credit rating process differs according to the type, size and characteristics of the borrower.

Kookmin Bank uses its internally developed credit rating systems to rate potential borrowers. As the characteristics of each customer segment differ, Kookmin Bank uses several credit rating systems for its customers. The nature of the credit rating system used for a particular borrower depends on whether the borrower is an individual, a SOHO customer, a small- and medium-sized enterprise or a large company. For large companies and small- and medium-sized enterprises, Kookmin Bank has 17 credit ratings ranging from AAA to D for risk management purposes. For retail customers, it has 13 credit ratings ranging from grade 1 to grade 13.

Based on the credit rating of a borrower, Kookmin Bank applies different credit policies, which affect factors such as credit limit, loan period, loan pricing, loan classification and provisioning. Kookmin Bank also uses these credit ratings in evaluating its bank-wide risk management strategy. Factors Kookmin Bank considers in making this evaluation include the profitability of each company or transaction, performance of each business

 

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unit and portfolio management. Kookmin Bank monitors the credit status of borrowers and collect information to adjust its ratings appropriately. If Kookmin Bank changes a borrower’s credit rating, it will also change the credit policies relating to that borrower and may also change the policies underlying its loan portfolio.

Retail Loan Approval Process

Mortgage Loans and Secured Retail Loans. Branch staff employees of Kookmin Bank forward loan applications to processing centers and Kookmin Bank’s processing center staff reviews mortgage loans and retail loans secured by real estate or guarantees. However, in the case of loans secured by deposits with Kookmin Bank, its branch staff approves such loans. Kookmin Bank makes lending decisions based on its assessment of the value of the collateral, debt service capability and the borrower’s score generated from its credit scoring systems.

For mortgage loans and loans secured by real estate, Kookmin Bank evaluates the value of the real estate offered as collateral using a database it has developed that contains information about real estate values throughout Korea. Kookmin Bank also uses information from a third party provider about the real estate market in Korea, which gives it up-to-date market value information for Korean real estate. In addition, Kookmin Bank’s processing center staff employees review the value of real estate provided by the evaluation system to ensure there are no significant discrepancies. Kookmin Bank bases decisions regarding the approval of such loans primarily on the results of its credit scoring systems.

For loans secured by deposits, Kookmin Bank will generally grant loans up to 95% of the deposit amount if it holds the deposit.

Kookmin Bank generally decides whether to evaluate a loan application within three to five days after recording the relevant information in its credit scoring systems.

Unsecured Retail Loans. Kookmin Bank reviews applications for unsecured retail loans in accordance with its credit scoring systems. These automated systems evaluate loan applications and determine an appropriate pricing for the loan. The major benefits of using a credit scoring system are that it yields uniform results regardless of the user and that it can be used effectively by employees who do not necessarily have extensive experience in credit evaluation. The staff of Kookmin Bank’s processing centers reviews the results of the credit scoring system based on information input by its branch staff and, if approved, issues the loan.

Kookmin Bank’s credit scoring systems take into account factors including borrower’s income, assets, profession, transaction history (with both it and other financial institutions) and other relevant credit information. The systems rank each borrower in an appropriate grade, and that grade is used as a factor in deciding whether to approve loans as well as to determine loan amounts. Kookmin Bank generally bases its decisions on the results of its credit scoring systems to evaluate applications.

Corporate Loan Approval Process

We approve corporate loans at different levels of our organization depending on the size and type of the loan, the credit risk level assessed by the credit rating system, whether the loan is secured by collateral and, if secured, the value of the collateral. The lowest level of authority is the branch staff employee of Kookmin Bank, who can approve small loans and loans that have the lowest range of credit risk. Larger loans and loans with higher credit risk are approved by higher levels of authority depending on where they fall in a matrix of loan size and credit risk. Depending on the size and terms of any particular loan or the credit risk relating to a particular borrower, more than one entity may review the application, although generally loan applications are reviewed only by the entity having corresponding authority to approve the loan.

 

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Kookmin Bank evaluates all of its corporate borrowers by using credit rating systems, except for applicants whose borrowings are fully secured by deposits or applicants who have obtained third-party guarantees from the government or certain other very highly rated guarantors. See “—Credit Evaluation.”

For owner-operated enterprises (which we refer to as SOHOs), Kookmin Bank has put in place a credit rating system known as Small Office Home Office Corporate Rating System, or SOHO CRS. For other small- and medium-sized enterprises, Kookmin Bank has put in place a similar credit rating system known as Corporate Rating System, or CRS. For large corporations, Kookmin Bank has put in place a similar credit rating system known as Large Corporate Rating System, or LCRS. For financial institutions, certain non-profit organizations and public institutions, Kookmin Bank has put in place a credit rating system known as Financial Institute, Non-profit, Public Corporate Rating System, or FNP CRS. The SOHO CRS, the CRS, the LCRS and the FNP CRS models consist of the following four parts:

 

  •  

Financial Model. The financial model uses financial ratios such as stability ratio, profitability ratio and cash flow ratio to make credit determinations.

 

  •  

Non-financial Model. The non-financial model uses various qualitative and quantitative factors, such as future repayment capability, industry-related risks, management-related risks and operation-related risks, to evaluate borrowers.

 

  •  

CEO Evaluation Model. The CEO evaluation model is relevant for the SOHO CRS in particular (including business entities without external audits), and evaluates the credit information of the individual owner of SOHOs by reviewing such owner’s personal information, bank transaction records and external credit ratings.

 

  •  

Default Signal Check Model. The default signal check model checks factors that have low frequency of occurrence but are highly likely to lead to a default in the event of an occurrence. The results of the default signal check model may be used to cap a borrower’s credit grade.

Credit Card Approval Process

We make decisions on all credit card approvals based on the Financial Supervisory Service standard of review for payment ability (such as the occupation and income of the applicant), as well as a combination of KB Kookmin Card’s internal application scoring system and a credit scoring system developed by independent credit bureaus.

KB Kookmin Card’s application scoring system reflects various credit information, including basic customer information (such as credit history), transaction history with it, if any, delinquency and transaction history with other card companies and financial institutions and credit information provided by Korea Credit Information Services and other credit bureaus. KB Kookmin Card also considers repayment ability, total assets, total outstanding borrowings and the length of the applicant’s relationship, if any, and past contribution to our profitability, if any.

The credit scoring system developed by credit bureaus, reflects various sources of information regarding the credit risk of customers, including delinquency and transaction history with other credit card companies and financial institutions.

On the basis of the standard of review for payment ability and the combination of the scores from our application scoring system and the credit scoring system developed by independent credit bureaus, KB Kookmin Card establishes, among other things, the term of any new approvals, initial limits and differentiation of fee rates with respect to its credit cards. KB Kookmin Card’s systems allow it to differentiate applicants into groups that receive immediate credit card approval or rejection, or that may require it to further investigate that applicant’s credit qualifications. The initial limits of new applicants are based on their estimated disposable income, which is based on their occupation and the value of their personal assets. KB Kookmin Card applies its fee rates to applicants differently according to risk premium and profitability.

 

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Total Exposure Management

We establish and manage total exposure limits for industries, chaebols and corporations, as well as certain small- and medium-sized enterprises, in order to efficiently manage financial assets and to optimize our credit portfolio. Kookmin Bank establishes total exposure limits for (i) main debtor groups designated by the Financial Supervisory Service, (ii) groups to which Kookmin Bank has total exposure of ￦50 billion or more, (iii) enterprises that belong to a main debtor group or large enterprises, in both cases to which Kookmin Bank has total exposure of ￦40 billion or more, (iv) small- and medium-sized enterprises to which Kookmin Bank has total exposure of ￦30 billion or more and (v) other groups or individual enterprises designated by the head of Kookmin Bank’s Risk Management Group as necessary. Kookmin Bank establishes total exposure limit by reviewing factors such as industry, size, cash flows, financial ratios and credit ratings, while establishing exposure limits for industries by reviewing the sales growth rate and risk concentration for each industry. The total exposure limits for a specific industry are set following approval by Kookmin Bank’s Risk Management Council after review by the Credit Risk Management Subcommittee, while the exposure limits for a specific company or company group are set during the review of their credit application by the relevant approval authority.

Kookmin Bank’s maximum exposure limit is within 25% of its Tier I and Tier II capital for a single group, and within 10% of its Tier I and Tier II capital for a single corporation.

We manage and control exposure limits on a daily basis. The principal system that we use for this purpose is the Total Exposure Management System. This system allows us to monitor and control our total exposure to corporations, chaebols and industries. Kookmin Bank monitors its exposure to large corporations to which it has an exposure of ￦40 billion or more, individual corporations to which it has an exposure of ￦30 billion or more, and also its exposure to 189 business groups, which comprise the 37 largest highly-indebted business groups, such groups being the main debtor groups in Korea designated as such by the Financial Supervisory Service based on their outstanding exposures as well as 152 business groups to which it has exposures (in the form of securities or loans) of ￦50 billion or more. We also monitor our exposure to 37 industries. Our Total Exposure Management System integrates all of our credit-related risk including credit extended by our overseas branches and affiliates. The assets subject to the system include all Won-denominated and foreign currency-denominated loans, all assets in trust accounts except specified money trusts, guarantees, trade-related credits, commercial paper, corporate bonds and other securities and derivatives.

Collateral Evaluation and Monitoring System

Kookmin Bank uses the Collateral Evaluation and Monitoring System to manage the liquidation value of collateral it holds. The Collateral Evaluation and Monitoring System is a computerized collateral management system that can be accessed from Kookmin Bank’s headquarters and its branches. Using this system, Kookmin Bank can more accurately assess the actual liquidation value of collateral, determine the recovery rate on its loans and use this information in setting its credit risk management and loan policies. Kookmin Bank can monitor the value of all the collateral a borrower provides and the value of that collateral based on its liquidation value. When appraising the value of real estate collateral, which makes up the largest part of Kookmin Bank’s collateral, Kookmin Bank consults a regularly updated database provided by a third party that tracks the prices at which various types of real estate in various regions of Korea are sold. Kookmin Bank appraises the value of collateral when it makes a loan, when the loan is due for renewal and when events occur that may change the value of the collateral.

Credit Risk Management and Monitoring

Kookmin Bank’s Credit Risk Department establishes loan portfolio policies and appropriate credit risk limits, including those applicable to internal capital and total exposures to certain assets and business groups, to prevent excessive credit risk. It also analyzes and monitors our loan portfolios on a regular basis to preemptively

 

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manage any risk, and continually monitors our management of such portfolios to ensure high credit quality. In addition, it implements an industrial risk management plan by monitoring industry trends and evaluating industry ratings. It also separately manages high-risk products, such as real estate project financing loans and over-the-counter derivative products, by setting appropriate limits.

Credit Review

Kookmin Bank’s credit review function is independent of the business groups which manage our assets. Its Credit Review Department:

 

  •  

reviews internal credit regulations, policies and systems;

 

  •  

analyzes the credit status of selected loan assets and verifies the appropriateness of the credit evaluations/approvals made by branches and headquarters; and

 

  •  

evaluates the corporate credit risk of potentially insolvent companies.

More specifically, Kookmin Bank’s Credit Review Department continually reviews the financial condition of selected borrowers with respect to their current debt, collateral, business, transactions with related parties and debt service capability. Based on such review, Kookmin Bank may adjust the borrower’s credit rating, lending policy or asset quality classification of the loan provided to the borrower, depending on the applicable circumstances. Kookmin Bank also regularly reviews other aspects of the lending process, including industries and regions in which its borrowers operate and the quality of its domestic and overseas assets. Kookmin Bank’s industry reviews focus on growth, stability, competition and ability to adapt to a changing environment. Based on the results of a particular industry review, Kookmin Bank may revise the total exposure limit assigned to that industry and lending policy for each company within that industry. When a review takes place, Kookmin Bank may adjust not only the credit ratings of its borrowers based on a variety of factors, but also asset quality classification, credit limits and its credit policies. Credit review results are reported to Kookmin Bank’s chief risk management officer and its Risk Management Committee on a quarterly basis.

Kookmin Bank’s Credit Review Department also conducts on-site reviews of selected branches that are experiencing increasing delinquency ratios and bad debts. During these visits Kookmin Bank examines the loan processes and recommends improvement plans and appropriate follow-up measures.

Also, based on guidelines provided by the Financial Supervisory Service to all Korean banks, Kookmin Bank operates a corporate credit risk assessment program to facilitate the identification of weak companies and possible commencement of corporate restructuring. Through this program, Kookmin Bank, together with other banks, is able to detect symptoms of financially troubled companies at an early stage, assess related credit risk and support the normalization of companies that are likely to turnaround through a workout process, or seek to liquidate those companies that are not likely to recover.

Kookmin Bank’s Credit Review Department also analyzes issues related to credit risk and provides information necessary for the formulation of effective credit policies and strategies and for effective credit risk management.

Market Risk Management

The major risks to which we are exposed are general interest rate risk on debt instruments and interest bearing securities, credit spread risk and foreign exchange risk and, to a lesser extent, stock price risk. The financial instruments that expose us to these risks are securities and financial derivatives. We are also exposed to interest rate risk and liquidity risk in Kookmin Bank’s banking book. We divide market risk into risks arising from trading activities and risks arising from non-trading activities.

 

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Kookmin Bank’s Risk Management Council establishes overall market risk management principles. It has delegated the responsibility for the market risk management for trading activities to the Market Risk Management Subcommittee of Kookmin Bank, which is chaired by Kookmin Bank’s chief risk management officer. This subcommittee meets on a regular basis each month and as required to respond to developments in the market and the economy. Based on the policies approved by Kookmin Bank’s Risk Management Council, the Market Risk Management Subcommittee reviews and approves reports as required that include trading profits and losses, position reports, limit utilization and sensitivity analysis results for our trading activities.

Kookmin Bank’s Risk Management Council is responsible for interest rate and liquidity risk management for its non-trading activities. The council meets on a regular basis and as required to respond to developments in the market and the economy. Members of the Risk Management Council, acting through Kookmin Bank’s Risk Management Department, review Kookmin Bank’s interest rate and liquidity gap position monthly, as well as the business profile and its impact on asset and liability management.

To ensure adequate interest rate and liquidity risk management, we have assigned the responsibilities for our asset and liability risk management to Kookmin Bank’s Risk Management Department in Kookmin Bank’s Risk Management Group, which monitors and reviews the asset and liability operating procedures and activities of Kookmin Bank’s Financial Planning Department, and independently reports to the management on the related issues.

Market Risk Management for Trading Activities

Our trading activities consist of:

 

  •  

trading activities for our own account to realize short-term trading profits in Won-denominated debt and equities markets and foreign exchange markets based on our short-term forecast of changes in the market situation; and

 

  •  

trading activities involving derivatives, such as swaps, forwards, futures and option transactions, to realize profits primarily from selling derivative products to our customers and to hedge market risk incurred from those activities.

We use derivative instruments to hedge our market risk and, to a limited extent, to make profits by trading derivative products within acceptable risk limits. The principal objective of our hedging strategy is to manage our market risk within established limits. We use the following hedging instruments to manage relevant risks:

 

  •  

to hedge interest rate risk arising from its trading activities, the Capital Markets Group of Kookmin Bank occasionally uses interest rate futures (Korea Treasury Bond Futures) and interest rate swaps;

 

  •  

to hedge interest rate risk and foreign exchange risk arising from our foreign currency-denominated asset and liability positions as well as our trading activities, the Capital Markets Group of Kookmin Bank uses interest rate swaps, cross-currency interest rate swaps, foreign exchange forwards and futures, Euro-dollar futures and currency options; and

 

  •  

to change the interest rate characteristics of certain assets and liabilities after the original investment or funding, we use swaps. For example, depending on the market situation, we may choose to obtain fixed rate funding instead of floating rate funding if we believe that the terms are more favorable, which we can achieve by entering into interest rate swaps.

We generally manage our market risk at the portfolio level. To control our exposure to market risk, we use internal capital limits set by Kookmin Bank’s Risk Management Committee for Kookmin Bank and at the group level within Kookmin Bank, position and stop loss limits set by Kookmin Bank’s Risk Management Council for Kookmin Bank and at the group level within Kookmin Bank, and position, stop loss and sensitivity limits (PVBP, Delta, Gamma, Vega) set by Kookmin Bank’s Market Risk Management Subcommittee at the department level within Kookmin Bank. We prepared our risk control and management guidelines for derivative trading based on the regulations and guidelines promulgated by the Financial Supervisory Service.

 

196

In addition, we have implemented internal processes which include a number of key controls designed to ensure that fair value is measured appropriately, particularly where a fair value model is internally developed and used to price a significant product. See Notes 4.4 and 6 of the notes to our consolidated financial statements. For example, each year, Kookmin Bank’s Risk Management Department reviews the existing pricing and valuation models, with a focus on their underlying modeling assumptions and restrictions, to assess the appropriateness of their continued use. In consultation with Kookmin Bank’s Trading Department, the Risk Management Department recommends potential valuation models to Kookmin Bank’s Fair Value Evaluation Committee. Upon approval by Kookmin Bank’s Fair Value Evaluation Committee, the selected valuation models are reported to its Market Risk Management Subcommittee.

We monitor market risk arising from trading activities of our business groups and departments. Kookmin Bank uses an integrated market risk management system to manage market risks for both Won-denominated trading operations and foreign currency-denominated trading operations.

Basel III Revised Standardized Method. Commencing in 2023, Kookmin Bank replaced the use of daily VaR with Basel III’s revised standardized model to measure market risk. Under this model, Kookmin Bank measures its market risk capital by aggregating (i) risk capital measured using the sensitivities-based method, (ii) default risk capital and (iii) residual risk add-on capital:

 

  •  

risk capital measured using the sensitivities-based method represents the linear and non-linear losses that can result from adverse changes in interest rates, credit spreads, equity prices, foreign exchange rates and commodities prices;

 

  •  

default risk capital represents the losses that can result from any unexpected default of an entity not contemplated under the sensitivities-based method; and

 

  •  

residual risk add-on capital represents any other losses that are not contemplated under the sensitivities-based method or are not considered to result from the risk of default.

The following table shows Kookmin Bank’s market risk capital for each category of market risk as of December 31, 2023:

 

Risk categories

    Risk Capital  

(in billions of Won)

 

Sensitivities-based

method

    General interest rate risk    ￦ 90.7  
   Equity risk      17.6  
   Commodities risk      0.1  
   Foreign exchange risk      234.1  
   Credit spread risk: non-securitizations      136.1  
  

Credit spread risk: securitizations

(non-correlation trading portfolio)

      0.6  
   Credit spread risk: securitizations (correlation trading portfolio)      0.0  
     

 

 

  

Default risk

         85.4  
     

 

 

  

Residual risk add-on

         0.9  
     

 

 

  

Total

       ￦ 565.4  

Value at Risk analysis. Prior to 2023, we used VaR to measure market risk. VaR is a statistically estimated maximum amount of loss that could occur over a given period of time at a given level of confidence. VaR was a commonly used market risk management technique. However, this approach did have some shortcomings. VaR estimates possible losses over a certain period at a particular confidence level using past market movement data. Past market movement, however, is not necessarily a good indicator of future events, as there may be conditions and circumstances in the future that the model does not anticipate. As a result, the timing and magnitude of the

 

197

actual losses can be different depending on the assumptions made at the time of calculation. In addition, the time periods used for the model, generally one or ten days, are assumed to be a sufficient holding period before liquidating the relevant underlying positions. If these holding periods are not sufficient, or too long, the VaR results may understate or overstate the potential loss. Different VaR methodologies and distributional assumptions could produce a materially different VaR. VaR is most appropriate as a risk measure for trading positions in liquid capital markets and will understate the risk associated with severe events, such as a period of extreme illiquidity.

We used a 99% single tail confidence level to measure VaR, which means the actual amount of loss may exceed the VaR, on average, once out of 100 business days. Until 2011, we used the “variance-covariance method” or parametric VaR (“PVaR”) methodology to measure our daily VaR, which took into account the diversification effects among different risk categories as well as within the same risk category. In 2012, we received authorization from the Financial Services Commission to use a historical simulation VaR (“HSVaR”) methodology, which we believed to be more accurate and responsive in reflecting market volatilities, to measure market risk. Our ten-day HSVaR method, which was computed using a full valuation and was computationally intensive, used an archive of historic price data and the VaR for a portfolio was estimated by creating a hypothetical time series of returns on that portfolio, obtained by running the portfolio through actual ten-day historical data and computing the changes that would have occurred in each ten-day period.

The following table shows the volume and types of positions held by Kookmin Bank for which the VaR method was used to measure market risk as of December 31, 2022.

 

     As of December 31, 2022  
     (in millions of Won)  

Securities—Bond(1)

    ￦ 12,580,957  

Securities—Equity(1)

      65,914  

Spot exchanges(2)

      6,340,438  

Derivatives(3)

      15,181,621  
  

 

 

  

Total

    ￦ 34,168,929  
  

 

 

  

 

(1) 

Represents amounts marked to market and as shown on the balance sheet information that is prepared and submitted to the Financial Supervisory Service for risk management purposes.

(2) 

Represents the overall net open currency position in each currency, which is the greater of (i) the sum of the absolute value of all short positions and (ii) the sum of the absolute value of all long positions.

(3) 

For over-the-counter derivatives, represents the absolute value of over-the-counter derivatives measured at fair value at year end. For exchange-traded derivatives, includes the amount of deposits and the collateral posted for such derivatives.

The following table shows Kookmin Bank’s ten-day HSVaRs (at a 99% confidence level for a ten-day holding period) as of December 31, 2022 for interest rate risk, stock price risk and foreign exchange risk relating to its trading activities. The following figures were calculated on a consolidated basis.

 

     As of December 31, 2022  
     (in billions of Won)  

Risk categories:

   

Interest rate risk

    ￦ 47.1  

Stock price risk

      9.4  

Foreign exchange risk

      41.2  

Less: diversification

      (5.1 ) 
  

 

 

  

Diversified VaR for overall trading activities

    ￦ 92.5  
  

 

 

  

 

198

In 2022, the average, high, low and ending amounts of ten-day HSVaR (at a 99% confidence level for a ten-day holding period) for Kookmin Bank relating to its trading activities were as follows:

 

     Trading activities VaR for 2022  
     Average      Minimum      Maximum      As of
December 31,
2022		  
     (in billions of Won)  

Interest rate risk

    ￦ 34.9      ￦ 16.5      ￦ 64.4      ￦ 47.1  

Stock price risk

      8.6        5.1        11.1        9.4  

Foreign exchange risk

      24.1        14.4        41.8        41.2  

Less: diversification

               (5.1 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Diversified VaR for overall trading activities

    ￦ 49.7      ￦ 22.1      ￦ 99.4      ￦ 92.5  
  

 

 

     

 

 

     

 

 

     

 

 

  

In 2021, the average, high, low and ending amounts of ten-day HSVaR (at a 99% confidence level for a ten-day holding period) for Kookmin Bank relating to its trading activities were as follows:

 

     Trading activities VaR for 2021  
     Average      Minimum      Maximum      As of
December 31,
2021		  
     (in billions of Won)  

Interest rate risk

    ￦ 20.0      ￦ 6.3      ￦ 55.6      ￦ 16.5  

Stock price risk

      9.0        4.5        24.8        5.5  

Foreign exchange risk

      27.8        17.8        49.2        21.5  

Less: diversification

               (13.0 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Diversified VaR for overall trading activities

    ￦ 40.9      ￦ 15.9      ￦ 115.3      ￦ 30.5  
  

 

 

     

 

 

     

 

 

     

 

 

  

Standardized Method. Prior to 2023, market risk for positions not measured by VaR were measured using the standardized method (which is different from the Basel III Revised Standardized Method) for measuring market risk-based required equity capital specified by the Financial Supervisory Service, which took into account certain risk factors. Under the standardized method, the required equity capital was measured using the risk-weighted values for each risk factor. The method used to measure the market risk-based required equity capital for each risk factor was as follows:

 

  •  

Interest rate risk:

 

  -

General market risk: General market risk relates to the risk of losses from macroscopic events which could have an impact on interest rates, stock prices, exchange rates, and market prices of general commodities. General market interest rate risk of a debt security is calculated on its net position, taking into consideration the remaining maturity and coupon rate.

 

  -

Specific risk: Specific risk relates to the risk of loss from changes in credit risk of issuers of debt securities or equities, excluding changes in general market prices. Specific interest rate risk of a debt security is measured by multiplying the interest rate position appraised based on the market price of such security by the risk-weighted value applicable to the type of debt security, credit rating and the remaining maturity.

 

  •  

Equity risk: General and specific equity risk are calculated by multiplying the bought or sold position by the relevant risk-weighted values.

 

  •  

Foreign exchange risk: Foreign exchange risk is measured by multiplying the larger of the absolute values among the net bought or sold positions of each currency by the relevant risk-weighted values.

 

  •  

Option risk: Option risk is measured using the delta, gamma and vega of the option.

 

199

Prior to 2023, the standardized method was used to measure the market risk of the positions for which the Financial Supervisory Service had not approved the use of the VaR method. In addition, we used the standardized method for positions which were held by certain subsidiaries or for which measuring VaR was difficult due to the lack of daily position data.

The following table shows the volume and types of instruments held by Kookmin Bank for which the standardized method was used to measure its required equity capital as of December 31, 2022.

 

     As of December 31, 2022  
     (in millions of Won)  

Bonds(1)

    ￦ 177,016  

Swaps and foreign exchange positions(2)

      340,847  

Derivative-linked securities

      —  

Debt-equity swap stock put options(3)

      33  
  

 

 

  

Total

    ￦ 517,895  
  

 

 

  

 

(1) 

Bonds held by our overseas consolidated subsidiaries, which cannot be measured through the use of our internal models.

(2) 

Includes our overseas consolidated subsidiaries’ currency positions and their positions for foreign exchange swaps, total return swaps held by special purpose vehicles and foreign exchange derivatives that have not been authorized by the Financial Supervisory Service, which cannot be measured through the use of our internal models.

(3) 

Reflects the value of our debt-equity swap stock put options in purchase agreements, which cannot be measured through the use of our internal models.

The following table shows Kookmin Bank’s required equity capital measured using the standardized method as of December 31, 2022.

 

     As of December 31, 2022  
     (in millions of Won)  

Risk categories:

   

Interest rate risk

    ￦ 18,545  

Stock price risk

      4,686  

Foreign exchange risk

      70,756  
  

 

 

  

Total

    ￦ 93,987  
  

 

 

  

Back-Testing. Prior to 2023, we conducted back testing on a daily basis to validate the adequacy of our market risk model. In back testing, we compared both the actual and hypothetical profit and loss with the VaR calculations and analyzed any results that fell outside our predetermined confidence interval of 99%. The number of times the actual changes in fair values, earnings or cash flows from the market risk sensitive instruments exceeded the VaR amounts in 2021 and 2022 were 2 and 7, respectively.

Stress testing. In addition, we use stress testing to assess our market risk exposure to abnormal market fluctuations. Abnormal market fluctuations include significant declines in the stock market and significant increases in the general level of interest rates. As both VaR (prior to 2023) and the Basel III Revised Standardized Method (beginning in 2023) assume normal market situations, stress testing is an important way to supplement these methods since they do not cover potential loss if the market moves in a manner that is outside our normal expectations. Stress testing projects the anticipated change in value of holding positions under certain scenarios assuming that no action is taken during a stress event to change the risk profile of a portfolio. According to Kookmin Bank’s stress testing, we estimate that as of December 31, 2023, Kookmin Bank’s trading portfolio could have lost ￦765 billion for an assumed short-term extreme decline of approximately 25% in the

 

200

equity market and an approximate 95 basis point increase in the Korean treasury bond rates under an abnormal stress environment.

We monitor the impact of market turmoil or any abnormality by conducting stress tests and confirming that the results are within our market risk limits. If the impact is large, Kookmin Bank’s chief risk management officer may request that our portfolio be restructured or other appropriate action be taken.

Interest Rate Risk

Interest rate risk from trading activities arises mainly from our trading of Won-denominated debt securities. Our trading strategy is to benefit from short-term movements in the prices of debt securities arising from changes in interest rates. As our trading accounts are marked-to-market daily, we manage the interest rate risk related to our trading accounts using market value-based tools such as sensitivity analysis through a price value of a basis point method.

Under Basel III, interest rate risk can be divided into general interest rate risk and credit spread risk. General interest rate risk arises from fluctuations in the risk-free yield curve, which is caused by fluctuations in the general macroeconomic environment. Credit spread risk arises from fluctuations in the credit spread of the underlying assets, and is further divided into credit spread risks for (i) non-securitized positions, (ii) correlation trading portfolios and (iii) non-correlation trading portfolios, depending on the underlying asset.

Foreign Exchange Risk

Foreign exchange risk arises because we have assets and liabilities that are denominated in currencies other than Won, as well as off-balance sheet items such as foreign exchange forwards and currency swaps. Our assets and liabilities denominated in U.S. dollars, Japanese Yen, Euro, Chinese Renminbi and Indonesian IDR have typically accounted for the majority of our foreign currency assets and liabilities.

The difference between our foreign currency assets and liabilities is offset against forward foreign exchange positions, currency options and currency swaps to obtain our net foreign currency open position. Kookmin Bank’s Risk Management Council and Market Risk Management Subcommittee oversee Kookmin Bank’s foreign exchange exposure for both trading and non-trading purposes by establishing a limit for this net foreign currency open position, together with stop loss limits.

The following table shows Kookmin Bank’s non-consolidated net open positions at the end of 2022 and 2023. Positive amounts represent long positions and negative amounts represent short positions. The net open positions held by subsidiaries other than Kookmin Bank are not significant.

 

     As of December 31,(1)  
     2022      2023  
     (in millions of US$)  

Currency:

      

U.S. dollars

    US$ (448.7 )     US$ (288.1 ) 

Japanese Yen

      5.0        1.8  

Euro

      17.7        8.9  

Chinese Renminbi

      67.0        61.6  

Indonesian IDR

      954.6        1,024.7  

Others

      91.6        128.7  
  

 

 

     

 

 

  

Total

    US$ 687.2      US$ 937.7  
  

 

 

     

 

 

  

 

(1) 

Amounts prepared on a non-consolidated basis.

 

201

Equity Price Risk

Equity price risk results from our equity derivatives trading portfolio in Won since we do not have any trading exposure to shares denominated in foreign currencies.

The equity derivatives trading portfolio in Won consists of exchange-traded stocks and equity derivatives under strict limits on diversification as well as position limits and stop loss limits.

Kookmin Bank’s Risk Management Council and Market Risk Management Subcommittee set annual and monthly stop loss limits that are monitored by Kookmin Bank’s Risk Management Department. In order to ensure timely action, the stop loss limit of individual securities is monitored by the relevant middle office.

As of December 31, 2023, Kookmin Bank’s equity trading position was ￦70.5 billion.

Derivative Market Risk

Our derivative trading includes interest rate and cross-currency swaps, foreign exchange forwards, stock index and interest rate futures and currency options. These activities consist primarily of the following:

 

  •  

sales of tailor-made derivative products that meet various needs of our corporate customers and related transactions to reduce our exposure resulting from those sales;

 

  •  

taking positions in limited cases when we expect short-swing profits based on our market forecasts; and

 

  •  

trading to hedge our interest rate and foreign currency risk exposure as described above.

Market risk from trading derivatives is not significant since our derivative trading activities are primarily driven by customer deals with very limited open trading positions.

Market Risk Management for Non-Trading Activities

Interest Rate Risk

Our principal market risk from non-trading activities is interest rate risk. Interest rate risk arises due to mismatches in the maturities or re-pricing periods of these rate-sensitive assets and liabilities. We measure interest rate risk for Won and foreign currency assets and liabilities in our bank accounts (including derivatives) and our principal guaranteed trust accounts. Most of our interest-earning assets and interest-bearing liabilities are denominated in Won and our foreign currency-denominated assets and liabilities are mostly denominated in U.S. dollars.

Our principal interest rate risk management objectives are to generate stable net interest revenues and to protect our asset value against interest rate fluctuations. We principally manage this risk for our non-trading activities by analyzing and managing maturity and duration gaps between our interest-earning assets and interest-bearing liabilities. In addition, we use hedging instruments for interest rate risk management for our non-trading assets and liabilities.

Interest rate gap analysis measures expected changes in net interest revenues by calculating the difference in the amounts of interest-earning assets and interest-bearing liabilities at each maturity and interest resetting date. We perform interest rate gap analysis for Won-denominated and foreign currency-denominated assets and trust assets on a monthly basis or more frequently when deemed necessary.

Interest Rate Gap Analysis. We perform interest rate gap analysis based on interest rate repricing maturities of assets and liabilities. However, for some of our assets and liabilities with either no maturities or unique characteristics, we use or assume certain maturities, including the following examples:

 

  •  

With respect to asset maturities, we assume remaining maturities of prime rate-linked loans with remaining maturities of over one year to be one year and use the actual maturities for prime rate-linked loans with remaining maturities of less than one year.

 

202

  •  

With respect to liability maturities, we use last 120 months’ average balance to segregate “non-core” and “core” demand deposits. We assume “non-core” demand deposits to have remaining maturities of one day or less, and we assume “core” demand deposits to have remaining maturities between one month and five years.

The following table shows Kookmin Bank’s interest rate gap for Won-denominated accounts and foreign currency-denominated accounts as of December 31, 2023.

 

     As of December 31, 2023  
     0-3 Months     3-6 Months     6-12 Months     1-3 Years     Over 3 Years     Total  
     (in billions of Won, except percentages)  

Won-denominated
Interest-earning assets:

             

Loans

    ￦ 124,064     ￦ 83,476     ￦ 72,752     ￦ 39,851     ￦ 21,130     ￦ 341,273  

Securities

      7,306       4,431       9,472       33,756       15,043       70,008  

Others

      1,962       6       42       0       0       2,010  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ 133,332     ￦ 87,913     ￦ 82,266     ￦ 73,607     ￦ 36,173     ￦ 413,291  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest-bearing liabilities:

             

Deposits

    ￦ 149,250     ￦ 45,950     ￦ 78,992     ￦ 48,183     ￦ 38,059     ￦ 360,434  

Borrowings

      9,673       0       142       1       0       9,816  

Others

      18,496       1,780       3,820       3,960       2,540       30,596  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ 177,419     ￦ 47,730     ￦ 82,954     ￦ 52,144     ￦ 40,599     ￦ 400,846  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Sensitivity gap

      (44,087 )      40,183       (688 )      21,463       (4,426 )      12,445  

Cumulative gap

      (44,087 )      (3,904 )      (4,592 )      16,871       12,445    

% of total assets

      (10.7 )%      (0.9 )%      (1.1 )%      4.1 %      3.0 %   

Foreign currency-denominated Interest-earning assets:

             

Due from banks

    ￦ 3,738     ￦ 655     ￦ 818     ￦ 1,914     ￦ 2,989     ￦ 10,114  

Loans

      28,362       3,174       2,669       3,186       4,395       41,786  

Securities

      7,348       85       34       232       150       7,849  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ 39,448     ￦ 3,914     ￦ 3,521     ￦ 5,332     ￦ 7,534     ￦ 59,749  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest-bearing liabilities:

             

Deposits

    ￦ 20,637     ￦ 6,199     ￦ 4,443     ￦ 2,043     ￦ 1,901     ￦ 35,223  

Borrowings

      14,654       2,839       2,731       4,757       3,430       28,411  

Others

      1,717       0       0       0       0       1,717  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    ￦ 37,008     ￦ 9,038     ￦ 7,174     ￦ 6,800     ￦ 5,331     ￦ 65,351  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Sensitivity gap

      2,440       (5,124 )      (3,653 )      (1,468 )      2,203       (5,602 ) 

Cumulative gap

      2,440       (2,684 )      (6,337 )      (7,805 )      (5,602 )   

% of total assets

      4.1 %      (4.5 )%      (10.6 )%      (13.1 )%      (9.4 )%   

Duration Gap Analysis. We also perform duration gap analysis to measure and manage interest rate risk. Duration gap analysis is a more long-term risk indicator than interest rate gap analysis, as interest rate gap analysis focuses more on accounting income as opposed to the market value of the assets and liabilities. We emphasize duration gap analysis because, in the long run, our principal concern with respect to interest rate fluctuations is the net asset value rather than net interest revenue changes. In 2023, our Won-denominated asset and liability duration gap was positive and it moved between +0.017 years and +0.208 years. Accordingly, our net asset value would have declined (or increased) between ￦393 billion and ￦772 billion if interest rates had increased (or decreased) by one percentage point.

 

203

For duration gap analysis we use or assume the same maturities for different assets and liabilities that we use or assume for our interest rate gap analysis.

The following table shows Kookmin Bank’s duration gaps and net asset value changes when interest rates decrease by one percentage point as of the specified dates, on a non-consolidated basis.

 

Won-denominated    Asset
Duration		      Liability
Duration		      Duration
Gap		      Net Asset Value
Change		  

Date

    (in years)      (in years)      (in years)      (in billions of
Won)		  

June 30, 2023

      0.881        0.816        0.099      ￦ (393 ) 

December 31, 2023

      0.981        0.839        0.187        (772 ) 

 

Foreign currency-denominated    Asset
Duration		      Liability
Duration		      Duration
Gap		      Net Asset Value
Change		  

Date

    (in years)      (in years)      (in years)      (in billions of
Won)		  

June 30, 2023

      0.924        0.663        0.227      ￦ (143 ) 

December 31, 2023

      0.950        0.649        0.253        (154 ) 

We set interest rate risk limits using the Interest Rate Risk in the Banking Book, or IRRBB, method, as described below, with respect to expected asset and liability positions based on our annual business plans. The Risk Management Department in Kookmin Bank’s Risk Management Group submits interest rate gap analysis reports, duration gap analysis reports and interest rate risk limit compliance reports monthly to Kookmin Bank’s Risk Management Council and quarterly to Kookmin Bank’s Risk Management Committee.

The following table summarizes Kookmin Bank’s interest rate risk, taking into account asset and liability durations as of December 31, 2023.

 

     As of December 31, 2023  
     3 Months
or Less		     3-6
Months		     6-12
Months		     1-3
Years		     Over
3 Years		     Total  
     (in billions of Won, except percentages and maturities in years)  

Won-denominated:

             

Asset position

    ￦ 133,332     ￦ 87,913     ￦ 82,266     ￦ 73,607     ￦ 36,173     ￦ 413,291  

Liability position

      177,419       47,730       82,954       52,144       40,599       400,846  

Gap

      (44,087 )      40,183       (688 )      21,463       (4,426 )      12,445  

Average maturity

      0.06       0.38       0.75       1.43       7.41    

Interest rate volatility

      3 %      3 %      3 %      3 %      3 %   

Amount at risk

      1,899       958       (494 )      294       (1,775 )      882  

Foreign currency-denominated:

             

Asset position

    ￦ 39,448     ￦ 3,914     ￦ 3,521     ￦ 5,332     ￦ 7,534     ￦ 59,749  

Liability position

      37,008       9,038       7,174       6,800       5,331       65,351  

Gap

      2,440       (5,124 )      (3,653 )      (1,468 )      2,203       (5,603 ) 

Average maturity

      0.07       0.38       0.70       2.17       7.98    

Interest rate volatility

      2 %      2 %      2 %      2 %      2 %   

Amount at risk

      12       (47 )      (55 )      (29 )      449       329  

IRRBB Analysis. Since November 2019, banks, including Kookmin Bank, have been required to adopt the standards of the IRRBB issued by the Basel Committee on Banking Supervision for calculating interest rate risk exposure. Such requirements were adopted in order to promote more financial stability for banks by requiring them to maintain a sufficient level of capital through a more robust risk management system. Kookmin Bank estimates its interest rate risk pursuant to such standards by calculating the changes in economic value of equity and the changes in net interest income based on various interest rate risk scenarios. Under this method, Kookmin Bank’s interest rate risk exposure was ￦1,211 billion as of December 31, 2023.

 

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For additional information, see Note 4.4 of the notes to our consolidated financial statements included elsewhere in this annual report.

Foreign Exchange Risk

We manage foreign exchange rate risk arising from our non-trading operations together with such risks arising from our trading operations. See “—Market Risk Management for Trading Activities—Foreign Exchange Risk” above.

Liquidity Risk Management

Liquidity risk is the risk of insolvency or loss due to a disparity between the inflow and outflow of funds resulting from, for example, maturity mismatches, obtaining funds at a high price or disposing of securities at an unfavorable price due to lack of available funds. We manage our liquidity in order to meet our financial liabilities from withdrawals of deposits, redemption of matured debentures and repayments at maturity of borrowed funds. We also require sufficient liquidity to fund loans, to extend other credits and to invest in securities. Our liquidity management goal is to meet all our liability repayments on time and fund all investment opportunities even under adverse conditions. To date, we have not experienced significant liquidity risk.

We maintain liquidity by holding sufficient quantities of assets that can be liquidated to meet actual or potential demands for funds from depositors and others. We also manage liquidity by ensuring that the excess of maturing liabilities over maturing assets in any period is kept to manageable levels relative to the amount of funds we believe we could raise by issuing securities. We seek to minimize our liquidity costs by managing our liquidity position on a daily basis and by limiting the amount of cash at any time that is not invested in interest-earning assets or securities.

We maintain diverse sources of liquidity to facilitate flexibility in meeting our funding requirements. We fund our operations principally by accepting deposits from retail and corporate depositors, accessing the call loan market (a short-term market for loans with maturities of less than 90 days), issuing debentures and borrowing from the Bank of Korea. We use the majority of funds we raise to extend loans or purchase securities. Generally, deposits are of shorter average maturity than loans or investments.

For Won-denominated assets and liabilities, we manage liquidity using a cash flow structure based on holding short-term liabilities and long-term assets. Generally, the average initial contract maturity of our new Won-denominated time deposits was less than one year, while during the same period most of our new loans and securities had maturities over one year.

We manage liquidity risk within the limits set on Won and foreign currency accounts in accordance with the regulations of the Financial Services Commission. The Financial Services Commission generally requires Korean banks, including Kookmin Bank, to maintain a liquidity coverage ratio of not less than 100%. The Financial Services Commission defines the liquidity coverage ratio as the ratio of highly liquid assets to total net cash outflows over a 30-day period. The highly liquid assets and total net cash outflows included in the calculation of the liquid coverage ratio are determined in accordance with the “Standards for Calculation of Liquidity Coverage Ratio” under the Detailed Regulation on the Supervision of the Banking Business. In addition, the Financial Services Commission requires Korean banks, including Kookmin Bank, to maintain a foreign currency liquidity coverage ratio of not less than 80%.

In April 2020, in order to encourage financial institutions to provide financial support to companies adversely affected by COVID-19, the Financial Services Commission announced that it would temporarily lower the required liquidity coverage ratio to 85%, and the required foreign currency liquidity coverage ratio to 70%. In June 2022, the Financial Services Commission began phasing out such temporary measures. The liquidity coverage ratio requirement is currently 95.0%, at which level it is expected to remain until June 2024, while the

 

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foreign liquidity coverage ratio requirement returned to the pre-pandemic level of 80%. The Financial Services Commission announced that the liquidity coverage ratio requirement will gradually increase from July 2024, with the schedule for such increase to be determined based on market conditions in the second quarter of 2024.

Kookmin Bank’s Financial Planning Department is responsible for daily liquidity management with respect to its Won and foreign currency exposure. It reports monthly plans for funding and operations to the Asset Liability Management Committee of Kookmin Bank, which discusses factors such as interest rate movements and maturity structures of its deposits, loans and securities and establishes strategies with respect to deposit and lending rates.

The following table shows Kookmin Bank’s liquidity coverage ratio and foreign currency liquidity coverage ratio on an average balance basis for the month of December 2023 in accordance with Financial Services Commission regulations:

 

Liquidity coverage ratio:

    30 Days
or Less		  
     (in billions of Won,
except percentages)		  

Highly liquid assets (A)

    ￦ 78,432  

Cash outflows (B)

      96,371  

Cash inflows (C)

      21,325  

Total net cash outflows (D = B-C)

      75,045  

Liquidity coverage ratio (A/D)

      104.51 % 

Minimum limit

      95.00 % 

 

Foreign currency liquidity coverage ratio:

    30 Days
or Less		  
     (in millions of US$,
except percentages)		  

Highly liquid assets (A)

    US$ 4,584  

Cash outflows (B)

      12,809  

Cash inflows (C)

      9,601  

Total net cash outflows (D = B-C)

      3,208  

Liquidity coverage ratio (A/D)

      142.88 % 

Minimum limit

      80.00 % 

The Risk Management Department in Kookmin Bank’s Risk Management Group reports whether it is complying with these limits monthly to Kookmin Bank’s Risk Management Council and quarterly to Kookmin Bank’s Risk Management Committee.

Operational Risk Management

Overall Status

There is no complete consensus on the definition of operational risk in the banking industry. We define operational risk broadly to include all financial and non-financial risks, other than credit risk, market risk, interest rate risk and liquidity risk, that may arise from our operations that could negatively impact our capital, including the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events as defined under Basel III. Our operational risk management objectives include not only satisfying regulatory requirements, but also providing internal support through the growth of a strong risk management culture, reinforcement of internal controls, improvement of work processes and provision of timely feedback to management members and staff throughout the group.

Each of our subsidiaries manages operational risks related to its own business, and we regularly monitor them. Kookmin Bank, our banking subsidiary, uses an operational risk management framework meeting the

 

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Basel III standards. Specifically, Kookmin Bank calculates its operational risk-weighted assets under the Basel III Revised Standardized Method, pursuant to which it:

 

  •  

calculates its operational risk-weighted assets on a quarterly basis using its business indicator components, or BICs, and internal loss multipliers, or ILMs;

 

  •  

monitors operational risk in terms of Key Risk Indicators, or KRIs, using tolerance levels for each indicator;

 

  •  

executes integrated compliance and operational risk Control Self Assessments, or CSAs, that enhance the effect on internal controls, which Kookmin Bank employees are able to access and use for process improvement;

 

  •  

collects and analyzes internal and external loss data;

 

  •  

conducts scenario analyses to recognize the operational risks for incidents with a high probability of potential loss and to identify weaknesses and areas of improvement;

 

  •  

manages certain insurance-related activities relating to insurance strategies established to mitigate operational risk;

 

  •  

examines operational risks arising in connection with the development of, changes in or discontinuance of products, policies or systems;

 

  •  

uses a detailed business continuity plan covering all of its operations and locations to prepare against unexpected events, including an alternate back-up site for use in disaster events as well as annual full-scale testing of such site;

 

  •  

refines bank-wide operational risk policies and procedures;

 

  •  

provides appropriate training and support to business line operational risk managers; and

 

  •  

reports overall operational risk status to our senior management.

While Kookmin Bank’s Risk Management Department advises relevant business units with respect to the review of and suggested improvements on related operational processes and procedures, each of Kookmin Bank’s relevant business units has primary responsibility for the management of its own operational risk. In addition, the Operational Risk Unit, which is part of Kookmin Bank’s Risk Management Department, monitors bank-wide operational risk. Kookmin Bank also has business line operational risk managers in all of its subsidiaries, departments and branches who periodically conduct CSAs and monitor KRIs. For example, Kookmin Bank has developed KRIs relating to customer data protection, which are applied and monitored at all domestic branches and offices. In addition, in order to strengthen risk management of its overseas operations, Kookmin Bank designates expert auditors for overseas branches and conducts internal audits designed especially to check key risks identified for each overseas branch. Kookmin Bank has also established a risk CSA system for overseas branches, pursuant to which all employees (including locally hired staff) of such branches are required to perform a risk CSA on a quarterly basis. Furthermore, Kookmin Bank regularly monitors operational risks related to new businesses as well as existing operating processes and seeks to develop appropriate new KRIs and risk CSA measures on an ongoing basis. Through such methods, Kookmin Bank is able to ensure proper monitoring of operational risk in each of its business groups and overseas operations.

Internal Control

To monitor and control operational risks, we maintain a system of comprehensive policies and have put in place a control framework designed to provide a stable and well-managed operational environment throughout our organization. We have in place a prescribed leave policy for employees in certain high-risk categories to safeguard against fraud and to check for weaknesses in internal controls. In addition, we maintain an external whistleblower “ombudsman” channel to encourage whistleblowing and voluntary reporting of fraudulent behavior.

 

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Each of our subsidiaries establishes its own internal control system in accordance with the group-level internal control principles. Our Compliance Supporting Department is responsible for monitoring and advising our subsidiaries regarding their internal control systems. Our Audit Committee, which consists of four non-executive directors, is an independent authority that evaluates the effectiveness and efficiency of our group-wide internal control systems and business processes and monitors our subsidiaries’ compliance with such systems and processes, as well as reviews the reliability of our financial statements to secure the transparency and stability of our management (including through the activities of our independent auditors). In particular, we have established group-wide internal guidelines with respect to our subsidiaries’ reporting requirements. Our subsidiaries review their operations and their level of compliance with internal control systems and business processes on a periodic basis and, as part of this process, they are required to report any problems discovered and any remedial actions taken to our chief compliance officer, who is responsible for reporting to our Audit Committee. Based on the results of these reports, or on an ad hoc basis in response to any problem or potential problem that it identifies, the Audit Committee may direct a subsidiary to conduct an audit of its operations or, if it chooses to do so, conduct its own audit of those operations. The Audit Committee interacts on a regular basis with our Audit Department, Compliance Supporting Department and our independent auditors. In carrying out these duties, the Audit Committee ultimately protects our property for the benefit of our shareholders, investors and customers by independently monitoring our management.

Our Audit Department supports our Audit Committee in monitoring our accounting and business operations and overseeing the management of our subsidiaries’ internal control systems by performing the following activities:

 

  •  

general audits, which include full-scale audits of the overall operations performed according to an annual audit plan, and sectional audits of selected operations; and

 

  •  

special audits of troubled or weak operations, which are performed when our Audit Committee or executive officer responsible for audits deems it necessary or pursuant to requests by our board, executive officers or supervisory authorities, such as the Financial Supervisory Service.

The Financial Supervisory Service periodically conducts a general examination of our operations. It also performs specific audits on particular aspects of our operations, such as risk management, credit monitoring and liquidity, as the need arises. We and our subsidiaries have in the past been subject to, and may in the future be subject to, the receipt of warning notices or the imposition of penalties in connection with our or our subsidiaries’ failure to comply with the applicable laws or rules, regulations and guidelines of the Financial Supervisory Service. For example, in November 2022 and June 2023, the Financial Supervisory Service worked together with the Korea Federation of Banks to introduce a number of measures to improve the internal controls of banks and other financial institutions. As part of our efforts to strengthen our internal reporting system, we amended our whistleblower policy in May 2023 to expand the scope of reportable subjects, explicitly stipulate the rewards for such reporting and require mandatory investigations of any violations of the duty to report financial incidents. Kookmin Bank’s Audit Department is the execution body for its audit committee and supports Kookmin Bank’s management objectives by auditing the operations of its branches using a risk analysis system and reviewing the operations of its headquarters and subsidiaries through the use of “risk-based audit” in accordance with the “business measurement process” audit methodology, which requires that the Audit Department evaluate the risk and process of its business units and concentrate its audit capacity with respect to high risk areas.

As a result of recent regulatory trends, Kookmin Bank’s Audit Department is continuing its efforts to establish an advanced audit system and value-added internal audit by introducing risk-based audit techniques.

Our Compliance Supporting Department operates a compliance system to ensure that all of our employees comply with the relevant laws and regulations. This system’s main function is to establish and manage our compliance program, educate employees and management and improve our internal control process.

 

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Legal Risk

We consider legal risk as a part of our operational risk. The uncertainty of the enforceability of the obligations of our customers and counterparties creates legal risk. Changes in laws and regulations could also adversely affect us. Legal risk is higher in new areas of business where the law is often untested in the courts, although legal risk can also increase in our traditional business to the extent that the legal and regulatory landscape in Korea is changing and many new laws and regulations governing the financial industry remain untested. Our Compliance Supporting Department seeks to minimize legal risk by using stringent legal documentation, employing procedures designed to ensure that transactions are properly authorized and consulting legal advisers.

IT System Operational Risk

The integrity of our IT systems, and their ability to withstand potential catastrophic events, are crucial to our continuing operations. Accordingly, we are continuing to strengthen our disaster recovery capabilities. In order to minimize operational risks relating to our IT systems, we have implemented a multi-CPU system that runs multiple CPUs simultaneously on-site and ensures system continuity in case any of the CPUs fails. This system backs up our data systems at an off-site location on a real-time basis to ensure that our operations can be carried out normally and without material interruption in the event of CPU failure. Also, in order to protect our Internet banking services from system failures and cyber attacks, we process our Internet transactions through two separate data processing centers.

We currently test our disaster recovery systems every six months, with the comprehensive testing covering our branches and the main IT center’s disaster recovery system, and our Infrastructure System Department monitoring all of our computerized network processes and IT systems. In addition, we monitor and report on any unusual delays or irregularities reported by our branches. Kookmin Bank currently tests its disaster recovery systems on a quarterly basis, and its Information Security Department is responsible for the daily monitoring of its information security system. Our business operations regularly conduct IT security inspections with respect to such operations and have implemented measures to identify and respond collectively to security breach attempts, such as hacking attempts. Furthermore, KB Kookmin Card and Kookmin Bank have each established technical as well as management-related standards governing information protection under which they operate their businesses.

In particular, at Kookmin Bank, we have taken steps to establish a comprehensive security system aimed at detecting and responding to internal and external threats to its IT system and have implemented network segregation on the computers of all employees so that Intranet and Extranet functions are segregated. We have endeavored to enhance protection of customer data by using personal identification numbers internally generated and managed by Kookmin Bank in all customer financial transactions, in lieu of the resident registration numbers of its customers, and by amending forms and templates to minimize collection of potentially sensitive customer data. Kookmin Bank’s chief information security officer is responsible for ensuring protection of information assets and technologies and reducing IT risks.

At KB Kookmin Card, we have taken steps to strengthen its information security infrastructure by implementing a solution to prevent attacks on its website and a security system to prevent unauthorized access to local networks and information. As part of its efforts to strengthen its operational processes and procedures for customer information protection and to ensure compliance with relevant laws and regulations, KB Kookmin Card continually conducts annual status reviews, monthly information security inspections, information protection training for its employees and officers and mock training sessions for responding to malicious e-mails.

Kookmin Bank and KB Kookmin Card each obtained ISO 27001 certifications, which relates to information security, in 2009 and 2023, respectively. In 2011, Kookmin Bank also obtained ISO 20000 certification, which relates to IT service management, and BS 25999 (now ISO 22301) certification, which relates to business

 

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continuity management. Kookmin Bank is the first Korean bank to have obtained all three such international certifications and it continually renews such certifications following annual reviews. In addition, between 2013 and 2023, we, Kookmin Bank and KB Insurance obtained ISMS certification, which relates to information security management, and KB Securities, KB Kookmin Card, Kookmin Bank and KB Capital obtained ISMS-P certification, which relates to personal information in addition to information security management. In 2017, KB Kookmin Card obtained PCI DSS certification, which relates to protection of credit card data.

We implement various year-round education programs and training sessions designed to raise the information security awareness of both management and employees.

For further information regarding our cybersecurity measures, see “Item 16K. Cybersecurity.”

 

Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Fees and Charges

Under the terms of the deposit agreement, as a holder of our ADSs, you are required to pay the following service fees to the depositary:

 

Services

   

Fees

Issuance of ADSs

    Up to $5.00 per 100 ADSs (or portion thereof) issued

Delivery of deposited shares against surrender of ADSs

    Up to $5.00 per 100 ADSs (or portion thereof) surrendered

Distribution of cash dividends or other cash distributions

    Up to $0.02 per ADS held

Transfer of ADSs, combination and split-up of American depositary receipts or interchange of certificated and uncertificated ADSs

    Up to $1.50 per American depositary receipt transferred

Distribution or sale of securities pursuant to stock dividends, free stock distributions, exercise of rights or any other non-cash distributions

    A fee equivalent to the fee that would be payable if securities distributed or sold, as the case may be, had been shares and such shares had been deposited for issuance of ADSs

Depositary Services

    Up to $0.02 per ADS (or portion thereof) held on the applicable record date(s) established by the depositary

As a holder of our ADSs, you are also responsible for paying certain fees and expenses incurred by the depositary and certain taxes and governmental charges such as:

 

  •  

Fees for the transfer and registration of shares charged by the registrar and transfer agent for the shares in Korea (i.e., upon deposit and withdrawal of shares).

 

  •  

Expenses incurred for converting foreign currency into U.S. dollars.

 

  •  

Expenses for cable, telex and fax transmissions and for delivery of securities.

 

  •  

Taxes and duties upon the transfer of securities (i.e., when shares are deposited or withdrawn from deposit).

 

  •  

Fees and expenses incurred in connection with the delivery or servicing of shares on deposit or other deposited securities.

Depositary fees payable upon the issuance and surrender of ADSs are typically paid to the depositary by the brokers (on behalf of their clients) receiving the newly issued ADSs from the depositary and by the brokers (on

 

210

behalf of their clients) delivering the ADSs to the depositary for surrender. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary to the holders of record of ADSs as of the applicable ADS record date.

The depositary fees payable for cash distributions are generally deducted from the cash being distributed. In the case of distributions other than cash (i.e., stock dividend, rights), the depositary charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or uncertificated in direct registration), the depositary sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts (via the Depository Trust Company, or DTC), the depositary generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients’ ADSs in DTC accounts in turn charge their clients’ accounts the amount of the fees paid to the depositary.

In the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse the requested service until payment is received or may set off the amount of the depositary fees from any distribution to be made to such holder of ADSs.

Note that the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior notice of such changes.

Fees and Payments from the Depositary to Us

In 2023, we received the following payments from the depositary:

 

Reimbursement of listing fees:

    $ 80,000  

Reimbursement of SEC filing fees:

    $ 91,368  

Reimbursement of expenses related to our investor relations activities (investor conferences and investor relations agency fees, etc.) and legal fees (expenses related to the preparation of our Form 20-F for fiscal year 2022):

    $ 1,196,850  

In addition, as part of its service to us, the depositary waives its fees for the standard costs and operating expenses associated with the administration of the ADS facility.

 

Item 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable.

 

Item 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Not applicable.

 

Item 15.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We have evaluated, with the participation of our chief executive officer and chief finance officer, the effectiveness of our disclosure controls and procedures as of December 31, 2023. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief finance officer concluded that our disclosure controls and procedures as of December 31, 2023 were effective to provide reasonable assurance that information required to

 

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be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief finance officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including our chief executive officer and chief finance officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. Our internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS as issued by the IASB, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2023.

The effectiveness of our internal control over financial reporting as of December 31, 2023 has been audited by Samil PricewaterhouseCoopers, an independent registered public accounting firm, as stated in its report included herein, which expressed an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2023.

Attestation Report of the Registered Public Accounting Firm

The attestation report of our independent registered public accounting firm is included in Item 18 of this Form 20-F.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Item 16.

[RESERVED]

 

Item 16A.

AUDIT COMMITTEE FINANCIAL EXPERT

Our board of directors has determined that Whajoon Cho and Gyutaeg Oh, our non-executive directors and members of our Audit Committee, qualify as “audit committee financial experts” and are independent within the meaning of this Item 16A.

 

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Item 16B.

CODE OF ETHICS

We have adopted a code of ethics, as defined in Item 16B of Form 20-F under the Exchange Act. Our code of ethics applies to our chief executive officer and chief finance officer, as well as to our non-executive directors, non-standing directors and other officers and employees. Our code of ethics is available on our website at https://www.kbfg.com/Eng/about/ethics.htm. If we amend the provisions of our code of ethics that apply to our chief executive officer and chief finance officer and persons performing similar functions, or if we grant any waiver of such provisions, we will disclose such amendment or waiver on our website at the same address.

 

Item 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit and Non-audit Fees

The following table sets forth the fees billed or expected to be billed to us by our former independent registered public accounting firm KPMG Samjong Accounting Corp. for the fiscal year ended December 31, 2022 and our current independent registered public accounting firm Samil PricewaterhouseCoopers for the fiscal year ended December 31, 2023:

 

     Year Ended December 31,  
     2022      2023  
     (in millions of Won)  

Audit fees

    ￦ 13,265      ￦ 16,618  

Audit-related fees

      882        247  

Tax fees

      440        4  
  

 

 

     

 

 

  

Total fees

    ￦ 14,587      ￦ 16,869  
  

 

 

     

 

 

  

Audit fees in the above table are the aggregate fees billed by KPMG Samjong Accounting Corp. or expected to be billed by Samil PricewaterhouseCoopers (as applicable) in connection with:

 

  •  

the audits of our annual financial statements and the review of our interim financial statements;

 

  •  

the audits of our special purpose entities in connection with the Financial Investment Services and Capital Markets Act; and

 

  •  

our financial debenture offering services.

Audit-related fees in the above table are the aggregate fees billed by KPMG Samjong Accounting Corp. or expected to be billed by Samil PricewaterhouseCoopers (as applicable) in connection with due diligence services rendered in the ordinary course of our business.

Tax fees in the above table are fees billed by KPMG Samjong Accounting Corp. in connection with tax audit-related services performed for Kookmin Bank in 2022 and fees expected to be billed by Samil PricewaterhouseCoopers in connection with tax audit-related services for KB Investment Co., Ltd. in 2023.

Audit Committee Pre-Approval Policies and Procedures

Our Audit Committee pre-approves the engagement of our independent auditors for audit services with respect to our financial statements. Our Audit Committee has implemented a policy regarding pre-approval of certain other services provided by our independent auditors to our subsidiaries that the Audit Committee has deemed as not affecting their independence. Under this policy, pre-approvals for the following services to our subsidiaries have been granted by our Audit Committee to each of our subsidiaries’ audit committees: (i) services related to the audit of financial statements prepared in accordance with IFRS as adopted by Korea and internal controls under Korean laws and regulations; (ii) general tax services; (iii) issuance of comfort letters in connection with offering of securities; and (iv) educational services provided to employees.

 

213

Any other audit or permitted non-audit service must be pre-approved by the Audit Committee on a case-by-case basis. Our Audit Committee did not pre-approve any non-audit services under the de minimis exception of Rule 2.01(c)(7)(i)(C) of Regulation S-X as promulgated by the Securities and Exchange Commission.

 

Item 16D.

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable.

 

Item 16E.

PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

The following table sets forth information regarding purchases by us of our common shares during the period covered by this annual report.

 

Period

    Total Number
of Shares
Purchased		      Average
Price Paid
per Share		      Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs		      Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans or
Programs (as of end
of period)		  

January 1 to January 31, 2023

      —      ￦ —        —      US$ —  

February 1 to February 28, 2023(1)

      2,300,000        51,590        2,300,000        137,022,932  

March 1 to March 31, 2023(1)

      3,085,996        49,607        3,085,996        0  

April 1 to April 30, 2023

      —        —        —        —  

May 1 to May 31, 2023

      —        —        —        —  

June 1 to June 30, 2023

      —        —        —        —  

July 1 to July 31, 2023

      —        —        —        —  

August 1 to August 31, 2023(2)

      1,050,000        52,122        1,050,000        185,470,611  

September 1 to September 30, 2023(2)

      950,000        55,547        950,000        142,820,656  

October 1 to October 31, 2023(2)

      1,250,000        54,727        1,250,000        91,851,032  

November 1 to November 30, 2023(2)

      2,200,000        53,213        2,200,000        5,445,870  

December 1 to December 31, 2023(2)

      134,514        52,236        134,514        0  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

      10,970,510      ￦ 52,117        10,970,510      US$ 0  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

Comprises common shares that were purchased through a broker in a series of open-market transactions in Korea in the periods indicated above, of up to 5,385,996 treasury shares, which purchases were scheduled to be made between February 8, 2023 and May 7, 2023, as announced via our report of foreign private issuer furnished to the U.S. Securities and Exchange Commission via Form 6-K on February 7, 2023. We completed such purchases on March 27, 2023, and cancelled all shares of common stock purchased on April 4, 2023.

(2) 

Comprises common shares that were purchased through a broker in a series of open-market transactions in Korea in the periods indicated above, pursuant to a trust agreement for the acquisition of up to ￦300 billion, or approximately $235.2 million (as of July 25, 2023), worth of treasury shares between August 1, 2023 and July 31, 2024, as announced via our report of foreign private issuer furnished to the U.S. Securities and Exchange Commission via Form 6-K on July 25, 2023. We completed such purchases on December 5, 2023 and plan to cancel all such shares following the expiration of the agreement on July 31, 2024.

In February 2024, we entered into another trust agreement with Samsung Securities Co., Ltd. to acquire, by August 2024, our shares of common stock in the aggregate amount of approximately ￦320 billion. We also currently intend to cancel all such shares of common stock either upon the completion of the acquisition or the expiration of the trust agreement on August 7, 2024.

Other than as described above, neither we nor any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) of the Exchange Act, purchased any of our equity securities during the period covered by this annual report.

 

214

Item 16F.

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

The disclosure called for by paragraph (a) of this Item 16F was previously reported, as that term is defined in Rule 12b-2 under the Exchange Act, in our Annual Report on Form 20-F for the year ended December 31, 2022 (File No. 000-53445), filed on April 24, 2023.

 

Item 16G.

CORPORATE GOVERNANCE

Differences in Corporate Governance Practices

Pursuant to the rules of the New York Stock Exchange applicable to foreign private issuers like us that are listed on the New York Stock Exchange, we are required to disclose significant differences between the New York Stock Exchange’s corporate governance standards and those that we follow under Korean law and in accordance with our own internal procedures. The following is a summary of such significant differences:

 

NYSE Corporate Governance Standards

   

KB Financial Group

Director Independence   
Listed companies must have a majority of independent directors.    The majority of our board of directors is independent (as defined in accordance with the New York Stock Exchange’s standards), as seven out of nine directors are non-executive directors.

Executive Session

   
Non-management directors must meet in regularly scheduled executive sessions without management. Independent directors should meet alone in an executive session at least once a year.    Our non-executive directors hold executive sessions as needed in accordance with the Regulation of the Board of Directors.

Nomination/Corporate Governance Committee

   
A nomination/corporate governance committee of independent directors is required. The committee must have a charter that addresses the purpose, responsibilities (including development of corporate governance guidelines) and annual performance evaluation of the committee.   

We maintain a Non-executive Director Nominating Committee composed of four non-executive directors.

 

We maintain a CEO Nominating Committee composed of all seven of our non-executive directors.

Compensation Committee

   

A compensation committee of independent directors is required. The committee must have a charter that addresses the purpose, responsibilities and annual performance evaluation of the committee. The charter must be made available on the company’s website. In addition, in accordance with the U.S. Securities and Exchange Commission rules adopted pursuant to Section 952 of the Dodd-Frank Act, the New York Stock Exchange listing standards were amended to expand the factors relevant in determining whether a committee member has a relationship with the company that will materially affect that member’s duties to the compensation committee.

 

Additionally, the committee may obtain or retain the advice of a compensation adviser only after taking into consideration all factors relevant to determining that adviser’s independence from management.

    We maintain an Evaluation and Compensation Committee composed of four non-executive directors.

 

215

NYSE Corporate Governance Standards

   

KB Financial Group

Audit Committee

   
Listed companies must have an audit committee that satisfies the independence and other requirements of Rule 10A-3 under the Exchange Act. All members must be independent. The committee must have a charter addressing the committee’s purpose, an annual performance evaluation of the committee, and the duties and responsibilities of the committee. The charter must be made available on the company’s website.    We maintain an Audit Committee composed of four non-executive directors. Accordingly, we are in compliance with Rule 10A-3 under the Exchange Act.

Audit Committee Additional Requirements

   
Listed companies must have an audit committee that is composed of at least three directors.    Our Audit Committee has four members, as described above.

Shareholder Approval of Equity Compensation Plan

   
Listed companies must allow its shareholders to exercise their voting rights with respect to any material revision to the company’s equity compensation plan.   

We currently have two equity compensation plans: (i) performance share agreements with certain of our directors and executive officers and (ii) an employee stock ownership plan, or ESOP. Matters related to the performance share agreements or ESOP are not subject to shareholders’ approval under Korean law.

 

Our Articles of Incorporation provide that our stockholders may, by special resolution, grant stock options to officers, directors and employees. All material matters related to stock options are provided in our Articles of Incorporation, and any amendments to the Articles of Incorporation are subject to shareholders’ approval.

Corporate Governance Guidelines

   
Listed companies must adopt and disclose corporate governance guidelines.    We have adopted corporate governance standards, the Korean-language version of which is available on our website.

 

Item 16H.

MINE SAFETY DISCLOSURE

Not applicable.

 

Item 16I.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

 

Item 16J.

INSIDER TRADING POLICIES

Not applicable.

 

Item 16K.

CYBERSECURITY

Risk Management and Strategy

We operate in an era of “digital transformation” marked by a proliferation of evolving technologies, including artificial intelligence, and the increasing use of the Internet and mobile devices to conduct financial

 

216

transactions. A significant portion of our daily operations relies on our information technology systems, including customer service, billing, the secure processing, storage and transmission of confidential and other information as well as the timely monitoring of a large number of complex transactions. As a large financial institution, we recognize the importance of building and preserving trust with our customers and protecting their personal information in our day-to-day operations.

As part of our overall risk management system and processes, we maintain a comprehensive process for assessing, identifying and managing material risks from cybersecurity threats, including risks relating to disruption of business operations or financial reporting systems, fraud, theft, harm to employees or customers, violation of privacy laws, reputational risk and other litigation and legal risk, among others. We utilize policies, software, training programs and hardware solutions to protect and monitor our environment, including multifactor authentication on all critical systems, firewalls, intrusion detection and prevention systems, vulnerability and penetration testing and identity management systems. In particular, our banking platforms include a host of encryption, antivirus, multi-factor authentication, firewall and patch-management technologies designed to protect and maintain the systems and computers across our businesses. In addition, in order to protect our Internet banking services from system failures and cyber attacks, we process our online transactions through two separate data processing centers and monitor and report on any unusual delays or irregularities reported by our branches, and regularly implement various information technology system related initiatives and upgrades at the group and subsidiary level.

We also maintain a robust crisis management system, which provides a framework for responding to cybersecurity incidents based on the severity of the incident. In the case of a cyber incident, we follow internal reporting procedures to notify the Information Security Department, which is responsible for putting together an emergency response team to promptly address the incident and notify all relevant parties of such incident in order to minimize any further damage from the incident. We conduct regular evaluations for any weaknesses in our electronic financial infrastructure, and analyze the frequency and potential effects of any cyber threats on our systems in order to prevent any potential cyber attacks. We also carry limited insurance that provides protection against potential losses arising from cybersecurity incidents and regularly review our policy and levels of coverage based on current risks.

We and our major subsidiaries have obtained the Information Security Management System (“ISMS”) certifications of the Korea Internet and Security Agency, which share significant overlaps with the International Organization for Standardizations (“ISO”) certifications. Kookmin Bank and KB Kookmin Card each obtained ISO 27001 certification, which relates to information security, in 2009 and 2023, respectively. In 2011, Kookmin Bank also obtained ISO 20000 certification, which relates to information technology service management, and BS 25999 (now ISO 22301) certification, which relates to business continuity management. Kookmin Bank is the first Korean bank to have obtained all three such international certifications. In addition, between 2013 and 2023, we, Kookmin Bank and KB Insurance obtained ISMS certification, which relates to information security management, and KB Securities, KB Kookmin Card, Kookmin Bank and KB Capital obtained ISMS-P certification, which relates to personal information in addition to information security management. In 2017, KB Kookmin Card obtained PCI DSS certification, which relates to protection of credit card data. These certifications are valid for three years, and we are subject to an annual audit to maintain such certifications. In addition, our cybersecurity program is reviewed and evaluated by external, independent third parties, who assess and report on any weaknesses in our information technology systems on both a periodic and continual basis. Furthermore, we utilize the curriculum provided by the Financial Security Institute to provide cybersecurity trainings to all of our employees.

From time to time, we engage certain third-party service providers that may process the personal information of our customers. In such cases, we enter into security management agreements with such service providers to ensure that they comply with our strict security standards. We also conduct periodic on-site inspections of such service providers and provide them with periodic security training sessions.

 

217

Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previous cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks and any future material incidents. See “Item 3.D. Risk Factors—Other risks relating to our business—Our operations have been, and will continue to be, subject to increasing and continually evolving cybersecurity and other technological risks” for more information on risks from cybersecurity threats that are reasonably likely to materially affect our business strategy, results of operations and financial condition.

Governance

Board of Directors

Our board of directors’ principal role is one of oversight, recognizing that management is responsible for the day-to-day design, implementation and maintenance of an effective cybersecurity program for protecting against, and mitigating, data privacy and cybersecurity risks. Members of our board of directors stay apprised of the rapidly evolving cyber threat landscape as well as cybersecurity risks specific to us and our subsidiaries, and provide guidance to management as appropriate in order to enhance the effectiveness of our overall cybersecurity program.

Our board of directors has delegated the direct responsibilities relating to assessing and managing cybersecurity risks to our Chief Information Security Officer (“CISO”), who provides periodic reports on risk assessment and cybersecurity strategies to the board of directors. These reports include information about our information security management system and our personal information protection policy. In addition, the CISO provides quarterly evaluation reports to the board of directors concerning the sharing of customer information among our subsidiaries. The board of directors also reviews and approves our cybersecurity risk management processes on a periodic basis. In particular, the board of directors reviews our evaluation report on our use of customer information on a quarterly basis and our evaluation report on our management and use of personal credit information on an annual basis. It also reviews our overall cybersecurity strategy plan once every three years.

Management

The day-to-day monitoring, assessment and management of material cybersecurity risks is conducted by our management. We and each of our major subsidiaries operate an information security system operated by a CISO, who is responsible for managing cybersecurity risk management processes under the supervision of the board of directors at their respective companies. As part of such process, the CISO provides monthly reports to our chief executive officer on the results of our cybersecurity assessments. We and each of our major subsidiaries also maintain an Information Security Department and an Information Security Committee, each chaired by the CISO, which monitors incidents of customer information misuse, unauthorized access to our customer information and failure to comply with information security policies, among others, through an integrated information security management system. Our Information Security Committee is responsible for reviewing and approving the following:

 

  •  

our annual general information security and information technology work plans;

 

  •  

strategies and plans for ensuring the safety of electronic financial transactions and the protection of our customers;

 

  •  

the results of vulnerability evaluations of our electronic financial infrastructure and the plans for implementing remedial measures; and

 

  •  

matters related to cybersecurity incidents and violations of cybersecurity regulations.

 

218

More specifically, the cybersecurity risk management processes described above are managed by our CISO at the group level, who heads our information security division. Our current CISO has over 10 years of work experience in information security and over 13 years of work experience in information technology, and has also obtained a master’s degree from the Korea University School of Cybersecurity.

 

Item 17.

FINANCIAL STATEMENTS

Not applicable.

 

Item 18.

FINANCIAL STATEMENTS

Reference is made to Item 19(a) for a list of all financial statements filed as part of this annual report.

 

Item 19.

EXHIBITS

 

(a)

List of Financial Statements:

 

     Page   

Audited consolidated financial statements of KB Financial Group Inc. and subsidiaries, prepared in accordance with IFRS as issued by the IASB

  

Report of independent registered public accounting firm

     F-1  

Consolidated statements of financial position as of December 31, 2022 and 2023

     F-5  

Consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023

     F-7  

Consolidated statements of changes in equity for the years ended December 31, 2021, 2022 and 2023

     F-10  

Consolidated statements of cash flows for the years ended December 31, 2021, 2022 and 2023

     F-14  

Notes to consolidated financial statements

     F-16  

 

(b)

Exhibits

Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, KB Financial Group has filed certain agreements as exhibits to this Annual Report on Form 20-F. These agreements may contain representations and warranties made by the parties. These representations and warranties have been made solely for the benefit of the other party or parties to such agreements and (i) may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties to such agreements if those statements turn out to be inaccurate, (ii) may have been qualified by disclosures that were made to such other party or parties and that either have been reflected in the company’s filings or are not required to be disclosed in those filings, (iii) may apply materiality standards different from what may be viewed as material to investors and (iv) were made only as of the date of such agreements or such other date(s) as may be specified in such agreements and are subject to more recent developments. Accordingly, these representations and warranties may not describe KB Financial Group’s actual state of affairs at the date of this annual report.

 

Number

   

Description

1.1(1)

    Articles of Incorporation of KB Financial Group (translation in English).

2.1(2)

    Form of Share Certificate of KB Financial Group’s common stock, par value ￦5,000 per share (translation in English).

2.2(3)

    Form of Fifth Amended and Restated Deposit Agreement among KB Financial Group, JPMorgan Chase Bank, N.A., as depositary, and all owners and holders from time to time of American depositary receipts issued thereunder, evidencing American depositary shares, including the form of American depositary receipt.

 

219

Number

   

Description

2.3(4)

    Description of KB Financial Group’s Capital Stock.

2.4(5)

    Description of KB Financial Group’s American Depositary Shares.

8.1(6)

    List of subsidiaries of KB Financial Group.

11.1(7)

    Code of Ethics.

12.1

    Section 302 certifications.

13.1

    Section 906 certifications.

97.1

    KB Financial Group’s Clawback Policy for Misstatements of Financial Statements.

101.INS

    Inline XBRL Instance Document.

101.SCH

    Inline XBRL Taxonomy Extension Schema Document.

101.CAL

    Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

    Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

    Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

    Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

    Cover Page Interactive Data File (Embedded within Inline XBRL Document).

 

(1)

Incorporated by reference to exhibit 1.1 to the registrant’s filing on Form 20-F (No. 000-53445) filed on April 26, 2023.

(https://www.sec.gov/Archives/edgar/data/1445930/000119312523116496/d402646dex11.htm).

(2)

Incorporated by reference to the registrant’s filing on Form 20-F (No. 000-53445), filed on June 15, 2009.

(https://www.sec.gov/Archives/edgar/data/1445930/000095012309013901/h03411exv2w1.htm).

(3)

Incorporated by reference to the registrant’s filing on Form F-6 (No. 333-208008), filed on November 13, 2015.

(https://www.sec.gov/Archives/edgar/data/1445930/000119380515001876/e614274_ex99-a.htm).

(4)

Incorporated by reference to “Item 10.B. Memorandum and Articles of Association—Description of Capital Stock” of this annual report.

(5)

Incorporated by reference to exhibit 2.4 to the registrant’s filing on Form 20-F (No. 000-53445) filed on April 24, 2020.

(https://www.sec.gov/Archives/edgar/data/1445930/000119312520118233/d862752dex24.htm).

(6)

Incorporated by reference to Note 41 of the consolidated financial statements of the registrant included in this annual report.

(7)

Incorporated by reference to the registrant’s filing on Form 20-F (No. 000-53445), filed on April 28, 2016.

(https://www.sec.gov/Archives/edgar/data/1445930/000119312516561071/d181570dex111.htm).

 

220

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

 

KB FINANCIAL GROUP INC.
(Registrant)
/s/ Jong Hee Yang   
(Signature)
Jong Hee Yang
Chairman and Chief Executive Officer   
(Name and Title)

Date: April 26, 2024

 

221

0.5 p.0.5 p.0.5 p.Positive correlationNegative correlationNegative correlationNegative correlationNegative correlationPositive correlationNegative correlationPositive correlationNegative correlationNegative correlationPositive correlationPositive correlationPositive correlationThe Parent Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Prudential Life Insurance Company of Korea Ltd. and KB Life Insurance Co., Ltd, which were subsidiary companies, have merged in January 2023.Prudential Life Insurance Company of Korea Ltd. changed the name to KB Life Insurance Co., Ltd.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Prudential Life Insurance Company of Korea Ltd. and KB Life Insurance Co., Ltd, which were subsidiary companies, have merged in January 2023.Prudential Life Insurance Company of Korea Ltd. changed the name to KB Life Insurance Co., Ltd.Prudential Life Insurance Company of Korea Ltd. and KB Life Insurance Co., Ltd, which were subsidiary companies, have merged in January 2023.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Financial information is based on its consolidated financial statements.Includes fair value adjustments arising from the acquisition.Cash-settled2023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-312023-12-31Services fulfillment, market performance3 0~50%, and non-market performance4 50~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 30%, and non-market performance4 70%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 30%, and non-market performance4 70%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100% Services fulfillment, market performance3 30%, and EPS & Asset Quality5 70%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 30%, and non-market performance4 70%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Services fulfillment, market performance3 30%, and non-market performance4 70%Services fulfillment, market performance3 0~30%, and non-market performance4 70~100%Cash-settled
Report of Independent Registered Public Accounting Firm
To the
Stockholders and Board of Directors
KB Financial Group Co., Ltd.:
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated financial position of KB Financial Group Co., Ltd. and its subsidiaries (the “Group”) as of December 31, 2023 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Group’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited the adjustments to retrospectively reflect the adoption of IFRS No.1117, Insurance Contracts on the 2022 consolidated financial statements described in Note 2. This change in accounting policy affected the consolidated financial position as of December 31, 2022, and results of its operations and its cash flows for the year then ended. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2022 financial statements of the Group other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2022 financial statements taken as a whole.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of December 31, 2023, and the results of its operations and its cash flows for the year then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework (2013) issued by the COSO.
Change in Accounting Principle
As discussed in Note 2 to the consolidated financial statements, the Group changed the manner in which it accounts for
insurance
contracts in 2023.
Basis for Opinions
The Group’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 15 . Our responsibility is to express opinions on the Group’s consolidated financial statements and on the Group’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
 
F-1
Table of Contents
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Allowance for expected credit losses on loans measured at amortized cost
As described in Notes 3 and 10 to the consolidated financial statements, loans measured at amortized cost amount to ￦450,268,092 million, with allowances for credit losses of ￦5,462,805 million as of December 31, 2023. The Group measures expected credit losses on loans measured at amortized cost based on both individual and collective assessments. Individual assessment of expected credit losses is performed based on estimates of future forecast cash flow, and collective assessment of expected credit losses is involved with a variety and complex variable inputs and assumptions that requires management’s estimates and judgments.
The principal considerations for our determination that performing procedures relating to the allowance for credit losses of loans measured at amortized cost is a critical audit matter are: (i) there was significant judgment by management in determining the allowance, which in turn led to a high degree of auditor subjectivity in performing procedures related to the impairment models, key assumptions, such as probability of default, loss
 
F-2
Table of Contents
given default, credit risk ratings and determination of the forward-looking information and the expected future cash flows related to individual exposures; (ii) there was significant judgment and effort in evaluating audit evidence related to these models, judgments and assumptions used to determine the allowance; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the estimation process, which included controls over the data, models and assumptions used in determining the allowance for credit losses. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in testing management’s process to estimate the allowance for credit losses including evaluating the appropriateness of methodology and models, and evaluating the reasonableness of significant assumptions used in the impairment models, such as probability of default, loss given default and credit risk ratings. It also included evaluating the reasonableness of key assumptions in the forward-looking information. Evaluating the forward-looking information assumptions involved assessing their reasonableness against external data and economic events that have occurred. We also assessed the reasonableness of the accuracy of borrower credit risk ratings and expected future cash flows related to individually assessed exposures.
Loss ratio assumptions used to estimate fulfilment cash flows of the insurance contracts
As described in Notes 2 and 38 to the consolidated financial statements, the net book value of the liability for remaining coverage was ￦43,929,240 million, which is presented as insurance contract liabilities, reinsurance contract liabilities, insurance contract assets, and reinsurance contract assets in the consolidated statement of financial position as of December 31, 2023. The Group estimates future cash flows using various actuarial assumptions as inputs. Among the actuarial assumptions, the calculation of loss ratio assumptions includes various and complex inputs, including historical data, and management’s estimates and judgment.
The principal considerations for our determination that performing procedures relating to the loss ratio assumptions used to estimate fulfilment cash flows of the insurance contracts is a critical audit matter are: (i) there was significant judgment by management in determining the loss ratio, which in turn led to a high degree of auditor subjectivity in performing procedures related to the estimation fulfilment cash flows of the insurance contracts; (ii) there was significant judgment and effort in evaluating audit evidence related to these models, judgments and assumptions used to determine the loss ratio; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the estimation process, which included controls over the loss ratio assumptions used to estimate fulfilment cash flows of the insurance contracts. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in testing management’s process to evaluate the reasonableness and accuracy of the loss ratio assumption by performing recalculations and other procedures, and test the accuracy and completeness of the historical data used in management’s estimates by reconciling the data to supporting documents.
/s/ Samil PricewaterhouseCoopers
Seoul, the Republic of Korea
April 26, 2024
We have served as the Group’s auditor since 2023.
 
F-3
Table of Contents
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
KB Financial Group Inc.:
Opinion on the Consolidated Financial Statements
We have audited, before the effects of the adjustments to retrospectively reflect the adoption of IFRS No.17,
Insurance Contracts
on the 2022 consolidated financial statements described in Note 2.1.1, the consolidated statements of financial position of KB Financial Group Inc. and its subsidiaries (“the Group”) as of December 31, 2022, the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements). The 2022 consolidated financial statements before the adjustments described in Note 2.1.1 are not presented herein.
In our opinion, the consolidated financial statements, before the effects of the adjustments described in Note 2.1.1, present fairly, in all material respects, the financial position of the Group as of December 31, 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively reflect the adoption of IFRS No.17,
Insurance Contracts
on the 2022 consolidated financial statements described in Note 2.1.1 and accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.
Basis for Opinion
These consolidated financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG Samjong Accounting Corp.
 
We served as the Group’s auditor from 2019 to 2023.
Seoul, Korea
April 26, 2023
 
F-4
Table of Contents
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2022 AND 2023, AND JANUARY 1, 2022
 
   
Jan. 1 2022 *
    
Dec. 31 2022 *
    
Dec. 31 2023
    
2023
  
         
Translation into
U.S. dollars
(Note 3)
  
   
(In millions of Korean won)
    
(In thousands)
  
ASSETS
        
Cash and due from financial institutions
   ￦ 31,677,868     ￦ 32,474,750     ￦ 29,836,311     US$ 23,111,545  
Financial assets at fair value through profit or loss
     71,656,497       70,092,497       77,038,267       59,674,715  
Derivative financial assets
     3,721,370       9,446,580       6,157,628       4,769,769  
Loans measured at amortized cost
     414,384,822       433,038,931       444,805,287       344,551,218  
Financial investments
     107,691,616       115,452,659       122,199,529       94,657,141  
Investments in associates and joint ventures
     448,718       682,669       722,222       559,441  
Insurance contract assets
     4,672       83,304       229,640       177,882  
Reinsurance contract assets
     1,646,494       1,495,966       1,655,168       1,282,112  
Property and equipment
     5,239,898       4,991,467       4,945,699       3,830,994  
Investment property
     2,514,944       3,148,340       4,109,784       3,183,486  
Intangible assets
     1,786,812       1,858,470       1,950,858       1,511,157  
Net defined benefit assets
     100,083       478,934       374,090       289,775  
Current income tax assets
     98,798       204,690       244,317       189,250  
Deferred income tax assets
     159,093       188,372       274,225       212,418  
Assets held for sale
     237,318       211,758       208,230       161,297  
Assets of a disposal group held for sale
     171,749       —       —       —  
Other assets
     14,174,195       14,815,439       20,986,897       16,256,688  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
   ￦ 655,714,947     ￦ 688,664,826     ￦ 715,738,152     US$ 554,418,888  
 
 
 
    
 
 
    
 
 
    
 
 
  
LIABILITIES
        
Financial liabilities at fair value through profit or loss
   ￦ 12,088,980     ￦ 12,271,604     ￦ 10,920,435     US$ 8,459,093  
Derivative financial liabilities
     3,684,334       9,509,769       6,210,639       4,810,832  
Deposits
     377,046,282       393,928,904       406,512,434       314,889,140  
Borrowings
     56,912,374       71,717,366       69,583,561       53,900,215  
Debentures
     67,430,188       68,698,203       69,176,668       53,585,032  
Insurance contract liabilities
     54,446,927       45,969,434       50,308,552       38,969,575  
Reinsurance contract liabilities
     41,377       31,728       36,030       27,909  
Provisions
     777,590       933,701       1,444,418       1,118,863  
Net defined benefit liabilities
     225,521       85,745       81,869       63,416  
Current income tax liabilities
     663,506       998,681       145,335       112,578  
Deferred income tax liabilities
     1,876,736       1,561,857       2,179,966       1,688,626  
Other liabilities
     31,155,093       28,850,033       40,264,935       31,189,675  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
     606,348,908       634,557,025       656,864,842       508,814,954  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-5
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS OF DECEMBER 31, 2022 AND 2023, AND JANUARY 1, 2022
 
   
Jan. 1 2022 *
    
Dec. 31 2022 *
    
Dec. 31 2023
    
2023
  
         
Translation into
U.S. dollars
(Note 3)
  
   
(In millions of Korean won)
    
(In thousands)
  
TOTAL EQUITY
        
Share capital
     2,090,558       2,090,558       2,090,558       1,619,370  
Hybrid securities
     2,838,221       4,434,251       5,032,803       3,898,466  
Capital surplus
     16,940,231       16,940,731       16,647,916       12,895,665  
Accumulated other comprehensive income
     1,375,644       1,249,922       2,295,165       1,777,861  
Accumulated other comprehensive income relating to assets of a disposal group held for sale
     7,671       —       —       —  
Retained earnings
     26,416,564       28,948,425       32,029,199       24,810,181  
Treasury shares
     (1,136,188 )      (836,188 )      (1,165,837 )      (903,070 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Equity attributable to shareholders of the Parent Company
     48,532,701       52,827,699       56,929,804       44,098,473  
Non-controlling
interests
     833,338       1,280,102       1,943,506       1,505,461  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total equity
     49,366,039       54,107,801       58,873,310       45,603,934  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities and equity
   ￦ 655,714,947     ￦ 688,664,826     ￦ 715,738,152     US$ 554,418,888  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
*
From January 1, 2023, we adopted IFRS No.17 ‘Insurance Contracts’, which replaced IFRS No.4 ‘Insurance Contracts’. We have restated 2022 comparative date.
 
 
 
The above consolidated statements of financial position should be read in conjunction with the accompanying notes.
 
F-6
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
2021 
1
    
2022 
2
    
2023
    
2023
  
                     
Translation into
U.S. dollars
(Note 3)
  
   
(In millions of Korean won,
except per share amounts)
    
(In thousands,
except per share
amounts)
  
Interest income
   ￦ 15,210,878     ￦ 20,787,577     ￦ 29,145,079     US$ 22,576,109  
Interest income from financial instruments at fair value through other comprehensive income and amortized cost
     14,620,490       19,841,175       27,705,759       21,461,195  
Interest income from financial instruments at fair value through profit or loss
     590,388       929,735       1,415,366       1,096,359  
Insurance finance interest income
     —       16,667       23,954       18,555  
Interest expense
     (3,981,306 )      (9,272,252 )      (17,003,362 )      (13,170,997 ) 
Interest expense
     —       (7,776,631 )      (15,426,706 )      (11,949,702 ) 
Insurance finance interest expense
     —       (1,495,621 )      (1,576,656 )      (1,221,295 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net interest income
     11,229,572       11,515,325       12,141,717       9,405,112  
 
 
 
    
 
 
    
 
 
    
 
 
  
Fee and commission income
     5,323,606       5,125,930       5,368,074       4,158,171  
Fee and commission expense
     (1,698,023 )      (1,611,028 )      (1,694,550 )      (1,312,617 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net fee and commission income
     3,625,583       3,514,902       3,673,524       2,845,554  
 
 
 
    
 
 
    
 
 
    
 
 
  
Insurance income
     16,107,858       10,072,490       10,978,808       8,504,309  
Insurance income
     16,107,858       9,550,101       10,295,693       7,975,160  
Reinsurance income
     —       522,389       683,115       529,149  
Insurance expense
     (15,551,147 )      (8,761,399 )      (9,555,856 )      (7,402,074 ) 
Insurance service expense
     (15,551,147 )      (7,989,645 )      (8,718,748 )      (6,753,641 ) 
Reinsurance expense
     —       (771,754 )      (837,108 )      (648,433 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net insurance income
     556,711       1,311,091       1,422,952       1,102,235  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net gains (losses) on financial instruments at fair value through profit or loss before applying overlay approach
     1,160,981       (1,139,818 )      2,163,065       1,675,535  
Losses on overlay adjustments
     (165,677 )      —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net gains (losses) on financial instruments at fair value through profit or loss
     995,304       (1,139,818 )      2,163,065       1,675,535  
 
 
 
    
 
 
    
 
 
    
 
 
  
Other insurance finance income (expenses)
     —       841,227       (459,135 )      (355,652 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net other operating expenses
     (1,923,567 )      (2,262,123 )      (2,712,989 )      (2,101,513 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
General and administrative expenses
     (7,200,853 )      (6,643,654 )      (6,647,406 )      (5,149,156 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Operating income before provision for credit losses
     7,282,750       7,136,950       9,581,728       7,422,115  
 
 
 
    
 
 
    
 
 
    
 
 
  
Provision for credit losses
     (1,185,133 )      (1,847,775 )      (3,146,409 )      (2,437,244 )
 
 
 
    
 
 
    
 
 
    
 
 
  
Net operating income
     6,097,617       5,289,175       6,435,319       4,984,871  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-7
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
2021 
1
    
2022 
2
    
2023
    
2023
  
                     
Translation into
U.S. dollars
(Note 3)
  
   
(In millions of Korean won,
except per share amounts)
    
(In thousands,
except per share
amounts)
  
Share of profit (loss) of associates and joint ventures
     93,526       (28,755 )      33,110       25,648  
Net other
non-operating
income (expenses)
     (109,537 )      189,324       (297,980 )      (230,819 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net
non-operating
income (expenses)
     (16,011 )      160,569       (264,870 )      (205,171 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Profit before income tax expense
     6,081,606       5,449,744       6,170,449       4,779,700  
 
 
 
    
 
 
    
 
 
    
 
 
  
Income tax expense
     (1,697,225 )      (1,518,343 )      (1,607,018 )      (1,244,814 )
 
 
 
    
 
 
    
 
 
    
 
 
  
Profit for the year
   ￦ 4,384,381     ￦ 3,931,401     ￦ 4,563,431     US$ 3,534,886  
 
 
 
    
 
 
    
 
 
    
 
 
  
Items that will not be reclassified to profit or loss
        
Remeasurements of net defined benefit liabilities
   ￦ (45,510 )    ￦ 239,701     ￦ (72,170 )    US$ (55,904 ) 
Share of other comprehensive income (loss) of associates and joint ventures
     51       183       (2 )      (1 ) 
Gains (losses) on equity securities at fair value through other comprehensive income
     903,398       (932,058 )           69,605       53,917  
Fair value changes on financial liabilities designated at fair value through profit or loss due to own credit risk
     13,715       38,855       (52,863 )      (40,948 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
    871,654       (653,319 )      (55,430 )      (42,936 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Items that may be reclassified subsequently to profit or loss
        
Currency translation differences
     255,907       165,568       317       245  
Gains (losses) on debt securities at fair value through other comprehensive income
     (924,698 )      (5,342,895 )      3,304,471       2,559,681  
Shares of other comprehensive income (loss) of associates and joint ventures
     498       (545 )      26       20  
Gains (losses) on cash flow hedging instruments
     20,864        26,168       53,923       41,769  
Gains (losses) on hedging instruments of net investments in foreign operations
     (57,935 )      (79,085 )      (14,659 )      (11,355 ) 
Other comprehensive income (loss) arising from separate account
     (63,814 )      6,007,276       (2,222,024 )      (1,721,205 ) 
Gains (losses) on overlay adjustment
     120,282       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
  
    (648,896 )      776,487       1,122,054       869,155  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-8
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
2021 
1
    
2022 
2
    
2023
    
2023
  
                     
Translation into
U.S. dollars
(Note 3)
  
   
(In millions of Korean won,
except per share amounts)
    
(In thousands,
except per share
amounts)
  
Other comprehensive income for the year, net of tax
       222,758         123,168         1,066,624         826,219  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year
   ￦ 4,607,139     ￦ 4,054,569     ￦ 5,630,055     US$ 4,361,105  
 
 
 
    
 
 
    
 
 
    
 
 
  
Profit attributable to:
        
Shareholders of the Parent Company
     4,409,543       4,152,992       4,631,932       3,587,947  
Non-controlling
interests
     (25,162 )      (221,591 )      (68,501 )      (53,061 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 4,384,381     ￦ 3,931,401     ￦ 4,563,431     US$ 3,534,886  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year attributable to:
        
Shareholders of the Parent Company
     4,610,549       4,262,621       5,704,929       4,419,103  
Non-controlling
interests
     (3,410 )      (208,052 )      (74,874 )      (57,998 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 4,607,139      ￦ 4,054,569     ￦ 5,630,055     US$ 4,361,105  
 
 
 
    
 
 
    
 
 
    
 
 
  
Earnings per share
        
Basic earnings per share
   ￦ 11,134     ￦ 10,334     ￦ 11,580     US$ 8.97  
Diluted earnings per share
     10,890       10,099       11,312       8.76  
 
1
Comparative data for the year ended 31 December 2021 are prepared on an IFRS No.4 basis.
2
 
Comparative data for the year ended 31 December 2022 have been restated due to the application of IFRS No.17.
The above consolidated statements of comprehensive income should be read in conjunction with the accompanying notes.
 
F-9
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
Equity attributable to shareholders of the Parent Company
              
   
Share

capital
    
Hybrid
securities
    
Capital

surplus
    
Accumulated

other
comprehensive
income
    
Accumulated
other
comprehensive
income relating
to assets of a
disposal group
held for sale
    
Retained
earnings
    
Treasury
shares
    
Non-controlling

interests
    
Total equity
  
   
(In millions of Korean won)
  
Balance as of January 1, 2021
   ￦ 2,090,558     ￦ 1,695,988     ￦ 16,723,589     ￦ 630,011     ￦ —     ￦ 22,540,616     ￦ (1,136,188 )    ￦ 857,783     ￦ 43,402,357  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income for the year
  
   
           
 
  
   
          
 
  
   
           
 
  
   
          
 
  
   
     
 
  
   
         
 
  
   
           
 
    
    
          
 
Profit for the year
     —       —       —       —       —       4,409,543       —       (25,162 )      4,384,381  
Remeasurements of net defined benefit liabilities
     —       —       —       (45,742 )      —       —       —       232       (45,510 ) 
Currency translation differences
     —       —       —       241,273       —       —       —       14,634       255,907  
Gains (losses) on financial instruments at fair value through other comprehensive income and transfer to retained earnings
     —       —       —       201,697       —       (223,928 )      —       931       (21,300 ) 
Share of other comprehensive income of associates and joint ventures
     —       —       —       549       —       —       —       —       549  
Gains on cash flow hedging instruments
     —       —       —       20,864       —       —       —       —       20,864  
Losses on hedging instruments of net investments in foreign operations
     —       —       —       (57,935 )      —       —       —       —       (57,935 ) 
Other comprehensive loss arising from separate account
     —       —       —       (63,814 )      —       —       —       —       (63,814 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     —       —       —       13,715       —       —       —       —       13,715  
Gains on overlay adjustments
     —       —       —       120,282       —       —       —       —       120,282  
Transfer within equity
     —       —       —       (7,671 )      7,671       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year
     —       —       —       423,218       7,671       4,185,615       —       (9,365 )      4,607,139  
Transactions with shareholders
                  
Annual dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (689,653 )      —       —       (689,653 ) 
Quarterly dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (292,226 )      —       —       (292,226 ) 
Issuance of hybrid securities
     —       1,142,233       —       —       —       —       —       —       1,142,233  
Dividends on hybrid securities
     —       —       —       —       —       (71,537 )      —       (24,145 )      (95,682 ) 
Non-controlling
interests changes in business combination
     —       —       —       —       —       —       —       1,994       1,994  
Transactions with
non-controlling
interests
     —       —       216,853       (5,955 )      —       —       —       (18,306 )      192,592  
Others
     —       —       (211 )      —       —       —            —       25,377       25,166  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total transactions with shareholders
     —       1,142,233       216,642       (5,955 )      —       (1,053,416 )      —       (15,080 )      284,424  
Balance as of December 31, 2021
1
   ￦ 2,090,558     ￦ 2,838,221     ￦ 16,940,231     ￦ 1,047,274     ￦ 7,671     ￦ 25,672,815     ￦ (1,136,188 )    ￦ 833,338     ￦  48,293,920  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-10
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
Equity attributable to shareholders of the Parent Company
              
   
Share

capital
    
Hybrid
securities
    
Capital

surplus
    
Accumulated

other
comprehensive
income
    
Accumulated

other

comprehensive

income relating

to assets of a

disposal group
held for sale
    
Retained
earnings
    
Treasury
shares
    
Non-controlling

interests
    
Total equity
  
   
(In millions of Korean won)
  
Balance as of January 1, 2022 (Before the restatement)
   ￦ 2,090,558     ￦ 2,838,221     ￦ 16,940,231     ￦ 1,047,274     ￦ 7,671     ￦ 25,672,815     ￦ (1,136,188 )    ￦ 833,338     ￦ 48,293,920  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in accounting policies
2
     —       —       —       328,370       —       743,749       —       —       1,072,119  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance as of January 1, 2022 (After the restatement)
     2,090,558       2,838,221       16,940,231       1,375,644       7,671       26,416,564       (1,136,188 )      833,338       49,366,039  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income for the year
  
   
           
 
  
   
          
 
  
   
           
 
  
   
          
 
  
   
     
 
  
   
         
 
  
   
           
 
    
    
          
 
Profit (loss) for the year
     —       —       —       —       —       4,152,992       —       (221,591 )      3,931,401  
Remeasurements of net defined benefit liabilities
     —       —       —       239,623       —       —       —       78       239,701  
Currency translation differences
     —       —       —       158,319       (7,671 )      —       —       14,920       165,568  
Gains (losses) on financial instruments at fair value through other comprehensive income and transfer to retained earnings
     —       —       —       (6,516,516 )      —       243,022       —       (1,459 )      (6,274,953 ) 
Share of other comprehensive income of associates and joint ventures
     —       —       —       (362 )      —       —       —       —       (362 ) 
Gains on cash flow hedging instruments
     —       —       —       26,168       —       —       —       —       26,168  
Losses on hedging instruments of net investments in foreign operations
     —       —       —       (79,085 )      —       —       —       —       (79,085 ) 
Insurance finance income
     —       —       —       6,007,276       —       —       —       —       6,007,276  
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     —       —       —       38,855       —       —       —       —       38,855  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year
     —       —       —       (125,722 )      (7,671 )      4,396,014       —       (208,052 )      4,054,569  
Transactions with shareholders
                  
Annual dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (853,299 )      —       —       (853,299 ) 
Quarterly dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (584,452 )      —       —       (584,452 ) 
Issuance of hybrid securities
     —       1,596,030       —       —       —       —       —       431,807       2,027,837  
Dividends on hybrid securities
     —       —       —       —       —       (126,402 )      —       (36,094 )      (162,496 ) 
Retirement of treasury share
     —       —       —       —       —       (300,000 )      300,000       —       —  
Others
     —       —       500       —       —       —       —       259,103       259,603  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total transactions with shareholders
     —       1,596,030       500       —       —       (1,864,153 )      300,000       654,816       687,193  
Balance as of December 31, 2022
   ￦ 2,090,558     ￦ 4,434,251     ￦ 16,940,731     ￦ 1,249,922     ￦ —     ￦ 28,948,425     ￦ (836,188 )    ￦ 1,280,102     ￦ 54,107,801  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-11
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
Equity attributable to shareholders of the Parent Company
              
   
Share

capital
    
Hybrid
securities
    
Capital

surplus
    
Accumulated

other
comprehensive
income
    
Accumulated

other

comprehensive

income relating

to assets of a

disposal group
held for sale
    
Retained
earnings
    
Treasury
shares
    
Non-controlling

interests
    
Total equity
  
   
(In millions of Korean won)
  
Balance as of January 1, 2023
   ￦ 2,090,558     ￦ 4,434,251     ￦ 16,940,731     ￦ 1,249,922     ￦ —     ￦ 28,948,425     ￦ (836,188 )    ￦ 1,280,102     ￦ 54,107,801  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income for the year
  
   
           
 
  
   
          
 
  
   
           
 
  
   
          
 
  
   
     
 
  
   
         
 
  
   
           
 
    
    
          
 
Profit for the year
     —       —       —       —       —       4,631,932       —       (68,501 )      4,563,431  
Remeasurements of net defined benefit liabilities
     —       —       —       (72,525 )      —       —       —       355       (72,170 ) 
Currency translation differences
     —       —       —       7,306       —       —       —       (6,989 )      317  
Gains on financial instruments at fair value through other comprehensive income and transfer to retained earnings
     —       —       —       3,346,061       —       27,754       —       261       3,374,076  
Share of other comprehensive income of associates and joint ventures
     —       —       —       24       —       —       —       —       24  
Gains on cash flow hedging instruments
     —       —       —       53,923       —       —       —       —       53,923  
Losses on hedging instruments of net investments in foreign operations
     —       —       —       (14,659 )      —       —       —       —       (14,659 ) 
Insurance finance expenses
     —       —       —       (2,222,024 )      —       —       —       —       (2,222,024 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     —       —       —       (52,863 )      —       —       —       —       (52,863 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year
     —       —       —       1,045,243       —       4,659,686       —       (74,874 )      5,630,055  
Transactions with shareholders
                  
Annual dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (564,970 )      —       —       (564,970 ) 
Quarterly dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (586,931 )      —       —       (586,931 ) 
Issuance of hybrid securities
     —       598,552       —       —       —       —       —       429,078       1,027,630  
Dividends on hybrid securities
     —       —       —       —       —       (184,915 )      —       (57,179 )      (242,094 ) 
Acquisition of treasury shares
     —       —       —       —       —       —       (571,745 )      —       (571,745 ) 
Retirement of treasury shares
     —       —       —       —       —       (242,096 )      242,096       —       —  
Ownership changes in subsidiaries
     —       —       (292,815 )      —       —       —       —       366,379       73,564  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total transactions with shareholders
     —       598,552       (292,815 )      —       —       (1,578,912 )      (329,649 )      738,278       (864,546 ) 
Balance as of December 31, 2023
   ￦ 2,090,558     ￦ 5,032,803     ￦ 16,647,916     ￦ 2,295,165     ￦ —     ￦ 32,029,199     ￦ (1,165,837 )    ￦ 1,943,506     ￦ 58,873,310  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-12
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
   
Equity attributable to shareholders of the Parent Company
              
   
Share

capital
    
Hybrid
securities
    
Capital

surplus
    
Accumulated

other
comprehensive
income
    
Accumulated

other

comprehensive

income relating

to assets of a

disposal group
held for sale
    
Retained
earnings
    
Treasury
shares
    
Non-controlling

interests
    
Total equity
  
   
Translation into U.S. dollars (Note 3) (In thousands)
  
Balance as of January 1, 2023
   US$ 1,619,370     US$ 3,434,821     US$ 13,122,482     US$ 968,204     US$ —     US$ 22,423,778     US$ (647,721 )    US$ 991,582     US$ 41,912,516  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Comprehensive income for the year
                  
Profit for the year
     —       —       —       —       —       3,587,947       —       (53,061 )      3,534,886  
Remeasurements of net defined benefit liabilities
     —       —       —       (56,179 )      —       —       —       275       (55,904 ) 
Currency translation differences
     —       —       —       5,659       —       —       —       (5,414 )      245  
Gains on financial instruments at fair value through other comprehensive income and transfer to retained earnings
     —       —       —       2,591,897       —       21,499       —       202       2,613,598  
Share of other comprehensive income of associates and joint ventures
     —       —       —       19       —       —       —       —       19  
Gains on cash flow hedging instruments
     —       —       —       41,769       —       —       —       —       41,769  
Losses on hedging instruments of net investments in foreign operations
     —       —       —       (11,355 )      —       —       —       —       (11,355 ) 
Insurance finance expenses
     —       —       —       (1,721,205 )      —       —       —       —       (1,721,205 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     —       —       —       (40,948 )      —       —       —       —       (40,948 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income for the year
     —       —       —       809,657       —       3,609,446       —       (57,998 )      4,361,105  
Transactions with shareholders
                  
Annual dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (437,632 )      —       —       (437,632 ) 
Quarterly dividends paid to shareholders of the Parent Company
     —       —       —       —       —       (454,643 )      —       —       (454,643 ) 
Issuance of hybrid securities
     —       463,645       —       —       —       —       —       332,369       796,014  
Dividends on hybrid securities
     —       —       —       —       —       (143,237 )      —       (44,292 )      (187,529 ) 
Acquisition of treasury shares
     —       —       —       —       —       —       (442,880 )      —       (442,880 ) 
Retirement of treasury shares
     —       —       —       —       —       (187,531 )      187,531       —       —  
Ownership changes in subsidiaries
     —       —       (226,817 )      —       —       —       —       283,800       56,983  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total transactions with shareholders
     —       463,645       (226,817 )      —       —       (1,223,043 )      (255,349 )      571,877       (669,687 ) 
Balance as of December 31, 2023
   US$ 1,619,370     US$ 3,898,466     US$ 12,895,665     US$ 1,777,861     US$ —     US$ 24,810,181     US$ (903,070 )    US$ 1,505,461     US$ 45,603,934  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Comparative data for the year ended 31 December 2021 are prepared on an IFRS No.4 basis.
2
 
Comparative data for the year ended 31 December 2022 have been restated due to the application of IFRS No.17.
the above consolidated statements of changes in equity should be read in conjunction with the accompanying notes.
 
F-13
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
    
2021
    
2022
    
2023
    
2023
  
                      
Translation into
U.S. dollars
(Note 3)
  
    
(In millions of Korean won)
    
(In thousands)
  
Cash flows from operating activities:
         
Profit for the year
    ￦ 4,384,381     ￦ 3,931,401     ￦ 4,563,431     US$ 3,534,886  
  
 
 
    
 
 
    
 
 
    
 
 
  
Adjustment for
non-cash
items
         
Net losses (gains) on financial assets at fair value through profit or loss
      (274,515 )      670,619       (1,793,351 )      (1,389,150 ) 
Net losses on derivative financial instruments for hedging purposes
      213,996       144,780       53,073       41,111  
Provision for credit losses
      1,185,133       1,847,775       3,146,409       2,437,244  
Net losses on financial investments
      97,813       309,868       255,989       198,292  
Share of loss (profit) of associates and joint ventures
      (93,526 )      28,755       (33,110 )      (25,648 )
Depreciation and amortization expense
      850,614       878,841       865,927       670,757  
Amortization expense of VOBA
      156,074       —       —       —  
Other net losses (gains) on property and equipment/intangible assets
      1,974       (251,858 )      131,270       101,683  
Share-based payments
      101,935       58,275       69,703       53,993  
Provision for policy reserves
      2,761,135       326       —       —  
Post-employment benefits
      237,315       249,874       155,720       120,622  
Net interest expense (income)
      256,736       (83,503 )      274,681       212,771  
Losses (gains) on foreign currency translation
      (665,282 )      622,152       200,486       155,299  
Insurance finance income
      —       (8,595,402 )      (7,781,283 )      (6,027,470 ) 
Reinsurance finance expense
      —       1,267,839       1,317,524       1,020,569  
Gain on a bargain purchase
      (288 )      —       —       —  
Other expenses
      721,459       769,313       827,254       640,800  
  
 
 
    
 
 
    
 
 
    
 
 
  
     5,550,573       (2,082,346 )      (2,309,708 )      (1,789,126 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Changes in operating assets and liabilities
         
Financial asset at fair value through profit or loss
      (6,149,781 )      3,048,875       (6,247,689 )      (4,839,531 ) 
Derivative financial instruments
      39,343       546,079       (152,753 )      (118,324 ) 
Loans measured at fair value through other comprehensive income
      (24,618 )      (24,342 )      (252,695 )      (195,740 ) 
Loans measured at amortized cost
      (41,457,544 )      (21,154,500 )      (15,308,932 )      (11,858,472 ) 
Current income tax assets
      10,581       (105,892 )      (39,627 )      (30,696 ) 
Deferred income tax assets
      (92,967 )      (28,716 )      (84,148 )      (65,182 ) 
Other assets
      950,313       (1,521,781 )      (3,780,797 )      (2,928,648 ) 
Financial liabilities at fair value through profit or loss
      759,989       1,252,549       (1,467,780 )      (1,136,959 ) 
Deposits
        32,497,922         16,566,047       12,195,807       9,447,010  
Current income tax liabilities
      (102,273 )      335,175       (853,347 )      (661,012 ) 
Deferred income tax liabilities
      294,130       (324,410 )      279,105       216,198  
Other liabilities
      1,314,561       (2,535,624 )      9,952,434       7,709,268  
Insurance contract assets
      —       (78,630 )      (146,335 )      (113,353 ) 
Reinsurance contract assets
      —       (1,281,089 )      (1,470,615 )      (1,139,155 ) 
Insurance contract liabilities
      —       8,300,987       9,046,311       7,007,375  
Reinsurance contract liabilities
      —       (333 )      37,217       28,829  
Investment contract liabilities
      —       (82,958 )      148,937       115,368  
  
 
 
    
 
 
    
 
 
    
 
 
  
     (11,960,344 )      2,911,437       1,855,093       1,436,976  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net cash inflow (outflow) from operating activities
    ￦ (2,025,390 )    ￦ 4,760,492     ￦    4,108,816     US$   3,182,735  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(Continued)
 
F-14
KB FINANCIAL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE YEARS ENDED December 31, 2021, 2022 and 2023
 
 
 
2021
 
 
2022
 
 
2023
 
 
2023
 
 
 
 
 
 
 
 
 
 
 
 
Translation into
U.S. dollars
(Note 3)
 
 
 
(In millions of Korean won)
 
 
(In thousands)
 
Cash flows from investing activities:
        
Net cash flows from derivative financial instruments for hedging purposes
   ￦ 427     ￦ (168,551 )    ￦ (48,122 )    US$ (37,276 ) 
Disposal of financial asset at fair value through profit or loss
     13,788,604       9,279,702       12,389,938       9,597,386  
Acquisition of financial asset at fair value through profit or loss
     (12,298,792 )      (12,382,503 )      (11,312,232 )      (8,762,583 ) 
Disposal of financial investments
     50,825,909       27,032,376       43,472,217       33,674,072  
Acquisition of financial investments
     (56,633,996 )      (44,228,971 )      (47,125,014 )      (36,503,570)  
Disposal of investments in associates and joint ventures
     678,636       167,690       99,834       77,333  
Acquisition of investments in associates and joint ventures
     (261,881 )      (430,400 )      (114,904 )      (89,006)  
Disposal of property and equipment
     7,016       31,181       8,177       6,334  
Acquisition of property and equipment
     (286,613 )      (296,937 )      (350,138 )      (271,221 ) 
Disposal of investment property
     177,033       1,292,114       3,669       2,842  
Acquisition of investment property
     (118,961 )      (649,961 )      (1,018,598 )      (789,018 ) 
Disposal of intangible assets
     8,203       5,654       5,359       4,151  
Acquisition of intangible assets
     (191,696 )      (200,535 )      (330,427 )      (255,953 ) 
Net cash flows from changes in ownership of subsidiaries
     374,992       932,428       1,297,001       1,004,672  
Others
     75,105       (19,166 )      (496,252 )      (384,402 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net cash outflow from investing activities
     (3,856,014 )      (19,635,879 )      (3,519,492 )      (2,726,239 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Cash flows from financing activities:
        
Net cash flows from derivative financial instruments for hedging purposes
     5,870       (105,017 )      (73,335 )      (56,806 ) 
Net increase (decrease) in borrowings
     7,321,582       14,669,649       (2,223,069 )      (1,722,014 ) 
Increase in debentures
     121,767,039       107,607,314       83,777,490       64,894,994  
Decrease in debentures
     (117,509,585 )      (106,631,213 )      (83,683,272 )      (64,822,011 ) 
Increase in other payables to trust accounts
     —       —       2,333,656       1,807,676  
Decrease in other payables to trust accounts
   (509,106
)
     (1,225,402 )      —       —  
Dividends paid to shareholders of the Parent Company
     (981,879 )      (1,437,750 )      (1,151,900 )      (892,275 ) 
Issuance of hybrid securities
     1,142,233       1,596,030       598,552       463,645  
Dividends paid on hybrid securities
     (71,537 )      (126,402 )      (184,915 )      (143,237 ) 
Acquisition of treasury shares
   —     —       (571,745 )      (442,880 ) 
Redemption of principal of lease liabilities
     (253,248 )      (257,570 )      (235,052 )      (182,074 ) 
Decrease in
non-controlling
interests
     (24,145 )      395,713       721,101       558,573  
Others
     (65,826 )      694,472       (546,580 )      (423,386 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net cash inflow from financing activities
     10,821,398       15,179,824       (1,239,069 )      (959,795 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Effect of exchange rate changes on cash and cash equivalents
     241,544       197,199       (58,465 )      (45,288 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net increase (decrease) in cash and cash equivalents
     5,181,538       501,636       (708,210 )      (548,587 ) 
Cash and cash equivalents at the beginning of the year
     20,091,735       26,033,162       26,534,798       20,554,155  
 
 
 
    
 
 
    
 
 
    
 
 
  
Cash and cash equivalents at the end of the year
   ￦ 25,273,273     ￦ 26,534,798     ￦ 25,826,588     US$ 20,005,568  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
1
Comparative data for the year ended 31 December 2021 are prepared on an IFRS No.4 basis.
2
 
Comparative data for the year ended 31 December 2022 have been restated due to the application of IFRS No.17.
The above consolidated statements of cash flows should be read in conjunction with the accompanying notes.
 
F-15
1. The Parent Company
KB Financial Group Inc. (the “Parent Company”) was incorporated on September 29, 2008, under the Financial Holding Companies Act of Korea. KB Financial Group Inc. and its subsidiaries (the “Group”) derive substantially all of their revenue and income from providing a broad range of banking and related financial services to consumers and corporations. The Parent Company’s main business purpose is to control subsidiaries that engage in the financial business or subsidiaries closely related to the financial business through the stock ownership. The Parent Company’s headquarter is located at 26,
Gukjegeumyung-ro
8-gil,
Yeongdeungpo-gu,
Seoul. In 2011, Kookmin Bank spun off its credit card business segment and established a new separate credit card company, KB Kookmin Card Co., Ltd. and KB Investment & Securities Co., Ltd. merged with KB Futures Co., Ltd. The Group established KB Savings Bank Co., Ltd. in January 2012, acquired Yehansoul Savings Bank Co., Ltd. in September 2013, and KB Savings Bank Co., Ltd. merged with Yehansoul Savings Bank Co., Ltd. in January 2014. In March 2014, the Group acquired Woori Financial Co., Ltd. and changed the name to KB Capital Co., Ltd. Meanwhile, the Group included LIG Insurance Co., Ltd. as an associate and changed the name to KB Insurance Co., Ltd. in June 2015, and KB Insurance Co., Ltd. became one of the subsidiaries through a tender offer in May 2017. Also, the Group included Hyundai Securities Co., Ltd. as an associate in June 2016 and included as a subsidiary in October 2016 by comprehensive exchange of shares. Hyundai Securities Co., Ltd. merged with KB Investment & Securities Co., Ltd. in December 2016 and changed its name to KB Securities Co., Ltd. in January 2017. In August 2020, the Group acquired Prudential Life Insurance Company of Korea Ltd., which was classified as a subsidiary and the name was changed to KB Life Insurance Co., Ltd. in December 2022. Then in January 2023, it merged with another existing KB Life Insurance Co., Ltd. The Parent Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.
The Parent Company’s share capital as of December 31, 2023, is ￦ 2,090,558 million. The Parent Company has been listed on the Korea Exchange (“KRX”) since October 10, 2008, and on the New York Stock Exchange (“NYSE”) for its American Depositary Shares (“ADS”) since September 29, 2008. Number of shares authorized in its Articles of Incorporation is 1,000 million.
2. Basis of Preparation
2.1 Application of IFRS
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS are the standards and related interpretations issued by the International Accounting Standards Board (“IASB”).
The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. Management also needs to exercise judgment in applying the Group’s accounting policies. The areas that require a more complex and higher level of judgment or areas that require significant assumptions and estimations are disclosed in Note 2.4.
2.1.1 The Group has applied the following amended standards for the first time for its annual reporting period commencing January 1, 2023.
 
  •  
Amendments to IFRS No.17 Insurance Contract
2.1.1.1 Major Accounting Policy Changes
IFRS No.17,
‘Insurance Contracts’
, which replaces IFRS No.4,
‘Insurance Contracts’
, is effective for fiscal years beginning on or after January 1, 2023. The main features of IFRS No.17 are the measurement of current value of insurance liabilities, recognition of insurance revenue on an accrual basis, and separation of investment components from host insurance contract. In other words, according to IFRS No.4, insurance liabilities are measured using past information (interest rates at the time of insurance sales, etc.), and when the company
 
F-16
receives premiums, the premiums received are recognized as insurance revenue on a cash basis. On the other hand, according to IFRS No.17, insurance liabilities are measured at current value using a discount rate that reflects assumptions and risks at the present time (reporting time), and insurance revenue reflects services provided by insurance companies to policyholders for each fiscal year. Therefore, revenue is recognized on an accrual basis, and investment components are separated from host insurance contract. When an insurance company prepares financial statements by applying IFRS No.17, significant differences from the past financial statements are as follows.
(Measurement of Insurance liabilities, etc.)
Under IFRS No.17, the Group estimates all cash flows from insurance contracts and measures the insurance liabilities using discount rate that reflects assumptions and risks at the reporting date.
In detail, the Group identifies a group and portfolio of insurance contracts that are onerous based on the possibility of becoming onerous, similar risks and managed together. The possibility of becoming onerous of insurance contracts is determined by risk adjustment for
non-financial
risk and the ratio of contractual service margin at the initial recognition of the insurance contract. The Group determines the minimum level of group of insurance contracts at initial recognition as unit of account; and the level of the group determined is not reassessed subsequently. The Group does not include contracts issued more than one year apart within the same group of insurance contracts, except addressed in transition clauses.
The groups of insurance contracts are measured as the sum of the estimate of future cash flows (including cash flows related to policy loans and reflecting time value of money, etc.), risk adjustment, and the contractual service margin. With the adoption of IFRS No.17, account of the contractual service margin was introduced, which means unearned profit that would be recognized by providing insurance service in the future.
Meanwhile, reinsurance contracts mean insurance contracts issued by a reinsurance company to compensate claims arising from original insurance contracts issued by other insurance companies. The groups of insurance contracts also apply assumptions consistent with the groups of original insurance contracts when estimating the present value of future cash flows for the groups of insurance contracts ceded.
(Recognition and measurement of financial performance)
Under IFRS No.17, the Group recognizes insurance revenue on an accrual basis for services (insurance coverage) provided to the policyholder by each annual reporting period, excluding investment component (refunds due to termination and maturity) to be paid to the policyholder regardless of the insured event.
The Group also includes the time value of money, financial risk and effects of their fluctuations related to the group of insurance contracts and the Group has selected accounting policy whether the insurance finance income or expenses for the periods are disaggregated to profit or loss, or other comprehensive income.
(Accounting policy for transition of insurance contracts)
Under transition requirements of IFRS No.17, the Group shall adjust the original cost-based measurement to current measurement by applying the fully retrospective approach, modified retrospective approach or fair value approach, for the group of insurance contracts issued before the transition date (the beginning of the annual reporting period immediately preceding initial application date of January 1, 2022).
In principle, the Group shall identify, recognize and measure (the fully retrospective approach) each group of insurance contracts as if IFRS No.17 had always applied before the transition date. If this method is
 
F-17
impracticable, the Group can apply the modified retrospective approach or the fair value approach. However, the fair value approach can be applied even though it is possible to apply the fully retrospective approach for the group of insurance contracts with direct participation features that meet specific requirements.
Meanwhile, the modified retrospective approach is a way to obtain results very close to the fully retrospective approach by using all reasonable and supportable information available without undue cost or effort. The fair value approach is a way to measure group of insurance contracts using fair value measurements based on IFRS No.13
Fair Value Measurements
. When applying the fair value approach, contractual service margin or loss component of the liability for remaining coverage at the transition date are measured as the difference between the fair value of a group of insurance contracts at that date and the fulfilment cash flows measured at that date.
KB Life Insurance Co., Ltd. applied the fully retrospective approach for the group of insurance contracts issued within three years before the transition date as of January 1, 2022 (the contracts issued from 2019 to 2021); and applied the fair value approach for the group of insurance contracts issued three years before the transition date (the contracts issued before 2019). Especially, when applying the fully retrospective approach for the group of insurance contracts that former Prudential Life Insurance Company of Korea Ltd. had, the contractual service margin thereof for initial recognition was measured applying the fair value of the business combination in accordance with IFRS No.17 paragraph for ‘initial recognition of transfers of insurance contracts and business combinations’.
Additionally, KB Insurance Co., Ltd. applied the fully retrospective approach for the group of insurance contracts issued within four years before the transition date (the contracts issued from 2018 to 2021); and applied the fair value approach for the group of insurance contracts issued more than four years before the transition date (the contracts issued before 2018).
Under IFRS No.17, the Group measures insurance liabilities at their present value using a discount rate that reflects assumptions and risks at current point in time (the reporting date). Generally, the general model is applied to general life insurance contracts, while the premium allocation approach is used for general
non-life
insurance contracts with a guaranteed period of one year or less at the initial recognition date.
 
F-18
Changes in major accounting policies following the application of IFRS No.17 are shown in the table below.
 
   
IFRS No.4
  
IFRS No.17
Insurance contract liability measurement
  
Measured at cost using past information.
  
Measured at current value using information at the time of reporting
 
Measured by local actuarial principles, consists mainly of ① Premium reserve which is calculated based on the net insurance premium received for future claim payments, ② Unearned premium reserve which is premium received but allocated to the following period, ③ Reserve for outstanding claims which is calculated based on the estimated amount to be paid, and ④ Reserve for dividend to policyholders which comprises amount confirmed but not yet paid and amount reserved for next year’s dividend
  
Necessary to select a Transition approach that adjusts the past group of insurance contracts to the current value at the date of transition. (Fully/modified retrospective approach or fair value approach)
Calculated by discounting Estimated future cash flows measured as the probability-weighted average of all possible outcomes for cash flows within the contract boundary.
Separate account
  
In accordance with the Insurance Business Act and the Enforcement Rules of The Insurance Business Act, Separate account is established and operated for the assets equivalent to the reserve for retirement insurance contracts, retirement pension contracts, variable life insurance contracts, variable annuity contracts, variable universal life insurance contracts, and variable universal life annuity insurance contracts. Corresponding assets and liabilities are recognized as separate account assets and separate account liabilities. The income and expenses from the performance dividend paying insurance contract separate account is not recognized in the consolidated statement of comprehensive income, but the income and expenses from the guaranteed investment insurance contract separate account is recognized in the consolidated statement of comprehensive income as separate account income and separate account expenses.
  
Separate account is not used in IFRS No.17. Instead, the separate account that existed under IFRS No.4 is combined with the general accounts and presented together without distinction in IFRS No.17. Except for the changes related to financial assets subject to IFRS No.9 and insurance contract liabilities(assets) subject to IFRS No.17, the effect of the changes from transition to IFRS No.17 is the result of the combination of separate accounts into general accounts.
Liability adequacy test
  
Liability adequacy test is conducted for all contracts to which IFRS No.4 Insurance Contracts apply, in consideration of current estimates of all cash inflows and cash outflows from the insurance contracts at the end of the reporting period. If the assessment shows that the carrying amount of its insurance liabilities is inadequate in the light of the estimated future cash flows, the entire deficiency is recognized in profit or loss.
  
Liability adequacy test is not conducted under IFRS No.17. Instead, the fulfillment cash flows are updated at each reporting date to reflect current estimates of the amounts, timing, and uncertainty of future cash flows.
 
F-19
   
IFRS No.4
  
IFRS No.17
Recognition of insurance revenue
  
Application of the cash basis in which premiums received are recognized as insurance revenue
  
Recognition of revenue by reflecting services provided to policyholders by the Group for each fiscal year (accrual basis)
 
Investment-type items such as cancellation and maturity refunds are also included in insurance income.
  
Investment components (cancellation, maturity refund) are excluded from insurance income
Policy loan
  
Recognized as a separate asset
  
Recognition as included in insurance contract liabilities
Deferred acquisition cost
  
Deferred acquisition costs are recorded as a separate asset
  
Deferred acquisition costs are not separately recognized.
 
Insurance contract liabilities are evaluated based on net insurance premiums (excluding business expenses)
  
Insurance contract liabilities are evaluated based on operating insurance premiums (including business expenses)
Financial assets
  
Applying IFRS No.4 paragraph 35B, the overlay approach is applied to designated financial assets, which allows the Group to reclassify between profit or loss and other comprehensive income an amount that results in the profit of loss at the end of the reporting period for the designated financial assets being the same as if the Group had applied IAS No.39 to the designated financial assets.
  
The overlay approach under IFRS No.4 is no longer applied and IFRS No.17 paragraph C29 is applied instead. IFRS No.17 paragraph C29 allows the Group to reassess the business model of an eligible financial asset (which could result in the reclassification of financial assets), to designate and revoke the designation of a financial asset as measured at fair value through profit or loss, and to designate and revoke the designation of an investment in an equity instrument as at fair value through other comprehensive income.
(Changes in the consolidated statement of financial position and consolidated statement of comprehensive income)
The effect of the change in accounting policy following the initial application of IFRS No.17 to the consolidated statement of financial position as of January 1 and December 31, 2022 and the consolidated statement of comprehensive income for the year ended December 31, 2022 is as follows.
 
F-20
1) Consolidated statement of financial position as of January 1, 2022
 
IFRS No.4
    
IFRS No.17
     
Net increase

(decrease)
  
(In millions of Korean won)
  
Assets
     
Assets
      
Cash and due from financial institutions
    ￦ 31,009,374    
Cash and due from financial institutions
    ￦ 31,677,868      ￦ 668,494  
Financial assets at fair value through profit or loss
      66,005,815    
Financial assets at fair value through profit or loss
      71,656,497        5,650,682  
Derivative financial assets
      3,721,370    
Derivative financial assets
      3,721,370        —  
Loans measured at amortized cost
      417,900,273    
Loans measured at amortized cost
      414,384,822        (3,515,451 ) 
Financial investments
      104,847,871    
Financial investments
      107,691,616        2,843,745  
Investments in associates and joint ventures
      448,718    
Investments in associates and joint ventures
      448,718        —  
    
Insurance contract assets
      4,672        4,672  
    
Reinsurance contract assets
      1,646,494        1,646,494  
Property and equipment
      5,239,898    
Property and equipment
      5,239,898        —  
Investment property
      2,514,944    
Investment property
      2,514,944        —  
Intangible assets
      3,266,357    
Intangible assets
      1,786,812        (1,479,545 ) 
Net defined benefit assets
      100,083    
Net defined benefit assets
      100,083        —  
Current income tax assets
      98,798    
Current income tax assets
      98,798        —  
Deferred income tax assets
      159,093    
Deferred income tax assets
      159,093        —  
Assets held for sale
      237,318    
Assets held for sale
      237,318        —  
Assets of a disposal group held for sale
      171,749    
Assets of a disposal group held for sale
      171,749        —  
Other assets
      28,174,173    
Other assets
      14,174,195        (13,999,978 ) 
  
 
 
       
 
 
     
 
 
  
Total assets
    ￦ 663,895,834    
Total assets
    ￦ 655,714,947      ￦ (8,180,887 ) 
  
 
 
       
 
 
     
 
 
  
 
F-21
IFRS No.4
 
 
IFRS No.17
 
 
Net increase

(decrease)
 
(In millions of Korean won)
 
Liabilities
  
 
Liabilities
  
 
Financial liabilities at fair value
through profit or loss
  
￦
12,088,980
 
 
Financial liabilities at fair value
through profit or loss
  
￦
12,088,980
 
 
￦
—
 
Derivative financial liabilities
  
 
3,682,258
 
 
Derivative financial liabilities
  
 
3,684,334
 
 
 
2,076
 
Deposits
  
 
372,023,918
 
 
Deposits
  
 
377,046,282
 
 
 
5,022,364
 
Borrowings
  
 
56,912,374
 
 
Borrowings
  
 
56,912,374
 
 
 
—
 
Debentures
  
 
67,430,188
 
 
Debentures
  
 
67,430,188
 
 
 
—
 
Insurance liabilities
  
 
57,165,936
 
 
Insurance contract liabilities
  
 
54,446,927
 
 
 
(2,719,009
) 
  
 
Reinsurance contract liabilities
  
 
41,377
 
 
 
41,377
 
Provisions
  
 
808,604
 
 
Provisions
  
 
777,590
 
 
 
(31,014
) 
Net defined benefit liabilities
  
 
225,521
 
 
Net defined benefit liabilities
  
 
225,521
 
 
 
—
 
Current income tax liabilities
  
 
662,672
 
 
Current income tax liabilities
  
 
663,506
 
 
 
834
 
Deferred Income tax liabilities
  
 
1,470,981
 
 
Deferred Income tax liabilities
  
 
1,876,736
 
 
 
405,755
 
Other liabilities
  
 
43,130,482
 
 
Other liabilities
  
 
31,155,093
 
 
 
(11,975,389
) 
  
 
 
 
 
  
 
 
 
 
 
 
 
Total liabilities
  
￦
615,601,914
 
 
Total liabilities
  
￦
606,348,908
 
 
￦
(9,253,006
) 
  
 
 
 
 
  
 
 
 
 
 
 
 
Equity
  
 
Equity
  
 
Share capital
  
￦
2,090,558
 
 
Share capital
  
￦
2,090,558
 
 
￦
—
 
Hybrid securities
  
 
2,838,221
 
 
Hybrid securities
  
 
2,838,221
 
 
 
—
 
Capital surplus
  
 
16,940,231
 
 
Capital surplus
  
 
16,940,231
 
 
 
—
 
Accumulated other comprehensive income
  
 
1,047,274
 
 
Accumulated other comprehensive income
  
 
1,375,644
 
 
 
328,370
 
Accumulated other comprehensive income relating to assets of a disposal group held for sale
  
  
 
 7,671
 
  
 
 
Accumulated other comprehensive
income relating to assets of a
disposal group held for sale
  
 
7,671
 
 
 
—
 
Retained earnings
  
 
25,672,815
 
 
Retained earnings
  
 
26,416,564
 
 
 
743,749
 
Treasury shares
  
 
(1,136,188
) 
 
Treasury shares
  
 
(1,136,188
) 
 
 
—
 
Non-controlling
interests
  
 
833,338
 
 
Non-controlling
interests
  
 
833,338
 
 
 
—
 
  
 
 
 
 
  
 
 
 
 
 
 
 
Total equity
  
￦
48,293,920
 
 
Total equity
  
￦
49,366,039
 
 
￦
1,072,119
 
  
 
 
 
 
  
 
 
 
 
 
 
 
 
F-22
2) Consolidated statement of financial position as of December 31, 2022
 
IFRS No.4
     
IFRS No.17
     
Net increase

(decrease)
  
(In millions of Korean won)
  
Assets
      
Assets
      
Cash and due from financial institutions
    ￦ 32,063,421     
Cash and due from financial institutions
    ￦ 32,474,750      ￦ 411,329  
Financial assets at fair value through profit or loss
      64,935,344     
Financial assets at fair value through profit or loss
      70,092,497        5,157,153  
Derivative financial assets
      9,446,134     
Derivative financial assets
      9,446,580        446  
Loans measured at amortized cost
      436,530,502     
Loans measured at amortized cost
      433,038,931        (3,491,571 ) 
Financial investments
      116,588,575     
Financial investments
      115,452,659        (1,135,916 ) 
Investments in associates and joint ventures
      682,670     
Investments in associates and joint ventures
      682,669        (1 ) 
     
Insurance contract assets
      83,304        83,304  
     
Reinsurance contract assets
      1,495,966        1,495,966  
Property and equipment
      4,991,467     
Property and equipment
      4,991,467        —  
Investment property
      3,148,340     
Investment property
      3,148,340        —  
Intangible assets
      3,200,399     
Intangible assets
      1,858,470        (1,341,929 ) 
Net defined benefit assets
      478,934     
Net defined benefit assets
      478,934        —  
Current income tax assets
      204,690     
Current income tax assets
      204,690        —  
Deferred income tax assets
      251,085     
Deferred income tax assets
      188,372        (62,713 ) 
Assets held for sale
      211,758     
Assets held for sale
      211,758        —  
Other assets
      28,437,529     
Other assets
      14,815,439        (13,622,090 ) 
  
 
 
        
 
 
     
 
 
  
Total assets
    ￦ 701,170,848     
Total assets
    ￦ 688,664,826      ￦ (12,506,022 ) 
  
 
 
        
 
 
     
 
 
  
 
F-2
3
IFRS No.4
    
IFRS No.17
    
Net increase

(decrease)
  
(In millions of Korean won)
  
Liabilities
     
Liabilities
     
Financial liabilities at fair value through profit or loss
    ￦ 12,271,604    
Financial liabilities at fair value through profit or loss
    ￦ 12,271,604     ￦ —  
Derivative financial liabilities
      9,506,709    
Derivative financial liabilities
      9,509,769       3,060  
Deposits
      388,888,452    
Deposits
      393,928,904       5,040,452  
Borrowings
      71,717,366    
Borrowings
      71,717,366       —  
Debentures
      68,698,203    
Debentures
      68,698,203       —  
Insurance liabilities
      58,230,303    
Insurance contract liabilities
      45,969,434       (12,260,869 ) 
    
Reinsurance contract liabilities
      31,728       31,728  
Provisions
      968,819    
Provisions
      933,701       (35,118 ) 
Net defined benefit liabilities
      85,745    
Net defined benefit liabilities
      85,745       —  
Current income tax liabilities
      997,675    
Current income tax liabilities
      998,681       1,006  
Deferred Income tax liabilities
      22,693    
Deferred Income tax liabilities
      1,561,857       1,539,164  
Other liabilities
      40,140,365    
Other liabilities
      28,850,033       (11,290,332 ) 
  
 
 
       
 
 
    
 
 
  
Total liabilities
    ￦ 651,527,934    
Total liabilities
    ￦ 634,557,025     ￦ (16,970,909 ) 
  
 
 
       
 
 
    
 
 
  
Equity
     
Equity
     
Share capital
    ￦ 2,090,558    
Share capital
    ￦ 2,090,558     ￦ —  
Hybrid securities
      4,434,251    
Hybrid securities
      4,434,251       —  
Capital surplus
      16,940,731    
Capital surplus
      16,940,731       —  
Accumulated other comprehensive income
      (2,713,053 )   
Accumulated other comprehensive income
      1,249,922       3,962,975  
Retained earnings
      28,446,513    
Retained earnings
      28,948,425       501,912  
Treasury shares
      (836,188 )   
Treasury shares
      (836,188 )      —  
Non-controlling
interests
      1,280,102    
Non-controlling
interests
      1,280,102       —  
  
 
 
       
 
 
    
 
 
  
Total equity
    ￦ 49,642,914    
Total equity
    ￦ 54,107,801     ￦ 4,464,887  
  
 
 
       
 
 
    
 
 
  
 
F-2
4
3) Consolidated statement of comprehensive income for the year ended December 31, 2022
 
 
IFRS No.4
    
IFRS No.17
    
Net increase

(decrease)
  
(In millions of Korean won)
  
Net interest income
   ￦ 13,112,934    
Net interest income *
   ￦ 11,515,325     ￦ (1,597,609 ) 
Interest income
     20,788,518    
Interest income
     20,787,577       (941 ) 
Interest income on financial instruments measured at fair value through other comprehensive income and amortized
cost
     19,912,128    
Interest income on financial instruments measured at fair value through other comprehensive income and amortized cost
     19,841,175       (70,953 ) 
Interest income on financial instruments measured at fair value through profit or loss
     876,390    
Interest income on financial instruments measured at fair value through profit or loss
     929,735       53,345  
   
Insurance finance interest income
     16,667       16,667  
Interest expenses
     (7,675,584 )   
Interest expenses
     (9,272,252 )      (1,596,668 ) 
Interest expenses
     (7,675,584 )   
Interest expenses
     (7,776,631 )      (101,047 ) 
   
Insurance finance interest expense
     (1,495,621 )      (1,495,621 ) 
Net fee and commission income
     3,321,632    
Net fee and commission income
     3,514,902       193,270  
Fee and commission income
     5,121,520    
Fee and commission income
     5,125,930       4,410  
Fee and commission expense
     (1,799,888 )   
Fee and commission expense
     (1,611,028 )      188,860  
Net insurance income
     696,513    
Insurance service result
     1,311,091       614,578  
Insurance income
     17,136,842    
Insurance income
     10,072,490       (7,064,352 ) 
Insurance income
     17,136,842    
Insurance income
     9,550,101       (7,586,741 ) 
   
Reinsurance income
     522,389       522,389  
Insurance expense
     (16,440,329 )   
Insurance expense
     (8,761,399 )      7,678,930  
Insurance expense
     (16,440,329 )   
Insurance service expense
     (7,989,645 )      8,450,684  
   
Reinsurance expense
     (771,754 )      (771,754 ) 
Net gains (losses) on financial instruments at fair value through profit or loss
     247,357    
Net gains (losses) on financial instruments at fair value through profit or loss
     (1,139,818 )      (1,387,175 ) 
   
Other insurance finance income
     841,227       841,227  
Net other operating expenses
     (2,365,791 )   
Net other operating expenses
     (2,262,123 )      103,668  
General and administrative expenses
     (7,537,802 )   
General and administrative expenses
     (6,643,654 )      894,148  
Operating income before provision for credit losses
     7,474,843    
Operating income before provision for credit losses
     7,136,950       (337,893 ) 
 
F-2
5
IFRS No.4
    
IFRS No.17
    
Net increase

(decrease)
  
(In millions of Korean won)
  
Provision for credit losses
     (1,835,988 )   
Provision for credit losses
     (1,847,775 )      (11,787 ) 
Net operating income
     5,638,855    
Net operating income
     5,289,175       (349,680 ) 
Net
non-operating
income
     156,771    
Net
non-operating
income
     160,569       3,798  
Share of loss of associates and joint ventures
     (28,758 )   
Share of loss of associates and joint ventures
     (28,755 )      3  
Net other
non-operating
income (expenses)
     185,529    
Net other
non-operating
income (expenses)
     189,324       3,795  
Profit before income tax expense
     5,795,626    
Profit before income tax expense
     5,449,744       (345,882 ) 
Income tax expense
     (1,622,387 )   
Income tax expense
     (1,518,343 )      104,044  
Profit for the year
     4,173,239    
Profit for the year
     3,931,401       (241,838 ) 
Other comprehensive income for the year, net of tax
     (3,511,437 )   
Other comprehensive income for the year, net of tax
     123,168       3,634,605  
Comprehensive income that will not be reclassified to profit or loss
     (652,979 )   
Comprehensive income that will not be reclassified to profit or loss
     (653,319 )      (340 ) 
Remeasurements of net defined benefit liabilities
     239,702    
Remeasurements of net defined benefit liabilities
     239,701       (1 ) 
Share of other comprehensive income of associates and joint ventures
     183    
Share of other comprehensive income of associates and joint ventures
     183       —  
Gains on equity securities at fair value through other comprehensive income
     (931,731 )   
Gains on equity securities at fair value through other comprehensive income
     (932,058 )      (327 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     38,867    
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
     38,855       (12 ) 
Comprehensive income that may be reclassified subsequently to profit or loss
     (2,858,458 )   
Comprehensive income that may be reclassified subsequently to profit or loss
     776,487       3,634,945  
Currency translation differences
     164,530    
Currency translation differences
     165,568       1,038  
Losses on debt securities at fair value through other comprehensive income
     (2,375,084 )   
Losses on debt securities at fair value through other comprehensive income
     (5,342,895 )      (2,967,811 ) 
Share of other comprehensive income (loss) of associates and joint ventures
     (545 )   
Share of other comprehensive income (loss) of associates and joint ventures
     (545 )      —  
Gains (losses) on cash flow hedging instruments
     31,474    
Gains (losses) on cash flow hedging instruments
     26,168       (5,306 ) 
Gains (losses) on hedging instruments of net investments in foreign operations
     (79,085 )   
Gains (losses) on hedging instruments of net investments in foreign operations
     (79,085 )      —  
 
F-2
6
IFRS No.4
    
IFRS No.17
    
Net increase

(decrease)
  
(In millions of Korean won)
  
Other comprehensive loss arising from separate account
     (159,619 )       
      159,619  
Gains on overlay adjustment
     (440,129 )       
      440,129  
   
Insurance finance income(expense)
     6,007,276       6,007,276  
Total comprehensive income for the year
   ￦ 661,802    
Total comprehensive income for the year
   ￦ 4,054,569     ￦ 3,392,767  
 
 
 
      
 
 
    
 
 
  
Profit attributable to:
     4,173,239    
Profit attributable to:
     3,931,401       (241,838 ) 
Shareholders of the Parent Company
     4,394,830    
Shareholders of the Parent Company
     4,152,992       (241,838 ) 
Non-controlling
interests
     (221,591 )   
Non-controlling
interests
     (221,591 )      —  
Total comprehensive income for the year attributable to:
     661,802    
Total comprehensive income for the year attributable to:
     4,054,569       3,392,767  
Shareholders of the Parent Company
     869,854    
Shareholders of the Parent Company
     4,262,621       3,392,767  
Non-controlling
interests
     (208,052 )   
Non-controlling
interests
     (208,052 )      —  
 
*
Includes insurance interest income and insurance interest expense on insurance contract assets and liabilities.
 
 
•
  
Amendments to IAS No.1 Presentation of Financial Statements – Accounting Policy Disclosure
The amendments require an entity to define and disclose their material accounting policy information. IFRS Practice Statement 2
 Making Materiality Judgements
was amended to explain and demonstrate how to apply the concept of materiality. These amendments do not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendments to IAS No.8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Accounting Estimates
The amendments introduce the definition of accounting estimates and clarify how to distinguish changes in accounting estimates from changes in accounting policies. These amendments do not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendments to IAS No.12 Income Taxes – Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
The amendments narrow the scope of the deferred tax recognition exemption so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. These amendments do not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendments to IAS No.1 Presentation of Financial Statements – Disclosure of gains or losses on valuation of financial liabilities with exercise price adjustment conditions
The amendments require disclosures about gains or losses on valuation occurred for the reporting period (but are limited to those included in profit or loss) for the conversion options or warrants (or financial liabilities
 
F-2
7
with warrants), if all or part of the financial instrument whose exercise price is adjusted due to the issuers’ stock price fluctuations, are classified as financial liabilities according to paragraph 11 of IFRS No.32
Financial Instruments: Presentation
. These amendments do not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendments to IAS No.12 Income Taxes – International Tax Reform: Pillar 2 Model Rules
The amendment reflects the enactment of laws reflecting the Pillar 2 Model Rules for International Tax Reform aimed at reforming international taxation for multinational enterprises. It temporarily relaxes the accounting treatment of deferred tax resulting from this law and requires disclosure of related current year income tax effects. The Group has applied a temporary exemption provision regarding the recognition and disclosure of deferred taxes related to the Pillar 2 rules. As this law is scheduled to be enacted on January 1, 2024, it will not have an impact on consolidated financial statements. Meanwhile, the Group is reviewing the impact of the global minimum tax.
2.1.2 The following new and amended standards have been published that are not mandatory for December 31, 2023 reporting period and have not been adopted by the Group.
 
 
•
  
Amendments to IAS No.1 Presentation of Financial Statements – Classification of Liabilities as Current or
Non-current
The amendments clarify that liabilities are classified as either current or
non-current,
depending on the substantive rights that exist at the end of the reporting period. Classification is unaffected by the likelihood that an entity will exercise the right to defer settlement of the liability or the management’s expectations thereof. Also, the settlement of liability includes the transfer of the entity’s own equity instruments; however, it would be excluded if an option to settle the liability by the transfer of the entity’s own equity instruments is recognized separately from the liability as an equity component of a compound financial instrument. The amendments should be applied for annual reporting periods beginning on or after January 1, 2023, and earlier application is permitted. The Group does not expect that these amendments have a significant impact on the consolidated financial statements.
 
 
•
  
Amendment of IAS No.7 “Statements of Cash Flow” and IFRS No.7 “Financial Instruments: Disclosures” – Disclosure of Supplier Finance Arrangements
The amendments require disclosure of the effects of supplier finance arrangements on the Group’s liabilities, cash flows and exposure to liquidity risk. This amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2024. The Group expects that this amendment will not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendment of IFRS No.16 “Leases” – Lease Liability in a Sale and Leaseback
The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. This amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2024. The Group expects that this amendment will not have a significant impact on the consolidated financial statements.
 
 
•
  
Amendment of IAS No.1 “Presentation of Financial Statements” – Disclosure of Virtual Asset
The amendments require additional disclosure for virtual assets held by the Group, virtual assets entrusted by customers to the Group, and the issuance and transfer of virtual assets. This amendment will be applied to the financial statements for the accounting year beginning on or after January 1, 2024. The Group expects that this amendment will not have a significant impact on the consolidated financial statements.
 
F-2
8
2.2 Measurement Basis
The consolidated financial statements have been prepared based on the historical cost accounting model unless otherwise specified.
2.3 Functional and Presentation Currency
Items included in the financial statements of each entity of the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements are presented in Korean won, which is the Parent Company’s functional and presentation currency.
2.4 Critical Accounting Estimates
The Group applies accounting policies and uses judgements, accounting estimates, and assumptions that may have a significant impact on the assets (liabilities) and incomes (expenses) in preparing the consolidated financial statements. Management’s estimates of outcomes may differ from actual outcomes if management’s estimates and assumptions based on management’s best judgment are different from the actual environment.
Estimates and underlying assumptions are continually evaluated, and changes in accounting estimates are recognized in the period in which the estimates are changed and in any future periods affected.
Uncertainties in estimates and assumptions with significant risks that may result in material adjustments to the consolidated financial statements are as follows:
2.4.1 Income taxes
As the income taxes on the Group’s taxable income is calculated by applying the tax laws of various countries and the decisions of tax authorities, there is uncertainty in calculating the final tax effect.
If a certain portion of the taxable income is not used for investments, wages, etc. in accordance with the Korean regulation called ‘Special Taxation for Facilitation of Investment and Mutually-beneficial Cooperation’, the Group is liable to pay additional income tax calculated based on the tax laws. Therefore, the effect of recirculation of corporate income should be reflected in current and deferred income tax. As the Group’s income tax is dependent on the actual investments, wages, etc. per each year, there are uncertainties in measuring the final tax effects during the period when the tax law is applied.
2.4.2 Fair value of financial instruments
The fair value of financial instruments where no active market exists or where quoted prices are not otherwise available is determined by using valuation techniques. Financial instruments, which are not actively traded in the market and those with less transparent market prices, will have less objective fair values and require broad judgment on liquidity, concentration, uncertainty in market factors, assumptions in fair value determination, and other risks.
As described in the material accounting policies in Note 3.3 Recognition and Measurement of Financial Instruments, diverse valuation techniques are used to determine the fair value of financial instruments, from generally accepted market valuation models to internally developed valuation models that incorporate various types of assumptions and variables.
2.4.3 Allowances and provisions for credit losses
The Group recognizes and measures allowances for credit losses of debt instruments measured at amortized cost, debt instruments measured at fair value through other comprehensive income, and lease receivables. Also,
 
F-2
9
the
Group
recognizes and measures provisions for credit losses of acceptances and guarantees, and unused loan commitments. Accuracy of allowances and provisions for credit losses is dependent upon estimation of expected cash flows of the borrower subject to individual assessment of impairment, and upon assumptions and variables of model used in collective assessment of impairment and estimation of provisions for credit losses of acceptances and guarantees, and unused loan commitments.
2.4.4 Measurement of net defined benefit assets(liabilities)
The present value of the net defined benefit assets(liabilities) is affected by changes in the various factors determined by the actuarial method.
2.4.5 Impairment of goodwill
The recoverable amounts of cash-generating units are determined based on
value-in-use
calculations to test whether impairment of goodwill has occurred.
2.4.6 The judgment and estimation uncertainty in measurement of insurance contracts
2.4.6.1 Methods used to measure the future cash flows and estimation process of input variable
The estimated future cash flows are measured as the probability-weighted average of all possible outcomes, utilizing all reasonable and relevant information available without excessive cost or effort. Market and
non-market
variables are considered in measuring the cash flows within the boundary of the insurance contract. While deterministic scenarios (representing a range of probabilities) are typically used for calculating the probability-weighted average, probabilistic scenarios are employed when cash flows are influenced by complex underlying factors and nonlinear responses to economic conditions. The cash flows within the boundary of an insurance contract portfolio include both directly attributable cash flows and cash flows allocated from a higher level than the insurance contract portfolio. These cash flows are systematically and reasonably allocated, ensuring consistent methods are applied for similar types of cash flows.
The key assumptions used in estimating the future cash flows of the Group are as follows:
 
  •  
Loss ratio: The loss ratio refers to the ratio of insurance claims paid to policyholders to the premiums received by the insurance company for providing risk coverage services to policyholders. The loss ratio, which is an estimation of future premiums and claims payable, is estimated based on objective and reliable data, using the best available methods to suit the intended application. Objective and reliable data refers to the most recent measured results made using the Group’s experience statistics, insurance industry statistics, or national statistics, and others. It also means the best method that reasonably distinguishes characteristics such as the policyholder’s gender, contract type, risk characteristics by distribution channel, and others.
 
  •  
Expense ratio: Expense ratio refers to the costs incurred by insurance companies for the sale and management of insurance contracts. Expense ratio is calculated primarily considering the ongoing costs incurred by the insurance company, taking into account the going concern, and includes the allocation of both fixed and variable indirect expenses directly related to insurance contracts. Expense ratio also considers costs such as contract acquisition expense (regardless of whether premiums are paid or not), contract maintenance expense, and claims expense, distributed in order to manage cost by product and distribution channel.
 
  •  
Lapse ratio: The lapse ratio is an estimate of future cancellations or lapses of insurance contracts among current customers of the insurance company. It is calculated for the purpose of predicting the level of future current premium payments and cancellation refunds. The statistics used for estimation primarily rely on experience statistics of the Group, and lapse ratio is calculated based on characteristics such as product type, distribution channel, payment method, and others, which can significantly affect lapse ratio.
 
F-
30
2.4.6.2 Estimation of Discretionary Cash Flows
Some contracts issued by the Group grant discretion to the Group regarding cash flows to be paid to policyholders. Changes in discretionary cash flows are considered related to future services and adjust the contractual service margin. The Group identifies changes in discretionary cash flow by identifying assured cash flows at the initial recognition date of the contract. However, if it is not possible to distinguish between the portion considered assured and the portion considered discretionary, the profit within the estimated fulfillment cash flows is considered assured and is updated to reflect current assumptions related to financial risk.
2.4.6.3 Estimation of Risk Adjustment for
Non-Financial
Risk
Risk adjustment for
non-financial
risk is to adjust the present value estimates of future cash flows to reflect the compensation required by the Group for bearing the uncertainty about the amount and timing of cash flows arising from
non-financial
risk. This adjustment reflects the uncertainty of cash flows arising from all
non-financial
risks related to the insurance contracts and is estimated separately from all of the other estimates. The Group uses the confidence lever technique and the cost of capital methods for determining the risk adjustment for
non-financial
risk. Changes in risk adjustment for
non-financial
risk are disclosed separately for insurance service results and insurance finance income. The Group calculates this adjustment considering the diversification effect at the consolidated level and then allocated to individual contract units.
2.4.6.4 Estimation of Discount Rate
The discount rate should only include relevant factors such as the time value of money, characteristics of cash flows from insurance contracts, and liquidity characteristics, and should be calculated using observable input variables to the maximum extent possible. The discount rate should also reflect all reasonable and supportable information on internal and external
non-market
variables available without undue cost or effort. The Group estimates the discount rate using a
bottom-up
approach.
In the
bottom-up
approach, the discount rate is calculated using an unleveraged yield curve adjusted to reflect the characteristics of cash flows and liquidity of insurance contracts. To reflect the liquidity characteristics of insurance contracts, the risk-free yield curve is adjusted for illiquidity premium.
2.4.6.5 Estimation of Investment Component
The investment component is the amount that the Group must repay to policyholders under insurance contracts in all circumstances, regardless of the occurrence of insurance events. The Group classifies cash outflows such as maturity refunds, cancellation refunds, annuity payments, and cash flows related to insurance policy loans as investment components.
2.4.6.6 Estimation of Coverage Units
The quantity of insurance contract services provided is calculated based on the expected coverage period and maximum coverage amount (insurance amount), and for investment (related) services it is calculated based on the premium reserve (net of insurance policy loans). If insurance contracts within the group provide multiple services, weights are applied based on the total premium of each service. The quantity of services for each period and expected coverage period are calculated based on the expected persistency ratio applied in estimating the fulfillment cash flows, applied the present value effect.
3. Material Accounting Policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
 
F-
31
3.1 Consolidation
3.1.1 Subsidiaries
Subsidiaries are companies that are controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Also, the existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls the investee. Subsidiaries are fully consolidated from the date when control is transferred to the Group and
de-consolidated
from the date when control is lost.
If a subsidiary uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that subsidiary’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the
non-controlling
interests, if any. Total comprehensive income is attributed to the owners of the parent and to the
non-controlling
interests even if this results in the
non-controlling
interests having a deficit balance.
Transactions with
non-controlling
interests that do not result in loss of control are accounted for as equity transactions (i.e., transactions with owners in their capacity as owners). The difference between fair value of any consideration paid and carrying amount of the subsidiary’s net assets attributable to the additional interests acquired, is recorded in equity. Gains or losses on disposals to
non-controlling
interests are also recorded in equity.
When the Group loses control, any investment retained in the former subsidiary is recognized at its fair value at the date when control is lost, with the resulting difference recognized in profit or loss. This fair value will be the fair value on initial recognition of a financial asset in accordance with IFRS No.9 or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. In addition, all amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. Therefore, amounts previously recognized in other comprehensive income are reclassified to profit or loss.
The Group accounts for each business combination by applying the acquisition method. The consideration transferred is measured at fair value, and identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are initially measured at acquisition-date fair values. For each business combination, the Group measures
non-controlling
interests in the acquiree that entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation at either (a) fair value or (b) the proportionate share in the recognized amounts of the acquiree’s identifiable net assets. Acquisition-related costs are expensed in the periods in which the costs are incurred.
In a business combination achieved in stages, the Group shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss, if any, in profit or loss or other comprehensive income, as appropriate. In prior reporting periods, the Group may have recognized changes in the value of its equity interest in the acquiree in other comprehensive income. If so, the amount that was recognized in other comprehensive income shall be reclassified as profit or loss, or retained earnings, on the same basis as would be required if the Group had directly disposed of the previously held equity interest.
The Group applies the book-value method to account for business combinations of entities under common control. Identifiable assets acquired and liabilities assumed in a business combination are measured at their book value on the consolidated financial statements of the Group. In addition, the difference between (a) the sum of consolidated net book value of the assets and liabilities transferred and accumulated other comprehensive income and (b) the consideration paid, is recognized as capital surplus.
 
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3.1.2 Associates and joint ventures
Associates are entities over which the Group has significant influence over the financial and operating policy decisions. Generally, if the Group holds 20% or more of the voting power of the investee, it is presumed that the Group has significant influence.
Joint ventures are investments in which the Group has joint control over economic activities pursuant to contractual arrangement. Decisions about strategic financial and operating policies require unanimous consent of the parties sharing control.
Investments in associates and joint ventures are initially recognized at cost and equity method is applied after initial recognition. The carrying amount is increased or decreased to recognize the Group’s share of the profit or loss of the investee and changes in the investee’s equity after the date of acquisition. Distributions received from an investee reduce the carrying amount of the investment. Unrealized gains and losses resulting from transactions between the Group and associates are eliminated to the extent of the Group’s share in associates. If unrealized losses are an indication of an impairment that requires recognition in the consolidated financial statements, those losses are recognized for the period.
If associates or joint ventures use accounting policies other than those of the Group for like transactions and events in similar circumstances, if necessary, adjustments shall be made to make the associates or joint ventures’ accounting policies conform to those of the Group when the associates or joint ventures’ financial statements are used by the Group in applying the equity method.
If the Group’s share of losses of associates and joint ventures equals or exceeds its interest in the associates (including long-term interests that, in substance, form part of the Group’s net investment in the associates), the Group discontinues recognizing its share of further losses. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee.
The Group determines at each reporting period whether there is any objective evidence that the investments in the associates are impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associates and its carrying amount and recognizes the amount as
non-operating
expenses in the consolidated statement of comprehensive income.
3.1.3 Structured entity
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. When the Group decides whether it has power over the structured entities in which the Group has interests, it considers factors such as the purpose, the form, the substantive ability to direct the relevant activities of a structured entity, the nature of its relationship with a structured entity, and the amount of exposure to variable returns.
3.1.4 Funds management
The Group manages and operates trust assets, collective investment, and other funds on behalf of investors. These trusts and funds are not consolidated, except for trusts and funds over which the Group has control.
3.1.5 Intragroup transactions
Intragroup balances, income, expenses, and any unrealized gains and losses resulting from intragroup transactions are eliminated in full, in preparing the consolidated financial statements. If unrealized losses are an indication of an impairment that requires recognition in the consolidated financial statements, those losses are recognized for the period.
 
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3.2 Foreign Currency
3.2.1 Foreign currency transactions
A foreign currency transaction is recorded, at initial recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated using the closing rate which is the spot exchange rate at the end of the reporting period.
Non-monetary
items that are measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value was measured and
non-monetary
items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Except for the exchange differences for the net investment in a foreign operation and the financial liability designated as a hedging instrument of net investment, exchange differences arising on the settlement of monetary items or on translating monetary items are recognized in profit or loss. When a gain or loss on a
non-monetary
item is recognized in other comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income, conversely, when a gain or loss on a
non-monetary
item is recognized in profit or loss, any exchange component of that gain or loss is recognized in profit or loss.
3.2.2 Foreign operations
The results and financial position of a foreign operation, whose functional currency differs from the Group’s presentation currency, are translated into the Group’s presentation currency based on the following procedures.
If the functional currency of a foreign operation is not the currency of a hyperinflationary economy, assets and liabilities for each statement of financial position presented (including comparatives) are translated at the closing rate at the end of the reporting period, income and expenses for each statement of comprehensive income presented (including comparatives) are translated using the average exchange rates for the period. All resulting exchange differences are recognized in other comprehensive income.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation are treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and are translated into the presentation currency at the closing rate.
On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognized in other comprehensive income and accumulated in the separate component of equity, is reclassified from equity to profit or loss (as a reclassification adjustment) when the gain or loss on disposal is recognized. On the partial disposal of a subsidiary that includes a foreign operation, the Group
re-attributes
the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income to the
non-controlling
interests in that foreign operation. In any other partial disposal of a foreign operation, the Group reclassifies to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income.
3.2.3 Translation of the net investment in a foreign operation
A monetary item that is receivable from or payable to a foreign operation, for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, a part of the Group’s net investment in that foreign operation, then foreign currency difference arising from that monetary item is recognized in the other comprehensive income and shall be reclassified to profit or loss on disposal of the net investment.
 
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3.3 Recognition and Measurement of Financial Instruments
3.3.1 Initial recognition
The Group recognizes a financial asset or a financial liability in its consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. A regular way purchase or sale of financial assets (a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned) is recognized and derecognized using trade date accounting.
For financial reporting purpose, the Group classifies (a) financial assets as financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income, or financial assets at amortized cost and (b) financial liabilities as financial liabilities at fair value through profit or loss, or other financial liabilities. These classifications are based on the business model for managing financial instruments and the contractual cash flow characteristics of the financial instrument at initial recognition.
At initial recognition, a financial asset or financial liability is measured at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. The fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value of a financial instrument on initial recognition is normally the transaction price (that is, the fair value of the consideration given or received) in an arm’s length transaction.
3.3.2 Subsequent measurement
After initial recognition, financial instruments are measured at amortized cost or fair value based on classification at initial recognition.
3.3.2.1 Amortized cost
The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.
3.3.2.2 Fair value
The Group uses quoted price in an active market which is based on listed market price or dealer price quotations of financial instruments traded in an active market as best estimate of fair value. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.
If there is no active market for a financial instrument, fair value is determined either by using a valuation technique or independent third-party valuation service. Valuation techniques include using recent arm’s length market transactions between knowledgeable and willing parties, if available, referencing the current fair value of another instrument that is substantially the same, discounted cash flow analysis, and option pricing models.
The Group uses valuation models that are commonly used by market participants and customized for the Group to determine fair values of common
over-the-counter
(“OTC”) derivatives such as options, interest rate swaps, and currency swaps which are based on the inputs observable in markets. However, for some complex financial instruments that require fair value measurement by valuation techniques based on certain assumptions because some or all inputs used in the model are not observable in the market, the Group uses internal valuation models developed from general valuation models or valuation results from independent external valuation institutions.
 
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5
In addition, the fair value information recognized in the consolidated statement of financial position is classified into the following fair value hierarchy, reflecting the significance of the input variables used in the fair value measurement.
 
Level 1 :
    Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date
Level 2 :    Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3 :    Unobservable inputs for the asset or liability
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety.
If a fair value measurement uses observable inputs that require significant adjustment using unobservable inputs, that measurement is a Level 3 measurement.
If the valuation technique does not reflect all factors which market participants would consider in pricing the asset or liability, the fair value is adjusted to reflect those factors. Those factors include counterparty credit risk,
bid-ask
spread, liquidity risk, and others.
The Group uses valuation technique which maximizes the use of market inputs and minimizes the use of entity-specific inputs. It incorporates all factors that market participants would consider in pricing the asset or liability and is consistent with economic methodologies applied for pricing financial instruments. Periodically, the Group calibrates the valuation technique and tests its validity using prices of observable current market transactions of the same instrument or based on other relevant observable market data.
3.3.3 Derecognition
Derecognition is the removal of a previously recognized financial asset or financial liability from the consolidated statement of financial position. The derecognition criteria for financial assets and financial liabilities are as follows:
3.3.3.1 Derecognition of financial assets
A financial asset is derecognized when the contractual rights to the cash flows from the financial assets expire or the Group transfers substantially all the risks and rewards of ownership of the financial asset, or the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset and the Group has not retained control. Therefore, if the Group does not transfer substantially all the risks and rewards of ownership of the financial asset, the Group continues to recognize the financial asset to the extent of its continuing involvement in the financial asset.
If the Group transfers the contractual rights to receive the cash flows of the financial asset but retains substantially all the risks and rewards of ownership of the financial asset, the Group continues to recognize the transferred asset in its entirety and recognize a financial liability for the consideration received.
The Group writes off a financial asset when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. In general, the Group considers
write-off
when it is determined that the debtor does not have sufficient funds or income to cover the principal and interest. The
write-off
decision is made in accordance with internal regulations. After the
write-off,
the Group can continue to collect the
written-off
loans according to the internal policy. Recovered amounts from financial assets previously
written-off
are recognized in profit or loss.
 
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3.3.3.2 Derecognition of financial liabilities
A financial liability is derecognized from the consolidated statement of financial position when it is extinguished (i.e., the obligation specified in the contract is discharged, canceled or expires).
3.3.4 Offsetting
A financial asset and a financial liability are offset, and the net amount is presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on a future event and must be legally enforceable in the normal course of business, the event of default, and the event of insolvency or bankruptcy of the Group and all of the counterparties.
3.4 Cash and Due from Financial Institutions
Cash and due from financial institutions include cash on hand, foreign currency, and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and due from financial institutions. Cash and due from financial institutions are measured at amortized cost.
3.5
Non-derivative
Financial Assets
3.5.1 Financial assets at fair value through profit or loss
Financial assets are classified as financial assets at fair value through profit or loss unless they are classified as financial assets at amortized cost or at fair value through other comprehensive income.
The Group may designate certain financial assets upon initial recognition as at fair value through profit or loss when the designation eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases.
After initial recognition, a financial asset at fair value through profit or loss is measured at fair value and gains or losses arising from a change in fair value are recognized in profit or loss. Interest income using the effective interest method and dividend income from financial assets at fair value through profit or loss are also recognized in profit or loss.
3.5.2 Financial assets at fair value through other comprehensive income
The Group classifies below financial assets as financial assets at fair value through other comprehensive income:
 
  •  
Debt instruments that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and where the assets’ cash flows represent solely payments of principal and interest on the principal amount outstanding and;
 
  •  
Equity instruments that are not held for short-term trading but held for strategic investment, and designated as financial assets at fair value through other comprehensive income
After initial recognition, a financial asset at fair value through other comprehensive income is measured at fair value. Gains or losses arising from a change in fair value, other than dividend income, interest income calculated using the effective interest method and exchange differences arising on monetary items which are recognized directly in profit or loss, are recognized in other comprehensive income in equity.
 
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When the financial assets at fair value through other comprehensive income is disposed of, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. However, cumulative gain or loss of equity instruments designated at fair value through other comprehensive income is reclassified to retained earnings not to profit or loss at disposal.
A financial asset at fair value through other comprehensive income denominated in foreign currency is translated at the closing rate. Exchange differences resulting from changes in amortized cost are recognized in profit or loss, and other changes are recognized in equity.
3.5.3 Financial assets at amortized cost
A financial asset, which is held within the business model whose objective is achieved by collecting contractual cash flows, and where the assets’ cash flows represent solely payments of principal and interest on the principal amount outstanding, is classified as a financial asset at amortized cost. After initial recognition, a financial asset at amortized cost is measured at amortized cost using the effective interest method and interest income is calculated using the effective interest method.
3.6 Expected Credit Losses of Financial Assets (Debt Instruments)
The Group recognizes loss allowances for expected credit losses at the end of the reporting period for financial assets at amortized cost and fair value through other comprehensive income except for financial assets at fair value through profit or loss.
Expected credit losses are estimated at present value of probability-weighted amount that is determined by evaluating a range of possible outcomes. The Group measures expected credit losses by reflecting all reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions, and forecasts of future economic conditions.
The approaches of measuring expected credit losses in accordance with IFRS are as follows:
 
  •  
General approach: for financial assets and unused loan commitments not subject to the below 2 approaches
 
  •  
Simplified approach: for trade receivables, contract assets, and lease receivables
 
  •  
Credit-impaired approach: for financial assets that are credit-impaired at the time of acquisition
Application of general approach is differentiated depending on whether credit risk has increased significantly after initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Group measures loss allowances for that financial instrument at an amount equal to
12-month
expected credit losses, whereas if the credit risk on a financial instrument has increased significantly since initial recognition, the Group measures loss allowances for a financial instrument at an amount equal to the lifetime expected credit losses. Lifetime is the period until the contractual maturity date of financial instruments and means the expected life.
The Group assesses whether the credit risk has increased significantly using the following criteria, and if one or more of the following criteria are met, it is deemed as significant increase in credit risk. Criterion of more than 30 days past due is applied to all subsidiaries, and other criteria are applied selectively considering specific indicators of each subsidiary or additionally considering specific indicators of each subsidiary. If the contractual cash flows of a financial asset have been renegotiated or modified, the Group assesses whether the credit risk has increased significantly using the same following criteria.
 
  •  
More than 30 days past due
 
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  •  
Decline in credit rating at the end of the reporting period by certain notches or more compared to the time of initial recognition
 
  •  
Subsequent managing ratings below certain level in the early warning system
 
  •  
Debt restructuring (except for impaired financial assets) and
 
  •  
Credit delinquency information of Korea Federation of Banks, etc.
Under simplified approach, the Group always measures loss allowances at an amount equal to lifetime expected credit losses. Under credit-impaired approach, the Group only recognizes the cumulative changes in lifetime expected credit losses since initial recognition as loss allowances at the end of the reporting period. In assessing credit impairment, the Group uses definition of default as in the new Basel Accord which rules calculation of Capital Adequacy Ratio.
The Group generally considers the loan to be credit-impaired if one or more of the following criteria are met:
 
  •  
90 days or more past due
 
  •  
Legal proceedings related to collection
 
  •  
A borrower registered on the credit management list of Korea Federation of Banks
 
  •  
A corporate borrower with the credit rating C and D
 
  •  
Refinancing and
 
  •  
Debt restructuring, etc.
3.6.1 Forward-looking information
The Group uses forward-looking information, when determining whether credit risk has increased significantly and measuring expected credit losses.
The Group assumes that the risk components have a constant correlation with the economic cycle and uses statistical methodologies to estimate the relation between key macroeconomic variables and risk components for the expected credit losses.
The correlation between the major macroeconomic variables and the credit risk are as follows:
 
Key macroeconomic variables
   
Correlation between the major macroeconomic
variables and the credit risk
Domestic GDP growth rate
    (
-
)
Benchmark interest rate
    (
+
)
Three-year yields of Korea treasury bond
    (
+
)
AA-
rated corporate bond
(3-year)
    (
+
)
BBB-
rated corporate bond
(3-year)
    (
+
)
Composite stock index
    (
-
)
Rate of increase in housing transaction price index (Metropolitan Area)
    (
-
)
WTI crude oil price
    (
+
)
Growth rate of construction investment
    (
-
)
Current account balance
    (
-
)
Unemployment rate
    (
+
)
Rate of increase in housing transaction price index (Nationwide)
    (
-
)
Total import
    (
-
)
 
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9
Forward-looking information used in calculation of expected credit losses is based on the macroeconomic forecasts utilized by management of the Group for its business plan considering reliable external agency’s forecasts and others. The forward-looking information is generated by KB Research with a comprehensive approach to capture the possibility of various economic forecast scenarios that are derived from the internal and external viewpoints of the macroeconomic situation. The Group determines the macroeconomic variables to be used in forecasting future conditions of the economy, considering the direction of the forecast scenario and the significant relationship between macroeconomic variables and time series data. And there are some changes compared to the macroeconomic variables used in the previous year.
As of December 31, 2023, the Group measures expected credit losses to the financial assets by applying both the worse scenario and the crisis scenario, etc. taking into consideration the uncertain financial environment internally and externally and the potential credit risk resulting from the rapid economic recession.
3.6.2 Measuring expected credit losses on financial assets at amortized cost
The expected credit losses of financial assets at amortized cost are measured as present value of the difference between the contractual cash flows to be received and the cash flows expected to be received. The Group estimates expected future cash flows for financial assets that are individually significant. The Group selects the individually significant financial assets by comprehensively considering quantitative and qualitative factors (such as debt restructuring or negative net assets, etc.) among financial assets with the credit risk has increased significantly or credit-impaired (individual assessment of impairment).
For financial assets that are not individually significant, the Group collectively estimates expected credit losses by grouping loans with a homogeneous credit risk profile (collective assessment of impairment).
3.6.2.1 Individual assessment of impairment
Individual assessment of impairment losses is performed using management’s best estimate on the present value of expected future cash flows. The Group uses all the available information including financial condition of the borrower such as operating cash flow and net realizable value of any collateral held.
3.6.2.2 Collective assessment of impairment
Collective assessment of impairment losses is performed by using a methodology based on historical loss experience and reflecting forward-looking information. Such a process incorporates factors such as type of collateral, type of product, type of borrower, credit rating, size of portfolio, and recovery period and applies Probability of Default (“PD”) on a group of assets and Loss Given Default (“LGD”) by type of recovery method. Also, the Group applies certain assumptions to model expected credit losses assessment and to determine input based on loss experience and forward-looking information. These models and assumptions are periodically reviewed to reduce the gap between loss estimate and actual loss experience.
The lifetime expected credit losses are measured by applying the PD to the carrying amount calculated by deducting the expected principal repayment amount from the carrying amount as of the reporting date and the LGD adjusted to reflect changes in the carrying amount.
3.6.3 Measuring expected credit losses on financial assets at fair value through other comprehensive income
The Group measures expected credit losses on financial assets at fair value through other comprehensive income in a manner that is consistent with the requirements that are applicable to financial assets at amortized cost. However, loss allowances are recognized in other comprehensive income. Upon disposal or repayment of financial assets at fair value through other comprehensive income, the amount of loss allowances is reclassified from other comprehensive income to profit or loss.
 
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3.7 Derivative Financial Instruments
The Group enters into numerous derivative financial instrument contracts such as currency forwards, interest rate swaps, currency swaps, and others for trading purposes or to manage its interest rate risk, currency risk, and others. The Group’s derivative financial instruments business focuses on addressing the needs of the Group’s corporate clients to hedge their risk exposure and to hedge the Group’s risk exposure that results from such client contracts. These derivative financial instruments are presented as derivative financial instruments in the consolidated financial statements irrespective of transaction purpose and subsequent measurement requirement.
The Group designates certain derivative financial instruments as hedging instruments to hedge the risk of changes in fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge) and the risk of changes in cash flow (cash flow hedge). The Group designates certain derivative and
non-derivative
financial instruments as hedging instruments to hedge the currency risk of the net investment in a foreign operation (hedge of net investment).
At the inception of the hedging relationship, there is formal designation and documentation of the hedging relationship and the Group’s risk management objective and strategy for undertaking the hedge. This documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged, the inception date of hedging relationship and how the Group will assess the hedging instrument’s effectiveness in offsetting the changes in the hedged item’s fair value or cash flows attributable to the hedged risk.
Derivative financial instruments are initially recognized at fair value. After initial recognition, derivative financial instruments are measured at fair value, and changes therein are accounted for as described below.
3.7.1 Derivative financial instruments held for trading
All derivative financial instruments, except for derivatives that are designated and qualify for hedge accounting, are measured at fair value. Gains or losses arising from changes in fair value are recognized in profit or loss as part of net gains or losses on financial instruments at fair value through profit or loss.
3.7.2 Derivative financial instruments for fair value hedges
If derivative financial instruments are designated and qualify for fair value hedges, changes in fair value of the hedging instrument and changes in fair value of the hedged item attributable to the hedged risk are recognized in profit or loss as part of other operating income or expenses. If the hedged items are equity instruments for which the Group has elected to present changes in fair value in other comprehensive income, changes in fair value of the hedging instrument and changes in fair value of the hedged item attributable to the hedged risk are recognized in other comprehensive income.
Fair value hedge accounting is discontinued prospectively if the hedging instrument expires or is sold, terminated or exercised, or the hedging relationship ceases to meet the qualifying criteria. Once fair value hedge accounting is discontinued, the adjustment to the carrying amount of a hedged item is amortized to profit or loss by the maturity of the financial instrument using the effective interest method.
3.7.3 Derivative financial instruments for cash flow hedges
The effective portion of changes in fair value of derivative financial instruments that are designated and qualify for cash flow hedges is recognized in other comprehensive income, limited to the cumulative change in fair value (present value) of the hedged item (the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. The ineffective portion is recognized in profit or loss as other
 
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operating income or expenses. The associated gains or losses that were previously recognized in other comprehensive income are reclassified from equity to profit or loss (other operating income or expenses) as a reclassification adjustment in the same period or periods during which the hedged forecast cash flows affect profit or loss. Cash flow hedge accounting is discontinued prospectively if the hedging instrument expires or is sold, terminated or exercised, or the hedging relationship ceases to meet the qualifying criteria. When the cash flow hedge accounting is discontinued, the cumulative gains or losses on the hedging instrument that have been recognized in other comprehensive income are reclassified to profit or loss over the period in which the forecast transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gains or losses that have been recognized in other comprehensive income are immediately reclassified to profit or loss.
3.7.4 Derivative and
non-derivative
financial instruments designated for net investments hedges
If derivative and
non-derivative
financial instruments are designated and qualify for the net investment hedge, the effective portion of changes in fair value of the hedging instrument is recognized in other comprehensive income and the ineffective portion is recognized in profit or loss as other operating income or expenses. The cumulative gains or losses on the hedging instrument relating to the effective portion of the hedge that have been accumulated in other comprehensive income will be reclassified from other comprehensive income to profit or loss as a reclassification adjustment on the disposal or partial disposal of the foreign operation.
3.7.5 Embedded derivatives
An embedded derivative is separated from the host contract and accounted for as a derivative if, and only if, (a) the economic characteristics and risks of the embedded derivative are not closely related to those of the host contract, (b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative and (c) the hybrid contract contains a host that is not a financial asset and is not designated as at fair value through profit or loss. Gains or losses arising from a change in fair value of an embedded derivative separated from the host contract are recognized in profit or loss as part of net gains or losses on financial instruments at fair value through profit or loss.
3.7.6 Day one gains or losses
If the Group uses a valuation technique that incorporates unobservable inputs for the fair value of the OTC derivatives at initial recognition, there may be a difference between the transaction price and the amount determined using that valuation technique. In these circumstances, the difference is not recognized in profit or loss but deferred and amortized using the straight-line method over the life of the financial instrument. If the fair value is subsequently determined using observable inputs, the remaining deferred amount is recognized in profit or loss as part of net gains or losses on financial instruments at fair value through profit or loss or other operating income or expenses.
3.8 Property and Equipment
3.8.1 Recognition and measurement
Property and equipment that qualify for recognition as an asset are measured at cost and subsequently carried at its cost less any accumulated depreciation and any accumulated impairment losses.
The cost of property and equipment includes any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.
Subsequent expenditures are capitalized only when they prolong the useful life or enhance values of the assets but the costs of the
day-to-day
servicing of the assets such as repair and maintenance costs are recognized in profit or loss as incurred. When part of an item of property and equipment has a useful life different from that of the entire asset, it is recognized as a separate asset.
 
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3.8.2 Depreciation
Land is not depreciated, whereas other property and equipment are depreciated using the method that reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the Group. The depreciable amount of an asset is determined after deducting its residual value.
Each part of an item of property and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately.
The depreciation method and estimated useful life of property and equipment are as follows:
 
Property and equipment
  
Depreciation method
  
Estimated useful life
Buildings
   Straight-line   20~40 years
Leasehold improvements
   Declining-balance/ Straight-line   4~15 years
Equipment and vehicles
   Declining-balance/ Straight-line   3~15 years
The residual value, the useful life, and the depreciation method applied to an asset are reviewed at each financial
year-end
and, if expectations differ from previous estimates, the changes are accounted for as a change in an accounting estimate.
3.9 Investment Properties
3.9.1 Recognition and measurement
Properties held to earn rentals or for capital appreciation or both are classified as investment properties. Investment properties are measured initially at their cost and subsequently the cost model is used.
3.9.2 Depreciation
Land is not depreciated, whereas other investment properties are depreciated using the method that reflects the pattern in which the asset’s future economic benefits are expected to be consumed by the Group. The depreciable amount of an asset is determined after deducting its residual value.
The depreciation method and estimated useful life of investment properties are as follows:
 
Investment properties
  
Depreciation method
  
Estimated useful life
Buildings   Straight-line   20~40 years
The residual value, the useful life, and the depreciation method applied to an asset are reviewed at each financial
year-end
and, if expectations differ from previous estimates, the changes are accounted for as a change in an accounting estimate.
3.10 Intangible Assets
Intangible assets are measured initially at cost and subsequently carried at their cost less any accumulated amortization and any accumulated impairment losses.
Intangible assets, except for goodwill and membership rights, are amortized using the straight-line or declining-balance method with no residual value over their estimated useful life since the assets are available for use.
 
Intangible assets
  
Amortization method
  
Estimated useful life
Industrial property rights   Straight-line   3 ~ 19 years
Software   Straight-line   3 ~ 5 years
Others   Straight-line / Declining-balance   1 ~ 13 years
 
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The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
year-end.
Where an intangible asset is not being amortized because its useful life is indefinite, the Group carries out a review in each accounting period to confirm whether events and circumstances still support an indefinite useful life assessment. If they do not, the change in the useful life assessment from indefinite to finite is accounted for as a change in an accounting estimate.
3.10.1 Goodwill
3.10.1.1 Recognition and measurement
Goodwill related to business combinations before January 1, 2010, is stated at its carrying amount, which was recognized under the Group’s previous accounting policy, prior to the transition to IFRS.
Goodwill acquired from business combinations after January 1, 2010, is initially measured as the excess of the consideration transferred over the fair value of net identifiable assets acquired and liabilities assumed. If the fair value of net identifiable assets acquired and liabilities assumed exceeds the consideration transferred, the difference is recognized in profit or loss.
For each business combination, the Group decides at the acquisition date whether the
non-controlling
interests in the acquiree are initially measured at fair value or at the
non-controlling
interests’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets.
Acquisition-related costs incurred to effect a business combination are charged to expenses in the periods in which the costs are incurred and the services are received, except for the costs to issue debt or equity securities.
3.10.1.2 Additional acquisitions of
non-controlling
interests
Additional acquisitions of
non-controlling
interests are accounted for as equity transactions. Therefore, no additional goodwill is recognized.
3.10.1.3 Subsequent measurement
Goodwill is not amortized and is stated at cost less accumulated impairment losses. However, goodwill that forms part of the carrying amount of an investment in associates is not separately recognized and an impairment loss recognized is not allocated to any asset, including goodwill, which forms part of the carrying amount of the investment in the associates.
3.10.2 Subsequent expenditures
Subsequent expenditures are capitalized only when they enhance values of the assets. Internally generated intangible assets, such as goodwill and trade name, are not recognized as assets but expensed as incurred.
3.11 Impairment of
Non-financial
Assets
The Group assesses at the end of each reporting period whether there is any indication that a
non-financial
asset, except for (a) deferred income tax assets, (b) assets arising from employee benefits and
(c) non-current
assets (or group of assets to be sold) classified as held for sale, may be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. However, irrespective of whether there is any indication of impairment, the Group tests (a) goodwill acquired in a business combination, (b) intangible assets with an indefinite useful life and (c) intangible assets not yet available for use for impairment annually by comparing their carrying amount with their recoverable amount.
 
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The recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group determines the recoverable amount of the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit that are discounted by a
pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted.
If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is an impairment loss and recognized immediately in profit or loss. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units that is expected to benefit from the synergies of the combination. The impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit.
An impairment loss recognized for goodwill is not reversed in a subsequent period. The Group assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for an asset, other than goodwill, may no longer exist or may have decreased, and an impairment loss recognized in prior periods for an asset other than goodwill shall be reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss cannot exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
3.12
Non-current
Assets Held for Sale
A
non-current
asset or disposal group is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. A
non-current
asset (or disposal group) classified as held for sale is measured at the lower of (a) its carrying amount measured in accordance with the applicable IFRS, immediately before the initial classification of the asset (or disposal group) as held for sale and (b) fair value less costs to sell.
A
non-current
asset while it is classified as held for sale or while it is part of a disposal group classified as held for sale is not depreciated (or amortized).
Impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Gain is recognized for any subsequent increase in fair value less costs to sell of an asset, but not in excess of the cumulative impairment loss that has been recognized.
3.13 Financial Liabilities
The Group classifies financial liabilities into financial liabilities at fair value through profit or loss or other financial liabilities in accordance with the substance of the contractual arrangement and the definitions of financial liabilities. The Group recognizes financial liabilities in the consolidated statement of financial position when the Group becomes a party to the contractual provisions of the financial liability.
3.13.1 Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading or designated as such at initial recognition. After initial recognition, financial liabilities at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. At initial recognition, transaction costs that are directly attributable to the acquisition are recognized in profit or loss as incurred.
 
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In relation to securities lending or borrowing transactions, when the Group borrows securities from the Korea Securities Depository and others, these transactions are managed as
off-balance
sheet items. The borrowed securities are treated as financial liabilities at fair value through profit or loss when they are sold. Changes in fair value at the end of the reporting period and difference between carrying amount at redemption and purchased amount are recognized in profit or loss.
In addition, the change in fair value of the financial liability designated at fair value through profit or loss that is attributable to change in the credit risk of that liability, the Group presents this change in other comprehensive income, and does not recycle this to profit or loss in accordance with IFRS No.9. However, if this treatment creates or enlarges an accounting mismatch, the Group recognizes this change in profit or loss.
3.13.2 Other financial liabilities
Non-derivative
financial liabilities other than financial liabilities at fair value through profit or loss are classified as other financial liabilities. Other financial liabilities include deposits, borrowings, debentures, and others. At initial recognition, other financial liabilities are measured at fair value minus transaction costs that are directly attributable to the acquisition. After initial recognition, other financial liabilities are measured at amortized cost, and its interest expense is recognized, using the effective interest method.
When an asset is sold under repurchase agreement, the Group continues to recognize the asset with the amount sold being accounted for as borrowings. The Group derecognizes a financial liability from the consolidated statement of financial position only when it is extinguished (i.e., when the obligation specified in the contract is discharged, canceled or expires).
3.14 Insurance Contracts
KB Insurance Co., Ltd. and KB Life Insurance Co., Ltd. the subsidiaries of the Group, issue insurance contracts. The Group accounts for these contracts by applying IFRS No.17.
3.14.1 Definition and classification of insurance contracts
Insurance contract is defined as a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. This assessment is carried out for each contract individually at the date of inception. The Group determined that the insurance risk related to the contract is significant if the issuer has to pay significant additional benefits in any scenario that has commercial substance, even if the insured event is extremely unlikely, or even if the expected present value of the contingent cash flows is a small proportion of the expected present value of the remaining cash flows from the insurance contract.
The Group issues insurance contracts that contain participation features, allowing policyholders to participate in the investment returns of the Group, in addition to being compensated for insurance risks. Contracts with participation features are classified as insurance contracts with direct participation features if they meet the following criteria. At the beginning of an insurance contract, the Group evaluates whether the contract meets the following criteria.
 
  •  
The contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items
 
  •  
The Group expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items
 
  •  
the Group expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items
 
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Furthermore, the Group issues investment contracts with discretionary participation features, which are associated with groups of assets identical to those of insurance contracts and share similar economic characteristics with insurance contracts.
3.14.2 Level of aggregation
The Group identifies portfolios by aggregating insurance contracts subject to similar risks and managed together. Each portfolio is segmented into groups of insurance contracts applying the recognition and measurement requirements of IFRS No.17. The Group distinguishes insurance contracts based on their issuance date at initial recognition. A cohort consists of contracts issued within a
12-month
period and is further segmented into three groups based on the possibility of becoming onerous.
 
  •  
a group of contracts that are onerous at initial recognition
 
  •  
a group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently
 
  •  
a group of the remaining contracts in the portfolio
The possibility of insurance contracts, at the lowest level of group of contracts, becoming onerous is determined based on the expected cash flows (fulfillment cash flow decided based on probability weighting) at initial recognition. The Group does not reassess the composition of the groups decided at the initial recognition date subsequently.
3.14.3 Recognition
The group recognizes a group of insurance contracts it issues from the earliest of the following:
 
  •  
the beginning of the coverage period of the group of contracts
 
  •  
the date when the first payment from a policyholder in the group becomes due
 
  •  
for a group of onerous contracts, when the group becomes onerous.
The group delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date that any underlying insurance contract is initially recognized, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.
The group recognizes investment contracts with discretionary participation features at the date the Group becomes a party to the contract.
3.14.4 Contract boundary
Measurement of group of contracts includes all future cash flows within the contract boundaries. The Group decides that cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the entity can compel the policyholder to pay the premiums or in which the entity has a substantive obligation to provide the policyholder with insurance contract services.
A substantive obligation to provide insurance contract services ends when:
 
  •  
The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks
 
  •  
The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contains the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.
 
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The Group evaluates contract boundaries at initial recognition and each subsequent reporting date to reflect changes in circumstances affecting substantive rights and obligations.
3.14.5 Measurement: Insurance contracts not applying the premium allocation approach
3.14.5.1 Measurement on initial recognition
The group measures group of contracts as the sum of the fulfillment cash flows and the contractual service margin at the initial measurement. Fulfillment cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the financial risks related to the future cash flows, and a risk adjustment for
non-financial
risk.
Estimates of future cash flows is calculated by the probability-weighted average of all possible outcomes using all reasonable and supportable information available without undue cost or effort, considering both market and
non-market
variables, for cash flows within the contract boundary. The Group updates the estimates using all new information available, including information about past trends and evidence.
The risk adjustment for
non-financial
risk represents a liability that reflects the compensation that the insurer requires for bearing the uncertainty about the amounts and timing of cash flows arising from
non-financial
risk.
Non-financial
risks that are the subject of risk adjustment include insurance risk and other
non-financial
risks (such as lapse risk and expense risk). The Group calculates the risk adjustment for
non-financial
risk using techniques such as the confidence level method and the cost of capital method. The Group calculates the risk adjustment for
non-financial
risk at the level of the company, and after considering diversification effects, allocates it to individual groups of insurance contracts.
Contractual service margin represents the unearned profit the entity will recognize as it provides insurance contract services in the future. The group measures the contractual service margin on initial recognition of a group of insurance contracts at an amount that results in no income or expenses if the fulfillment cash flows at the initial recognition are net inflows. On the other hand, if the fulfillment cash flows are net outflow at the initial recognition, the Group classifies the group of contracts as an onerous group, recognizes the expected net outflow as an expense and manages loss component for subsequent measurement.
3.14.5.2 Subsequent measurement of the general measurement model
At the end of each reporting period, the carrying amount of group of contracts is the sum of estimated liability for incurred claims and liability for remaining coverage. Liability for remaining coverage comprises contractual service margin and expected fulfillment cash flows related to future services allocated to the group of contracts at the end of the reporting period. Liability for incurred claims comprises unpaid claims and insurance expenses, including reported but not yet paid claims, incurred but not reported claims, and dividends payable according to supervisory regulations.
The Group updates the fulfillment cash flows of both liability for incurred claims and liability for remaining coverage at each reporting date to reflect current estimates of the amounts, timing, and uncertainty of future cash flows, considering not only discount rates and other financial variables but also
non-financial
risk.
Experience adjustments is the differences between the following:
 
  •  
The estimated expected cash flows at the beginning of reporting period and the actual cash flows received during the reporting period (including premiums received, cash flows related to insurance acquisition, and premium taxes paid)
 
  •  
The estimated expected cash flows at the beginning of reporting period and the actual insurance service expenses incurred during the reporting period (excluding insurance acquisition costs)
 
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Experience adjustments related to current or past services are recognized in profit or loss. For incurred claims (including those that have been incurred but not reported) and other incurred insurance service expenses, experience adjustments are always related to current or past services and are included as part of insurance service expenses in profit or loss. Changes in fulfillment cash flows related to future services are included in liability for remaining coverage by adjusting contractual service margin.
For insurance contracts without direct participation features, the carrying amount of the contractual service margin of a group of contracts at the end of the reporting period equals the carrying amount at the start of the reporting period adjusted for:
 
  •  
the effect of any new contracts added to the group
 
  •  
interest accreted on the carrying amount of the contractual service margin during the reporting period, measured at the discount rates determined at initial recognition
 
  •  
the changes in fulfilment cash flows relating to future service, except to the extent that: (i) such increases in the fulfilment cash flows exceed the carrying amount of the contractual service margin, giving rise to a loss (ii) such decreases in the fulfilment cash flows are allocated to the loss component of the liability for remaining coverage
 
  •  
the effect of any currency exchange differences on the contractual service margin
 
  •  
the amount recognized as insurance revenue because of the transfer of insurance contract services in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period.
When fulfillment cash flows related to future services increase additionally, the cash flows result in an increase in the loss component of the group of contracts, and the increased loss component is recognized in profit or loss when the cash flows occur. Subsequently, decreases in fulfillment cash flows related to future services do not adjust contractual service margin until the loss component is fully recovered through profit or loss.
3.14.5.3 Subsequent Measurement of the Variable Fee Approach
The Group issues insurance contracts with direct participation features that provide significant investment-related services. Except for the following, the Group applies the same accounting policy for measuring insurance contracts under the variable fee approach as for measuring insurance contracts under the general measurement model.
For insurance contracts with direct participation features, the carrying amount of the contractual service margin of a group of contracts at the end of the reporting period equals the carrying amount at the start of the reporting period adjusted for the amounts specified below:
 
  •  
the effect of any new contracts added to the group
 
  •  
the change in the amount of the Group’s share of the fair value of the underlying items except to the extent that (i) The amount of contractual service margin recognized in profit or loss due to the offsetting effect of risk mitigation instruments (ii) the decrease in the amount of the Group’s share of the fair value of the underlying items exceeding the carrying amount of the contractual service margin, giving rise to a loss (iii) the increase in the amount of the Group’s share of the fair value of the underlying items that causes reversal of loss component of an onerous group
 
  •  
the changes in fulfilment cash flows relating to future service, except to the extent that: (i) The amount of contractual service margin recognized in profit or loss due to the offsetting effect of risk mitigation instruments (ii) The increases in the fulfilment cash flows that exceeds the carrying amount of the contractual service margin, giving rise to a loss (iii) The decreases in the fulfilment cash flows that causes reversal of loss component of an onerous group
 
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  •  
the effect of any currency exchange differences arising on the contractual service margin
 
  •  
the amount recognized as insurance revenue because of the transfer of insurance contract services in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period
All adjustments to contractual service margins are measured, considering the present value of currency, which is currently measured, taking into account all financial variables that affect the fair value gains arising from the underlying items. When applying the variable fee approach, the changes in the fulfillment cash flows adjusting the contractual service margin is composed of changes in the Group’s share of the fair value of the underlying items and the changes in the fulfillment cash flows that do not vary based on returns on the underlying items. the changes in the fulfillment cash flows that do not vary based on returns on the underlying items are as follows:
 
  •  
changes in the effect of currency risk and the effect of financial risk not arising from underlying items, such as the impact of financial guarantees
 
  •  
experience adjustments arising from premiums received during the period related to future services
 
  •  
changes in estimated future cash flows of liability for remaining coverage
 
  •  
differences in the payment timing of investment components
 
  •  
changes in risk adjustment for
non-financial
risk related to future services
3.14.5.4 Reinsurance contract
The Group applies the same accounting policy for measuring reinsurance contracts as for measuring insurance contracts, except for the following.
The Group includes all effects of risks related to the reinsurer’s default (including effects from security and losses due to disputes) when measuring the reinsurance contract group. The Group remeasures the effects of the reinsurer’s default risk at the end of each reporting period and recognizes the changes in the effects of default risk in profit or loss. The Group calculates the risk adjustment for
non-financial
risks to reflect the risks transferred to the reinsurer. Reinsurance contracts are not classified as onerous groups and do not recognize in profit or loss the expected outflows at the initial recognition, even if the fulfillment cash flows at initial recognition are outflows, considering the nature of reinsurance. However, if the net cost of purchasing reinsurance coverage is related to events that have occurred before the reinsurance contract is purchased, such costs are recognized as expenses immediately.
3.14.5.5 Insurance revenue
The Group recognizes insurance revenue as the amount the Group expects to be entitled in exchange for provision of services arising from group of insurance contracts. Total insurance revenue for group of contracts is the amount received in premiums for the contracts, adjusted for financial effects and excluding all investment elements.
The amount of contractual service margin recognized as insurance revenue during the reporting period is determined by allocating the unamortized contractual service margin at the end of the reporting period for each unit of coverage provided during the reporting period and expected to be provided in the future. The number of coverage units in a group of contracts is the quantity of insurance contract services provided from insurance contracts within the group, and is determined based on the number of benefits provided and the expected duration of coverage under each contract.
Insurance acquisition cash flows are systematically allocated over each reporting period, recognized in equal amounts of insurance revenue and insurance expenses.
 
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Loss component is allocated systematically, and the total amount allocated to the loss component becomes zero by the end of the coverage period of group of contracts. The portion of the allocated loss component for the reporting period is excluded from recognition in both insurance revenue and insurance expenses.
3.14.5.6 Insurance finance income or expenses
Insurance finance income consists of changes in the carrying amount of the groups of insurance contracts and reinsurance contracts arising from the effect of the time value of money and financial risk. The Group decides whether to disaggregate insurance finance income or expenses for the period between profit or loss and other comprehensive income for each portfolio. Systematic allocation involves allocating the expected total insurance finance income or expenses over the duration of the group of contracts, and recognizing the portion attributed to the reporting period in profit or loss and the remaining portion in other comprehensive income.
For insurance contracts where changes in financial risk related assumptions significantly impact the amounts paid to policyholders, the Group uses a single discount rate to allocate the modified expected insurance finance income or expenses for the remaining coverage period of the group of contracts. Otherwise, the Group calculates insurance finance income or expenses using the discount rate determined at the date of initial recognition.
Insurance finance income or expenses arising from contractual service margin is systematically allocated using the discount rate determined at the date of initial recognition.
When the Group transfers insurance contracts to a third party or derecognize them due to changes in insurance contract terms, the accumulated other comprehensive income related to those insurance contracts is reclassified to profit or loss.
3.14.5.7 Reinsurance revenue and expenses
The Group recognizes separately the amounts recovered from reinsurers and the allocation of reinsurance premiums paid in reinsurance contracts. Changes in the carrying amount of reinsurance assets for remaining coverage resulting from the reinsurance services received are recognized as reinsurance expenses, while amounts recovered from reinsurers are recognized as reinsurance income.
3.14.6 Premium allocation approach
3.14.6.1 Underlying insurance
For general insurance and automobile insurance, if the coverage period of each contract within the group of contracts (including insurance contract services within the contract boundary) is less than one year or if the premium allocation approach is reasonably expected to measure the liability for remaining coverage for the group without significant differences from the application of the general model requirements, the premium allocation approach is applied to simplify the measurement of the group of insurance contracts.
The carrying amount of the liability for remaining coverage at the time of initial recognition of each group of contract is calculated by deducting the insurance acquisition cash flows allocated to the group of insurance at the acquisition date from the premium receipts at the time of initial recognition, and adding or subtracting the amount resulting from removing previously recognized assets or liabilities for cash flows related to the group of contract at the time of initial recognition.
Subsequently, the carrying amount of the liability for remaining coverage is calculated by adding the received premiums and the amortization of the insurance acquisition cash flows, and deducting the insurance acquisition cash flows and the amount recognized as insurance revenue for services provided. However, if the
 
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insurance acquisition cash flows recognized as expenses when it incurs those costs because the coverage period of each contract in the group at initial recognition is no more than one year, the insurance acquisition cash flow is not considered for calculating the liability for remaining coverage.
If at any time during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, the difference between the carrying amount of the liability for remaining coverage and the current estimate of the fulfilment cash flows related is calculated, added to the liability for remaining coverage, and recognized as a loss in profit or loss.
The Group determines that the liability for remaining coverage subject to the insurance premium allocation approach do not have significant financial elements, and therefore does not adjust the carrying amount of the liability for remaining coverage for reflecting the effect of the time value of money and financial risk.
3.14.6.2 Reinsurance
The Group applies the same accounting policy for measuring reinsurance contracts applying the premium allocation approach (general reinsurance, automobile reinsurance, and long-term
non-proportional
reinsurance) as for measuring insurance contracts with the exception of the following: The Group includes all effects of risks related to the reinsurer’s default (including effects from security and losses due to disputes) when measuring the reinsurance contract group. The Group remeasures the effects of the reinsurer’s default risk at the end of each reporting period and recognizes the changes in the effects of default risk in profit or loss. Reinsurance contracts are not classified as onerous groups and do not recognize in profit or loss the expected outflows at the initial recognition, even if the fulfillment cash flows at initial recognition are outflows, considering the nature of reinsurance. However, if the net cost of purchasing reinsurance coverage is related to events that have occurred before the reinsurance contract is purchased, such costs are recognized as expenses immediately.
3.14.7 Modification and derecognition
The Group derecognizes an insurance contract when the insurance contract is extinguished because of reasons such as obligation specified in the insurance contract having been expired, discharged or cancelled. Additionally, if the conditions of the contract have changed to such an extent that the accounting treatment of the contract would have been significantly different had the new conditions existed from the beginning, the Group derecognizes the existing contract and recognizes it as a new contract. If the change in contract conditions is not significant, the Group accounts for it as a change in the estimate of fulfillment cash flows.
3.15 Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Inevitable risks and uncertainties surrounding related events and circumstances are considered in measuring the best estimate of the provisions, and where the effect of the time value of money is material, the amount of provisions is the present value of the expenditures expected to be required to settle the obligation.
Provisions for confirmed and unconfirmed acceptances and guarantees, and unused credit lines of consumer and corporate loans are recognized using a valuation model that applies the credit conversion factor, PD, and LGD.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provisions are reversed.
 
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An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfill it. If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as provisions.
3.16 Financial Guarantee Contracts
Financial guarantee contracts require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the original or modified terms of a debt instrument.
Financial guarantee contracts are initially recognized at fair value and classified as other liabilities and are amortized over the contractual term. After initial recognition, financial guarantee contracts are measured at the higher of:
 
  •  
The amount determined in accordance with IFRS No.9
Financial Instruments
and
 
  •  
The amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with IFRS No.15
Revenue from Contracts with Customers.
3.17 Equity Instrument Issued by the Group
An equity instrument is any contract or agreement that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
3.17.1 Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or the exercise of stock option are deducted from the equity, net of any tax effects.
3.17.2 Hybrid securities
The financial instruments can be classified as either financial liabilities or equity in accordance with the terms of the contract. The Group classifies hybrid securities as an equity if the Group has the unconditional right to avoid any contractual obligation to deliver cash or another financial asset in relation to the financial instruments. However, hybrid securities issued by subsidiaries are classified as
non-controlling
interests, dividends are recognized in the consolidated statement of comprehensive income as profit attributable to
non-controlling
interests.
3.17.3 Treasury shares
If the Group acquires its own equity instruments, these are accounted for as treasury shares and are deducted directly from equity. No gains or losses are recognized in profit or loss on the purchase, sale, issue or retirement of own equity instruments. If an entity within the Group acquires and retains treasury shares, the consideration paid or received is directly recognized in equity.
3.17.4 Compound financial instruments
A compound financial instrument is classified as a financial liability or an equity instrument depending on the substance of the contractual arrangement of such financial instrument. The liability component of the compound financial instrument is measured at fair value of the similar liability without conversion option at initial recognition and subsequently measured at amortized cost using effective interest method until it is
 
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extinguished by conversion or matured. Equi
ty component is initially measured at fair value of compound financial instrument in its entirety less fair value of liability component net of tax effect, an
d it is not remeasured subsequently.
3.18 Revenue Recognition
The Group recognizes revenues in accordance with the following steps determined in accordance with IFRS No.15
Revenue from Contracts with Customers
.
 
  •  
Step 1: Identify the contract with a customer.
 
  •  
Step 2: Identify the performance obligations in the contract.
 
  •  
Step 3: Determine the transaction price.
 
  •  
Step 4: Allocate the transaction price to the performance obligations in the contract.
 
  •  
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.
3.18.1 Interest income and expense
Interest income and expense on debt securities at fair value through profit or loss (excluding beneficiary certificates, equity investments, and other debt instruments), loans, financial instruments at amortized cost, and debt securities at fair value through other comprehensive income are recognized in the consolidated statement of comprehensive income using the effective interest method in accordance with IFRS No.9
Financial Instruments
. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and allocating the interest income or interest expense over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument or, where appropriate, a shorter period, to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates expected cash flows by considering all contractual terms of the financial instrument but does not consider expected credit losses. The calculation includes all fees and points paid (main components of effective interest rate only) or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. In those rare cases when it is not possible to reliably estimate the cash flows and the expected life of a financial instrument, the Group uses the contractual cash flows over the full contractual term of the financial instrument.
Interest income on impaired financial assets is recognized using the interest rate used to discount the expected cash flows for the purpose of measuring the impairment loss.
Interest income on debt securities at fair value through profit or loss is also classified as interest income in the consolidated statement of comprehensive income.
3.18.2 Fee and commission income
The Group recognizes financial service fees in accordance with the purpose of charging the fees and the accounting standards of the financial instrument related to the fees earned.
3.18.2.1 Fees that are an integral part of the effective interest of a financial instrument
Such fees are generally treated as adjustments of effective interest rate. Such fees may include compensation for activities such as evaluating the borrower’s financial condition, evaluating and recording guarantees, collateral and other security arrangements, negotiating the terms of the instrument, preparing and processing
 
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documents, and closing the transaction and origination fees received on issuing financial liabilities at amortized cost. However, fees relating to the creation or acquisition of a financial instrument at fair value through profit or loss are recognized as revenue immediately.
3.18.2.2 Fees related to performance obligations satisfied over time
If the control of a good or service is transferred over time, the Group recognizes revenue related to performance obligations over the period of performance obligations. Fees charged in return for the services for a certain period of time, such as asset management fees, consignment business fees, etc. are recognized over the period of performance obligations.
3.18.2.3 Fees related to performance obligations satisfied at a point in time
Fees earned at a point in time are recognized as revenue when a customer obtains controls of a promised good or service and the Group satisfies a performance obligation.
Commission on negotiation or participation in negotiation for the third party such as trading stocks or other securities, arranging merger and acquisition of business, is recognized as revenue when the transaction has been completed.
If the Group arranges a syndicated loan but does not participate in the syndicated loan or participates in the syndicated loan with the same effective profit as other participants, a syndication arrangement fee is recognized as revenue at the completion of the syndication service.
3.18.3 Net gains or losses on financial instruments at fair value through profit or loss
Net gains or losses on financial instruments at fair value through profit or loss (including changes in fair value, dividends, and gains or losses from foreign currency translation) include gains or losses on financial instruments as follows:
 
  •  
Gains or losses relating to financial instruments at fair value through profit or loss (excluding interest income using the effective interest rate method)
 
  •  
Gains or losses relating to derivative financial instruments for trading (including derivative financial instruments for hedging purpose but do not qualify for hedge accounting)
3.18.4 Dividend income
Dividend income is recognized in profit or loss when the right to receive payment is established. Dividend income is recognized as net gains or losses on financial instruments at fair value through profit or loss or other operating income depending on the classification of equity securities.
3.19 Employee Compensation and Benefits
3.19.1 Post-employment benefits
3.19.1.1 Defined contribution plans
When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as post-employment benefits for the period.
 
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3.19.1.2 Defined benefit plans
All post-employment benefits, other than defined contribution plans, are classified as defined benefit plans. The amount recognized as a net defined benefit liability is the present value of the defined benefit obligation less the fair value of plan assets at the end of the reporting period.
The present value of the defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds. The currency and term of the corporate bonds are consistent with the currency and estimated term of the post-employment benefit obligations. Actuarial gains and losses resulted from changes in actuarial assumptions and experience adjustments are recognized in other comprehensive income.
When the present value of the defined benefit obligation minus the fair value of plan assets results in an asset, it is recognized to the extent of the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.
Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from the introduction or changes to a defined benefit plan. Such past service cost is immediately recognized as an expense for the period.
3.19.2 Short-term employee benefits
Short-term employee benefits are employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service. When an employee has rendered service to the Group during an accounting period, the Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service as an expense for the period.
The expected cost of profit-sharing and bonus payments is recognized as liabilities when the Group has a present legal or constructive obligation to make payments as a result of past events, such as service rendered by employees, and a reliable estimate of the obligation can be made.
3.19.3 Share-based payment
The Group provides its executives and employees with stock grants, mileage stock, and long-term share-based payments programs. When stock grants are exercised, the Group can either select to distribute newly issued shares or treasury shares or compensate in cash based on the share price. When mileage stock and long-term share-based payments are exercised, the Group pays the amount equivalent to share price of KB Financial Group Inc. in cash.
For a share-based payment transaction in which the terms of the arrangement provide the Group with the choice of whether to settle in cash or by issuing equity instruments, the Group accounts for the transaction in accordance with the requirements applying to cash-settled share-based payment transactions because the Group determines that it has a present obligation to settle in cash based on a past practice and a stated policy of settling in cash. Therefore, the Group measures the liability incurred as consideration for the service received at fair value and recognizes related expense and accrued expense over the vesting periods. For mileage stock and long-term share-based payments program, the Group accounts for the transaction in accordance with the requirements applying to cash-settled share-based payment transactions, which are recognized as expense and accrued expenses at the time of vesting.
Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss as share-based payments.
 
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3.19.4 Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or an employee’s decision to accept an offer of benefits in exchange for the termination of employment. The Group recognizes a liability and expense for termination benefits at the earlier of the following dates; when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring that is within the scope of IAS No.37 and involves the payment of termination benefits. If the termination benefits are not expected to be settled wholly before twelve months after the end of the annual reporting period, then the termination benefits are discounted to present value.
3.20 Income Tax Expense
Income tax expense comprises current tax expense and deferred income tax expense. Current and deferred income tax are recognized as income or expense and included in profit or loss for the period, except to the extent that the tax arises from (a) a transaction or event which is recognized, in the same or a different period, outside profit or loss, either in other comprehensive income or directly in equity and (b) a business combination.
3.20.1 Current income tax
Current income tax is the amount of income tax payable (recoverable) in respect of the taxable profit (tax loss) for a period. A difference between the taxable profit and accounting profit may arise when income or expense is included in accounting profit in one period but is included in taxable profit in a different period. Differences may also arise if there is revenue that is exempt from taxation, or expense that is not deductible in determining taxable profit (loss). Current income tax liabilities for the current and prior periods are measured using the tax rates that have been enacted or substantively enacted by the end of the reporting period.
The Group offsets current income tax assets and current income tax liabilities if, and only if, the Group (a) has a legally enforceable right to set off the recognized amounts and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
3.20.2 Deferred income tax
Deferred income tax is recognized, using the asset-liability method, on temporary differences arising between the
tax-based
amount of assets and liabilities and their carrying amount in the financial statements. Deferred income tax liabilities are recognized for all taxable temporary differences and deferred income tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. However, deferred income tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax assets and liabilities are not recognized if they arise from the initial recognition of an asset or liability in a transaction that is not a business combination, and at the time of the transaction, affects neither accounting nor taxable profit or loss.
The Group recognizes a deferred income tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of a deferred income tax asset is reviewed at the end of each reporting period. The Group reduces the carrying amount of a deferred income tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred income tax asset to be utilized.
 
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Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred income tax liabilities and deferred income tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
The Group offsets deferred income tax assets and deferred income tax liabilities if, and only if the Group has a legally enforceable right to set off current income tax assets against current income tax liabilities and the deferred income tax assets and the deferred income tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current income tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred income tax liabilities or assets are expected to be settled or recovered.
3.20.3 Uncertain tax positions
Uncertain tax positions arise from tax treatments applied by the Group which may be challenged by the tax authorities due to the complexity of the transaction or different interpretation of the tax laws, such as a claim for rectification, a claim for a refund related to additional tax or a tax investigation by the tax authorities. The Group recognizes its uncertain tax positions in the consolidated financial statements in accordance with IAS No.12 and IFRIC No.23. The income tax asset is recognized if a tax refund is probable for taxes levied by the tax authority, and the amount to be paid as a result of the tax investigation and others is recognized as the current tax payable. However, penalty tax and additional refund on tax are regarded as penalty or interest and are accounted for in accordance with IAS No.37.
3.21 Earnings per Share
The Group calculates basic earnings per share amounts and diluted earnings per share amounts for profit or loss attributable to ordinary equity holders of the Parent Company and presents them in the consolidated statement of comprehensive income. Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the profit or loss attributable to ordinary equity holders of the Parent Company and weighted average number of shares outstanding, taking into account all potential dilution effects, such as exchangeable bonds and share-based payments given to employees.
3.22 Lease
The Group as a lessor recognizes lease payments from operating leases as income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the consolidated statement of financial position based on their nature.
A lessee is required to recognize a
right-of-use
asset (lease assets) representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. Assets and liabilities arising from a lease are initially measured at the present value.
Lease liabilities include the net present value of the following lease payments:
 
  •  
Fixed payments (including
in-substance
fixed payments), less any lease incentives receivable
 
  •  
Variable lease payments that depend on an index or a rate
 
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8
  •  
Amounts expected to be payable by the lessee under residual value guarantees
 
  •  
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
 
  •  
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease
The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used, which is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the
right-of-use
asset in a similar economic environment.
Right-of-use
assets are measured at cost comprising the following:
 
  •  
The amount of the initial measurement of the lease liability
 
  •  
Any lease payments made at or before the commencement date, less any lease incentives received
 
  •  
Any initial direct costs incurred by the lessee, and
 
  •  
An estimate of restoration costs
However, the Group can elect not to apply the requirements of IFRS No.16 to short-term lease (lease that, at the commencement date, has a lease term of 12 months or less) and leases for which the underlying asset is of low value (for example, underlying leased asset under USD 5,000).
The
right-of-use
asset is depreciated from the commencement date to the earlier of the end of the useful life of the
right-of-use
asset or the end of the lease term.
For sale and leaseback transactions, the Group applies the requirements of IFRS No.15
Revenue from Contracts with Customers
, to determine whether the transfer of an asset is accounted for as a sale of that asset.
3.23 Operating Segments
The Group identifies its operating segments based on internal reports which are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance.
Segment information includes items which are directly attributable and can be allocated to the segment on a reasonable basis.
3.24 United States dollar amounts
The Group operates primarily in Korea and its official accounting records are maintained in Korean won. The U.S. dollar amounts are provided herein as supplementary information solely for the convenience of the reader. Korean won amounts are expressed in U.S. dollars at the rate of ￦
1,291.0
to U.S. $
1.00
, the U.S. Federal Reserve Bank of New York buying exchange rate in effect at noon, December 31, 2023. Such convenience translation into US dollars should not be construed as representations that the Korean won amounts have been, could have been, or could in the future be, converted at this or any other rate of exchange.
 
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4. Financial Risk Management
4.1 Summary
4.1.1 Overview of financial risk management policy
The financial risks that the Group is exposed to are credit risk, market risk, liquidity risk, operational risk, and others.
This note regarding financial risk management provides information about the risks that the Group is exposed to and about its objectives, policies, risk assessment and management procedures, and capital management. Additional quantitative information is disclosed throughout the consolidated financial statements.
The Group’s risk management system focuses on efficiently supporting long-term strategy and management decisions of the Group by increasing risk transparency, preventing risk transfer between subsidiaries and preemptive response to rapidly changing financial environments. Credit risk, market risk, operational risk, interest rate risk, insurance risk, liquidity risk, credit concentration risk, strategy risk, and reputation risk are recognized as the Group’s significant risks and measured and managed according to regulatory capital and internal capital standards.
4.1.2 Risk management organization
4.1.2.1 Risk Management Committee
The Risk Management Committee, as the ultimate decision-making body, deals with risk-related issues, such as establishing risk management strategies in accordance with the strategic direction determined by the board of directors, determining the affordable level of risk appetite, reviewing the level of risk and the status of risk management activities, approving the application of risk management systems, methodologies, and major improvements, and establishing and approving risk management policies and procedures to timely recognize, measure, monitor, and control risks arising from various transactions by the Group.
4.1.2.2 Risk Management Council
The Risk Management Council is responsible for consulting on matters delegated by the Risk Management Committee and requests for review by the Management Executive Committee, consulting on details of each subsidiary’s risk management policies and procedures, monitoring the Group’s risk management status, and establishing and implementing necessary measures.
4.1.2.3 Risk Management Department
The Risk Management Department performs the Group’s risk management detailed policies, procedures, and business processes, and is responsible for calculating the Group’s risk-weighted assets, monitoring and managing internal capital limits.
4.2 Credit Risk
4.2.1 Overview of credit risk
Credit risk is the risk of loss from the portfolio of assets held due to the counterparty’s default, breach of contract, and deterioration of credit quality. For risk management reporting purposes, the Group considers all factors of credit risk exposure, such as default risk of individual borrowers, country risk, and risk of specific sectors in an integrated way.
 
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4.2.2 Credit risk management
The Group measures the expected loss and economic capital for the assets subject to credit risk management, including on-balance and off-balance assets, and uses them as management indicators. The Group allocates and manages credit risk economic capital limits.
In addition, to prevent excessive concentration of exposures by borrower and industry, the total exposure limit at the Group level is introduced, applied, and managed to control the credit concentration risk.
All of the Kookmin Bank’s loan customers (individuals and corporates) are assigned a credit rating and managed by a comprehensive internal credit evaluation system. For individuals, the credit rating is evaluated by utilizing personal information, income and job information, asset information, and bank transaction information. For corporates, the credit rating is evaluated by analyzing and utilizing financial and non-financial information which measures current and future corporate value and ability to repay the debt. Also, the extent to which corporates have the ability to meet debt obligations is comprehensively considered.
The credit rating, once assigned, serves as the fundamental instrument in Kookmin Bank’s credit risk management, and is applied in a wide range of credit risk management processes, including credit approval, credit limit management, loan pricing, and assessment of allowances for credit losses. For corporates, Kookmin Bank conducts a regular credit evaluation at least once a year, and the review and supervision departments regularly validate the adequacy of credit ratings to manage credit risks.
KB Kookmin Card Co., Ltd.’s credit scoring system is divided into Application Scoring System (“ASS”) and Behavior Scoring System (“BSS”). For applications that meet the eligibility criteria for card issuance, the card will be issued only if the ASS credit rating is above the standard. KB Kookmin Card Co., Ltd.’s internal information, external information from the credit bureau company and others, and personal information on the application are used to calculate the ASS credit rating. The BSS, which is recalculated on a weekly basis, predicts the delinquency probability of cardholders, and utilizes it to monitor cardholders and portfolio risk.
In order to establish a credit risk management system, the Group manages credit risk by forming a separate risk management organization. In particular, independently of the Sales Group, the Credit Management & Analysis Group of Kookmin Bank, a subsidiary, is in charge of loan policy, loan system, credit rating, credit analysis, follow-up management, and corporate restructuring. The Risk Management Group of Kookmin Bank is responsible for establishing policies on credit risk management, measuring and limiting internal capital of credit risk, setting credit limits, credit review, and verification of credit rating models.
 
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61
4.2.3 Maximum exposure to credit risk
The Group’s maximum exposures to credit risk without consideration of collateral values in relation to financial instruments other than equity securities as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
(In millions of Korean won)
  
Financial assets
      
Due from financial institutions measured at amortized cost *
    ￦ 29,912,097      ￦ 27,579,279  
Financial assets at fair value through profit or loss:
      
Due from financial institutions measured at fair value through profit or loss
      69,469        79,811  
Securities measured at fair value through profit or loss
      65,899,397        72,658,432  
Loans measured at fair value through profit or loss
      493,562        183,726  
Financial instruments indexed to the price of gold
      90,006        93,743  
Derivatives
      9,446,580        6,157,628  
Loans measured at amortized cost *
      433,038,931        444,805,287  
Financial investments:
      
Securities measured at fair value through other comprehensive income
      76,648,353        78,926,437  
Securities measured at amortized cost *
      35,919,241        39,701,389  
Loans measured at fair value through other comprehensive income
      549,272        801,050  
Other financial assets *
      10,718,383        16,544,513  
  
 
 
     
 
 
  
     662,785,291        687,531,295  
  
 
 
     
 
 
  
Off-balance sheet items
      
Acceptances and guarantees contracts
      12,425,753        13,763,222  
Financial guarantee contracts
      8,297,042        7,828,205  
Commitments
      188,295,902        203,906,179  
  
 
 
     
 
 
  
     209,018,697        225,497,606  
  
 
 
     
 
 
  
   ￦  871,803,988      ￦  913,028,901  
  
 
 
     
 
 
  
 
*
After netting of allowance
4.2.4 Credit risk of loans
The Group maintains allowances for loan losses associated with credit risk of loans to manage its credit risk.
The Group assesses expected credit losses and recognizes loss allowances of financial assets at amortized cost and financial assets at fair value through other comprehensive income. Financial assets at fair value through profit or loss are excluded. Expected credit losses are a probability-weighted estimate of possible credit losses occurring in a certain range by reflecting reasonable and supportable information that is reasonably available at the end of the reporting period without undue cost or effort, including information about past events, current conditions, and forecasts of future economic conditions. The Group measures the expected credit losses of loans classified as financial assets at amortized cost, by deducting allowances for credit losses. The expected credit losses of loans classified as financial assets at fair value through other comprehensive income are presented in other comprehensive income in the consolidated financial statements.
 
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4.2.4.1 Credit risk exposure
Credit qualities of loans as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
12-month
expected credit
losses
     
Lifetime expected credit losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Loans measured at amortized cost*
 
         
Corporate
               
Grade 1
    ￦ 134,819,382      ￦ 5,877,660      ￦ 3,372      ￦ —      ￦ 140,700,414  
Grade 2
      65,653,118        8,585,346        4,480        —        74,242,944  
Grade 3
      4,054,714        3,221,267        14,694        —        7,290,675  
Grade 4
      570,671        922,748        34,298        —        1,527,717  
Grade 5
      11,909        419,058        1,959,706        —        2,390,673  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     205,109,794        19,026,079        2,016,550        —        226,152,423  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Retail
               
Grade 1
      164,125,295        4,240,281        11,287        —        168,376,863  
Grade 2
      8,100,613        3,846,756        32,878        —        11,980,247  
Grade 3
      4,320,640        1,477,297        25,600        —        5,823,537  
Grade 4
      306,655        315,357        32,330        —        654,342  
Grade 5
      26,013        742,720        834,178        —        1,602,911  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     176,879,216        10,622,411        936,273        —        188,437,900  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Credit card
               
Grade 1
      11,547,014        1,316,136        —        —        12,863,150  
Grade 2
      4,390,211        1,214,946        —        —        5,605,157  
Grade 3
      1,142,362        1,925,145        —        —        3,067,507  
Grade 4
      2,227        302,736        —        —        304,963  
Grade 5
      666        173,049        595,101        —        768,816  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     17,082,480        4,932,012        595,101        —        22,609,593  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     399,071,490        34,580,502        3,547,924        —        437,199,916  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Loans measured at fair value through other comprehensive income
 
      
Corporate
 
      
Grade 1
      489,445        —        —        —        489,445  
Grade 2
      59,827        —        —        —        59,827  
Grade 3
      —        —        —        —        —  
Grade 4
      —        —        —        —        —  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     549,272        —        —        —        549,272  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     549,272        —        —        —        549,272  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 399,620,762      ￦ 34,580,502      ￦ 3,547,924      ￦ —      ￦ 437,749,188  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
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December 31, 2023
  
    
12-month
expected credit
losses
     
Lifetime expected credit losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Loans measured at amortized cost*
 
         
Corporate
               
Grade 1
    ￦ 142,216,615      ￦ 6,765,165      ￦ 2,122      ￦ —      ￦ 148,983,902  
Grade 2
      65,606,587        10,632,633        40,942        —        76,280,162  
Grade 3
      3,547,489        3,964,877        8,231        —        7,520,597  
Grade 4
      654,654        1,285,650        31,645        —        1,971,949  
Grade 5
      16,188        581,524        2,871,510        —        3,469,222  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     212,041,533        23,229,849        2,954,450        —        238,225,832  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Retail
               
Grade 1
      165,579,777        4,147,682        11,945        —        169,739,404  
Grade 2
      7,133,302        3,664,451        30,019        —        10,827,772  
Grade 3
      4,941,476        1,614,245        26,804        —        6,582,525  
Grade 4
      258,300        375,964        24,908        —        659,172  
Grade 5
      42,561        776,597        1,064,258        —        1,883,416  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     177,955,416        10,578,939        1,157,934        —        189,692,289  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Credit card
               
Grade 1
      10,776,164        253,905        —        —        11,030,069  
Grade 2
      5,854,931        936,657        —        —        6,791,588  
Grade 3
      1,645,099        1,416,715        —        —        3,061,814  
Grade 4
      7,827        431,083        —        —        438,910  
Grade 5
      2,432        229,439        795,719        —        1,027,590  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     18,286,453        3,267,799        795,719        —        22,349,971  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     408,283,402        37,076,587        4,908,103        —        450,268,092  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Loans measured at fair value through other comprehensive income
 
   
Corporate
               
Grade 1
      762,041        —        —        —        762,041  
Grade 2
      39,009        —        —        —        39,009  
Grade 3
      —        —        —        —        —  
Grade 4
      —        —        —        —        —  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     801,050        —        —        —        801,050  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     801,050        —        —        —        801,050  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 409,084,452      ￦ 37,076,587      ￦ 4,908,103      ￦ —      ￦ 451,069,142  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Before netting of allowance
 
F-6
4
Credit qualities of loans graded according to internal credit ratings as of December 31, 2022 and 2023, are as follows:
 
    
Range of probability
of default (%)
   
Retail
   
Corporate
Grade 1
    0.0 ~ 1.0    1 ~ 5 grade    AAA ~ BBB+
Grade 2
    1.0 ~ 5.0    6 ~ 8 grade    BBB ~ BB
Grade 3
    5.0 ~ 15.0    9 ~ 10 grade    BB- ~ B
Grade 4
     15.0 ~ 30.0     11 grade    B- ~ CCC
Grade 5
    30.0 ~    12 grade or under    CC or under
4.2.4.2 Quantification of the extent to which collateral and other credit enhancements mitigate credit risk of loans as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
12-month
expected credit
losses
     
Lifetime expected credit losses
     
Total
  
    
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Guarantees
    ￦ 100,429,157      ￦ 7,060,738      ￦ 301,688      ￦ 107,791,583  
Deposits and savings
      1,855,720        141,016        46,984        2,043,720  
Property and equipment
      14,648,523        1,002,291        180,103        15,830,917  
Real estate
      191,121,014        15,793,644        1,708,145        208,622,803  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 308,054,414      ￦ 23,997,689      ￦ 2,236,920      ￦ 334,289,023  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
12-month
expected credit
losses
     
Lifetime expected credit losses
     
Total
  
    
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Guarantees
    ￦ 114,669,115      ￦ 7,639,754      ￦ 425,696      ￦ 122,734,565  
Deposits and savings
      2,461,434        129,853        15,176        2,606,463  
Property and equipment
      15,121,688        1,109,156        442,084        16,672,928  
Real estate
      196,412,901        19,374,276        2,893,235        218,680,412  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 328,665,138      ￦ 28,253,039      ￦ 3,776,191      ￦ 360,694,368  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
F-6
5
4.2.5 Credit risk of securities
Credit qualities of securities exposed to credit risk other than equity securities among financial investments as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
12-month
expected credit
losses
     
Lifetime expected credit
losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Securities measured at amortized cost*
 
Grade 1
    ￦ 34,211,405      ￦ —      ￦ —      ￦ —      ￦ 34,211,405  
Grade 2
      1,713,414        —        —        —        1,713,414  
Grade 3
      —        —        —        —        —  
Grade 4
      —        —        —        —        —  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     35,924,819        —        —        —        35,924,819  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Securities measured at fair value through other comprehensive income
 
      
Grade 1
      70,830,502        —        —        —        70,830,502  
Grade 2
      5,669,442        53,861        —        —        5,723,303  
Grade 3
      66,797        9,169        —        —        75,966  
Grade 4
      13,942        4,640        —        —        18,582  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     76,580,683        67,670        —        —        76,648,353  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     ￦112,505,502      ￦ 67,670      ￦ —      ￦ —      ￦ 112,573,172  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
12-month
expected credit
losses
     
Lifetime expected credit
losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Securities measured at amortized cost*
 
Grade 1
    ￦ 35,812,502      ￦ —      ￦ —      ￦ —      ￦ 35,812,502  
Grade 2
      3,907,307        —        —        —        3,907,307  
Grade 3
      852        —        —        —        852  
Grade 4
      —        —        —        —        —  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     39,720,661        —        —        —        39,720,661  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Securities measured at fair value through other comprehensive income
 
      
Grade 1
      72,574,183        —        —        —        72,574,183  
Grade 2
      6,326,108        —        —        —        6,326,108  
Grade 3
      26,146        —        —        —        26,146  
Grade 4
      —        —        —        —        —  
Grade 5
      —        —        —        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     78,926,437        —        —        —        78,926,437  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 118,647,098      ￦ —      ￦ —      ￦ —      ￦ 118,647,098  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Before netting of allowance
 
F-6
6
Credit qualities of securities other than equity securities, according to the credit ratings by external credit rating agencies as of December 31, 2022 and 2023, are as follows:
 
   
Domestic
    
Foreign
  
Credit quality
  
KIS
    
NICE P&I
    
KAP
    
FnPricing Inc.
    
S&P
    
Fitch-IBCA
    
Moody’s
  
Grade 1
     AA0 to AAA       AA0 to AAA       AA0 to AAA       AA0 to AAA       A- to AAA       A- to AAA       A3 to Aaa  
Grade 2
    
A
- to
AA
-		       A- to AA-       A- to AA-       A- to AA-       BBB-to BBB+       BBB-to BBB+       Baa3 to Baa1  
Grade 3
     BBB0 to 
BBB
+		       BBB0 to BBB+       BBB0 to BBB+       BBB0 to BBB+       BB to BB+       BB to BB+       Ba2 to Ba1  
Grade 4
     BB0 to
BBB
-		       BB0 to BBB-       BB0 to BBB-       BB0 to BBB-       B+ to BB-       B+ to BB-       B1 to Ba3  
Grade 5
    
BB
- or under		       BB- or under       BB- or under       BB- or under       B or under       B or under       B2 or under  
Credit qualities of debt securities denominated in Korean won are based on the lowest credit rating by the domestic credit rating agencies above, and those denominated in foreign currencies are based on the lowest credit rating by the foreign credit rating agencies above.
4.2.6 Credit risk of due from financial institutions
Credit qualities of due from financial institutions as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
12-month expected
credit losses
     
Lifetime expected credit
losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost*
 
Grade 1
    ￦ 28,023,879      ￦ —      ￦ —      ￦ —      ￦ 28,023,879  
Grade 2
      1,428,663        —        —        —        1,428,663  
Grade 3
      —        —        —        —        —  
Grade 4
      —        —        —        —        —  
Grade 5
      462,298        —        —        —        462,298  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 29,914,840      ￦ —      ￦ —      ￦ —      ￦ 29,914,840  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
12-month expected
credit losses
     
Lifetime expected credit losses
     
Not applying
expected credit
losses
     
Total
  
  
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost*
 
Grade 1
    ￦ 26,279,729      ￦ —      ￦ —      ￦ —      ￦ 26,279,729  
Grade 2
      503,794        —        —        —        503,794  
Grade 3
      108,290        —        —        —        108,290  
Grade 4
      —        —        —        —        —  
Grade 5
      688,487        —        —        —        688,487  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     ￦27,580,300      ￦ —      ￦ —      ￦ —      ￦ 27,580,300  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Before netting of allowance
The classification criteria of the credit qualities of due from financial institutions as of December 31, 2022 and 2023, are the same as the criteria for securities other than equity securities.
 
F-6
7
4.2.7 Credit risk mitigation of derivative financial instruments
Quantification of the extent to which collateral mitigates credit risk of derivative financial instruments as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
(In millions of Korean won)
  
Deposits, savings, securities, and others
    ￦ 2,966,923      ￦ 1,471,117  
4.2.8 Credit risk concentration analysis
4.2.8.1 Classifications of loans by country as of December 31, 2022 and 2023, are as follows:
 
 
   
December 31, 2022 *
  
   
Retail
    
Corporate
    
Credit card
    
Total
    
%
    
Allowances
    
Carrying

amount
  
   
(In millions of Korean won)
  
Korea
   ￦ 183,102,083     ￦ 199,258,559     ￦ 22,562,372     ￦ 404,923,014       92.40     ￦ (3,033,033 )    ￦ 401,889,981  
Europe
     —       4,694,011       —       4,694,011       1.07       (25,696 )      4,668,315  
China
     140,060       6,901,682       363       7,042,105       1.61       (39,025 )      7,003,080  
Japan
     —       1,150,151       46       1,150,197       0.26       (1,755 )      1,148,442  
United States
     —       5,130,629       —       5,130,629       1.17       (18,229 )      5,112,400  
Cambodia
     2,610,472       3,768,170       —       6,378,642       1.46       (73,723 )      6,304,919  
Indonesia
     1,735,571       2,896,037       43,023       4,674,631       1.07       (795,309 )      3,879,322  
Others
     849,713       3,396,018       3,789       4,249,520       0.96       (174,213 )      4,075,307  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 188,437,899     ￦ 227,195,257     ￦ 22,609,593     ￦ 438,242,749       100.00     ￦ (4,160,983 )    ￦ 434,081,766  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2023 *
  
   
Retail
    
Corporate
    
Credit card
    
Total
    
%
    
Allowances
    
Carrying

amount
  
   
(In millions of Korean won)
  
Korea
   ￦ 184,016,939     ￦ 210,306,079     ￦ 22,304,522     ￦ 416,627,540       92.33     ￦ (4,013,937 )    ￦ 412,613,603  
Europe
     —       4,611,356       —       4,611,356       1.02       (29,267 )      4,582,089  
China
     73,105       7,048,870       537       7,122,512       1.58       (37,624 )      7,084,888  
Japan
     —       912,224       92       912,316       0.20       (2,072 )      910,244  
United States
     —       5,985,577       —       5,985,577       1.33       (168,487 )      5,817,090  
Cambodia
     3,466,607       3,931,738       1,097       7,399,442       1.64       (243,544 )      7,155,898  
Indonesia
     1,474,419       3,216,033       38,198       4,728,650       1.05       (765,195 )      3,963,455  
Others
     661,219       3,198,731       5,525       3,865,475       0.85       (202,679 )      3,662,796  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 189,692,289     ￦ 239,210,608     ￦ 22,349,971     ￦ 451,252,868       100.00     ￦ (5,462,805 )    ￦ 445,790,063  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Amount includes loans measured at fair value through profit or loss, other comprehensive income, and amortized cost.
 
F-6
8
4.2.8.2 Classifications of corporate loans by industry as of December 31, 2022 and 2023, are as follows:
 
 
    
December 31, 2022
  
    
Loans
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Financial institutions
    ￦ 23,832,403        10.49      ￦ (52,250 )    ￦ 23,780,153  
Manufacturing
      53,293,160        23.46        (575,186 )      52,717,974  
Service
      98,549,099        43.38        (479,709 )      98,069,390  
Wholesale and retail
      29,712,579        13.08        (352,208 )      29,360,371  
Construction
      6,906,750        3.04        (228,782 )      6,677,968  
Public sector
      1,940,133        0.85        (84,436 )      1,855,697  
Others
      12,961,133        5.70        (213,205 )      12,747,928  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦  227,195,257        100.00      ￦ (1,985,776 )    ￦ 225,209,481  
  
 
 
     
 
 
     
 
 
    
 
 
  
 
    
December 31, 2023
  
    
Loans
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Financial institutions
    ￦ 25,194,810        10.53      ￦ (147,964 )    ￦ 25,046,846  
Manufacturing
      51,666,785        21.60        (619,644 )      51,047,141  
Service
      106,907,060        44.69        (1,247,642 )      105,659,418  
Wholesale and retail
      29,904,053        12.50        (502,211 )      29,401,842  
Construction
      7,047,906        2.95        (280,598 )      6,767,308  
Public sector
      2,259,364        0.94        (83,029 )      2,176,335  
Others
      16,230,630        6.79        (276,811 )      15,953,819  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦ 239,210,608        100.00      ￦ (3,157,899 )    ￦ 236,052,709  
  
 
 
     
 
 
     
 
 
    
 
 
  
4.2.8.3 Classifications of retail loans and credit card receivables as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Loans
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Housing loan
    ￦ 94,767,212        44.90      ￦ (163,348 )    ￦ 94,603,864  
General loan
      93,670,687        44.38        (1,174,018 )      92,496,669  
Credit card
      22,609,593        10.72        (837,842 )      21,771,751  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦ 211,047,492        100.00      ￦ (2,175,208 )    ￦ 208,872,284  
  
 
 
     
 
 
     
 
 
    
 
 
  
 
    
December 31, 2023
  
    
Loans
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Housing loan
    ￦ 97,142,065        45.81      ￦ (227,758 )    ￦ 96,914,307  
General loan
      92,550,224        43.65        (1,141,322 )      91,408,902  
Credit card
      22,349,971        10.54        (935,826 )      21,414,145  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦  212,042,260        100.00      ￦ (2,304,906 )    ￦ 209,737,354  
  
 
 
     
 
 
     
 
 
    
 
 
  
 
F-6
9
4.2.8.4 Classifications of due from financial institutions, securities other than equity securities, and derivative financial assets by industry as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Amount
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost
 
Finance and insurance
    ￦ 29,914,840        100.00      ￦ (2,743 )    ￦ 29,912,097  
  
 
 
     
 
 
     
 
 
    
 
 
  
     29,914,840        100.00        (2,743 )      29,912,097  
  
 
 
     
 
 
     
 
 
    
 
 
  
Due from financial institutions measured at fair value through profit or loss
 
Finance and insurance
      69,469        100.00        —       69,469  
  
 
 
     
 
 
     
 
 
    
 
 
  
     69,469        100.00        —       69,469  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through profit or loss
 
Government and government funded institutions
      16,556,811        25.12        —       16,556,811  
Finance and insurance
      37,674,363        57.17        —       37,674,363  
Others
      11,668,223        17.71        —       11,668,223  
  
 
 
     
 
 
     
 
 
    
 
 
  
     65,899,397        100.00        —       65,899,397  
  
 
 
     
 
 
     
 
 
    
 
 
  
Derivative financial assets
 
Government and government funded institutions
      58,060        0.61        —       58,060  
Finance and insurance
      8,988,025        95.15        —       8,988,025  
Others
      400,495        4.24        —       400,495  
  
 
 
     
 
 
     
 
 
    
 
 
  
     9,446,580        100.00        —       9,446,580  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through other comprehensive income
 
Government and government funded institutions
      41,566,376        54.23        —       41,566,376  
Finance and insurance
      22,463,066        29.31        —       22,463,066  
Others
      12,618,911        16.46        —       12,618,911  
  
 
 
     
 
 
     
 
 
    
 
 
  
     76,648,353        100.00        —       76,648,353  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at amortized cost
 
Government and government funded institutions
      16,984,957        47.28        (3 )      16,984,954  
Finance and insurance
      18,368,966        51.13        (5,212 )      18,363,754  
Others
      570,896        1.59        (363 )      570,533  
  
 
 
     
 
 
     
 
 
    
 
 
  
     35,924,819        100.00        (5,578 )      35,919,241  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦  217,903,458         ￦ (8,321 )    ￦ 217,895,137  
  
 
 
        
 
 
    
 
 
  
 
F-7
0
    
December 31, 2023
  
    
Amount
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost
 
Finance and insurance
    ￦ 27,580,300        100.00      ￦ (1,021 )    ￦ 27,579,279  
  
 
 
     
 
 
     
 
 
    
 
 
  
     27,580,300        100.00        (1,021 )      27,579,279  
  
 
 
     
 
 
     
 
 
    
 
 
  
Due from financial institutions measured at fair value through profit or loss
 
Finance and insurance
      79,811        100.00        —       79,811  
  
 
 
     
 
 
     
 
 
    
 
 
  
     79,811        100.00        —       79,811  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through profit or loss
 
Government and government funded institutions
      21,022,824        28.94        —       21,022,824  
Finance and insurance
      37,426,249        51.51        —       37,426,249  
Others
      14,209,359        19.55        —       14,209,359  
  
 
 
     
 
 
     
 
 
    
 
 
  
     72,658,432        100.00        —       72,658,432  
  
 
 
     
 
 
     
 
 
    
 
 
  
Derivative financial assets
 
Government and government funded institutions
      52,508        0.85        —       52,508  
Finance and insurance
      5,785,110        93.95        —       5,785,110  
Others
      320,010        5.20        —       320,010  
  
 
 
     
 
 
     
 
 
    
 
 
  
     6,157,628        100.00        —       6,157,628  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through other comprehensive income
 
Government and government funded institutions
      44,790,264        56.75        —       44,790,264  
Finance and insurance
      21,546,428        27.30        —       21,546,428  
Others
      12,589,745        15.95        —       12,589,745  
  
 
 
     
 
 
     
 
 
    
 
 
  
     78,926,437        100.00        —       78,926,437  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at amortized cost
 
Government and government funded institutions
      16,391,846        41.27        (655 )      16,391,191  
Finance and insurance
      22,960,878        57.80        (17,965 )      22,942,913  
Others
      367,937        0.93        (652 )      367,285  
  
 
 
     
 
 
     
 
 
    
 
 
  
     39,720,661        100.00        (19,272 )      39,701,389  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦ 225,123,269         ￦ (20,293 )    ￦ 225,102,976  
  
 
 
        
 
 
    
 
 
  
 
F-
71
4.2.8.5 Classifications of due from financial institutions, securities other than equity securities, and derivative financial assets by country as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Amount
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost
 
Korea
    ￦ 22,156,154        74.06      ￦ (484 )    ￦ 22,155,670  
United States
      2,267,982        7.58        (28 )      2,267,954  
Others
      5,490,704        18.36        (2,231 )      5,488,473  
  
 
 
     
 
 
     
 
 
    
 
 
  
     29,914,840        100.00        (2,743 )      29,912,097  
  
 
 
     
 
 
     
 
 
    
 
 
  
Due from financial institutions measured at fair value through profit or loss
 
Korea
      69,469        100.00        —       69,469  
  
 
 
     
 
 
     
 
 
    
 
 
  
     69,469        100.00        —       69,469  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through profit or loss
 
Korea
      60,061,811        91.14        —       60,061,811  
United States
      3,227,851        4.90        —       3,227,851  
Others
      2,609,735        3.96        —       2,609,735  
  
 
 
     
 
 
     
 
 
    
 
 
  
     65,899,397        100.00        —       65,899,397  
  
 
 
     
 
 
     
 
 
    
 
 
  
Derivative financial assets
 
Korea
      4,831,012        51.14        —       4,831,012  
United States
      1,351,969        14.31        —       1,351,969  
France
      1,281,270        13.56        —       1,281,270  
Singapore
      212,710        2.25        —       212,710  
Japan
      435,592        4.61        —       435,592  
Others
      1,334,027        14.13        —       1,334,027  
  
 
 
     
 
 
     
 
 
    
 
 
  
     9,446,580        100.00        —       9,446,580  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through other comprehensive income
 
Korea
      70,803,558        92.37        —       70,803,558  
United States
      2,419,242        3.17        —       2,419,242  
Others
      3,425,553        4.46        —       3,425,553  
  
 
 
     
 
 
     
 
 
    
 
 
  
     76,648,353        100.00        —       76,648,353  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at amortized cost
 
Korea
      30,551,452        85.04        (3,886 )     30,547,566  
United States
      2,880,918        8.02        (949 )      2,879,969  
Others
      2,492,449        6.94        (743 )      2,491,706  
  
 
 
     
 
 
     
 
 
    
 
 
  
     35,924,819        100        (5,578 )     35,919,241  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦ 217,903,458         ￦ (8,321 )   ￦ 217,895,137  
  
 
 
        
 
 
    
 
 
  
 
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72
    
December 31, 2023
  
    
Amount
     
%
     
Allowances
    
Carrying amount
  
    
(In millions of Korean won)
  
Due from financial institutions measured at amortized cost
 
Korea
    ￦ 19,763,609        71.65      ￦ (229 )    ￦ 19,763,380  
United States
      3,021,300        10.95        (88 )      3,021,212  
Others
      4,795,391        17.40        (704 )      4,794,687  
  
 
 
     
 
 
     
 
 
    
 
 
  
     27,580,300        100.00        (1,021 )      27,579,279  
  
 
 
     
 
 
     
 
 
    
 
 
  
Due from financial institutions measured at fair value through profit or loss
 
Korea
      79,811        100.00        —       79,811  
  
 
 
     
 
 
     
 
 
    
 
 
  
     79,811        100.00        —       79,811  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through profit or loss
 
Korea
      65,460,878        90.09        —       65,460,878  
United States
      3,260,968        4.49        —       3,260,968  
Others
      3,936,586        5.42        —       3,936,586  
  
 
 
     
 
 
     
 
 
    
 
 
  
     72,658,432        100.00        —       72,658,432  
  
 
 
     
 
 
     
 
 
    
 
 
  
Derivative financial assets
 
Korea
      2,931,376        47.61        —       2,931,376  
United States
      1,008,296        16.37        —       1,008,296  
France
      863,376        14.02        —       863,376  
Singapore
      141,696        2.30        —       141,696  
Japan
      326,585        5.30        —       326,585  
Others
      886,299        14.40        —       886,299  
  
 
 
     
 
 
     
 
 
    
 
 
  
     6,157,628        100.00        —       6,157,628  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at fair value through other comprehensive income
 
Korea
      73,226,955        92.78        —       73,226,955  
United States
      2,354,107        2.99        —       2,354,107  
Others
      3,345,375        4.23        —       3,345,375  
  
 
 
     
 
 
     
 
 
    
 
 
  
     78,926,437        100.00        —       78,926,437  
  
 
 
     
 
 
     
 
 
    
 
 
  
Securities measured at amortized cost
 
Korea
      35,344,575        88.99        (14,648 )      35,329,927  
United States
      1,159,699        2.92        (1,070 )      1,158,629  
Others
      3,216,387        8.09        (3,554 )      3,212,833  
  
 
 
     
 
 
     
 
 
    
 
 
  
     39,720,661        100.00        (19,272 )      39,701,389  
  
 
 
     
 
 
     
 
 
    
 
 
  
   ￦ 225,123,269         ￦ (20,293 )    ￦ 225,102,976  
  
 
 
        
 
 
    
 
 
  
Due from financial institutions, financial instruments at fair value through profit or loss linked to gold price, and derivative financial instruments are mostly related to the finance and insurance industry with high credit ratings.
 
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3
4.3 Liquidity Risk
4.3.1 Overview of liquidity risk
Liquidity risk is a risk that the Group becomes insolvent due to the mismatch between the inflow and outflow of funds, unexpected cash outflows, or a risk of loss due to financing funds at a high interest rate or disposing of securities at an unfavorable price due to lack of available funds. The Group manages its liquidity risk through analysis of the contractual maturity of interest-bearing assets and liabilities, assets and liabilities related to the other inflows and outflows of funds, and off-balance sheet items related to the inflows and outflows of funds such as currency derivative instruments and others.
4.3.2 Liquidity risk management and indicator
The liquidity risk is managed by risk management policies and liquidity risk management guidelines set forth in these policies that apply to all risk management policies and procedures that may arise throughout the overall business of the Group.
The Group calculates and manages cumulative liquidity gap, liquidity ratio and others for all transactions and off-balance transactions related to liquidity, that affect the cash flows in Korean won and foreign currency funds raised and operated for the management of liquidity risks and periodically reports them to the Risk Management Council and the Risk Management Committee.
4.3.3 Analysis of remaining contractual maturity of financial liabilities
The cash flows disclosed in the maturity analysis are undiscounted contractual amounts including principal and future interest payments; as such, amounts in the table below do not match with those in the consolidated statements of financial position which are based on discounted cash flows. The future interest payments for floating-rate liabilities are calculated on the assumption that the current interest rate is the same until maturity.
 
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4
4.3.3.1 Remaining contractual maturity of financial liabilities other than derivatives held for cash flow hedge, and off-balance sheet items as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
On demand
    
Up to 1 month
    
1-3
months
    
3-12
months
    
1-5
years
    
Over 5 years
    
Total
  
   
(In millions of Korean won)
  
Financial liabilities
              
Financial liabilities at fair value through profit or loss
1
   ￦ 2,193,210     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 2,193,210  
Financial liabilities designated at fair value through profit or loss
1
     10,078,394       —       —       —       —       —       10,078,394  
Derivatives held for trading
1
     9,209,537       —       —       —       —       —       9,209,537  
Derivatives held for hedging
2
     —       11,106       8,886       39,174       221,551       3,502       284,219  
Deposits
3
     175,530,178       29,911,835       45,245,496       131,765,097       17,979,299       1,129,024       401,560,929  
Borrowings
     7,831,474       23,821,330       7,676,952       19,120,861       12,839,302       1,159,432       72,449,351  
Debentures
     11,117       4,011,679       8,353,663       20,995,587       33,216,320       6,485,136       73,073,502  
Lease liabilities
     164       28,079       45,200       171,449       376,159       2,839       623,890  
Other financial liabilities
     179,241       17,938,781       368,218       447,898       907,643       428,310       20,270,091  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 205,033,315     ￦ 75,722,810     ￦ 61,698,415     ￦ 172,540,066     ￦ 65,540,274     ￦ 9,208,243     ￦ 589,743,123  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Off-balance sheet items
              
Commitments
4
   ￦ 188,295,902     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 188,295,902  
Acceptances and guarantees contracts
     12,425,753       —       —       —       —       —       12,425,753  
Financial guarantee contracts
5
     8,297,042       —       —       —       —       —       8,297,042  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 209,018,697     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 209,018,697  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2023
  
   
On demand
    
Up to 1 month
    
1-3
months
    
3-12
months
    
1-5
years
    
Over 5 years
    
Total
  
   
(In millions of Korean won)
  
Financial liabilities
              
Financial liabilities at fair value through profit or loss
1
   ￦ 2,953,472     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 2,953,472  
Financial liabilities designated at fair value through profit or loss
1
     7,966,963       —       —       —       —       —       7,966,963  
Derivatives held for trading
1
     5,966,512       —       —       —       —       —       5,966,512  
Derivatives held for hedging
2
     7,856       11,887       16,968       48,476       50,888       (4,255 )      131,820  
Deposits
3
     175,103,423       35,688,530       55,092,937       131,347,718       17,325,661       1,764,854       416,323,123  
Borrowings
     10,729,326       18,654,410       6,594,666       21,356,372       12,432,385       1,195,946       70,963,105  
Debentures
     10,077       3,843,626       5,556,957       21,137,247       37,653,013       5,727,779       73,928,699  
Lease liabilities
     243       27,478       43,005       172,528       366,002       34,804       644,060  
Other financial liabilities
     875,267       25,693,343       166,001       331,289       1,128,101       264,861       28,458,862  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 203,613,139     ￦ 83,919,274     ￦ 67,470,534     ￦ 174,393,630     ￦ 68,956,050     ￦ 8,983,989     ￦ 607,336,616  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Off-balance sheet items
              
Commitments
4
   ￦ 203,906,179     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 203,906,179  
Acceptances and guarantees contracts
     13,763,222       —       —       —       —       —       13,763,222  
Financial guarantee contracts
5
     7,828,205       —       —       —       —       —       7,828,205  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 225,497,606     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 225,497,606  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Financial liabilities measured or designated at fair value through profit or loss and derivatives held for trading are not managed by contractual maturity because they are expected to be traded or redeemed before maturity. Therefore, the carrying amounts of those financial instruments are included in the ‘On demand’ category.
2
Cash flows of derivatives held for hedging are shown at net amount of cash inflows and outflows by remaining contractual maturity.
3
Deposits that are contractually repayable on demand or on short notice are included in the ‘On demand’ category.
4
Commitments are included in the ‘On demand’ category because payments can be requested at any time.
5
Cash flows under financial guarantee contracts are classified based on the earliest period that the contract can be executed.
 
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5
4.3.3.2 Contractual cash flows of derivatives held for cash flow hedge as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Up to
1 month
    
1-3 months
    
3-12 months
    
1-5 years
    
Over 5 years
    
Total
  
   
(In millions of Korean won)
  
Cash flow to be received (paid) of net-settled derivatives
   ￦ 1,534     ￦ 10,994     ￦ 25,749     ￦ 119,179     ￦ 3,526     ￦ 160,982  
Cash flow to be received of gross-settled derivatives
     10,932       30,311       1,003,755       2,894,502       —       3,939,500  
Cash flow to be paid of gross-settled derivatives
     (10,357 )      (54,794 )      (1,007,950 )      (2,255,613 )      —       (3,328,714 ) 
   
December 31, 2023
  
   
Up to
1 month
    
1-3 months
    
3-12 months
    
1-5 years
    
Over 5 years
    
Total
  
   
(In millions of Korean won)
  
Cash flow to be received (paid) of net-settled derivatives
   ￦ 1,605     ￦ 9,596     ￦ 28,260     ￦ 76,704     ￦ 802     ￦ 116,967  
Cash flow to be received of gross-settled derivatives
     35,052       86,391       331,383       2,723,781       —       3,176,607  
Cash flow to be paid of gross-settled derivatives
     (35,871 )      (92,640 )      (488,194 )      (3,272,506 )      —       (3,889,211 ) 
4.4 Market Risk
4.4.1 Concept
Market risk refers to risks that can result in losses due to changes in market factors such as interest rate, stock price, and foreign exchange rate, etc., which arise from securities, derivatives, and others. The most significant risks associated with trading positions are interest rate risk, currency risk, and additional risks include stock price risk. The non-trading position is also exposed to interest rate risk. The Group manages the market risks by dividing them into those arising from the trading position and those arising from the non-trading position.
4.4.2 Risk management
The Group sets and monitors internal capital limits for market risk and interest rate risk to manage the risks of trading and non-trading positions. In order to manage market risk efficiently, the Group maintains risk management systems and procedures such as trading policies and procedures, market risk management guidelines for trading positions, and interest rate risk management guidelines for non-trading positions. The entire process is carried out through consultation with the Risk Management Council and approval by the Risk Management Committee of the Group. However, insurance companies that are engaged in the insurance business are not subject to these guidelines and are monitored by setting internal capital limits for market risk and interest rate risk based on K-ICS.
In the case of Kookmin Bank, a major subsidiary, the Risk Management Council establishes and enforces overall market risk management policies for market risk management and decides to establish position limits, loss limits, VaR limits, and approves non-standard new products. In addition, the Market Risk Management Subcommittee, chaired by Chief Risk Officer (“CRO”), is a practical decision-making body for market risk management and determines position limits, loss limits, VaR limits, sensitivity limits, and scenario loss limits for each department of the business group.
 
F-7
6
Kookmin Bank’s Asset-Liability Management Committee (“ALCO”) determines interest rate and commission operating standards and Asset Liability Management (“ALM”) operation policies and enacts and revises relevant guidelines. The Risk Management Committee and the Risk Management Council monitor the establishment and enforcement of ALM risk management policies and enact and revise ALM risk management guidelines. Interest rate risk limits are set based on future asset and liability positions and expected interest rate volatility, which reflect annual business plans. The Financial Planning Department and the Risk Management Department regularly measure and monitor interest rate risk and report the status and limit of interest rate risk including changes in Economic Value of Equity (“ΔEVE”), changes in Net Interest Income (“ΔNII”), and duration gap to the ALCO and the Risk Management Council on a monthly basis, and to the Risk Management Committee on a quarterly basis. To ensure the adequacy of interest rate risk and liquidity risk management, the Risk Management Department assigns the limits, monitors and reviews the procedures and tasks of ALM operations conducted by the ALM department, and reports related matters to the management independently.
Kookmin Bank is closely monitoring the outputs of various industry groups and markets that manage the transition to the new interest rate benchmark, including announcements by LIBOR regulation authority and various consultative bodies related to the transition to alternative interest rate. In response to these announcements, Kookmin Bank has completed most of the transition and replacement plans according to LIBOR transition programs and plans consisting of major business areas such as finance, accounting, tax, legal, IT, and risk. The program is under the control of the CFO and related matters are reported to the board of directors and consultative bodies with senior management as members. Kookmin Bank continues its efforts as a market participant to actively express opinions so that the index interest rate benchmark reform can be carried out in the direction of minimizing the financial and non-financial impacts and operational risks and minimizing confusion among stakeholders.
4.4.3 Trading position
4.4.3.1 Definition of a trading position
The trading position, which is subject to market risk management, is the trading position defined in “Trading Policy and Guidelines” and the basic requirements for the trading position are as follows:
 
 
•
 
The target position has no restrictions on the sale, and the daily fair value assessment should be made, and the embedded significant risk can be hedged in the market.
 
 
•
 
The trading position classification criteria should be clearly defined in the Trading Policy and Guidelines, and the trading position should be managed by a separate trading department.
 
 
•
 
The target position must be operated according to the documented trading strategy and the management of position limit must be carried out.
 
 
•
 
The specialized dealer or operating department shall have the authority to execute the transaction without prior approval from the Risk Management Department, etc. within the predetermined limits of the target position.
 
 
•
 
The target positions should be periodically reported to management for risk management of the Group.
4.4.3.2 Observation method of market risk arising from trading positions
From January 2023, Subsidiaries of the Group use the Basel III standardized approach to measure market risk and manage it at the portfolio level (Prior to January 2023, Basel II standardized approach or Basel II internal models such as VaR). In addition, the Group controls and manages the risk of derivative financial instrument transactions in accordance with the Financial Supervisory Service regulations and guidelines.
 
F-7
7
4.4.3.3 Basel III standardized approach
Market risk regulatory capital is calculated as the sum of (a) sensitivities-based risk, (b) default risk, and (c) residual risk according to the Basel III standardized approach introduced in January 2023.
(a) Sensitivities-based risk, which is the basis of the Basel III standardized approach for market risk, calculates the expected loss for each risk factor by applying the risk weights and correlation parameter specified by the Basel Committee and summing them.
(b) Default risk is the risk from default of issuer of securities and derivatives and is calculated by applying risk weights based on the issuer’s credit rating and other factors.
(c) Residual risk is the risk imposed on atypical underlying instruments and is calculated by applying a certain percentage specified by the Basel Committee to the par value.
(Basel III standardized approach definitions by risk type)
 
Sensitivities-based risk
   
Interest rate risk group
   
GIRR
    The risk associated with risk-free interest rates (typically OIS rates) defined by currency and maturity.
     
CSR
    The risk associated with the issuer’s interest rate credit spread, defined by creditworthiness and sector.
  
Equity risk group
    The risk factors associated with equity, defined by market capitalization, economic conditions, and sector
  
Foreign exchange risk group
    The risk factors associated with exchange rate, defined by currency pairs
  
Commodity risk group
    The risk factors associated with commodities, defined by commodity types.
Default risk
    Issuer default risk in securities (bonds, etc.) and derivatives.
Residual risk
    Additional risks imposed on non-standard underlying asset products, etc.
 
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8
Required equity capital of subsidiaries according to Basel II standardized approach for the year ended December 31, 2022 and according to Basel III standardized approach for the year ended December 31, 2023 are as follows:
Kookmin Bank
 
    
2022
  
    
Average
     
Minimum
     
Maximum
     
Dec. 31, 2022
  
                             
    
(In millions of Korean won)
  
Interest rate risk
    ￦ 34,923      ￦ 16,541      ￦ 64,356      ￦ 47,093  
Stock price risk
      8,606        5,142        11,061        9,407  
Currency risk
      24,054        14,428        41,815        41,189  
Diversification effect
               (5,140 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total VaR
    ￦   49,701      ￦   22,144      ￦  99,436      ￦    92,549  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
2023
  
    
Sensitivities-
based risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
                             
    
(In millions of Korean won)
  
   ￦ 479,174      ￦ 85,375      ￦ 862      ￦    565,411  
Meanwhile, required equity capital for the positions which are measured according to Basel II standardized approach, and not measured by VaR as of December 31, 2022 are as follows:
 
    
2022
  
    
Interest rate risk
     
Stock price risk
     
Currency risk
     
Dec. 31, 2022
  
                             
    
(In millions of Korean won)
  
   ￦ 18,545      ￦ 4,686      ￦ 70,757      ￦ 93,988  
KB Securities Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock

price risk
     
Currency

risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ 755,379      ￦ 171,592      ￦ 34,109      ￦ 41      ￦ 961,121  
 
    
2023
  
    
Sensitivities-based

risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 736,052      ￦ 307,681      ￦ 7,454      ￦ 1,051,187  
KB Kookmin Card Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock
price risk
     
Currency
risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ —      ￦ —      ￦ 21,341      ￦ —      ￦ 21,341  
 
    
2023
  
    
Sensitivities-based

risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 43,029      ￦ —      ￦ —      ￦ 43,029  
 
F-7
9
KB Asset Management Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock
price risk
     
Currency
risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ —      ￦ —      ￦ 2,455      ￦ —      ￦ 2,455  
 
    
2023
  
    
Sensitivities-based

risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 3,658      ￦ —      ￦ —      ￦ 3,658  
KB Capital Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock
price risk
     
Currency
risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ —      ￦ —      ￦ 2,045      ￦ —      ￦ 2,045  
 
    
2023
  
    
Sensitivities-
based risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 11,127      ￦ —      ￦ —      ￦ 11,127  
KB Investment Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock
price risk
     
Currency
risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ —      ￦ 8,438      ￦ 21,727      ￦ —      ￦ 30,165  
 
    
2023
  
    
Sensitivities-
based risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 74,408      ￦ 7,135      ￦ —      ￦ 81,543  
KB Data System Co., Ltd.
 
    
2022
  
    
Interest
rate risk
     
Stock
price risk
     
Currency
risk
     
Finance
instruments
risk
     
Dec. 31, 2022
  
    
(In millions of Korean won)
  
   ￦ —      ￦ —      ￦ 155      ￦ —      ￦ 155  
 
    
2023
  
    
Sensitivities-
based risk
     
Default risk
     
Residual risk
     
Dec. 31, 2023
  
    
(In millions of Korean won)
  
   ￦ 325      ￦ —      ￦ —      ￦ 325  
 
F-
80
4.4.3.4 Details of risk factors
(a) Interest rate risk
Interest rate risk for trading positions usually arises from debt securities. The Group’s trading strategy is to gain short-term trading gains from interest rate fluctuations. The Group manages interest rate risk associated with trading portfolios using sensitivity analysis (Price Value of a Basis Point: PVBP).
(b) Stock price risk
Stock price risk usually arises from the portfolio of trading stocks. The portfolio of trading stocks consists of stocks listed on the exchange and derivatives linked to stocks, collective investment securities and others.
(c) Currency risk
Currency risk arises from holding assets and liabilities which are denominated in foreign currency, and currency-related derivatives. Most of the net foreign currency exposures occur in the US dollars, the Chinese Yuan and the Indonesian Rupiah.
4.4.4 Non-trading position (Interest Rate Risk of Banking Book (“IRRBB”))
4.4.4.1 Qualitative disclosure
(a) Definition of interest rate risk for risk management and measurement purposes
Interest rate risk is a change in equity and earnings due to the changes in value of interest-sensitive assets and liabilities, etc., and is measured by ΔEVE and ΔNII.
(b) Overall interest rate risk management and mitigation strategy
The interest rate risk management department establishes and sets interest rate risk management policies and limit once a year by a resolution of the Risk Management Council considering the mid to long-term management strategy and macroeconomic status. The interest rate risk management department analyzes interest rate risk crisis situations assuming abnormal interest rate fluctuations and reports the results to the Risk Management Council and observes changes in interest rate risk and compliance with risk limits to devise timely countermeasures and reports the management status regularly and frequently to the Risk Management Council. The interest rate risk model adequacy test is carried out regularly at least once a year by the verification department independent of the management department.
(c) Specific methodologies used to calculate interest rate risk measurement cycles and sensitivity
In order to measure the sensitivity of the economic value and earnings to changes in interest rates, the Group calculates monthly interest rate gap and duration gap for assets and liabilities.
(d) Interest rate shock and stress scenarios used to estimate changes in the economic value and in earnings
The Group calculates ΔEVE by applying following six interest rate shock and stress scenarios, and ΔNII by applying parallel shock up and parallel shock down scenarios.
 
  •  
Scenario 1 : Parallel shock up
 
  •  
Scenario 2 : Parallel shock down
 
  •  
Scenario 3 : Steepener shock (short rates down and long rates up)
 
  •  
Scenario 4 : Flattener shock (short rates up and long rates down)
 
F-8
1
  •  
Scenario 5 : Short rates shock up
 
  •  
Scenario 6 : Short rates shock down
(e) Key modeling assumptions used to measure interest rate risk for internal management purposes
The Group measures unfavorable changes in economic value resulting from changes in interest rates, following the interest rate risk calculation standards set by the Financial Supervisory Service.
(f) Interest rate risk hedging methodology and related accounting
Subsidiaries which are subject to interest rate risk measurement hedges interest rate risk through
back-to-back
interest rate swap transactions, which are the same as interest payment cash flows and officially document and manage the risk management strategy for hedge accounting, risk management objectives, hedging relationship, and assessment method for hedge effectiveness.
(g) Key modeling and parametric assumptions used in calculating ΔEVE and ΔNII
Subsidiaries which are subject to interest rate risk measurement calculate interest rate risk, including all cash flow of interest-sensitive assets and liabilities, and
off-balance
sheet items. The main assumptions of the IRRBB standard method for calculating ΔEVE, ΔNII are as follows:
(Classification of time buckets of cash flows (19 buckets in total))
 
 
 
Time bucket intervals (D:Day M:Months Y:Years t
cf
:Repricing date)
Short-term rates
   1D
 (0.0028Y)		   1D< t
cf
≤1M
(0.0417Y)
   1M< t
cf
≤3M
(0.1667Y)
   3M< t
cf
≤6M
(0.375Y)
   6M< t
cf
≤9M
(0.625Y)
   9M< t
cf
≤1Y
(0.875Y)
   1Y< t
cf
≤1.5Y
(1.25Y)
   1.5Y< t
cf
≤2Y
(1.75Y)
Medium-term rates
   2Y< t
cf
≤3Y
(2.5Y)
   3Y< t
cf
≤4Y
(3.5Y)
   4Y< t
cf
≤5Y
(4.5Y)
   5Y< t
cf
≤6Y
(5.5Y)
   6Y< t
cf
≤7Y
(6.5Y)
      
Long-term rates
   7Y< t
cf
≤8Y
(7.5Y)
   8Y< t
cf
≤9Y
(8.5Y)
   9Y< t
cf
≤10Y
(9.5Y)
   10Y< t
cf
≤15Y
(12.5Y)
   15Y< t
cf
≤20Y
(17.5Y)
   t
cf
>20Y
(25Y)
    
 
*
The number in brackets is the time bucket’s midpoint.
(Caps on core deposit and average maturity by category for
non-maturity
deposits)
 
    
Cap on proportion of

core deposits (%)
     
Cap on average maturity of

core deposits (years)
  
               
Retail/transactional
      90        5  
Retail/non-transactional
      70        4.5  
Wholesale
      50        4  
 
F-
82
4.4.4.2 Quantitative disclosure
The average repricing maturity of
non-maturity
deposits is 2.5 years for core deposits, 1 day for
non-core
deposits, and the longest repricing maturity is five years.
(a) Kookmin Bank
ΔEVE is calculated by applying six interest rate shock and stress scenarios, and ΔNII is calculated by applying parallel shock up and parallel shock down scenarios. Results as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
Changes in
the economic
value of
equity capital

Δ
EVE
     
Changes in net
interest income

Δ
NII
     
Changes in the
economic value
of equity capital

Δ
EVE
     
Changes in net
interest income

Δ
NII
  
                             
    
(In millions of Korean won)
  
Scenario 1 (Parallel shock up)
    ￦  165,634      ￦  162,959      ￦  1,211,285      ￦  494,957  
Scenario 2 (Parallel shock down)
      290,330        —        —        —  
Scenario 3 (Short rates down, long rates up)
      266,737           338,439     
Scenario 4 (Short rates up, long rates down)
      268,261           620,553     
Scenario 5 (Short rates shock up)
      288,737           901,087     
Scenario 6 (Short rates shock down)
      132,998           90,869     
Maximum out of six scenarios
      290,330        162,959        1,211,285        494,957  
Basic capital
      30,963,124           33,478,665     
(b)
Non-bank
subsidiaries
ΔEVE is maximum out of six interest rate shock and stress scenarios, and ΔNII is maximum of parallel shock up and parallel shock down scenarios. Results as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
     Δ
EVE
      Δ
NII
      Δ
EVE
      Δ
NII
  
                             
    
(In millions of Korean won)
  
KB Securities Co., Ltd.
    ￦ 37,498      ￦ 242,200      ￦ 38,694      ￦ 419,121  
KB Kookmin Card Co., Ltd.
      96,282        244,602        42,562        221,049  
KB Capital Co., Ltd.
      126,535        50,800        206,305        40,167  
KB Savings Bank Co., Ltd.
      5,320        14,976        14,855        156  
 
F-8
3
4.4.5 Financial assets and liabilities denominated in foreign currencies
Details of financial instruments denominated in foreign currencies and translated into Korean won as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
USD
    
JPY
    
EUR
    
GBP
    
CNY
    
Others
    
Total
  
                                           
   
(In millions of Korean won)
  
Financial assets
              
Cash and due from financial institutions
   ￦ 6,353,315     ￦ 461,826     ￦ 456,888     ￦ 97,502     ￦ 645,271     ￦ 2,324,691     ￦ 10,339,493  
Financial assets at fair value through profit or loss
     7,323,969       2,443       595,384       59,263       7,110       330,779       8,318,948  
Derivatives held for trading
     636,456       159       10,412       10       19,053       167,796       833,886  
Derivatives held for hedging
     274,662       —       382       —       —       35,149       310,193  
Loans measured at amortized cost
     32,980,619       683,705       2,813,855       755,912       1,944,500       6,596,283       45,774,874  
Financial assets at fair value through other comprehensive income
     6,521,435       —       236,352       5,677       556,052       1,012,665       8,332,181  
Financial assets at amortized cost
     4,196,436       —       —       37,816       60,013       1,051,467       5,345,732  
Other financial assets
     1,806,272       292,703       360,120       25,046       97,916       360,277       2,942,334  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 60,093,164     ￦ 1,440,836     ￦ 4,473,393     ￦ 981,226     ￦ 3,329,915     ￦ 11,879,107     ￦ 82,197,641  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Financial liabilities
              
Financial liabilities at fair value through profit or loss
   ￦ 1,143,413     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,143,413  
Derivatives held for trading
     893,781       9,016       81,119       17,072       6,868       264,833       1,272,689  
Derivatives held for hedging
     161,785       —       —       —       —       202       161,987  
Deposits
     25,706,363       1,339,119       1,429,567       344,824       2,307,068       5,238,485       36,365,426  
Borrowings
     19,700,038       458,856       446,968       588,324       266,727       2,442,313       23,903,226  
Debentures
     7,771,068       —       2,041,517       —       36,288       975,891       10,824,764  
Other financial liabilities
     3,540,468       266,505       188,435       14,321       101,048       429,577       4,540,354  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 58,916,916     ￦ 2,073,496     ￦ 4,187,606     ￦ 964,541     ￦ 2,717,999     ￦ 9,351,301     ￦ 78,211,859  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2023
  
   
USD
    
JPY
    
EUR
    
GBP
    
CNY
    
Others
    
Total
  
                                           
   
(In millions of Korean won)
  
Financial assets
              
Cash and due from financial institutions
   ￦ 6,651,597     ￦ 579,744     ￦ 363,520     ￦ 52,992     ￦ 408,390     ￦ 1,644,720     ￦ 9,700,963  
Financial assets at fair value through profit or loss
     7,594,682       2,320       699,951       119,801       1,799       348,919       8,767,472  
Derivatives held for trading
     399,244       374       22,395       4,012       1,173       52,026       479,224  
Derivatives held for hedging
     166,801       —       225       4       —       4,313       171,343  
Loans measured at amortized cost
     32,119,823       785,006       2,866,108       979,163       1,648,885       7,093,058       45,492,043  
Financial assets at fair value through other comprehensive income
     6,076,271       —       288,852       4,591       654,436       1,063,371       8,087,521  
Financial assets at amortized cost
     2,730,263       —       41,406       199,589       32,579       1,850,922       4,854,759  
Other financial assets
     3,395,714       100,822       85,263       36,929       515,278       630,366       4,764,372  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 59,134,395     ￦ 1,468,266     ￦ 4,367,720     ￦ 1,397,081     ￦ 3,262,540     ￦ 12,687,695     ￦ 82,317,697  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Financial liabilities
              
Financial liabilities at fair value through profit or loss
   ￦ 1,123,670     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,123,670  
Derivatives held for trading
     735,627       4,566       45,359       108       11       206,546       992,217  
Derivatives held for hedging
     154,120       —       1,246       252       —       2,314       157,932  
Deposits
     25,777,256       1,763,971       1,822,443       761,371       1,787,865       4,200,321       36,113,227  
Borrowings
     15,895,866       743,356       944,944       314,177       506,248       2,726,591       21,131,182  
Debentures
     8,412,413       —       2,959,534       —       —       1,008,961       12,380,908  
Other financial liabilities
     4,773,601       91,519       840,629       8,995       545,722       119,055       6,379,521  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 56,872,553     ￦ 2,603,412     ￦ 6,614,155     ￦ 1,084,903     ￦ 2,839,846     ￦ 8,263,788     ￦ 78,278,657  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-8
4
4.5 Operational Risk
4.5.1 Concept
Operational risk of the Group refers to the risk of loss that may occur due to improper or incorrect internal procedures, personnel, systems or external events. Operational risk management plays a role in enhancing the stability and soundness of financial institutions by managing the appropriate level of capital and supplementing the internal control system.
4.5.2 Risk management
The purpose of operational risk management is not only to comply with supervisory and regulatory requirements, but also to spread risk management culture, strengthen internal control, improve processes, and provide timely feedback to management and all employees. The Parent Company manages the Group’s overall operational risk, and each subsidiary establishes and implements operational risk management policies according to its own risk level and implements and operates related systems. The Group Risk Management Committee establishes and allocates risk capital of operational risk for each subsidiary, and subsidiaries manage operational risks at an appropriate level within the allocated risk capital.
4.6 Capital Management
The Group complies with the capital adequacy standard established by the financial supervisory authority. This capital adequacy standard is based on Basel III revised by Basel Committee on Banking Supervision in Bank for International Settlements (“BIS”) in June 2011 and was implemented in Korea in December 2013. According to this standard, the Group is required to maintain a minimum capital adequacy ratio to risk-weighted assets (Common Equity Tier 1 Capital ratio of 8.0%, Tier 1 Capital ratio of 9.5%, and Total Capital ratio of 11.5%) as of December 31, 2023.
The Group’s capital is classified into three categories in accordance with the Detailed Regulations on Supervision of Financial Holding Companies as follows:
 
  •  
Common Equity Tier 1 Capital: Common equity Tier 1 Capital is the first to take losses of the Group and is the last to be compensated in liquidation of the Group and not repaid except for liquidation. It includes capital, capital surplus, retained earnings,
non-controlling
interests of the consolidated subsidiaries, accumulated other comprehensive income, and other capital surplus, etc.
 
  •  
Additional Tier 1 Capital: Additional Tier 1 Capital includes capital, capital surplus, etc. related to the issuance of capital securities of a permanent nature that meets the conditional capital securities requirements.
 
  •  
Tier 2 Capital: Tier 2 Capital means capital that can compensate for losses of the Group upon liquidation, including (a) the amount of subordinated bonds with maturity of not less than 5 years that meet the conditional capital securities requirements, and (b) the allowances for credit losses accumulated on the loans which are classified as normal or precautionary in accordance with Regulations on Supervision of Financial Holding Companies, and others.
The risk-weighted assets are the magnitude of the amount of risk inherent in the total asset held by the Group. The Group calculates risk-weighted assets by each risk (credit risk, market risk, and operational risk) based on the Detailed Regulations on Supervision of Financial Holding Companies and uses them to calculate capital adequacy ratio.
The Group evaluates and manages capital adequacy through separate internal policies. The evaluation of capital adequacy compares the size of available capital (the amount of capital actually available) to the size of internal capital (the amount of capital required to cover all the significant risks faced by the Group under its target credit rating), which monitors financial soundness and provides a risk-adjusted performance measurement basis.
 
F-8
5
Internal capital refers to the capital required to prevent the insolvency from future unexpected losses. The Group operates a system to measure, allocate, and manage internal capital to major subsidiaries by risk type.
The Risk Management Committee of the Group determines the risk appetite of the Group, allocates internal capital by risk type and major subsidiaries, and major subsidiaries operate capital efficiently within the range of the allocated internal capital. The Risk Management Department of the Group monitors internal capital limit management and reports it to management and the Risk Management Committee. If the limit of internal capital is expected to be exceeded due to new businesses or business expansion, the Group’s capital adequacy management is carried out through review and approval by the Risk Management Committee in advance.
Details of the Group’s capital adequacy ratio in accordance with Basel III requirements as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
               
    
(In millions of Korean won)
  
Total Capital:
    ￦ 48,969,952      ￦ 53,743,658  
Tier 1 Capital
      45,032,020        49,390,274  
Common Equity Tier 1 Capital
      40,103,660        43,663,753  
Additional Tier 1 Capital
      4,928,360        5,726,521  
Tier 2 Capital
      3,937,932        4,353,384  
Risk-Weighted Assets:
      302,983,943        321,318,905  
Total Capital ratio (%):
      16.16        16.73  
Tier 1 Capital ratio (%)
      14.86        15.37  
Common Equity Tier 1 Capital ratio (%)
      13.24        13.59  
5. Segment Information
5.1 Overall Segment Information and Business Segments
The Group classifies reporting segments based on the nature of the products and services provided, the type of customer, and the Group’s management organization.
 
Banking business
   
Corporate banking
  
Loans, deposit products, and other related financial services to large, small and
medium-sized
enterprises and SOHOs
 
  
Retail banking
  
Loans, deposit products, and other related financial services to individuals and households
 
  
Other banking services
 
   Trading activities in securities and derivatives, funding, and other supporting activities
Securities business
  
Investment banking, brokerage services, and other supporting activities
 
Non-life
insurance business
 
  
Non-life
insurance and other supporting activities
 
Credit card business
  
Credit sale, cash advance, card loan, and other supporting activities
 
Life insurance business
   Life insurance and other supporting activities
 
F-8
6
Financial information by business segment as of and for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Banking business
                                            
   
Corporate
banking
    
Retail
banking
    
Other
banking
services
    
Sub-total
    
Securities
    
Non-life

insurance
    
Credit card
    
Life

insurance
    
Others
    
Consolidation
adjustments
    
Total
  
                                                                   
   
(In millions of Korean won)
  
Net operating revenues (expenses) from external customers
   ￦ 4,994,409     ￦ 4,472,888     ￦ (188,422 )    ￦ 9,278,875     ￦ 1,124,822     ￦ 737,135     ￦ 1,785,413     ￦ (59,645 )    ￦ 914,004     ￦ —     ￦ 13,780,604  
Intersegment net operating revenues (expenses)
     3,659       —       371,576       375,235       (36,806 )      (60,610 )      (154,740 )      (22,761 )      204,208       (304,526 )      —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 4,998,068     ￦ 4,472,888     ￦ 183,154     ￦ 9,654,110     ￦ 1,088,016     ￦ 676,525     ￦ 1,630,673     ￦ (82,406 )    ￦ 1,118,212     ￦ (304,526 )    ￦ 13,780,604  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net interest income (expenses)
   ￦ 4,720,718     ￦ 3,936,872     ￦ 633,431     ￦ 9,291,021     ￦ 538,275     ￦ (77,278 )    ￦ 1,474,209     ￦ (271,951 )    ￦ 559,468     ￦ 1,581     ￦ 11,515,325  
Interest income
     7,831,383       5,763,852       1,763,466       15,358,701       1,156,586       709,224       1,983,828       573,663       1,064,529       (58,954 )      20,787,577  
Interest expense
     (3,110,665 )      (1,826,980 )      (1,130,035 )      (6,067,680 )      (618,311 )      (786,502 )      (509,619 )      (845,614 )      (505,061 )      60,535       (9,272,252 ) 
Net fee and commission income (expenses)
     385,884       261,350       449,374       1,096,608       784,748       (26,396 )      519,502       (2,003 )      1,145,308       (2,865 )      3,514,902  
Fee and commission income
     546,634       415,858       567,666       1,530,158       979,215       23,282       1,617,446       7,270       1,301,764       (333,205 )      5,125,930  
Fee and commission expense
     (160,750 )      (154,508 )      (118,292 )      (433,550 )      (194,467 )      (49,678 )      (1,097,944 )      (9,273 )      (156,456 )      330,340       (1,611,028 ) 
Net Insurance income (expenses)
     —       —       —       —       —       990,971       10,593       309,316       —       211       1,311,091  
Insurance income
     —       —       —       —       —       9,271,948       19,702       817,486       —       (36,646 )      10,072,490  
Insurance expense
     —       —       —       —       —       (8,280,977 )      (9,109 )      (508,170 )      —       36,857       (8,761,399 ) 
Net gains (losses) on financial instruments at fair value through profit or loss
     73,680       —       136,901       210,581       (210,589 )      (133,456 )      1,725       (887,876 )      21,844       (142,047 )      (1,139,818 ) 
Net other insurance finance expense
     —       —       —       —       —       4,411       —       836,816       —       —       841,227  
Net other operating income (expenses)
     (182,214 )      274,666       (1,036,552 )      (944,100 )      (24,418 )      (81,727 )      (375,356 )      (66,708 )      (608,408 )      (161,406 )      (2,262,123 ) 
General and administrative expenses
   ￦ (1,972,147 )    ￦ (2,092,770 )    ￦ (633,034 )    ￦ (4,697,951 )    ￦ (822,409 )    ￦ (134,380 )    ￦ (597,159 )    ￦ (45,892 )    ￦ (466,509 )    ￦ 120,646     ￦ (6,643,654 ) 
Operating income (expenses) before provision for credit losses
     3,025,921       2,380,118       (449,880 )      4,956,159       265,607       542,145       1,033,514       (128,298 )      651,703       (183,880 )      7,136,950  
Reversal (provision) of credit losses
     (778,260 )      (281,868 )      (61,042 )      (1,121,170 )      (28,425 )      (17,978 )      (500,453 )      1,392       (178,173 )      (2,968 )      (1,847,775 ) 
Net operating income (expenses)
     2,247,661       2,098,250       (510,922 )      3,834,989       237,182       524,167       533,061       (126,906 )      473,530       (186,848 )      5,289,175  
Share of profit (loss) of associates and joint ventures
     —       —       12,666       12,666       3,039       1,104       1,582       —       (7,965 )      (39,181 )      (28,755 ) 
Net other
non-operating
income (expenses)
     (13,317 )      —       (24,548 )      (37,865 )      12,994       190,466       (7,197 )      3,213       (4,717 )      32,430       189,324  
Segment profit (loss) before income tax expense
     2,234,344       2,098,250       (522,804 )      3,809,790       253,215       715,737       527,446       (123,693 )      460,848       (193,599 )      5,449,744  
Income tax benefit (expense)
     (732,211 )      (522,478 )      173,206       (1,081,483 )      (64,300 )      (158,169 )      (144,443 )      40,315       (113,458 )      3,195       (1,518,343 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit (loss) for the year
   ￦ 1,502,133     ￦ 1,575,772     ￦ (349,598 )    ￦ 2,728,307     ￦ 188,915     ￦ 557,568     ￦ 383,003     ￦ (83,378 )    ￦ 347,390     ￦ (190,404 )    ￦ 3,931,401  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit (loss) attributable to shareholders of the Parent Company
   ￦ 1,505,240       1,575,772     ￦ (84,997 )    ￦ 2,996,015     ￦ 187,784     ￦ 557,219     ￦ 378,592     ￦ (83,378 )    ￦ 343,859     ￦ (227,099 )    ￦ 4,152,992  
Profit (loss) attributable to
non-controlling
interests
     (3,107 )      —       (264,601 )      (267,708 )      1,131       349       4,411       —       3,531       36,695       (221,591 ) 
Total assets*
     211,989,036       165,273,848       140,506,628       517,769,512       53,824,245       34,743,259       29,721,017       29,989,683       60,219,661       (37,602,551 )      688,664,826  
Total liabilities*
     205,382,625       191,786,626       86,877,002       484,046,253       47,946,933       29,017,685       24,998,214       26,172,406       25,973,897       (3,598,363 )      634,557,025  
 
F-8
7
   
2023
  
   
Banking business
    
Securities
    
Non-life

insurance
    
Credit card
    
Life
insurance
    
Others
    
Consolidation
adjustments
    
Total
  
   
Corporate
banking
    
Retail
banking
    
Other
banking
services
    
Sub-total
  
                                                                   
   
(In millions of Korean won)
  
Net operating revenues (expenses) from external customers
   ￦ 5,640,663     ￦ 4,443,943     ￦ 30,910     ￦ 10,115,516     ￦ 1,667,041     ￦ 1,173,901     ￦ 2,026,032     ￦ 187,650     ￦ 1,058,994     ￦ —     ￦ 16,229,134  
Intersegment net operating revenues (expenses)
     116,967       —       225,401       342,368       52,940       (17,993 )      (147,290 )      16,209       348,113       (594,347 )      —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 5,757,630     ￦ 4,443,943     ￦ 256,311     ￦ 10,457,884     ￦ 1,719,981     ￦ 1,155,908     ￦ 1,878,742     ￦ 203,859     ￦ 1,407,107     ￦ (594,347 )    ￦ 16,229,134  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net interest income (expenses)
   ￦ 5,645,899     ￦ 3,397,242     ￦ 826,926     ￦ 9,870,067     ￦ 614,140     ￦ (166,932 )    ￦ 1,639,486     ￦ (298,507 )    ￦ 659,052     ￦ (175,589 )    ￦ 12,141,717  
Interest income
     11,687,624       7,723,196       2,936,303       22,347,123       1,763,009       811,572       2,343,014       582,241       1,407,564       (109,444 )      29,145,079  
Interest expense
     (6,041,725 )      (4,325,954 )      (2,109,377 )      (12,477,056 )      (1,148,869 )      (978,504 )      (703,528 )      (880,748 )      (748,512 )      (66,145 )      (17,003,362 ) 
Net fee and commission income (expenses)
     427,004       252,118       489,161       1,168,283       742,613       (34,468 )      613,721       (7,636 )      1,213,154       (22,143 )      3,673,524  
Fee and commission income
     612,643       403,042       587,135       1,602,820       981,954       20,658       1,740,517       5,478       1,364,830       (348,183 )      5,368,074  
Fee and commission expense
     (185,639 )      (150,924 )      (97,974 )      (434,537 )      (239,341 )      (55,126 )      (1,126,796 )      (13,114 )      (151,676 )      326,040       (1,694,550 ) 
Net insurance income (expenses)
     —       —       —       —       —       961,338       9,539       421,902       —       30,173       1,422,952  
Insurance income
     —       —       —       —       —       10,088,869       19,000       907,002       —       (36,063 )      10,978,808  
Insurance expense
     —       —       —       —       —       (9,127,531 )      (9,461 )      (485,100 )      —       66,236       (9,555,856 ) 
Net gains (losses) on financial instruments at fair value through profit or loss
     (6,449 )      —       766,434       759,985       356,837       454,729       6,915       658,530       283,591       (357,522 )      2,163,065  
Net other insurance finance expense
     —       —       —       —       —       (25,841 )      —       (433,294 )      —       —       (459,135 ) 
Net other operating income (expenses)
     (308,824 )      794,583       (1,826,210 )      (1,340,451 )      6,391       (32,918 )      (390,919 )      (137,136 )      (748,690 )      (69,266 )      (2,712,989 ) 
General and administrative expenses
   ￦ (1,959,016 )    ￦ (1,952,434 )    ￦ (610,316 )    ￦ (4,521,766 )    ￦ (903,329 )    ￦ (142,165 )    ￦ (624,628 )    ￦ (99,663 )    ￦ (483,366 )    ￦ 127,511     ￦ (6,647,406 ) 
Operating income (expenses) before provision for credit losses
     3,798,614       2,491,509       (354,005 )      5,936,118       816,652       1,013,743       1,254,114       104,196       923,741       (466,836 )      9,581,728  
Reversal (provision) of credit losses
     (1,563,255 )      (92,464 )      47,591       (1,608,128 )      (144,016 )      (13,988 )      (826,922 )      (2,190 )      (554,176 )      3,011       (3,146,409 ) 
Net operating income (expenses)
     2,235,359       2,399,045       (306,414 )      4,327,990       672,636       999,755       427,192       102,006       369,565       (463,825 )      6,435,319  
Share of profit (loss) of associates and joint ventures
     —       —       117       117       2,898       2,440       1,049       (135 )      11,386       15,355       33,110  
Net other
non-operating
income (expenses)
     (14,754 )      —       (83,576 )      (98,330 )      (190,199 )      15,235       44,310       4,700       (11,162 )      (62,534 )      (297,980 ) 
Segment profit (loss) before income tax expense
     2,220,605       2,399,045       (389,873 )      4,229,777       485,335       1,017,430       472,551       106,571       369,789       (511,004 )      6,170,449  
Income tax benefit (expense)
     (633,917 )      (633,348 )      187,440       (1,079,825 )      (102,705 )      (264,250 )      (121,333 )      (24,338 )      (64,432 )      49,865       (1,607,018 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit (loss) for the year
   ￦ 1,586,688     ￦ 1,765,697     ￦ (202,433 )    ￦ 3,149,952     ￦ 382,630     ￦ 753,180     ￦ 351,218     ￦ 82,233     ￦ 305,357     ￦ (461,139 )    ￦ 4,563,431  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit (loss) attributable to shareholders of the Parent Company
   ￦ 1,612,409     ￦ 1,765,697     ￦ (116,607 )    ￦ 3,261,499     ￦ 389,618     ￦ 752,901     ￦ 351,133     ￦ 82,233     ￦ 303,578     ￦ (509,030 )    ￦ 4,631,932  
Profit (loss) attributable to
non-controlling
interests
     (25,721 )      —       (85,826 )      (111,547 )      (6,988 )      279       85       —       1,779       47,891       (68,501 ) 
Total assets*
     221,851,975       165,821,667       142,339,211       530,012,853       61,266,989       37,729,688       29,365,575       31,953,218       63,413,640       (38,003,811 )      715,738,152  
Total liabilities*
     201,871,592       203,560,029       88,032,505       493,464,126       54,967,833       31,474,133       24,545,751       27,823,185       25,562,612       (972,798 )      656,864,842  
 
*
Assets and liabilities of the reporting segments are amounts before intersegment transactions.
 
F-8
8
5.2 Services and Geographical Segments
5.2.1 Services information
Net operating revenues from external customers by service for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
    
2023
  
                     
    
(In millions of Korean won)
  
Banking service
    ￦ 8,132,794      ￦ 9,278,875     ￦ 10,115,516  
Securities service
      1,675,977        1,124,822       1,667,041  
Non-life
insurance service
      1,285,593        737,135       1,173,901  
Credit card service
      1,773,989        1,785,413       2,026,032  
Life insurance service
      631,065        (59,645 )      187,650  
Others
      984,185        914,004       1,058,994  
  
 
 
     
 
 
    
 
 
  
   ￦ 14,483,603      ￦ 13,780,604     ￦ 16,229,134  
  
 
 
     
 
 
    
 
 
  
5.2.2 Geographical information
Geographical net operating revenues from external customers for the years ended December 31, 2021, 2022 and 2023, and major
non-current
assets as of December 31, 2022 and 2023, are as follows:
 
    
Net operating revenues

from external customers
     
Major
non-current
assets
  
    
2021
     
2022
     
2023
     
December 31,

2022
     
December 31,

2023
  
                                    
    
(In millions of Korean won)
  
Domestic
    ￦ 13,525,769      ￦ 12,563,066      ￦ 14,813,546      ￦ 8,355,707      ￦ 9,851,765  
United States
      112,388        101,726        75,944        55,257        55,125  
New Zealand
      12,857        12,378        12,611        1,382        1,051  
China
      127,939        170,239        177,175        19,715        21,138  
Cambodia
      410,482        546,258        572,858        46,060        53,322  
United Kingdom
      29,764        31,685        52,372        5,808        4,616  
Indonesia
      166,683        231,694        327,599        421,982        418,115  
Others
      97,721        123,558        197,029        536,794        32,405  
Consolidation
 
adjustments
      —        —        —        555,572        568,804  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 14,483,603      ￦ 13,780,604      ￦ 16,229,134      ￦ 9,998,277      ￦ 11,006,341  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
F-8
9
6. Financial Assets and Financial Liabilities
6.1 Classification and Fair Value of Financial Instruments
6.1.1 Carrying amount and fair value of financial assets and liabilities by category as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Carrying amount
     
Fair value
  
               
    
(In millions of Korean won)
  
Financial assets
      
Cash and due from financial institutions
    ￦ 32,474,750      ￦ 32,403,730  
Financial assets at fair value through profit or loss:
      70,092,497        70,092,497  
Due from financial institutions
      69,469        69,469  
Debt securities
      65,899,397        65,899,397  
Equity securities
      3,540,063        3,540,063  
Loans
      493,562        493,562  
Others
      90,006        90,006  
Derivatives held for trading
      8,984,171        8,984,171  
Derivatives held for hedging
      462,409        462,409  
Loans measured at amortized cost
      433,038,931        430,396,089  
Securities measured at amortized cost
      35,919,241        33,593,231  
Financial assets at fair value through other comprehensive income:
      79,533,418        79,533,418  
Debt securities
      76,648,353        76,648,353  
Equity securities
      2,335,793        2,335,793  
Loans
      549,272        549,272  
Other financial assets
      10,718,383        10,718,383  
  
 
 
     
 
 
  
   ￦ 671,223,800      ￦ 666,183,928  
  
 
 
     
 
 
  
Financial liabilities
      
Financial liabilities at fair value through profit or loss
    ￦ 2,193,210      ￦ 2,193,210  
Financial liabilities designated at fair value through profit or loss
      10,078,394        10,078,394  
Derivatives held for trading
      9,209,537        9,209,537  
Derivatives held for hedging
      300,232        300,232  
Deposits
      393,928,904        393,458,279  
Borrowings
      71,717,366        71,187,130  
Debentures
      68,698,203        67,036,661  
Other financial liabilities
      26,163,138        26,163,138  
  
 
 
     
 
 
  
   ￦ 582,288,984      ￦ 579,626,581  
  
 
 
     
 
 
  
 
F-
90
    
December 31, 2023
  
    
Carrying amount
     
Fair value
  
               
    
(In millions of Korean won)
  
Financial assets
      
Cash and due from financial institutions
    ￦ 29,836,311      ￦ 29,833,886  
Financial assets at fair value through profit or loss:
      77,038,267        77,038,267  
Due from financial institutions
      79,811        79,811  
Debt securities
      72,658,432        72,658,432  
Equity securities
      4,022,555        4,022,555  
Loans
      183,726        183,726  
Others
      93,743        93,743  
Derivatives held for trading
      5,777,682        5,777,682  
Derivatives held for hedging
      379,946        379,946  
Loans measured at amortized cost
      444,805,287        445,144,428  
Securities measured at amortized cost
      39,701,389        38,763,702  
Financial assets at fair value through other comprehensive income:
      82,498,140        82,498,140  
Debt securities
      78,926,437        78,926,437  
Equity securities
      2,770,653        2,770,653  
Loans
      801,050        801,050  
Other financial assets
      16,544,513        16,544,513  
  
 
 
     
 
 
  
   ￦ 696,581,535      ￦ 695,980,564  
  
 
 
     
 
 
  
Financial liabilities
      
Financial liabilities at fair value through profit or loss
    ￦ 2,953,472      ￦ 2,953,472  
Financial liabilities designated at fair value through profit or loss
      7,966,963        7,966,963  
Derivatives held for trading
      5,966,512        5,966,512  
Derivatives held for hedging
      244,127        244,127  
Deposits
      406,512,434        406,711,081  
Borrowings
      69,583,561        69,390,346  
Debentures
      69,176,668        68,975,750  
Other financial liabilities
      37,416,916        37,416,916  
  
 
 
     
 
 
  
   ￦ 599,820,653      ￦ 599,625,167  
  
 
 
     
 
 
  
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Group discloses the fair value of each class of assets and liabilities in a way that permits it to be compared with its carrying amount at the end of each reporting period. The best evidence of fair value of financial instruments is a quoted price in an active market.
 
F-
91
Methods of determining fair value of financial instruments are as follows:
 
Cash and due from financial institutions
    Fair value of cash is same as carrying amount. Carrying amount of demand deposit and settlement deposit is a reasonable approximation of fair value because these financial instruments do not have a fixed maturity and are receivable on demand. Fair value of general deposit is measured using Discounted Cash Flow (“DCF”) Model.
Securities
    Fair value of securities and others that are traded in an active market is determined using the quoted prices. If there is no quoted price, fair value is determined using external professional valuation institutions. The institutions use one or more valuation techniques that are deemed appropriate considering the characteristics of the financial instruments among DCF Model, Free Cash Flow to Equity Model, Comparable Company Analysis, Dividend Discount Model, Risk Adjusted Discount Rate Method, and Net Asset Value Method.
Loans
    Fair value of loans is determined using DCF Model discounting the expected cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Derivatives and financial instruments at fair value through profit or loss
    Fair value of exchange traded derivatives is determined using quoted price in an active market, and fair value of OTC derivatives is determined using valuation techniques. The Group uses internally developed valuation models that are widely used by market participants to determine fair value of plain vanilla OTC derivatives including options, interest rate swaps, and currency swaps, based on observable market parameters. However, some complex financial instruments are valued using appropriate models developed from generally accepted market valuation models including Finite Difference Method (“FDM”), MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Closed Form, and Tree Model or valuation results from independent external professional valuation institutions.
Deposits
    Carrying amount of demand deposits is a reasonable approximation of fair value because they do not have a fixed maturity and are payable on demand. Fair value of time deposits is determined using DCF Model discounting the expected cash flows, which are contractual cash flows adjusted by the expected prepayment rate, at an appropriate discount rate.
Borrowings
    Carrying amount of overdrafts in foreign currency is a reasonable approximation of fair value because they do not have a fixed maturity and are payable on demand. Fair value of other borrowings is determined using DCF Model.
Debentures
    Fair value is determined using valuation results of external professional valuation institutions, which are calculated using market inputs.
Other financial assets and other financial liabilities
    Carrying amount is a reasonable approximation of fair value because other financial assets and other financial liabilities are temporary accounts used for other various transactions and their maturities are relatively short or not defined.
6.1.2 Fair value hierarchy
The Group believes that valuation techniques used for measuring the fair value of financial instruments are reasonable and that the fair value recognized in the consolidated statement of financial position is appropriate. However, the fair value of the financial instruments recognized in the consolidated statement of financial position may be different if other valuation techniques or assumptions are used. Additionally, as there are a variety of valuation techniques and assumptions used in measuring fair value, it may be difficult to reasonably compare the fair value with that of other financial institutions.
 
F-9
2
The Group classifies and discloses fair value of the financial instruments into the three fair value levels as follows:
Level 1: The fair values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2: The fair values are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: The fair values are based on unobservable inputs for the asset or liability.
The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. If an observable input requires an adjustment using an unobservable input and that adjustment results in a significantly higher or lower fair value measurement, the resulting measurement would be categorized within Level 3 of the fair value hierarchy.
6.1.2.1 Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position
Fair value hierarchy of financial assets and liabilities at fair value in the consolidated statements of financial position as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Fair value hierarchy
     
Total
  
    
Level 1
     
Level 2
     
Level 3*
  
                             
    
(In millions of Korean won)
  
Financial assets
            
Financial assets at fair value through profit or loss:
    ￦ 18,209,969      ￦ 35,208,843      ￦ 16,673,685      ￦ 70,092,497  
Due from financial institutions
      —        24,444        45,025        69,469  
Debt securities
      16,240,223        34,425,619        15,233,555        65,899,397  
Equity securities
      1,879,740        414,291        1,246,032        3,540,063  
Loans
      —        344,489        149,073        493,562  
Others
      90,006        —        —        90,006  
Derivatives held for trading
      182,019        8,678,896        123,256        8,984,171  
Derivatives held for hedging
      —        462,409        —        462,409  
Financial assets at fair value through other comprehensive income:
      32,141,450        45,933,688        1,458,280        79,533,418  
Debt securities
      31,528,524        45,119,829        —        76,648,353  
Equity securities
      612,926        264,587        1,458,280        2,335,793  
Loans
      —        549,272        —        549,272  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 50,533,438      ￦ 90,283,836      ￦ 18,255,221      ￦ 159,072,495  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities
            
Financial liabilities at fair value through profit or loss
    ￦ 2,193,210      ￦ —      ￦ —      ￦ 2,193,210  
Financial liabilities designated at fair value through profit or loss
      35,687        1,811,404        8,231,303        10,078,394  
Derivatives held for trading
      442,042        7,984,424        783,071        9,209,537  
Derivatives held for hedging
      —        300,232        —        300,232  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 2,670,939      ￦ 10,096,060      ￦ 9,014,374      ￦ 21,781,373  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
F-9
3
    
December 31, 2023
  
    
Fair value hierarchy
     
Total
  
    
Level 1
     
Level 2
     
Level 3*
  
                             
    
(In millions of Korean won)
  
Financial assets
            
Financial assets at fair value through profit or loss:
    ￦ 20,695,760      ￦ 38,118,478      ￦ 18,224,029      ￦ 77,038,267  
Due from financial institutions
      —        26,020        53,791        79,811  
Debt securities
      18,541,335        37,663,855        16,453,242        72,658,432  
Equity securities
      2,060,682        428,367        1,533,506        4,022,555  
Loans
      —        236        183,490        183,726  
Others
      93,743        —        —        93,743  
Derivatives held for trading
      58,948        5,624,691        94,043        5,777,682  
Derivatives held for hedging
      —        379,946        —        379,946  
Financial assets at fair value through other comprehensive income:
      38,630,447        42,416,785        1,450,908        82,498,140  
Debt securities
      37,921,922        41,004,515        —        78,926,437  
Equity securities
      708,525        611,220        1,450,908        2,770,653  
Loans
      —        801,050        —        801,050  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 59,385,155      ￦ 86,539,900      ￦ 19,768,980      ￦ 165,694,035  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities
            
Financial liabilities at fair value through profit or loss
    ￦ 2,953,472      ￦ —      ￦ —      ￦ 2,953,472  
Financial liabilities designated at fair value through profit or loss
      56,686        881,791        7,028,486        7,966,963  
Derivatives held for trading
      104,866        5,100,869        760,777        5,966,512  
Derivatives held for hedging
      —        244,127        —        244,127  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 3,115,024      ￦ 6,226,787      ￦ 7,789,263      ￦ 17,131,074  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Includes KB Securities Co., Ltd.’s OTC derivatives consisting of ￦ 404,334 
milli
on
and ￦ 696,910 million of financial assets at fair value through profit or loss (debt instruments), ￦ 8,241,509 and ￦ 7,037,371 million of financial liabilities designated at fair value through profit or loss, ￦ 120,775 and ￦ 91,629 million of derivative financial assets, and ￦ 777,542 and ￦ 755,554 million of derivative financial liabilities as of December 31, 2022 and 2023.
 
F-9
4
Valuation techniques and inputs of financial assets and liabilities classified as Level 2 and measured at fair value in the consolidated statements of financial position as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
    
Fair value
     
Valuation techniques
   
Inputs
                  
    
(In millions of Korean won)
Financial assets
         
Financial assets at fair value through profit or loss:
    ￦ 35,208,843        
Due from financial institutions
      24,444     
DCF Model, Hull-white Model
   
Projected cash flow, Discount rate, Volatility, Correlation coefficient
Debt securities
      34,425,619     
DCF Model, Hull-white Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Net Asset Value Method, Binomial Model, and others
   
Projected cash flow, Fair value of underlying asset, Dividend yield, Price of underlying asset, Interest rate, Discount rate, Volatility, Correlation coefficient, and others
Equity securities
      414,291     
DCF Model
   
Interest rate, Discount rate, and others
Loans
      344,489     
DCF Model
   
Interest rate, Discount rate, and others
Derivatives held for trading
      8,678,896     
DCF Model, Closed Form, FDM, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, and others
   
Interest rate, Price of underlying asset, Foreign exchange rate, Credit spread, Discount rate, Volatility, and others
Derivatives held for hedging
      462,409     
DCF Model, Closed Form, FDM
   
Projected cash flow, Discount rate, Forward foreign exchange rate, Volatility, Foreign exchange rate, and others
Financial assets at fair value through other comprehensive income:
      45,933,688        
Debt securities
      45,119,829     
DCF Model, Market Value Approach, Option Model
   
Underlying asset index, Interest rate, Discount rate, and others
Equity securities
      264,587     
DCF Model
   
Discount rate
Loans
      549,272     
DCF Model
   
Discount rate
  
 
 
        
   ￦ 90,283,836        
  
 
 
        
Financial liabilities
         
Financial liabilities designated at fair value through profit or loss
   
 
￦
 
1,811,404
 
 
   
 
DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, Net Asset Value Method
   
 
Price of underlying asset, Interest rate, Dividend yield, Volatility, Discount rate, Foreign exchange rate
Derivatives held for trading
      7,984,424     
DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, and others
   
Interest rate, Price of underlying asset, Foreign exchange rate, Credit spread, Discount rate, Volatility, and others
Derivatives held for hedging
      300,232     
DCF Model, Closed Form, FDM
   
Projected cash flow, Discount rate, Forward foreign exchange rate, Volatility, Foreign exchange rate, Risk free interest rate and others
  
 
 
        
   ￦ 10,096,060        
  
 
 
        
 
F-9
5
    
December 31, 2023
    
Fair value
     
Valuation techniques
   
Inputs
                  
    
(In millions of Korean won)
Financial assets
         
Financial assets at fair value through profit or loss:
    ￦ 38,118,478        
Due from financial institutions
      26,020     
DCF Model, Hull-white Model
   
Projected cash flow, Discount rate, Volatility, Correlation coefficient
Debt securities
      37,663,855     
DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Net Asset Value Method, Binomial Model, and others
   
Projected cash flow, Fair value of underlying asset, Dividend yield, Price of underlying asset, Interest rate, Discount rate, Volatility, Correlation coefficient, and others
Equity securities
      428,367     
DCF Model
   
Interest rate, Discount rate, and others
Loans
      236     
DCF Model
   
Interest rate, Discount rate, and others
Derivatives held for trading
      5,624,691     
DCF Model, Closed Form, FDM, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, Option Model, and others
   
Price of underlying asset, Underlying asset index, Interest rate, Dividend yield, Volatility, Foreign exchange rate, Discount rate, and others
Derivatives held for hedging
      379,946     
DCF Model, Closed Form, FDM
   
Projected cash flow, Discount rate, Forward foreign exchange rate, Volatility, Foreign exchange rate, CRS interest rate, and others
Financial assets at fair value through other comprehensive income:
      42,416,785        
Debt securities
      41,004,515     
DCF Model, Option Model
   
Underlying asset index, Discount rate, and others
Equity securities
      611,220     
DCF Model
   
Discount rate
Loans
      801,050     
DCF Model
   
Discount rate
  
 
 
        
   ￦ 86,539,900        
  
 
 
        
Financial liabilities
         
Financial liabilities designated at fair value through profit or loss
    ￦ 881,791     
DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, Net Asset Value Method
   
Price of underlying asset, Interest rate, Dividend yield, Volatility, Discount rate, Foreign exchange rate
Derivatives held for trading
      5,100,869     
DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Binomial Model, and others
   
Interest rate, Price of underlying asset, Foreign exchange rate, Credit spread, Discount rate, Volatility, and others
Derivatives held for hedging
      244,127     
DCF Model, Closed Form, FDM
   
Projected cash flow, Discount rate, Forward foreign exchange rate, Volatility, Foreign exchange rate, Risk free interest rate, and others
  
 
 
        
   ￦ 6,226,787        
  
 
 
        
 
F-9
6
6.1.2.2 Fair value hierarchy of financial assets and liabilities whose fair value is disclosed
Fair value hierarchy of financial assets and liabilities whose fair value is disclosed as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Fair value hierarchy
     
Total
  
    
Level 1
     
Level 2
     
Level 3
  
                             
    
(In millions of Korean won)
  
Financial assets
            
Cash and due from financial institutions
1
    ￦ 2,517,470      ￦ 27,145,486      ￦ 2,740,774      ￦ 32,403,730  
Loans measured at amortized cost
      —        63,784        430,332,305        430,396,089  
Securities measured at amortized cost
2
      5,253,835        28,320,106        19,290        33,593,231  
Other financial assets
2
      —        —        10,718,383        10,718,383  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 7,771,305      ￦ 55,529,376      ￦ 443,810,752      ￦ 507,111,433  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities
            
Deposits
1
    ￦ —      ￦ 168,920,439      ￦ 224,537,840      ￦ 393,458,279  
Borrowings
3
      —        6,088,123        65,099,007        71,187,130  
Debentures
      —        59,272,727        7,763,934        67,036,661  
Other financial liabilities
2
      —        —        26,163,138        26,163,138  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ —      ￦ 234,281,289      ￦ 323,563,919      ￦ 557,845,208  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Fair value hierarchy
     
Total
  
    
Level 1
     
Level 2
     
Level 3
  
                             
    
(In millions of Korean won)
  
Financial assets
            
Cash and due from financial institutions
1
    ￦ 2,775,618      ￦ 24,501,232      ￦ 2,557,036      ￦ 29,833,886  
Loans measured at amortized cost
      —        145,330        444,999,098        445,144,428  
Securities measured at amortized cost
2
      4,328,010        34,410,808        24,884        38,763,702  
Other financial asset
2
      —        —        16,544,513        16,544,513  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 7,103,628      ￦ 59,057,370      ￦ 464,125,531      ￦ 530,286,529  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities
            
Deposit
1
    ￦ —      ￦ 167,135,143      ￦ 239,575,938      ￦ 406,711,081  
Borrowing
3
      —        5,835,132        63,555,214        69,390,346  
Debentures
      —        61,678,464        7,297,286        68,975,750  
Other financial liabilitie
2
      —        —        37,416,916        37,416,916  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ —      ￦ 234,648,739      ￦ 347,845,354      ￦ 582,494,093  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
1
The amounts included in Level 2 are the carrying amounts which are reasonable approximations of fair value.
2
The amounts included in Level 3 are the carrying amounts which are reasonable approximations of fair value.
3
Borrowings of ￦ 18,266 million and ￦ 38,191 million included in Level 2 are the carrying amounts which are reasonable approximations of fair value as of December 31, 2022 and 2023, respectively.
 
F-9
7
For financial assets and liabilities whose carrying amount is a reasonable approximation of fair value, valuation techniques and inputs are not disclosed.
Valuation techniques and inputs of financial assets and liabilities classified as Level 2, and whose fair value is disclosed as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Fair value
     
Valuation techniques
     
Inputs
  
                      
    
(In millions of Korean won)
  
Financial assets
         
Loans measured at amortized cost
    ￦ 63,784        DCF Model        Discount rate  
Securities measured at amortized cost
      28,320,106        DCF Model, MonteCarlo
Simulation		  
 		      Discount rate,
Interest rate		  
 
  
 
 
        
   ￦ 28,383,890        
  
 
 
        
Financial liabilities
         
Borrowings
    ￦ 6,069,857        DCF Model        Discount rate  
Debentures
      59,272,727        DCF Model        Discount rate  
  
 
 
        
   ￦ 65,342,584        
  
 
 
        
 
    
December 31, 2023
  
    
Fair value
     
Valuation techniques
     
Inputs
  
                      
    
(In millions of Korean won)
  
Financial assets
         
Loans measured at amortized cost
    ￦ 145,330        DCF Model        Discount rate  
Securities measured at amortized cost
      34,410,808        DCF Model, MonteCarlo
Simulation		  
 		      Discount rate,
Interest rate		  
 
  
 
 
        
   ￦ 34,556,138        
  
 
 
        
Financial liabilities
         
Borrowings
    ￦ 5,796,941        DCF Model        Discount rate  
Debentures
      61,678,464        DCF Model        Discount rate  
  
 
 
        
   ￦ 67,475,405        
  
 
 
        
 
F-9
8
Valuation techniques and inputs of financial assets and liabilities classified as Level 3, and whose fair value is disclosed as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
    
Fair value
     
Valuation
techniques
   
Inputs
                  
    
(In millions of Korean won)
Financial assets
         
Cash and due from financial institutions
    ￦ 2,740,774      DCF Model   
Credit spread, Other spread, Interest rate
Loans measured at amortized cost
      430,332,305      DCF Model   
Credit spread, Other spread, Prepayment rate, Interest rate
  
 
 
        
   ￦ 433,073,079        
  
 
 
        
Financial liabilities
         
Deposits
    ￦ 224,537,840      DCF Model   
Other spread, Prepayment rate, Interest rate
Borrowings
      65,099,007      DCF Model   
Other spread, Interest rate
Debentures
      7,763,934      DCF Model   
Other spread, Interest rate
  
 
 
        
   ￦ 297,400,781        
  
 
 
        
 
    
December 31, 2023
    
Fair value
     
Valuation
techniques
   
Inputs
                  
    
(In millions of Korean won)
Financial assets
         
Cash and due from financial institutions
    ￦ 2,557,036      DCF Model   
Credit spread, Other spread, Interest rate
Loans measured at amortized cost
      444,999,098      DCF Model   
Credit spread, Other spread, Prepayment rate, Interest rate
  
 
 
        
   ￦ 447,556,134        
  
 
 
        
Financial liabilities
         
Deposits
    ￦ 239,575,938      DCF Model   
Other spread, Prepayment rate, Interest rate
Borrowings
      63,555,214      DCF Model   
Other spread, Interest rate
Debentures
      7,297,286      DCF Model   
Other spread, Interest rate
  
 
 
        
   ￦ 310,428,438        
  
 
 
        
6.2 Disclosure of Fair Value Hierarchy Level 3
6.2.1 Valuation policy and process of Level 3 fair value
The Group uses external, independent and qualified valuation service in addition to internal valuation models to determine the fair value of financial instruments at the end of every reporting period.
If the changes in situation and events which cause transfers between the fair value hierarchy level for a financial asset or liability occur, the Group’s policy is to recognize such transfers as having occurred at the beginning of the reporting period.
 
F-9
9
6.2.2 Changes in fair value (Level 3) measured using valuation technique based on unobservable inputs in the market
6.2.2.1 Changes in financial instruments classified as Level 3 of the fair value hierarchy for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Financial assets at fair value through profit or loss
    
Financial investments
    
Financial liabilities at
fair value through
profit or loss
    
Net derivative
financial instruments
  
   
Due from financial
institutions measured
at fair value through
profit or loss
    
Securities
measured at fair
value through
profit or loss
    
Loans measured at
fair value through
profit or loss
    
Equity securities
measured at fair
value through other
comprehensive
income
    
Loans measured
at fair value
through other
comprehensive
income
    
Financial liabilities
designated at fair
value through profit
or loss
    
Derivatives held for
trading
  
                                           
   
(In millions of Korean won)
  
Beginning
   ￦ 72,016     ￦ 13,677,260     ￦ 93,929     ￦ 1,444,435     ￦ 13,970     ￦ (7,817,514 )    ￦ 35,405  
Total gains or losses:
              
Profit or loss
     (6,991 )      (164,646 )      20,306       —       —       561,996       (663,229 ) 
Other comprehensive income (loss)
     —       (56,502 )      —       (3,457 )      130       60,520       —  
Purchases
     —       4,519,870       45,486       46,041       —       —       23,526  
Sales
     (20,000 )      (1,373,459 )      (10,647 )      (28,739 )      (14,100 )      —       (59,178 ) 
Issues
     —       —       —       —       —       (5,222,820 )      (14,796 ) 
Settlements
     —       (61,055 )      —       —       —       4,186,515       18,456  
Transfers into Level 3 *
     —       27,120       —       —       —       —       —  
Transfers out of Level 3 *
     —       (89,000 )      —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 45,025     ￦ 16,479,588     ￦ 149,074     ￦ 1,458,280     ￦ —     ￦ (8,231,303 )    ￦ (659,816 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
2023
  
   
Financial assets at fair value through profit or loss
    
Financial investments
    
Financial liabilities at
fair value through
profit or loss
    
Net derivative
financial instruments
  
   
Due from financial
institutions measured
at fair value through
profit or loss
    
Securities
measured at fair
value through
profit or loss
    
Loans measured at
fair value through
profit or loss
    
Equity securities
measured at fair
value through other
comprehensive
income
    
Loans measured
at fair value
through other
comprehensive
income
    
Financial liabilities
designated at fair
value through profit
or loss
    
Derivatives held for
trading
  
                                           
   
(In millions of Korean won)
  
Beginning
   ￦ 45,025     ￦ 16,479,588     ￦ 149,074     ￦ 1,458,280     ￦ —     ￦ (8,231,303 )    ￦ (659,816 ) 
Total gains or losses:
              
Profit or loss
     8,766       347,251       (11,954 )      —       —       (338,726 )      (74,870 ) 
Other comprehensive income (loss)
     —       —       —       (65,983 )      —       (32,370 )      —  
Purchases
     —       3,448,093       50,435       98,697       —       —       11,646  
Sales
     —       (2,222,518 )      (4,065 )      (40,086 )      —       —       (6,654 ) 
Issues
     —       —       —       —       —       (4,431,945 )      (6,275 ) 
Settlements
     —       —       —       —       —       6,005,858       69,235  
Transfers into Level 3 *
     —       13,027       —       —       —       —       —  
Transfers out of Level 3 *
     —       (78,693 )      —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 53,791     ￦ 17,986,748     ￦ 183,490     ￦ 1,450,908     ￦ —     ￦ (7,028,486 )    ￦ (666,734 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Transfers into or out of Level 3 of the fair value hierarchy occurred due to the change in the availability of observable market data.
 
F-
100
6.2.2.2 In relation to changes in financial instruments classified as Level 3 of the fair value hierarchy, total gains or losses recognized in profit or loss for the period, and total gains or losses recognized in profit or loss from financial instruments held at the end of the reporting period for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
   
2021
    
2022
  
   
Net gains on
financial
instruments at
fair value
through profit
or loss
    
Other operating
income
    
Net interest
income
    
Net gains on
financial
instruments at
fair value
through profit
or loss
    
Other operating
income
    
Net interest
income
  
                                     
   
(In millions of Korean won)
  
Total gains (losses) recognized in profit or loss for the period
   ￦ 256,167     ￦ 86,236     ￦ —     ￦ (376,605)     ￦ 124,041     ￦ —  
Total gains (losses) recognized in profit or loss from financial instruments held at the end of the reporting period
     126,516       85,256       —       (210,742 )      73,711       —  
 
    
2023
  
    
Net gains on financial
instruments at fair value
through profit or loss
    
Other operating
income
     
Net interest income
  
                     
    
(In millions of Korean won)
  
Total gains (losses) recognized in profit or loss for the period
    ￦ (107,729 )    ￦ 38,196      ￦ —  
Total gains recognized in profit or loss from financial instruments held at the end of the reporting period
      267,666       56,810        —  
 
F-
101
6.2.3 Sensitivity analysis of changes in unobservable inputs
6.2.3.1 Information about fair value measurements using unobservable inputs as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
                         
   
(In millions of
Korean won)
                    
Financial assets
          
Financial assets at fair value through profit or loss:
              
Due from financial institutions
   ￦ 45,025     Hull-white Model   Interest rate     0.86     The lower the interest rate, the higher the fair value
Debt securities
     15,233,555     DCF Model, Closed Form, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Option Model, Binomial Model, Net Asset Value Method, Milestone Method, Income Approach, Market Value Approach, and others   Growth rate     0.00 ~ 3.00     The higher the growth rate, the higher the fair value
  Volatility     0.24 ~ 37.39     The higher the volatility, the higher the fair value fluctuation
  Discount rate     1.54 ~ 15.75     The lower the discount rate, the higher the fair value
  Correlation coefficient between underlying assets     -60.10 ~ 93.32     The higher the correlation coefficient, the higher the fair value fluctuation
  Liquidation value     -1.00 ~ 1.00     The higher the liquidation value, the higher the fair value
  Recovery rate     40.00     The higher the recovery rate, the higher the fair value
  Rate of real estate price fluctuation     -1.00 ~ 1.00     The higher the sale price of real estate, the higher the fair value
  Volatility of Stock price    
18.87
~
19.48		     The higher the volatility, the higher the fair value fluctuation
Equity securities
     1,246,032     Income Approach, Market Value Approach, Asset Value Approach, DCF Model, Comparable Company Analysis, Risk Adjusted Discount Rate Method, Dividend Discount Model, Usage of Past Transactions, Binomial Model, and others   Growth rate     0.00 ~ 4.00     The higher the growth rate, the higher the fair value
  Discount rate     8.00 ~ 23.00     The lower the discount rate, the higher the fair value
  Volatility     16.80 ~ 25.50     The higher the volatility, the higher the fair value fluctuation
Loans
     149,073     DCF Model   Discount rate     9.91     The lower the discount rate, the higher the fair value
 
 
F-
102
   
December 31, 2022
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
                         
   
(In millions of
Korean won)
                    
Derivatives held for trading:
          
Stock and index
   ￦ 79,297     DCF Model, Closed Form, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Binomial Model, Net Asset Value Method   Volatility of underlying asset     10.00 ~ 58.84     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient     -60.10 ~ 79.72     The higher the correlation coefficient, the higher the fair value fluctuation
Currency, interest rate, and others
  
 
 
 
43,959
 
 
  
 
DCF Model, Hull-white Model, MonteCarlo Simulation, Closed Form
  
 
Volatility
  
 
 
 
9.77 ~ 32.92
 
 
  
 
The higher the volatility, the higher the fair value fluctuation
    Correlation coefficient     8.42 ~ 93.32     The higher the correlation coefficient, the higher the fair value fluctuation
Financial assets at fair value through other comprehensive income:
      
Equity securities
     1,458,280     Risk Adjusted Discount Rate Method, IMV Model, DCF Model, Comparable Company Analysis, Income Approach, Net Asset Value Method, Market Value Approach, and others   Growth rate     0.00 ~2.00     The higher the growth rate, the higher the fair value
  Discount rate     7.96 ~ 19.14     The lower the discount rate, the higher the fair value
  Volatility of Stock price     23.36 ~25.49     The higher the volatility, the higher the fair value fluctuation
  Volatility of interest rate     56.32~121.17     The higher the volatility, the higher the fair value fluctuation
 
 
 
          
  ￦ 18,255,221          
 
 
 
          
 
F-10
3
   
December 31, 2022
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
                         
   
(In millions of
Korean won)
                    
Financial liabilities
          
Financial liabilities designated at fair value through profit or loss:
      
Derivative-linked securities
   ￦ 8,231,303     DCF Model, Closed Form, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Net Asset Value Method, and others   Volatility of underlying asset     1.00 ~ 119.27     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient between underlying assets     -60.10 ~ 93.32     The higher the correlation coefficient, the higher the fair value fluctuation
Derivatives held for trading:
          
Stock and index
     370,093     DCF Model, Closed Form, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Net Asset Value Method, and others   Volatility of underlying asset     0.09 ~ 119.27     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient between underlying assets     -60.10 ~ 79.72     The higher the correlation coefficient, the higher the fair value fluctuation
Others
     412,978     DCF Model, Hull-white Model, MonteCarlo Simulation, Closed Form   Discount rate     4.83 ~ 6.85     The lower the discount rate, the higher the fair value
  Volatility of underlying asset     8.68 ~ 119.27     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient between underlying assets     -50.43 ~ 93.32     The higher the correlation coefficient, the higher the fair value fluctuation
 
 
 
          
  ￦ 9,014,374          
 
 
 
          
 
F-10
4
   
December 31, 2023
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
   
(In millions of
Korean won)
                    
                         
Financial assets
          
Financial assets at fair value through profit or loss:
              
Due from financial institutions
   ￦ 53,791     Hull-white Model   Interest rate     3.20     The lower the interest rate, the higher the fair value
Debt securities
     16,453,242     DCF Model, Closed Form, FDM, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Option Model, Binomial Model, Net Asset Value Method, Milestone Method, Income Approach, Market Value Approach, and others   Growth rate     1.00 ~ 3.00     The higher the growth rate, the higher the fair value
    Volatility     14.01 ~ 76.22     The higher the volatility, the higher the fair value fluctuation
    Discount rate     2.48 ~ 16.27     The lower the discount rate, the higher the fair value
    Volatility of Stock price     10.00 ~ 32.55     The higher the volatility, the higher the fair value fluctuation
    Correlation coefficient between underlying assets     -60.02 ~ 89.73     The higher the correlation coefficient, the higher the fair value fluctuation
      Liquidation value     -1.00 ~ 1.00     The higher the liquidation value, the higher the fair value
      Recovery rate     40.00     The higher the recovery rate, the higher the fair value
      Rate of real estate price fluctuation     -1.00 ~ 1.00     The higher the sale price of real estate, the higher the fair value
Equity securities
     1,533,506     Income Approach, Market Value Approach, Asset Value Approach, DCF Model, Comparable Company Analysis, Risk Adjusted Discount Rate Method, Dividend Discount Model, Usage of Past Transactions, Binomial Model, and others   Growth rate     0.00 ~ 1.00     The higher the growth rate, the higher the fair value
    Discount rate     2.15 ~ 38.00     The lower the discount rate, the higher the fair value
    Volatility     0.51 ~ 45.50     The higher the volatility, the higher the fair value fluctuation
Loans
     183,490     DCF Model   Discount rate     9.87     The lower the discount rate, the higher the fair value
                         
 
F-10
5
   
December 31, 2023
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
   
(In millions of
Korean won)
                    
                         
                         
Derivatives held for trading:
          
Stock and index
   ￦ 72,540     DCF Model, Closed Form, MonteCarlo Simulation, Hull-white Model, Black-Scholes Model, Binomial Model, Net Asset Value Method   Volatility of underlying asset     13.79 ~ 52.45     The higher the volatility, the higher the fair value fluctuation
    Correlation coefficient     -60.02 ~ 77.96     The higher the correlation coefficient, the higher the fair value fluctuation
Currency, interest rate, and others
  
 
 
 
21,503
 
 
  
 
DCF Model, Hull-white Model, MonteCarlo Simulation, Closed Form
  
 
Volatility
  
 
 
 
9.10 ~ 107.11
 
 
  
 
The higher the volatility, the higher the fair value fluctuation
    Correlation coefficient     60.17 ~ 78.88     The higher the correlation coefficient, the higher the fair value fluctuation
Financial assets at fair value through other comprehensive income:
      
Equity securities
      1,450,908     DCF Model, Comparable Company Analysis, Risk Adjusted Discount Rate Method, IMV Model, Income Approach, Net Asset Value Method, Market Value Approach, and others   Growth rate     0.00 ~ 2.00     The higher the growth rate, the higher the fair value
    Discount rate     8.83 ~ 19.90     The lower the discount rate, the higher the fair value
    Volatility     20.60 ~ 27.96     The higher the volatility, the higher the fair value fluctuation
 
 
 
          
  ￦ 19,768,980          
 
 
 
          
                         
 
F-10
6
   
December 31, 2023
   
Fair value
    
Valuation techniques
  
Unobservable inputs
  
Range of
unobservable
inputs (%)
    
Relationship of unobservable inputs to
fair value
   
(In millions of
Korean won)
                    
                         
                         
                         
Financial liabilities
          
Financial liabilities designated at fair value through profit or loss:
              
Derivative-linked securities
   ￦ 7,028,486     DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Net Asset Value Method, and others   Volatility of underlying asset     1.00 ~ 107.11     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient     -60.02 ~ 89.73     The higher the correlation coefficient, the higher the fair value fluctuation
Derivatives held for trading:
          
Stock and index
     437,662     DCF Model, Closed Form, MonteCarlo Simulation, Black-Scholes Model, Hull-white Model, Net Asset Value Method, and others   Volatility of underlying asset     13.79 ~ 52.45     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient     -60.02 ~ 77.96     The higher the correlation coefficient, the higher the fair value fluctuation
Others
     323,115     DCF Model, Hull-white Model, MonteCarlo Simulation, Closed Form   Discount rate     5.07 ~ 5.19     The lower the discount rate, the higher the fair value
  Volatility of underlying asset     4.49 ~ 107.11     The higher the volatility, the higher the fair value fluctuation
  Correlation coefficient between underlying assets     -60.02 ~ 89.73     The higher the correlation coefficient, the higher the fair value fluctuation
 
 
 
          
  ￦ 7,789,263          
 
 
 
          
 
F-10
7
6.2.3.2 Sensitivity analysis of changes in unobservable inputs
Sensitivity analysis of financial instruments is performed to measure favorable and unfavorable changes in fair value of financial instruments which are affected by unobservable parameters, using a statistical technique. When the fair value is affected by more than one input parameter, the amounts represent the most favorable or most unfavorable outcome. Level 3 financial instruments subject to sensitivity analysis are (a) equity-related derivatives, currency-related derivatives, and interest rate related derivatives whose fair value changes are recognized in profit or loss, (b) financial liabilities designated at fair value through profit or loss, and (c) due from financial institutions, debt securities (including beneficiary certificates), equity securities, and loans whose fair value changes are recognized in profit or loss or other comprehensive income or loss.
Results of the sensitivity analysis of changes in unobservable inputs as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Profit or loss
    
Other comprehensive

income or loss
  
  
Favorable

changes
     
Unfavorable

changes
    
Favorable

changes
     
Unfavorable

changes
  
                            
    
(In millions of Korean won)
  
Financial assets
           
Financial assets at fair value through profit or loss:
1
           
Due from financial institutions
    ￦ 221      ￦ (247 )    ￦ —      ￦ —  
Debt securities
4
      19,034        (19,765 )      —        —  
Equity securities
3
      34,564        (25,586 )      —      —
Loans
5
      2,276        (2,055 )      —        —  
Derivatives held for trading
2
      18,076        (19,034 )      —        —  
Financial assets at fair value through other comprehensive income:
           
Equity securities
3
      —        —       179,307        (82,595 ) 
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 74,171      ￦ (66,687 )    ￦ 179,307      ￦ (82,595 ) 
  
 
 
     
 
 
    
 
 
     
 
 
  
Financial liabilities
           
Financial liabilities designated at fair value through profit or loss
1
    ￦ 94,001      ￦ (97,663 )    ￦ —      ￦ —  
Derivatives held for trading
2
      48,768        (46,427 )      —        —  
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 142,769      ￦ (144,090 )    ￦ —      ￦ —  
  
 
 
     
 
 
    
 
 
     
 
 
  
 
F-10
8
    
December 31, 2023
  
    
Profit or loss
    
Other comprehensive

income or loss
  
  
Favorable

changes
     
Unfavorable

changes
    
Favorable

changes
     
Unfavorable

changes
  
                            
    
(In millions of Korean won)
  
Financial assets
           
Financial assets at fair value through profit or loss:
1
           
Due from financial institutions
    ￦ 211      ￦ (224 )    ￦ —      ￦ —  
Debt securities
4
      94,310        (94,063 )      —        —  
Equity securities
3
      25,683        (17,107 )      —        —  
Loans
5
      2,218        (2,010 )      —        —  
Derivatives held for trading
2
      8,150        (8,723 )      —        —  
Financial assets at fair value through other comprehensive income:
           
Equity securities
3
      —        —       95,829        (56,625 ) 
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 130,572      ￦ (122,127 )    ￦ 95,829      ￦ (56,625 ) 
  
 
 
     
 
 
    
 
 
     
 
 
  
Financial liabilities
           
Financial liabilities designated at fair value through profit or loss
1
    ￦ 43,114      ￦ (42,487 )    ￦ —      ￦ —  
Derivatives held for trading
2
      17,983        (19,125 )      —        —  
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 61,097      ￦ (61,612 )    ￦ —      ￦ —  
  
 
 
     
 
 
    
 
 
     
 
 
  
 
1
 
For financial instruments at fair value through profit or loss, changes in fair value are calculated by shifting principal unobservable input parameters such as discount rate, recovery rate, liquidation value by ±1%p and volatility of underlying asset, growth rate by ±1%p or ±10% and correlation coefficient by ±10%.
2
 
For derivative financial instruments, changes in fair value are calculated by shifting principal unobservable input parameters such as price of underlying asset and volatility by ± 10%.
3
 
For equity securities, changes in fair value are calculated by shifting principal unobservable input parameters such as correlation between discount rate
(-1%p~1%p)
and growth rate
(-1%p~1%p).
4
 
For beneficiary certificates, it is practically impossible to analyze sensitivity of changes in unobservable inputs. However, for beneficiary certificates whose underlying assets are real estates, changes in fair value are calculated by shifting rate of real estate price fluctuation by -1%p~1%p, and for beneficiary certificates whose underlying assets are equity investments, changes in fair value are calculated by shifting principal unobservable input parameters such as liquidation value by -1%p~1%p and discount rate by -1%p~1%p. There is no significant correlation among major unobservable inputs.
5
 
For loans, changes in fair value are calculated by shifting principal unobservable input parameters such as discount rate by -1%p~1%p.
6.2.4 Day one gains or losses
When the Group measures the fair value of OTC derivatives using inputs that are not based on observable market data, there could be a difference between the transaction price and the amount determined using that valuation technique. In these circumstances, the fair value of financial instruments is recognized as the transaction price, and the difference is not recognized in profit or loss but deferred and amortized using the straight-line method over the life of the financial instrument. When the fair value of the financial instruments is subsequently determined using observable market inputs, the remaining deferred amount is recognized in profit or loss.
 
F-10
9
Changes in deferred day one gains or losses for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
    
2023
  
              
    
(In millions of Korean won)
  
Balance at the beginning of the year
    ￦ 77,208     ￦ 71,504  
New transactions
      113,504       85,920  
Changes during the year
      (119,208 )      (133,994 ) 
  
 
 
    
 
 
  
Balance at the end of the year
    ￦ 71,504     ￦ 23,430  
  
 
 
    
 
 
  
6.3 Carrying Amount of Financial Instruments by Category
Financial assets and liabilities are measured at fair value or amortized cost. Carrying amount of financial assets and liabilities by category as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Financial
instruments
at fair value
through
profit or loss
    
Financial
instruments at
fair value
through other
comprehensive
income
    
Financial
instruments
designated at
fair value
through other
comprehensive
income
    
Financial
instruments at
amortized cost
    
Derivatives
held for
hedging
    
Total
  
                                     
   
(In millions of Korean won)
  
Financial assets
            
Cash and due from financial institutions
   ￦ —     ￦ —     ￦ —     ￦ 32,474,750     ￦ —     ￦ 32,474,750  
Financial assets at fair value through profit or loss
     70,092,497       —       —       —       —       70,092,497  
Derivative financial assets
     8,984,171       —       —       —       462,409       9,446,580  
Loans measured at amortized cost
     —       —       —       433,038,931       —       433,038,931  
Financial investments
     —       77,197,625       2,335,793       35,919,241       —       115,452,659  
Other financial assets
     —       —       —       10,718,383       —       10,718,383  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 79,076,668     ￦ 77,197,625     ￦ 2,335,793     ￦ 512,151,305     ￦ 462,409     ￦ 671,223,800  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
December 31, 2022
  
   
Financial
instruments
at fair value
through
profit or loss
    
Financial instruments
designated at fair value
through profit or loss
    
Financial
instruments at
amortized cost
    
Derivatives
held for
hedging
    
Total
  
                               
   
(In millions of Korean won)
  
Financial liabilities
          
Financial liabilities at fair value through profit or loss
   ￦ 2,193,210     ￦ 10,078,394     ￦ —     ￦ —     ￦ 12,271,604  
Derivative financial liabilities
     9,209,537       —       —       300,232       9,509,769  
Deposits
     —       —       393,928,904       —       393,928,904  
Borrowings
     —       —       71,717,366       —       71,717,366  
Debentures
     —       —       68,698,203       —       68,698,203  
Other financial liabilities *
     —       —       26,163,138       —       26,163,138  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 11,402,747     ￦ 10,078,394     ￦ 560,507,611     ￦ 300,232     ￦ 582,288,984  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-1
10
   
December 31, 2023
  
   
Financial
instruments
at fair value
through
profit or loss
    
Financial
instruments at
fair value
through other
comprehensive
income
    
Financial
instruments
designated at
fair value
through other
comprehensive
income
    
Financial
instruments at
amortized cost
     
Derivatives
held for
hedging
    
Total
  
                                      
   
(In millions of Korean won)
  
Financial assets
             
Cash and due from financial institutions
   ￦ —     ￦ —     ￦ —     ￦ 29,836,311      ￦ —     ￦ 29,836,311  
Financial assets at fair value through profit or loss
     77,038,267       —       —       —        —       77,038,267  
Derivative financial assets
     5,777,682       —       —       —        379,946       6,157,628  
Loans measured at amortized cost
     —       —       —       444,805,287        —       444,805,287  
Financial investments
     —       79,727,487       2,770,653       39,701,389        —       122,199,529  
Other financial assets
     —       —       —       16,544,513        —       16,544,513  
 
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
  ￦ 82,815,949     ￦ 79,727,487     ￦ 2,770,653     ￦ 530,887,500      ￦ 379,946     ￦ 696,581,535  
 
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
 
   
December 31, 2023
  
   
Financial
instruments
at fair value
through
profit or loss
    
Financial instruments
designated at fair value
through profit or loss
    
Financial
instruments at
amortized cost
    
Derivatives
held for
hedging
    
Total
  
                               
   
(In millions of Korean won)
  
Financial liabilities
          
Financial liabilities at fair value through profit or loss
   ￦ 2,953,472     ￦ 7,966,963     ￦ —     ￦ —     ￦ 10,920,435  
Derivative financial liabilities
     5,966,512       —       —       244,127       6,210,639  
Deposits
     —       —       406,512,434       —       406,512,434  
Borrowings
     —       —       69,583,561       —       69,583,561  
Debentures
     —       —       69,176,668       —       69,176,668  
Other financial liabilities*
     —       —       37,416,916       —       37,416,916  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 8,919,984     ￦ 7,966,963     ￦ 582,689,579     ￦ 244,127     ￦ 599,820,653  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Other financial liabilities include lease liabilities that are not included in the category of financial instruments measured at amortized cost.
 
F-1
11
6.4 Transfer of Financial Assets
6.4.1 Transferred financial assets that are derecognized in their entirety
The Group transferred loans and other financial assets to companies specialized in asset-backed securitization and derecognized them from the consolidated financial statement, while the maximum exposure to loss (carrying amount) from its continuing involvement and fair value of its continuing involvement of the derecognized financial assets as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Type of continuing
involvement
  
Classification of financial
instruments
  
Carrying amount
of continuing
involvement
    
Fair value of
continuing
involvement
  
                     
           
(In millions of Korean won)
  
Discovery 2
nd
Securitization Specialty Co., Ltd.
  
Subordinated bond
  
Financial assets at fair value through profit or loss
   ￦ 564     ￦ 564  
AP 4D ABS Ltd.
  
Subordinated bond
  
Financial assets at fair value through profit or loss
     541       541  
     
 
 
    
 
 
  
      ￦ 1,105     ￦ 1,105  
     
 
 
    
 
 
  
 
   
December 31, 2023
  
   
Type of continuing
involvement
  
Classification of financial
instruments
  
Carrying amount
of continuing
involvement
    
Fair value of
continuing
involvement
  
                     
           
(In millions of Korean won)
  
Discovery 2
nd
Securitization Specialty Co., Ltd.
  
Subordinated bond
  
Financial assets at fair value through profit or loss
   ￦ 564     ￦ 564  
AP 4D ABS Ltd.
  
Subordinated bond
  
Financial assets at fair value through profit or loss
     257       257  
     
 
 
    
 
 
  
      ￦ 821     ￦ 821  
     
 
 
    
 
 
  
6.4.2 Transferred financial assets that are not derecognized in their entirety
The Group issued securitized debentures using loans as underlying assets. Details of underlying assets and senior debentures in relation to securitization as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Carrying amount
of underlying
assets
    
Fair value of
underlying
assets
    
Carrying amount
of senior
debentures
    
Fair value of
senior
debentures
  
                         
   
(In millions of Korean won)
  
KB Kookmin Card 7
th
Securitization Co., Ltd.
1
  ￦ 963,756     ￦ 958,207     ￦ 641,780     ￦ 628,274  
KB Kookmin Card 8
th
Securitization Co., Ltd.
1
    556,487       553,729       299,878       285,111  
KB Kookmin Card 9
th
Securitization Co., Ltd.
1
     615,565       612,543       349,829       372,724  
KB Kookmin Card 10
th
Securitization Co., Ltd.
1
    1,138,578       1,132,170       503,392       503,644  
KB Auto Fifth Asset Securitization Specialty Co., Ltd.
2
     441,080       429,626       299,705       299,705  
 
 
 
    
 
 
    
 
 
    
 
 
  
  ￦  3,715,466     ￦  3,686,275     ￦  2,094,584     ￦  2,089,458  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
 
F-1
12
   
December 31, 2023
  
   
Carrying amount
of underlying
assets
    
Fair value of
underlying
assets
    
Carrying amount
of senior
debentures
    
Fair value of
senior
debentures
  
                         
   
(In millions of Korean won)
  
KB Kookmin Card 8
th
Securitization Co., Ltd.
1
  ￦ 487,532     ￦ 485,230     ￦ 299,913     ￦ 287,628  
KB Kookmin Card 9
th
Securitization Co., Ltd.
1
    541,645       538,984       349,842       358,616  
KB Kookmin Card 10
th
Securitization Co., Ltd. 
1
     919,380       914,470       513,232       491,656  
KB Kookmin Card 11
th
Securitization Co., Ltd. 
1
    701,955       698,248       399,890       375,738  
KB Kookmin Card 12
th
Securitization Co., Ltd. 
1
     1,234,204       1,227,724       641,079       607,621  
KB Auto Fifth Asset Securitization Specialty Co., Ltd.
2
     415,041       388,008       286,906       284,351  
 
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 4,299,757     ￦  4,252,664     ￦ 2,490,862     ￦  2,405,610  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
The Group has an obligation to early redeem the securitized debentures in the event of situations prescribed by the asset securitization contract, such as the remaining balance of the eligible underlying assets in trust-type asset securitization is below the solvency ratio (minimum ratio: 104.5%) of the beneficiary interest in the trust. To avoid such early redemption, the Group entrusts credit card accounts and deposits in addition to the previously entrusted credit card accounts.
2
 
The Group has an obligation to early redeem the securitized debentures in the event of situations prescribed by the asset securitization contract, such as when the trusted assets do not meet the eligibility requirements.
6.4.3 Bonds sold under repurchase agreements and loaned securities
The Group continues to recognize the financial assets related to bonds sold under repurchase agreements and securities lending transactions in the consolidated statement of financial position since those transactions are not qualified for derecognition even though the Group transfers the financial assets. Bonds sold under repurchase agreements are sold on the condition that they will be repurchased at a fixed price and loaned securities will be returned at the expiration of the loan period. Thus, the Group retains substantially all the risks and rewards of ownership of the financial assets.
The carrying amount of transferred assets and related liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Carrying amount of
transferred assets
     
Carrying amount of
related liabilities
  
               
    
(In millions of Korean won)
  
Bonds sold under repurchase agreements *
    ￦ 11,418,820      ￦ 10,610,882  
Loaned securities:
      
Government and public bonds
      1,639,034        —  
Stock
      52,098        —  
Others
      82,658        —  
  
 
 
     
 
 
  
   ￦ 13,192,610      ￦ 10,610,882  
  
 
 
     
 
 
  
 
F-11
3
    
December 31, 2023
  
    
Carrying amount of
transferred assets
     
Carrying amount of
related liabilities
  
               
    
(In millions of Korean won)
  
Bonds sold under repurchase agreements *
    ￦ 12,888,189      ￦ 12,107,718  
Loaned securities:
      
Government and public bonds
      3,395,703        —  
Stock
      30,025        —  
Others
      70,513        —  
  
 
 
     
 
 
  
   ￦ 16,384,430      ￦ 12,107,718  
  
 
 
     
 
 
  
 
*
Bonds sold under repurchase agreements using borrowed securities as collateral amount to ￦ 100,768 million and ￦ 3,020,934 million as of December 31, 2022 and 2023, respectively.
6.4.4 Purchase commitments of securitized debentures
The Group provided additional credit enhancement, such as purchase commitments, for the underlying assets of subsidiaries established for asset-backed securitization. Details of carrying amounts of the underlying assets and the associated liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Underlying assets
  
Financial assets at fair value through profit or loss
    ￦ 324,456      ￦ 391,581  
  Loans measured at amortized cost *      3,050,471        2,595,344  
    
 
 
     
 
 
  
     ￦ 3,374,927      ￦ 2,986,925  
    
 
 
     
 
 
  
Associated liabilities
   Debentures    ￦ 3,222,237      ￦ 2,944,753  
 
*
Before netting of allowance
 
F-11
4
6.5 Offsetting Financial Assets and Financial Liabilities
The Group enters into International Swaps and Derivatives Association (“ISDA”) master netting agreements and other similar arrangements with the Group’s OTC derivative and spot exchange counterparties. Similar netting agreements are also entered into with the Group’s (a) sales or purchases of bonds under repurchase agreements and (b) securities lending and borrowing transactions, etc. Pursuant to these agreements, in the event of default by one party, contracts are to be terminated and receivables and payables are to be offset. Domestic exchange settlement debits and domestic exchange settlement credits are recognized in its net settlement balance in the consolidated statement of financial position because the Group has the legal right of offset and settles in net amount.
6.5.1 Details of financial assets subject to enforceable master netting agreements or similar arrangements as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Gross assets
    
Gross liabilities
offset
    
Net amount in
the statement
of financial
position
    
Non-offsetting
amount
    
Net amount
  
 
Financial
instruments
    
Cash
collateral
  
                                     
   
(In millions of Korean won)
  
Derivatives held for trading and derivative-linked securities
   ￦ 9,380,420     ￦ —     ￦ 9,380,420     ￦ (7,710,599 )    ￦ (195,224 )    ￦ 1,937,007  
Derivatives held for hedging
     462,410       —       462,410        
Unsettled spot exchange receivable
     3,374,369       —       3,374,369       (3,360,673 )      —       13,696  
Bonds purchased under repurchase agreements
     3,451,157       —       3,451,157       (3,328,657 )      —       122,500  
Domestic exchange settlement debits
     55,491,085       (54,611,238 )      879,847       —       —       879,847  
Other financial instruments
     2,006,234       (1,912,964 )      93,270       —       —       93,270  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 74,165,675     ￦ (56,524,202 )    ￦ 17,641,473     ￦ (14,399,929 )    ￦ (195,224 )    ￦ 3,046,320  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
December 31, 2023
  
   
Gross assets
    
Gross liabilities
offset
    
Net amount in
the statement
of financial
position
    
Non-offsetting
amount
    
Net amount
  
   
Financial
instruments
    
Cash
collateral
  
                                     
   
(In millions of Korean won)
  
Derivatives held for trading and derivative-linked securities
   ￦ 6,025,704     ￦ —     ￦ 6,025,704     ￦ (4,904,616 )    ￦ (203,414 )    ￦ 1,297,619  
Derivatives held for hedging
     379,945       —       379,945        
Unsettled spot exchange receivable
     7,125,645       —       7,125,645       (6,838,231 )      —       287,414  
Bonds purchased under repurchase agreements
     3,948,358       —       3,948,358       (3,927,790 )      —       20,568  
Securities borrowing agreements
     165,842       —       165,842       (165,842 )      —       —  
Domestic exchange settlement debits
     63,223,652       (62,396,548 )      827,104       —       —       827,104  
Other financial instruments
     2,885,128       (2,859,006 )      26,122       —       —       26,122  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 83,754,274     ￦ (65,255,554 )    ￦ 18,498,720     ￦ (15,836,479 )    ￦ (203,414 )    ￦ 2,458,827  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-11
5
6.5.2 Details of financial liabilities subject to enforceable master netting agreements or similar arrangements as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
 
Gross liabilities
    
Gross assets
offset
    
Net amount in
the statement of
financial
position
    
Non-offsetting
amount
    
Net amount
  
   
Financial
instruments
    
Cash
collateral
  
                                     
   
(In millions of Korean won)
  
Derivatives held for trading and derivative-linked securities
   ￦ 10,500,353     ￦ —     ￦ 10,500,353     ￦ (2,302,250 )    ￦ (83,837 )    ￦ 8,414,498  
Derivatives held for hedging
     300,232       —       300,232        
Unsettled spot exchange payable
     3,374,230       —       3,374,230       (3,360,673 )      —       13,557  
Bonds sold under repurchase agreements *
     11,769,694       —       11,769,694       (11,769,694 )      —       —  
Securities borrowing agreements
     2,102,537       —       2,102,537       (2,102,537 )      —       —  
Domestic exchange settlement credits
     56,349,727       (54,611,238 )      1,738,489       (1,738,489 )      —       —  
Other financial instruments
     1,969,954       (1,912,964 )      56,990       —       —       56,990  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 86,366,727     ￦ (56,524,202 )    ￦ 29,842,525     ￦ (21,273,643 )    ￦ (83,837 )    ￦ 8,485,045  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
December 31, 2023
  
 
Gross liabilities
    
Gross

assets offset
    
Net amount in
the statement of
financial
position
    
Non-offsetting
amount
    
Net amount
  
   
Financial
instruments
    
Cash
collateral
  
                                     
   
(In millions of Korean won)
  
Derivatives held for trading and derivative-linked securities
   ￦ 6,817,326     ￦ —     ￦ 6,817,326     ￦ (5,519,403 )    ￦ (75,882 )    ￦ 1,466,169  
Derivatives held for hedging
     244,128       —       244,128        
Unsettled spot exchange payable
     7,124,998       —       7,124,998       (6,838,231 )      —       286,767  
Bonds sold under repurchase agreements *
     15,645,498       —       15,645,498       (15,645,498 )      —       —  
Securities borrowing agreements
     2,860,034       —       2,860,034       (2,860,034 )      —       —  
Domestic exchange settlement credits
     65,260,751       (62,396,548 )      2,864,203       (2,864,203 )      —       —  
Other financial instruments
     3,090,690       (2,859,006 )      231,684       —       —       231,684  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 101,043,425     ￦ (65,255,554 )    ￦ 35,787,871     ￦ (33,727,369 )    ￦ (75,882 )    ￦ 1,984,620  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Includes bonds sold under repurchase agreements to customers.
 
F-11
6
7. Due from Financial Institutions Measured at Amortized Cost
7.1 Details of due from financial institutions as of December 31, 2022 and 2023, are as follows:
 
   
Financial institutions
   
Interest rate
(%) as of

December 31,
2023
     
December 31,

2022
     
December 31,

2023
  
                   
(In millions of Korean won)
  
Due from financial institutions in Korean won
  
Due from the Bank of Korea
   The Bank of Korea      —      ￦ 15,169,704      ￦ 13,731,708  
 
Due from banks
  
Hana Bank and others
      0.00 ~ 5.60        3,941,987        3,953,940  
 
Due from others
  
Samsung securities and others
      0.00 ~ 4.65        1,509,698        1,030,310  
         
 
 
     
 
 
  
            20,621,389        18,715,958  
         
 
 
     
 
 
  
Due from financial institutions in foreign currencies
  
Due from banks in foreign currencies
  
CITI Bank N.A. and others
      0.00 ~ 5.16        5,653,587        6,210,917  
 
Time deposits in foreign currencies
  
Bank of Communications Seoul Branch and others
      0.00 ~ 9.50        573,493        442,122  
 
Due from others
  
State Street Bank and Trust Company Seoul Branch and others
      0.00 ~ 10.70        3,066,370        2,211,303  
         
 
 
     
 
 
  
            9,293,450        8,864,342  
         
 
 
     
 
 
  
          ￦ 29,914,839      ￦ 27,580,300  
         
 
 
     
 
 
  
 
*
Before netting of allowance
7.2 Details of restricted due from financial institutions as of December 31, 2022 and 2023, are as follows:
 
   
Financial institutions
   
December 31,

2022
     
December 31,
2023
     
Reasons of restriction
            
(In millions of Korean won)
       
Due from financial institutions in Korean won
  
Due from the Bank of Korea
   The Bank of Korea    ￦ 15,169,704      ￦ 13,731,708      Bank of Korea Act
 
Due from banks
  
Shinhan Bank and others
      522,306        40,721      Net settlement and others
 
Due from others
  
NH Investment & Securities Co., Ltd. and others
      1,113,712        799,361      Derivatives margin account and others
      
 
 
     
 
 
     
         16,805,722        14,571,790     
      
 
 
     
 
 
     
Due from financial institutions in foreign currencies
  
Due from banks in foreign currencies
  
The Bank of Korea and others
      2,350,933        1,630,348      Bank of Korea Act and others
 
Time deposits in foreign currencies
  
Bank of Communications Co. Ltd. New York Branch and others
      72,437        86,406      Bank Act of the State of New York and others
 
Due from others
  
State Street Bank and Trust Company Seoul Branch and others
      2,092,655        1,689,065      Derivatives margin account and others
      
 
 
     
 
 
     
         4,516,025        3,405,819     
      
 
 
     
 
 
     
       ￦ 21,321,747      ￦ 17,977,609     
      
 
 
     
 
 
     
 
*
Before netting of allowance.
 
F-11
7
7.3 Changes in allowances for credit losses of due from financial institutions for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
12-month expected

credit losses
    
Lifetime expected credit losses
  
 
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 2,969     ￦ —      ￦ —  
Transfer between stages:
        
Transfer to
12-month
expected credit losses
      —       —        —  
Transfer to lifetime expected credit losses
      —       —        —  
Impairment
      —       —        —  
Provision (reversal) of credit losses
      (392 )      —        —  
Others
      166       —        —  
  
 
 
    
 
 
     
 
 
  
Ending
    ￦ 2,743     ￦ —      ￦ —  
  
 
 
    
 
 
     
 
 
  
    
2023
  
    
12-month
expected
credit losses
    
Lifetime expected credit losses
  
 
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 2,743     ￦ —      ￦ —  
Transfer between stages:
        
Transfer to
12-month
expected credit losses
      —       —        —  
Transfer to lifetime expected credit losses
      —       —        —  
Impairment
      —       —        —  
Provision (reversal) of credit losses
      (1,724)       —        —  
Business Combination
      6       —        —  
Others
      (4 )      —        —  
  
 
 
    
 
 
     
 
 
  
Ending
    ￦ 1,021     ￦ —      ￦ —  
  
 
 
    
 
 
     
 
 
  
 
F-11
8
8. Assets Pledged as Collateral
8.1 Details of assets pledged as collateral as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
Assets pledged
  
Pledgee
  
Carrying amount
    
Reasons of pledge
       
(In millions of
Korean won)
      
Due from financial institutions
  
KEB Hana Bank and others
   ￦ 1,263,167     Borrowings from bank and others
Financial assets at fair value through profit or loss
  
The Korea Securities Depository and others
     3,841,536     Repurchase agreements
 
The Korea Securities Depository and others
     7,063,541    
Securities borrowing transactions
 
The Bank of Korea
     34,071     Borrowings from the Bank of Korea
 
The Bank of Korea
     236,832     Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     1,131,217     Derivatives transactions
   
 
 
    
      12,307,197    
   
 
 
    
Financial assets at fair value through other comprehensive income
  
MERITZ Securities Co., LTD. and others
     5,625,270     Repurchase agreements
 
The Korea Securities Depository and others
     1,592,460     Securities borrowing transactions
 
The Bank of Korea
     5,495,686    
Borrowings from the Bank of Korea
 
The Bank of Korea
     1,782,507    
Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     1,581,129    
Derivatives transactions
   
 
 
    
      16,077,052    
   
 
 
    
Securities measured at amortized cost
  
The Korea Securities Depository and others
     2,307,499    
Repurchase agreements
 
The Bank of Korea
     4,020,539    
Borrowings from the Bank of Korea
 
The Bank of Korea
     5,047,277    
Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     327,684     Derivatives transactions
 
Korea Exchange and others
     391,429     Others
   
 
 
    
      12,094,428    
   
 
 
    
Loans
  
Others
     12,863,079    
Covered bond and others
Real estate
  
LGIM COMMERCIAL LENDING Ltd. and others
     834,003     Borrowings from bank and others
   
 
 
    
    ￦ 55,438,926    
   
 
 
    
 
F-11
9
   
December 31, 2023
Assets pledged
  
Pledgee
  
Carrying
amount
    
Reasons of pledge
       
(In millions of
Korean won)
      
Due from financial institutions
  
KEB Hana Bank and others
   ￦ 822,407     Borrowings from bank and others
Financial assets at fair value through profit or loss
  
The Korea Securities Depository and others
     10,150,629     Repurchase agreements
 
The Korea Securities Depository and others
     1,556,234     Securities borrowing transactions
 
The Bank of Korea
     266,576    
Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     3,200,511     Derivatives transactions
   
 
 
    
      15,173,950    
   
 
 
    
Financial assets at fair value through other comprehensive income
  
The Bank of Korea and others
     7,502,666    
Repurchase agreements
 
The Korea Securities Depository and others
     167,879     Securities borrowing transactions
 
The Bank of Korea
     527,494    
Borrowings from the Bank of Korea
 
MUFG Bank and others
     830,504     Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     4,215,092     Derivatives transactions
   
 
 
    
      13,243,635    
   
 
 
    
Securities measured at amortized cost
  
The Bank of Korea and others
     625,003    
Repurchase agreements
 
The Bank of Korea
     2,357,018    
Borrowings from the Bank of Korea
 
The Bank of Korea
     6,746,440    
Settlement risk of the Bank of Korea
 
Samsung Futures Inc. and others
     344,432     Derivatives transactions
 
The Bank of Korea and others
     1,623,715    
Others
   
 
 
    
      11,696,608    
   
 
 
    
Loans
  
KEB Hana Bank and Others
     13,733,820    
Covered bond and others
Real estate
  
Capital LLC and others
     628,619     Borrowings from bank and others
   
 
 
    
    ￦ 55,299,039    
   
 
 
    
In addition, the Group provided ￦ 4,986,339 million and ￦ 7,916,155 million of debt securities among its borrowed securities and other assets held as collateral to Korea Securities Finance Corporation and others as collateral as of December 31, 2022 and 2023, respectively.
 
F-1
20
8.2 Fair value of collateral available to sell or repledge, and collateral sold or repledged, regardless of debtor’s default as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Fair value of collateral
held
     
Fair value of collateral
sold or repledged
     
Total
  
    
(In millions of Korean won)
  
Securities
    ￦ 3,344,424      ￦ —      ￦ 3,344,424  
 
    
December 31, 2023
  
    
Fair value of collateral
held
     
Fair value of collateral
sold or repledged
     
Total
  
    
(In millions of Korean won)
  
Securities
    ￦ 3,892,709      ￦ —      ￦ 3,892,709  
9. Derivative Financial Instruments and Hedge Accounting
The Group’s derivative operations focus on addressing the needs of the Group’s corporate clients to hedge their risk exposure and hedging the Group’s risk exposure that results from such client contracts. The Group also engages in derivative trading activities to hedge the interest rate risk and currency risk arising from the Group’s own assets and liabilities. In addition, the Group engages in proprietary trading of derivatives within the predetermined transaction limit.
The Group provides and trades a range of derivative financial instruments, including:
 
  •  
Interest rate swaps relating to interest rate risk in Korean won
 
  •  
Cross-currency swaps, forwards, and options relating to currency risk
 
  •  
Stock index options linked with the Korea Composite Stock Price Index (“KOSPI”)
In particular, the Group applies fair value hedge accounting using interest rate swaps, currency forwards, and others to hedge the risk of changes in fair value due to the changes in interest rate and foreign exchange rate of structured debentures in Korean won, debentures in foreign currencies, structured deposits in foreign currencies, and others. The Group applies cash flow hedge accounting using interest rate swaps, currency swaps, and others to hedge the risk of changes in cash flows of floating rate debt securities in Korean won, borrowings in foreign currencies, group of loans measured at amortized cost, and others. In addition, the Group applies net investments in foreign operations hedge accounting by designating debentures in foreign currencies and cross currency forwards as hedging instruments to hedge the currency risk of net investments in foreign operations.
 
F-1
21
9.1 Details of derivative financial instruments held for trading as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
Notional amount
     
Assets
     
Liabilities
     
Notional amount
     
Assets
     
Liabilities
  
    
(In millions of Korean won)
  
Interest rate
                  
Forwards
    ￦ 8,261,663      ￦ 821,603      ￦ 431,002      ￦ 14,872,481      ￦ 488,542      ￦ 465,983  
Futures*
      4,450,505        765        256        5,398,495        6,226        4,576  
Swaps
      359,581,194        859,670        694,713        416,613,927        556,985        574,865  
Options
      10,508,000        274,596        272,284        9,384,000        203,718        208,277  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     382,801,362        1,956,634        1,398,255        446,268,903        1,255,471        1,253,701  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Currency
                  
Forwards
      115,682,577        2,813,603        2,472,119        136,805,906        1,316,968        1,273,558  
Futures*
      413,960        36        2,364        576,730        696        989  
Swaps
      91,646,725        3,525,458        4,049,390        84,027,181        2,731,314        2,426,152  
Options
      1,852,065        27,258        13,025        1,238,475        7,668        4,713  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     209,595,327        6,366,355        6,536,898        222,648,292        4,056,646        3,705,412  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Stock and index
                  
Futures*
      1,828,302        37,455        89,624        1,352,920        11,179        13,232  
Swaps
      6,649,735        377,840        492,275        5,165,523        330,132        493,475  
Options
      7,257,715        168,311        359,274        4,880,805        80,576        240,274  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     15,735,752        583,606        941,173        11,399,248        421,887        746,981  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Credit
                  
Swaps
      3,006,114        32,860        17,468        2,864,357        17,799        8,695  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     3,006,114        32,860        17,468        2,864,357        17,799        8,695  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Commodity
                  
Futures*
      28,577        1,970        941        26,037        1,305        106  
Swaps
      —        —        —        31,635        4,348        4,352  
Options
      131,500        887        885        100,484        1,091        1,147  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
     160,077        2,857        1,826        158,156        6,744        5,605  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Others
      1,003,301        41,859        313,917        788,841        19,135        246,118  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 612,301,933      ￦ 8,984,171      ￦ 9,209,537      ￦ 684,127,797      ￦ 5,777,682      ￦ 5,966,512  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
*
Gains or losses arising from some daily
mark-to-market
futures are reflected in the margin accounts.
 
F-1
22
9.2 Average price conditions of future nominal cash flows by type of hedge accounting as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
1 year
    
2 years
    
3 years
    
4 years
    
5 years
    
Over

5 years
    
Total
  
   
(In millions of Korean won)
  
Fair value hedge
              
Nominal amount of the hedging instrument
   ￦ 5,677,321     ￦ 1,921,072     ￦ 2,701,675     ￦ 1,883,332     ￦ 426,551     ￦ 2,147,845     ￦ 14,757,796  
Average price condition (%)
     4.17       4.52       4.64       4.56       4.36       4.64       4.43  
Average price condition (KRW/USD)
     1,197.01       1,262.56       1,276.70       —       —       —       1,240.59  
Average price condition (KRW/EUR)
     1,363.42       1,373.32       —       1,436.86       —       —       1,387.71  
Average price condition (KRW/AUD)
     886.23       895.76       —       —       —       —       890.17  
Average price condition (KRW/GBP)
     1,617.02       —       1,535.25       —       —       —       1,537.85  
Cash flow hedge
              
Nominal amount of the hedging instrument
   ￦ 3,033,420     ￦ 892,720     ￦ 1,846,139     ￦ 771,585     ￦ 1,078,676     ￦ 210,000     ￦ 7,832,540  
Average price condition (%)
     2.90       2.60       4.42       4.62       4.95       3.99       3.54  
Average price condition (KRW/USD)
     1,178.13       1,196.80       1,166.24       1,225.35       1,252.61       —       1,202.02  
Average price condition (KRW/EUR)
     1,321.00       1,364.00       1,374.73       —       —       —       1,362.51  
Average price condition (KRW/AUD)
     —       856.40       851.50       —       —       —       853.40  
Average price condition (KRW/SGD)
     866.14       —       —       —       —       —       866.14  
Hedge of net investments in foreign operations
              
Nominal amount of the hedging instrument
   ￦ 65,012     ￦ 27,499     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 92,511  
Average price condition (KRW/USD)
     1,071.00       —       —       —       —       —       1,071.00  
Average price condition (KRW/GBP)
     —       1,465.26       —       —       —       —       1,465.26  
 
F-12
3
   
December 31, 2023
  
   
1 year
    
2 years
    
3 years
    
4 years
    
5 years
    
Over

5 years
    
Total
  
   
(In millions of Korean won)
  
Fair value hedge
              
Nominal amount of the hedging instrument
   ￦ 2,998,238     ￦ 3,555,510     ￦ 1,667,087     ￦ 349,482     ￦ 267,778     ￦ 2,304,270     ￦ 11,142,365  
Average price condition (%)
     4.77       4.86       5.18       5.23       5.73       4.93       4.95  
Average price condition (KRW/USD)
     1,257.22       1,277.42       1,242.04       —       —       —       1,257.90  
Average price condition (KRW/EUR)
     1,373.58       1,427.96       1,436.77       —       —       —       1,404.28  
Average price condition (KRW/AUD)
     872.12       840.73       —       —       —       —       869.67  
Average price condition (KRW/GBP)
     —       1,536.92       —       —       —       —       1,536.92  
Cash flow hedge
              
Nominal amount of the hedging instrument
   ￦ 1,651,669     ￦ 2,035,885     ￦ 1,994,375     ￦ 1,364,708     ￦ 154,813     ￦ 160,000     ￦ 7,361,450  
Average price condition (%)
     4.60       3.05       11.94       7.98       2.67       3.11       10.68  
Average price condition (KRW/USD)
     1,220.93       1,221.93       1,230.48       1,325.04       1,147.95       —       1,235.39  
Average price condition (KRW/EUR)
     1,364.00       1,374.73       —       —       1,392.00       —       1,372.29  
Average price condition (KRW/AUD)
     856.40       851.50       889.00       —       —       —       866.92  
Hedge of net investments in foreign operations
              
Nominal amount of the hedging instrument
   ￦ 31,332     ￦ —     ￦ 207,593     ￦ —     ￦ —     ￦ —     ￦ 238,925  
Average price condition (KRW/USD)
     1,071.00       —       1,178.92       —       —       —       1,164.76  
 
F-12
4
9.3 Fair Value Hedge
9.3.1 Details of fair value hedged items as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
    
2022
  
       
Carrying amount
    
Accumulated amount of
hedge adjustments
    
Changes in

fair value
  
       
Assets
    
Liabilities
    
Assets
    
Liabilities
  
       
(In millions of Korean won)
  
Hedge accounting
 
Interest rate
  
Debt securities in Korean won
   ￦ 2,467,171     ￦ —     ￦ (107,444 )    ￦ —     ￦ (86,757 ) 
 
Debt securities in foreign currencies
     3,142,973       —       (232,085 )      —       (215,183 ) 
 
Deposits in foreign currencies
     —       29,429       —       (8,591 )      6,976  
 
Debentures in Korean won
     —       5,690,371       —       (249,629 )      171,841  
 
Debentures in foreign currencies
     —       1,196,781       —       (95,865 )      123,817  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      5,610,144       6,916,581       (339,529 )      (354,085 )      694  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Currency
  
Debt securities in foreign currencies
     1,651,268       —       (86,778 )      —       152,893  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      1,651,268       —       (86,778 )      —       152,893  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    ￦ 7,261,412     ￦ 6,916,581     ￦ (426,307 )    ￦ (354,085)     ￦ 153,587  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
December 31, 2023
    
2023
  
       
Carrying amount
    
Accumulated amount of
hedge adjustments
    
Changes in

fair value
  
       
Assets
    
Liabilities
    
Assets
    
Liabilities
  
       
(In millions of Korean won)
  
Hedge accounting
 
Interest rate
  
Debt securities in Korean won
   ￦ 1,975,442     ￦ —     ￦ (50,746 )    ￦ —     ￦ 49,323  
 
Debt securities in foreign currencies
     2,585,073       —       (111,902 )      —       74,080  
 
Deposits in Korean won
     —       49,985       —       (15 )      15  
 
Deposits in foreign currencies
     —       32,016       —       (6,667 )      (1,924 ) 
 
Debentures in Korean won
     —       5,678,927       —       (141,073 )      (94,418 ) 
 
Debentures in foreign currencies
     —       1,310,952       —       (68,706 )      (27,159 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      4,560,515       7,071,880       (162,648 )      (216,461 )      (83 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Currency
  
Debt securities in foreign currencies
     1,525,072       —       140,391       —       40,857  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      1,525,072       —       140,391       —       40,857  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    ￦ 6,085,587     ￦ 7,071,880     ￦ (22,257 )    ￦ (216,461)     ￦ 40,774  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-12
5
9.3.2 Details of derivative instruments designated as fair value hedge as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
2022
  
    
Notional
amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Interest rate
            
Swaps
    ￦ 13,290,183      ￦ 186,258      ￦ 104,856      ￦ (1,244 ) 
Currency
            
Forwards
      1,467,613        37,015        29,069        (132,524 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦  14,757,796      ￦  223,273      ￦  133,925      ￦  (133,768 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
     
2023
  
    
Notional
amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Interest rate
            
Swaps
    ￦ 9,654,617      ￦ 111,360      ￦ 75,776      ￦ (15,927 ) 
Currency
            
Forwards
      1,487,748        18,916        28,793        (42,969 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 11,142,365      ￦ 130,276      ￦ 104,569      ￦ (58,896 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
9.3.3 Details of hedge ineffectiveness recognized in profit or loss on derivative instruments designated as fair value hedge for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
   
2021
    
2022
    
2023
  
   
(In millions of Korean won)
  
Hedge accounting
      
Interest rate
   ￦ (12,058 )    ￦ (550 )    ￦ 6,513  
Currency
     5,969       20,369       (2,112 ) 
 
 
 
    
 
 
    
 
 
  
  ￦ (6,089 )    ￦ 19,819     ￦ 4,401  
 
 
 
    
 
 
    
 
 
  
9.3.4 Gains or losses on fair value hedging instruments and hedged items attributable to the hedged risk for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
   
2021
    
2022
    
2023
  
   
(In millions of Korean won)
  
Gains (losses) on hedging instruments
   ￦ (187,364 )    ￦ (104,354 )    ￦ (36,372 ) 
Gains (losses) on hedged items attributable to the hedged risk
     188,556       124,142       35,011  
 
 
 
    
 
 
    
 
 
  
  ￦ 1,192     ￦ 19,788     ￦ (1,361 ) 
 
 
 
    
 
 
    
 
 
  
 
F-12
6
9.4 Cash Flow Hedge
9.4.1 Details of cash flow hedged items as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
    
Cash flow hedge reserve
    
Changes in fair value
  
    
December 31,

2022
    
December 31,

2023
    
2022
    
2023
  
    
(In millions of Korean won)
  
Hedge accounting
         
Interest rate risk
    ￦ 46,234     ￦ 113,361     ￦ (107,134 )    ￦ (89,536 ) 
Currency risk
      (26,602 )      (39,806 )      14,289       68,868  
  
 
 
    
 
 
    
 
 
    
 
 
  
   ￦ 19,632     ￦ 73,555     ￦ (92,845 )    ￦ (20,668 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
9.4.2 Details of derivative instruments designated as cash flow hedge as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
2022
  
    
Notional
amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Interest rate
            
Forwards
    ￦ 1,079,652      ￦ 20,200      ￦ 56,753      ￦ (36,553 ) 
Swaps
      3,231,288        101,975        124         111,902  
Currency
            
Swaps
      3,521,600        116,961        98,237        1,042  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦  7,832,540      ￦  239,136      ￦  155,114      ￦ 76,391  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
     
2023
  
    
Notional
amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Interest rate
            
Forwards
    ￦ 750,396      ￦ 105,124      ￦ 7,856      ￦ 57,623  
Swaps
      3,115,818        59,376        3,547         (40,188)  
Currency
            
Swaps
      3,495,236        85,170        122,848        (8,604 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦  7,361,450      ￦  249,670      ￦  134,251      ￦ 8,831  
  
 
 
     
 
 
     
 
 
     
 
 
  
9.4.3 Gains or losses on cash flow hedging instruments and hedged items attributable to the hedged risk for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
     
2023
  
    
(In millions of Korean won)
  
Gains (losses) on hedging instruments:
    ￦  96,491      ￦  76,391      ￦ 8,831  
Effective portion of gains (losses) on cash flow hedging instruments (recognized in other comprehensive income or loss)
      95,478        71,754        7,328  
Ineffective portion of gains (losses) on cash flow hedging instruments (recognized in profit or loss)
      1,013        4,637        1,503  
 
F-12
7
9.4.4 Amounts recognized in other comprehensive income (loss) and reclassified from equity to profit or loss related to derivative instruments designated as cash allow hedge for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Other comprehensive income (loss)
    ￦ 95,478     ￦ 71,754     ￦ 7,328  
Reclassification to profit or loss
      (53,080 )      (20,537 )      48,508  
Income tax effect
      (21,534 )      (25,049 )      (1,913 ) 
  
 
 
    
 
 
    
 
 
  
   ￦ 20,864     ￦ 26,168     ￦ 53,923  
  
 
 
    
 
 
    
 
 
  
9.5 Hedge of Net Investments in Foreign Operations
9.5.1 Details of net investments in foreign operations hedged items as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
    
Foreign currency

translation reserve
    
Changes in fair value
  
    
December 31,

2022
    
December 31,

2023
    
2022
     
2023
  
    
(In millions of Korean won)
  
Hedge accounting
          
Currency risk
    ￦ (114,742 )    ￦ (129,401 )    ￦ 104,021      ￦ 19,590  
9.5.2 Details of financial instruments designated as hedge of net investments in foreign operations as of December 31, 2022 and 2023 and changes in fair value for the years ended December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
2022
  
    
Notional

amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Currency
            
Forwards
    ￦ 92,511     
￦
 —      ￦ 11,194      ￦ (16,168 ) 
Debentures in foreign currencies
      1,361,080        —        1,361,080        (87,853 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 1,453,591      ￦    —      ￦ 1,372,274      ￦ (104,021)  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
     
2023
  
    
Notional

amount
     
Assets
     
Liabilities
     
Changes in

fair value
  
    
(In millions of Korean won)
  
Currency
            
Forwards
    ￦ 31,332      ￦    —      ￦ 5,307      ￦     6,923  
Debentures in foreign currencies
      1,435,817        —        1,435,817        (26,513 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 1,467,149      ￦ —      ￦ 1,441,124      ￦ (19,590 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
F-12
8
9.5.3 Fair value of
non-derivative
financial instruments designated as hedge of net investments in f
oreign
operations as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
(In millions of Korean won)
  
Debentures in foreign currencies
    ￦ 1,211,215      ￦ 1,509,978  
9.5.4 Gains or losses on net investments in foreign operations hedging instruments and hedged items attributable to the hedged risk for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Gains (losses) on hedging instruments:
    ￦ (88,729)     ￦ (104,021 )    ￦ (19,590 ) 
Effective portion of gains (losses) on hedge of net investments in foreign operations (recognized in other comprehensive income or loss)
      (88,729 )      (104,021 )      (19,590 ) 
Ineffective portion of gains (losses) on hedge of net investments in foreign operations (recognized in profit or loss)
      —       —       —  
9.5.5 Effective portion of gains or losses on net investments in foreign operations hedging instruments recognized in other comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Other comprehensive income (loss)
    ￦ (88,729)     ￦ (104,021 )    ￦ (19,590 ) 
Reclassification to profit or loss
      5,195       —       —  
Income tax effect
      25,599       24,936       4,931  
  
 
 
    
 
 
    
 
 
  
   ￦ (57,935 )    ￦ (79,085 )    ￦ (14,659 ) 
  
 
 
    
 
 
    
 
 
  
10. Loans Measured at Amortized Cost
10.1 Details of loans as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
    
December 31, 2023
  
    
(In millions of Korean won)
  
Loans measured at amortized cost
    ￦ 436,647,081     ￦ 449,676,848  
Deferred loan origination fees and costs
      552,834       591,244  
Less: Allowances for credit losses
      (4,160,984 )      (5,462,805 ) 
  
 
 
    
 
 
  
   ￦ 433,038,931     ￦ 444,805,287  
  
 
 
    
 
 
  
10.2 Details of loans to banks as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
    
December 31, 2023
  
    
(In millions of Korean won)
  
Loans measured at amortized cost
    ￦ 9,751,737     ￦ 11,569,466  
Less: Allowances for credit losses
      (1,951 )      (20,429 ) 
  
 
 
    
 
 
  
   ￦ 9,749,786     ￦ 11,549,037  
  
 
 
    
 
 
  
 
F-12
9
10.3 Details of loan types and customer types of loans to customers other than banks as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
Retail
    
Corporate
    
Credit card
    
Total
  
   
(In millions of Korean won)
  
Loans in Korean won
   ￦ 177,278,504     ￦ 177,766,170     ￦ —     ￦ 355,044,674  
Loans in foreign currencies
     4,667,895       26,052,080       —       30,719,975  
Domestic import usance bills
     —       4,499,072       —       4,499,072  
Off-shore
funding loans
     —       908,266       —       908,266  
Call loans
     —       119,066       —       119,066  
Bills bought in Korean won
     —       285,727       —       285,727  
Bills bought in foreign currencies
     —       1,780,874       —       1,780,874  
Guarantee payments under acceptances and guarantees
     1       18,459       —       18,460  
Credit card receivables in Korean won
     —       —       22,562,217       22,562,217  
Credit card receivables in foreign currencies
     —       —       47,376       47,376  
Bonds purchased under repurchase agreements
     —       3,151,157       —       3,151,157  
Privately placed bonds
     —       719,079       —       719,079  
Factored receivables
     111       5       —       116  
Lease receivables
     576,165       558,318       —       1,134,483  
Loans for installment credit
     5,915,223       542,413       —       6,457,636  
 
 
 
    
 
 
    
 
 
    
 
 
  
    188,437,899       216,400,686       22,609,593       427,448,178  
 
 
 
    
 
 
    
 
 
    
 
 
  
Proportion (%)
     44.08       50.63       5.29       100.00  
Less: Allowances for credit losses
     (1,337,366 )      (1,983,825 )      (837,842 )      (4,159,033 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 187,100,533     ￦ 214,416,861     ￦ 21,771,751     ￦ 423,289,145  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
    
December 31, 2023
  
    
Retail
    
Corporate
    
Credit card
    
Total
  
    
(In millions of Korean won)
  
Loans in Korean won
    ￦ 178,476,837     ￦ 190,160,636     ￦ —     ￦ 368,637,473  
Loans in foreign currencies
      4,859,698       25,449,011       —       30,308,709  
Domestic import usance bills
      —       3,398,981       —       3,398,981  
Off-shore
funding loans
      —       507,683       —       507,683  
Call loans
      —       269,198       —       269,198  
Bills bought in Korean won
      —       1,861       —       1,861  
Bills bought in foreign currencies
      —       1,276,579       —       1,276,579  
Guarantee payments under acceptances and guarantees
      —       20,085       —       20,085  
Credit card receivables in Korean won
      —       —       22,304,522       22,304,522  
Credit card receivables in foreign currencies
      —       —       45,449       45,449  
Bonds purchased under repurchase agreements
      —       3,633,073       —       3,633,073  
Privately placed bonds
      —       901,609       —       901,609  
Factored receivables
      70       99       —       169  
Lease receivables
      447,494       337,407       —       784,901  
Loans for installment credit
      5,908,190       700,144       —       6,608,334  
  
 
 
    
 
 
    
 
 
    
 
 
  
     189,692,289       226,656,366       22,349,971       438,698,626  
  
 
 
    
 
 
    
 
 
    
 
 
  
Proportion (%)
      43.24       51.67       5.09       100.00  
Less: Allowances for credit losses
      (1,369,081 )      (3,137,470 )      (935,825 )      (5,442,376 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
   ￦ 188,323,208     ￦ 223,518,896     ￦ 21,414,146     ￦ 433,256,250  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-1
30
10.4 Changes in deferred loan origination fees and costs for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
     
Increase
     
Decrease
    
Others
    
Ending
  
    
(In millions of Korean won)
  
Deferred loan origination costs
             
Loans in Korean won
    ￦ 675,090      ￦ 281,111      ￦ (361,692 )    ￦ —     ￦ 594,509  
Others
1
      76,696        38,913        (47,446 )      4       68,167  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
     751,786        320,024        (409,138 )      4       662,676  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Deferred loan origination fees
             
Loans in Korean won
      23,996        36,240        (17,401 )      —       42,835  
Others
2
      53,029        49,245        (37,730 )      2,463       67,007  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
     77,025        85,485        (55,131 )      2,463       109,842  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 674,761      ￦ 234,539      ￦ (354,007 )    ￦ (2,459 )    ￦ 552,834  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
Beginning
     
Increase
     
Decrease
    
Others
    
Ending
  
    
(In millions of Korean won)
  
Deferred loan origination costs
             
Loans in Korean won
    ￦ 594,509      ￦ 416,003      ￦ (387,019 )    ￦ —     ￦ 623,493  
Others
1
      68,167        53,006        (43,812 )      (364 )      76,997  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
     662,676        469,009        (430,831 )      (364 )      700,490  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Deferred loan origination fees
             
Loans in Korean won
      42,835        11,859        (17,692 )      —       37,002  
Others
2
      67,007        9,255        (7,597 )      3,579       72,244  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
     109,842        21,114        (25,289 )      3,579       109,246  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 552,834      ￦ 447,895      ￦ (405,542 )    ￦ (3,943 )    ￦ 591,244  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
1
 
Includes deferred loan origination costs related to credit card receivables, loans for installment credit, and finance lease receivables.
2
 
Includes deferred loan origination fees related to loans in foreign currencies.
 
F-1
31
11. Allowances for Credit Losses
11.1 Changes in allowances for credit losses of loans measured at amortized cost for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Retail
    
Corporate
    
Credit card
  
   
12-month

expected

credit losses
    
Lifetime expected credit

losses
    
12-month

expected
credit losses
    
Lifetime expected credit

losses
    
12-month

expected
credit losses
    
Lifetime expected credit

losses
  
   
Non-impaired
    
Impaired
    
Non-impaired
    
Impaired
    
Non-impaired
    
Impaired
  
   
(In millions of Korean won)
  
Beginning
   ￦ 474,475     ￦ 242,819     ￦ 288,912     ￦ 448,084     ￦ 477,993     ￦ 960,964     ￦ 175,168     ￦ 322,649     ￦ 294,327  
Transfer between stages:
                  
Transfer to
12-month
expected credit losses
     130,189       (123,154 )      (7,035 )      127,679       (120,619 )      (7,060 )      57,128       (50,836 )      (6,292 ) 
Transfer to lifetime expected credit losses
     (103,028 )      122,874       (19,846 )      (93,169 )      125,031       (31,862 )      (23,042 )      24,324       (1,282 ) 
Impairment
     (6,042 )      (52,151 )      58,193       (13,524 )      (48,220 )      61,744       (2,129 )      (19,219 )      21,348  
Write-offs
     —       (1 )      (448,362 )      —       (3 )      (617,332 )      —       —       (450,389 ) 
Sales
     (810 )      (163 )      (5,689 )      (103 )      (145 )      (70,603 )      —       —       —  
Provision (reversal) for credit losses
1,2
     108,585       95,239       595,784       49,883       126,786       690,534       (43,497 )      77,418       480,849  
Others (exchange differences, etc.)
     (1,332 )      (647 )      (11,444 )      3,702       1,113       (85,097 )      (443 )      (21 )      (18,219 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 602,037     ￦ 284,816     ￦ 450,513     ￦ 522,552     ￦ 561,936     ￦ 901,288     ￦ 163,185     ￦ 354,315     ￦ 320,342  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-1
32
   
2023
  
   
Retail
    
Corporate
    
Credit card
  
   
12-month

expected

credit losses
    
Lifetime expected credit
losses
    
12-month

expected
credit losses
    
Lifetime expected credit

losses
    
12-month

expected
credit losses
    
Lifetime expected credit
losses
  
   
Non-impaired
    
Impaired
    
Non-impaired
    
Impaired
    
Non-impaired
    
Impaired
  
   
(In millions of Korean won)
  
Beginning
   ￦ 602,037     ￦ 284,816     ￦ 450,513     ￦ 522,552     ￦ 561,936     ￦ 901,288     ￦ 163,185     ￦ 354,315     ￦ 320,342  
Transfer between stages:
                  
Transfer to
12-month
expected credit losses
     153,560       (141,775 )      (11,785 )      123,441       (119,940 )      (3,501 )      78,420       (75,980 )      (2,440 ) 
Transfer to lifetime expected credit losses
     (118,734 )      145,827       (27,093 )      (121,027 )      155,094       (34,067 )      (20,898 )      24,754       (3,856 ) 
Impairment
     (9,672 )      (72,265 )      81,937       (8,864 )      (95,732 )      104,596       (2,592 )      (25,843 )      28,435  
Write-offs
     —       14       (657,670 )      —       9       (436,246 )      —       —       (664,027 ) 
Sales
     (1,126 )      (631 )      (13,346 )      —       (315 )      (31,716 )      —       —       —  
Provision (reversal) for credit losses
1,2
     (45,014 )      67,219       679,687       429,706       435,633       779,310       (11,611 )      50,867       766,581  
Others (exchange differences, etc.)
     3,599       177       (1,194 )      (6,168 )      (970 )      2,880       21       39       (43,887 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 584,650       283,382       501,049       939,640       935,715       1,282,544       206,525       328,152       401,148  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Provision for credit losses in the consolidated statements of comprehensive income also includes provision (reversal) for credit losses of due from financial institutions (Note 7.3), provision (reversal) for credit losses of financial investments (Note 12.5), provision (reversal) for credit losses of unused commitments, acceptances and guarantees (Note 24.2), provision (reversal) for credit losses of financial guarantee contracts (Note 24.3), and provision (reversal) for credit losses of other financial assets (Note 19.2).
2
 
Includes ￦ 415,998 million and ￦ 289,139 million of collections from
written-off
loans for the years ended December 31, 2022 and 2023, respectively.
The amount of financial assets that the Group wrote off during the current year but is continuing recovery activities is ￦ 1,757,920 million. Also, the Group manages the
written-off
loans that their legal extinctive prescriptions have not been completed, and that have not been collected. The balances of those loans are ￦ 9,830,171 million and ￦ 10,301,118 million as of December 31, 2022 and 2023, respectively.
 
F-13
3
11.2 Changes in gross carrying amount of loans for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
12-month

expected

credit losses
    
Lifetime expected credit losses
  
   
Non-impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 381,796,028     ￦ 32,788,361     ￦ 3,485,825  
Transfer between stages:
       
Transfer to
12-month
expected credit losses
      34,470,129       (34,307,805 )      (162,324 ) 
Transfer to lifetime expected credit losses
(non-impaired)
      (38,501,544 )      38,923,474       (421,930 ) 
Transfer to lifetime expected credit losses (impaired)
      (1,124,233 )      (1,479,780 )      2,604,013  
Write-offs
      —       (4 )      (1,516,083 ) 
Sales
      (3,182,474 )      (15,961 )      (270,541 ) 
Net increase (decrease) (execution, repayment, and others)
      25,631,228       (1,345,114 )     (171,350 ) 
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 399,089,134     ￦ 34,563,171     ￦ 3,547,610  
  
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
12-month

expected

credit losses
    
Lifetime expected credit losses
  
   
Non-impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 399,089,134     ￦ 34,563,171     ￦ 3,547,610  
Transfer between stages:
       
Transfer to
12-month
expected credit losses
      35,319,563       (34,990,464 )      (329,099 ) 
Transfer to lifetime expected credit losses
(non-impaired)
      (42,180,074 )      42,841,909       (661,835 ) 
Transfer to lifetime expected credit losses (impaired)
      (1,808,878 )      (2,785,016 )      4,593,894  
Write-offs
      —       23       (1,757,943 ) 
Sales
      (3,256,122 )      (38,205 )      (429,916 ) 
Net increase (decrease) (execution, repayment, and others)
      21,119,779       (2,514,831 )      (54,608 ) 
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 408,283,402     ￦ 37,076,587     ￦ 4,908,103  
  
 
 
    
 
 
    
 
 
  
 
F-13
4
12. Financial Assets at Fair Value through Profit or Loss and Financial Investments
12.1 Details of financial assets at fair value through profit or loss and financial investments as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Financial assets at fair value through profit or loss
     
Debt securities:
     
Government and public bonds
    ￦ 9,310,991     ￦ 10,100,109  
Financial bonds
      12,509,496       12,793,559  
Corporate bonds
      4,983,552       6,677,388  
Asset-backed securities
      164,543       68,093  
Beneficiary certificates
      19,838,465       20,511,995  
Derivative-linked securities
      1,625,950       2,197,575  
Other debt securities
      17,466,400       20,309,713  
Equity securities:
     
Stocks
      2,926,094       3,498,880  
Other equity securities
      613,969       523,675  
Loans:
     
Privately placed bonds
      158,731       150,208  
Other loans
      334,831       33,518  
Due from financial institutions:
     
Other due from financial institutions
      69,469       79,811  
Others
      90,006       93,743  
  
 
 
    
 
 
  
   ￦ 70,092,497     ￦ 77,038,267  
  
 
 
    
 
 
  
Financial investments
 
Financial assets at fair value through other comprehensive income
 
Debt securities:
     
Government and public bonds
    ￦ 29,556,711     ￦ 33,455,476  
Financial bonds
      22,009,492       20,898,723  
Corporate bonds
      24,134,382       22,492,869  
Asset-backed securities
      662,791       1,963,242  
Other debt securities
      284,977       116,127  
Equity securities:
     
Stocks
      1,907,737       1,951,150  
Equity investments
      17,096       9,560  
Other equity securities
      410,960       809,943  
Loans:
     
Privately placed bonds
      549,272       801,050  
  
 
 
    
 
 
  
     79,533,418       82,498,140  
  
 
 
    
 
 
  
Financial assets at amortized cost
     
Debt securities:
     
Government and public bonds
      6,520,633       6,507,625  
Financial bonds
      10,965,141       14,257,747  
Corporate bonds
      10,642,200       9,368,943  
Asset-backed securities
      7,432,860       9,418,498  
Other debt securities
      363,985       167,848  
Less: Allowances for credit losses
      (5,578 )      (19,272 ) 
  
 
 
    
 
 
  
     35,919,241       39,701,389  
  
 
 
    
 
 
  
   ￦ 115,452,659     ￦ 122,199,529  
  
 
 
    
 
 
  
 
F-13
5
12.2 Dividend income from equity securities designated at fair value through other comprehensive income for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
     
2023
  
    
From the

equity securities
derecognized
     
From the

equity securities

held
     
From the

equity securities
derecognized
     
From the

equity securities

held
  
         
(In millions of Korean won)
  
Equity securities measured at fair value through other comprehensive income:
            
Stocks
    Listed    ￦ —      ￦ 409      ￦ —      ￦ 1,999  
   Unlisted      —        20,972        —        14,498  
Equity investments
      —        252        —        110  
Other equity securities
      —        15,491        2,774        28,388  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦       —      ￦   37,124      ￦    2,774      ￦  44,995  
  
 
 
     
 
 
     
 
 
     
 
 
  
12.3 Derecognized equity securities measured at fair value through other comprehensive income for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
     
2023
  
    
Disposal

price
     
Accumulated

other

comprehensive

income (loss)

as of

disposal date
     
Disposal

price
     
Accumulated
other
comprehensive
income (loss)
as of

disposal date
  
         
(In millions of Korean won)
  
Equity securities measured at fair value through other comprehensive income:
            
Stocks
    Listed    ￦ 425,736      ￦ 335,203      ￦ 36,877      ￦ 36,739  
   Unlisted      —        —        —        (758 ) 
Other equity securities
      —        —        71,470        (3,680 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦    425,736      ￦   335,203      ￦    108,347      ￦     32,301  
  
 
 
     
 
 
     
 
 
     
 
 
  
12.4 Provision (reversal) for credit losses of financial investments for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
  
    
Provision
     
Reversal
    
Total
  
    
(In millions of Korean won)
  
Securities measured at fair value through other comprehensive income
    ￦ 7,466      ￦ (385 )    ￦ 7,081  
Loans measured at fair value through other comprehensive income
      237        (15 )      222  
Securities measured at amortized cost
      1,892        (691 )      1,201  
  
 
 
     
 
 
    
 
 
  
   ￦  9,595      ￦ (1,091 )    ￦   8,504   
  
 
 
     
 
 
    
 
 
  
 
F-13
6
    
2022
  
    
Provision
     
Reversal
    
Total
  
    
(In millions of Korean won)
  
Securities measured at fair value through other comprehensive income
    ￦ 1,026      ￦ (4,808 )    ￦ (3,782 ) 
Loans measured at fair value through other comprehensive income
      83        (460 )      (377 ) 
Securities measured at amortized cost
      2,808        (740 )      2,068  
  
 
 
     
 
 
    
 
 
  
   ￦  3,917      ￦ (6,008 )    ￦  (2,091 ) 
  
 
 
     
 
 
    
 
 
  
 
    
2023
  
    
Provision
     
Reversal
    
Total
  
    
(In millions of Korean won)
  
Securities measured at fair value through other comprehensive income
    ￦ 17,104      ￦ (2,547 )    ￦ 14,557  
Loans measured at fair value through other comprehensive income
      920        (3 )      917  
Securities measured at amortized cost
      15,184        (1,475 )      13,709  
  
 
 
     
 
 
    
 
 
  
   ￦ 33,208      ￦ (4,025 )    ￦ 29,183  
  
 
 
     
 
 
    
 
 
  
12.5 Changes in allowances for credit losses of financial investments for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
12-month expected

credit losses
    
Lifetime expected credit losses
  
   
Non-impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 18,952     ￦ 28     ￦ 76  
Transfer between stages:
       
Transfer to
12-month
expected credit losses
      —       —       —  
Transfer to lifetime expected credit losses
      —       —       —  
Sales
      (533 )      (21 )      —  
Provision (reversal) for credit losses
      (2,354 )      263       —  
Others (exchange differences, etc.)
      278       —       —  
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 16,343     ￦ 270     ￦ 76  
  
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
12-month expected

credit losses
    
Lifetime expected credit losses
  
   
Non-impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 16,343     ￦ 270     ￦ 76  
Transfer between stages:
       
Transfer to
12-month
expected credit losses
      —       —       —  
Transfer to lifetime expected credit losses
      —       —       —  
Sales
      (532 )      (270 )      —  
Provision (reversal) for credit losses
      29,182       —       1  
Others (exchange differences, etc.)
      (528 )      —       —  
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 44,465     ￦ —     ￦ 77  
  
 
 
    
 
 
    
 
 
  
 
F-13
7
13. Investments in Associates and Joint Ventures
13.1 Details of investments in associates and joint ventures as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
   
Ownership
(%)
    
Acquisition
cost
     
Share of net
asset amount
    
Carrying
amount
     
Industry
   
Location
   
(In millions of Korean won)
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
2
     66.66     ￦ 3,601      ￦ 5,978     ￦ 5,978      Investment finance    Korea
Balhae Infrastructure Company
1
     12.61       96,516        90,653       90,617      Investment finance    Korea
Aju Good Technology Venture Fund
     38.47       8,143        19,840       19,836      Investment finance    Korea
KG Capital Co., Ltd.
     49.00       9,800        20,250       19,162      Auto loans    Korea
Incheon Bridge Co., Ltd.
1
     14.99       9,158        (15,963 )      —      Operation of highways and related facilities    Korea
Big Dipper Co., Ltd.
1
     17.86       440        60       60      Research, consulting, and big data    Korea
Paycoms Co., Ltd.
3
     12.24       800        201       213      System software publishing    Korea
Food Factory Co., Ltd.
4
     22.22       1,000        696       1,399      Farm product distribution    Korea
KBSP Private Equity Fund No.4
1
     14.95       6,100        1,892       1,892      Investment finance    Korea
Korea Credit Bureau Co., Ltd.
1
     9.00       4,500        4,959       4,959      Credit information    Korea
KB Social Impact Investment Fund
     30.00       4,500        4,266       4,266      Investment finance    Korea
KB-Solidus
Global Healthcare
Fund
2
     43.33       25,927        21,735       22,432      Investment finance    Korea
POSCO-KB
Shipbuilding Fund
     31.25       1,826        4,798       4,798      Investment finance    Korea
KB-TS
Technology Venture Private Equity Fund
2
     56.00       9,744        13,794       13,794      Investment finance    Korea
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
2
     42.55       12,450        17,801       17,051      Investment finance    Korea
KB-SJ
Tourism Venture Fund
1
     18.52       4,599        3,773       3,773      Investment finance    Korea
UNION Media Commerce Fund
     28.99       1,000        957       957      Investment finance    Korea
KB-Stonebridge
Secondary Private Equity Fund
1
     14.56       23,801        25,144       25,144      Investment finance    Korea
KB SPROTT Renewable Private Equity Fund No.1
2
     37.69       18,041        16,539       16,539      Investment finance    Korea
KB-UTC
Inno-Tech Venture Fund
2
     44.29       21,375        19,180       19,180      Investment finance    Korea
WJ Private Equity Fund No.1
     26.95       10,000        9,542       9,542      Investment finance    Korea
All Together Korea Fund No.2
5
     99.99       10,000        10,244       10,244      Asset management    Korea
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
1
     12.00       10,006        12,554       12,554      Asset management    Korea
December & Company Inc.
1
     16.78       29,951        3,735       16,029      Investment finance    Korea
2020 KB Fintech Renaissance Fund
1
     5.05       550        630       630      Investment finance    Korea
KB Material and Parts No.1 PEF
1
     14.47       3,400        3,321       3,321      Investment finance    Korea
FineKB Private Equity Fund No.1
     25.00       12,775        10,483       10,483      Investment finance    Korea
G payment Joint Stock Company
     43.84       9,029        2,917       9,281      Investment advisory and securities trading    Vietnam
KB-GeneN
Medical Venture Fund No.1
     22.52       2,000        1,965       1,965      Investment finance    Korea
KB-BridgePole
Venture Investment Fund
1
     6.30       850        835       835      Investment finance    Korea
KB-Kyobo
New Mobility Power Fund
     28.57       3,000        2,826       2,826      Investment finance    Korea
DA-Friend
New Technology Investment Fund No.2
     27.06       988        949       949      Investment finance    Korea
Cornerstone Pentastone Fund No.4
     21.52       818        792       792      Investment finance    Korea
SKS-VLP
New Technology Investment Fund No.2
     23.11       1,156        1,121       1,121      Investment finance    Korea
Star-Lord General Investors Private Real Estate Investment Company No.10
     26.24       46,700        45,157       —      Real estate investment    Korea
KB-Badgers
Future Mobility ESG Fund No.1
     40.91       2,137        1,475       1,475      Investment finance    Korea
 
F-13
8
   
December 31, 2022
   
Ownership
(%)
    
Acquisition
cost
     
Share of net
asset amount
    
Carrying
amount
     
Industry
   
Location
   
(In millions of Korean won)
JS Private Equity Fund No.3
     20.48     ￦ 1,700      ￦ 1,664     ￦ 1,664      Investment finance    Korea
Mirae Asset Mobility Investment Fund No.1
     22.99       2,000        1,979       1,979      Investment finance    Korea
KB-FT
1st Green Growth Investment Fund
1
     10.34       2,000        1,970       1,970      Investment finance    Korea
Glenwood Credit Private Equity Fund No.2
     29.89       42,000        43,468       43,468      Investment finance    Korea
THE CHAEUL FUND NO.1
     31.25       1,000        989       989      Investment finance    Korea
Smart Korea KB Future9-Sejong Venture Fund
     38.46       2,000        1,870       1,870      Investment finance    Korea
KB-KTB
Technology Venture
Fund
2
     50.90       16,800        16,256       16,256      Investment finance    Korea
KB-SOLIDUS
Healthcare Investment Fund
2
     88.23       19,800        18,651       18,651      Investment finance    Korea
Paramark KB Fund No.1
1
     17.34       12,199        10,966       10,966      Investment finance    Korea
KB
Co-Investment
Private Equity Fund No.1
1
     7.12       7,268        7,269       7,233      Investment finance    Korea
POSITIVE Sobujang Venture Fund No.1
     43.96       2,000        1,977       1,977      Investment finance    Korea
History 2022 Fintech Fund
     34.78       2,000        1,981       1,981      Investment finance    Korea
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
     23.26       2,000        1,982       1,982      Investment finance    Korea
KB-NP
Green ESG New Technology Venture Capital Fund
     29.85       9,350        9,043       9,043      Investment finance    Korea
TMAP Mobility Co., Ltd.
1
     8.25       200,000        61,518       194,455      Application software development and supply    Korea
Nextrade Co., Ltd.
1
     6.64       9,700        9,700       9,700      Investment finance    Korea
Shinhan Global Mobility Fund No.1
     24.56       1,345        1,345       1,345      Investment finance    Korea
SKB Next Unicorn
K-Battery
Fund No.1
     24.84       1,995        1,995       1,995      Investment finance    Korea
Others
       2,029        (741 )      1,048        
   
 
 
     
 
 
    
 
 
        
    ￦  743,867      ￦  558,981     ￦  682,669        
   
 
 
     
 
 
    
 
 
        
 
F-13
9
   
December 31, 2023
   
Ownership
(%)
    
Acquisition
cost
     
Share of net
asset amount
    
Carrying
amount
     
Industry
   
Location
   
(In millions of Korean won)
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
2
     66.66     ￦ 3,601      ￦ 6,062     ￦ 6,063      Investment finance    Korea
Balhae Infrastructure Company
1
     12.61       95,437        93,803       93,766      Investment finance    Korea
Aju Good Technology Venture Fund
     38.46       343        14,297         14,296      Investment finance    Korea
Incheon Bridge Co., Ltd.
1
     14.99       9,158         (12,640 )      —      Operation of highways and related facilities    Korea
Big Dipper Co., Ltd.
1
     17.77       440        94       94      Research, consulting, and big data    Korea
Food Factory Co., Ltd.
4
     22.22       1,000        654       1,483      Farm product distribution    Korea
KBSP Private Equity Fund No.4
1
     14.95       6,100        2,495       2,494      Investment finance    Korea
Korea Credit Bureau Co., Ltd.
1
     9.00       4,500        5,617       5,617      Credit information    Korea
KB Social Impact Investment Fund
     30.00       4,500        4,853       4,853      Investment finance    Korea
KB-Solidus
Global Healthcare Fund
2
     43.33        17,217        17,789       18,485      Investment finance    Korea
POSCO-KB
Shipbuilding Fund
     31.25       1,826        4,738       4,738      Investment finance    Korea
KB-TS
Technology Venture Private Equity Fund
2
     56.00       9,072        12,372       12,372      Investment finance    Korea
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
2
     42.55       —        6,145       5,395      Investment finance    Korea
KB-SJ
Tourism Venture Fund
1
     18.52       4,599        3,242       3,242      Investment finance    Korea
UNION Media Commerce Fund
     28.99       1,000        952       952      Investment finance    Korea
KB-Stonebridge
Secondary Private Equity Fund
1
     14.56       16,837        18,885       18,885      Investment finance    Korea
KB SPROTT Renewable Private Equity Fund No.1
2
     37.69       17,566        15,946       15,910      Investment finance    Korea
KB-UTC
Inno-Tech Venture Fund
2
     44.29       19,124        15,680       17,977      Investment finance    Korea
WJ Private Equity Fund No.1
     26.95       10,000        9,483       9,482      Investment finance    Korea
All Together Korea Fund No.2
5
     99.99       10,000        10,541       10,541      Asset management    Korea
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
1
     12.00       9,572        17,810       17,810      Asset management    Korea
2020 KB Fintech Renaissance Fund
1
     5.05       550        1,041       1,041      Investment finance    Korea
KB Material and Parts No.1 PEF
1
     14.47       3,400        3,300       3,300      Investment finance    Korea
FineKB Private Equity Fund No.1
     25.00       10,650        7,697       7,697      Investment finance    Korea
G payment Joint Stock Company
     43.84       8,950        3,319       8,966      Investment advisory and securities trading    Vietnam
KB-GeneN
Medical Venture Fund No.1
     22.52       2,000        1,922       1,923      Investment finance    Korea
KB-BridgePole
Venture Investment Fund
1
     6.30       136        863       863      Investment finance    Korea
KB-Kyobo
New Mobility Power Fund
     28.57       3,000        2,622       2,622      Investment finance    Korea
DA-Friend
New Technology Investment Fund No.2
     27.40       988        927       928      Investment finance    Korea
Cornerstone Pentastone Fund No.4
     21.05       818        775       775      Investment finance    Korea
Star-Lord General Investors Private Real Estate Investment Company No.10
     26.24       46,700        27,213       —      Real estate investment    Korea
KB-Badgers
Future Mobility ESG Fund No.1
     40.91       7,675        6,106       6,105      Investment finance    Korea
JS Private Equity Fund No.3
     20.48       1,700        1,862       1,862      Investment finance    Korea
Mirae Asset Mobility Investment Fund No.1
     22.99       2,000        1,949       1,949      Investment finance    Korea
KB-FT
1st Green Growth Investment Fund
1
     10.34       2,000        1,928       1,928      Investment finance    Korea
Glenwood Credit Private Equity Fund No.2
     29.89       42,000        43,922       43,922      Investment finance    Korea
THE CHAEUL FUND NO.1
     31.25       1,000        972       972      Investment finance    Korea
Smart Korea KB Future9-Sejong Venture Fund
     38.46       2,366        2,398       2,398      Investment finance    Korea
 
F-1
40
   
December 31, 2023
   
Ownership
(%)
    
Acquisition
cost
     
Share of net
asset amount
     
Carrying
amount
     
Industry
   
Location
   
(In millions of Korean won)
KB-KTB
Technology Venture Fund
2
     50.90     ￦ 22,401      ￦ 21,389      ￦ 21,391      Investment finance    Korea
KB-SOLIDUS
Healthcare Investment Fund
2
     90.40       42,540        41,326        40,172      Investment finance    Korea
Paramark KB Fund No.1
1
      17.34       15,541        13,645        13,645      Investment finance    Korea
KB
Co-Investment
Private Equity Fund No.1
1
     7.12       9,476        9,477        9,376      Investment finance    Korea
POSITIVE Sobujang Venture Fund No.1
     44.00       2,000        1,965        1,965      Investment finance    Korea
History 2022 Fintech Fund
     34.80       2,000        1,938        1,938      Investment finance    Korea
KB-NP
Green ESG New Technology Venture Capital Fund
     29.85       20,449        19,429        19,429      Investment finance    Korea
TMAP Mobility Co., Ltd.
1
     8.25       199,981        51,866        183,572      Application software development and supply    Korea
Nextrade Co., Ltd.
1
     6.64       9,700        9,225        9,225      Investment finance    Korea
Shinhan Global Mobility Fund No.1
     24.56       1,345        1,324        1,324      Investment finance    Korea
SKB Next Unicorn
K-Battery
Fund No.1
     24.84       1,908        1,890        1,890      Investment finance    Korea
Lakewood-AVES Fund No.1
     39.06       2,000        1,977        1,977      Investment finance    Korea
MW-Pyco
NewWave New Technology Investment Fund 4th
2
     51.30       2,000        1,965        1,965      Investment finance    Korea
Bitgoeul Cheomdan Green 1st Co., Ltd.
1
     19.00       190        165        165      Electricity    Korea
KB-SUSUNG
1st Investment Fund
1
     15.00       3,000        2,953        2,953      Investment finance    Korea
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
     20.43       27,034        26,969        26,969      Investment finance    Korea
Friend 55 New Technology Business Investment Fund
2
     53.30       1,200        1,182        1,182      Investment finance    Korea
DSIP-Pharos Bioenergy Fund
     34.10       4,000        16,458        16,458      Investment finance    Korea
Shinhan-Eco
Venture Fund 2nd
     20.00       1,825        1,800        1,800      Investment finance    Korea
Leading H2O Fund 1
     48.20       1,500        1,489        1,489      Investment finance    Korea
2023 JB Newtech No.2 Fund
     25.70       1,800        1,786        1,786      Investment finance    Korea
U-KB
Credit No.1 Private Equity
     33.33       6,900        6,850        6,850      Investment finance    Korea
KB-BridgePole
Venture Investment Fund No.2
1
     14.29       1,500        1,494        1,494      Investment finance    Korea
Sirius Silicon Valley I New Technology Fund
     20.43       500        485        485      Investment finance    Korea
Others
       1,978        1,731        1,016        
   
 
 
     
 
 
     
 
 
        
    ￦  760,593      ￦  598,413      ￦  722,222        
   
 
 
     
 
 
     
 
 
        
 
1
As of December 31, 2022 and 2023, the Group can exercise significant influence on the decision-making processes of the associate’s financial and business policies through participation in governing bodies.
2
 
In order to direct relevant activities, it is necessary to obtain the consent of the two
co-operative
members; the Group has applied the equity method as the Group cannot control the investee by itself.
3
The ownership of Paycoms Co., Ltd. would be
21.68
% as of December 31, 2022, considering the potential voting rights of convertible bonds.
4
The ownership of Food Factory Co., Ltd. would be 30.00% and 30.00% as of December 31, 2022 and 2023, respectively, considering the potential voting rights of convertible bonds.
5
 
As of December 31, 2022 and 2023, the Group participates in the investment management committee but cannot exercise control.
In accordance with IAS No.28
Investments in Associates and Joint Ventures
, the Group elected an exemption from applying the equity method for 57 companies including Banksalad Co., Ltd. and classified them as financial assets at fair value through profit or loss.
Although the Group holds 20% or more of the ownership, investment trusts with limited influence on related activities according to trust contracts, and companies with limited influence on related activities due to bankruptcy and corporate rehabilitation proceedings are excluded from associates.
 
F-1
41
13.2 Condensed financial information, adjustments to the carrying amount, and dividend from major investments in associates and joint ventures as of and for the years ended December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022*
  
    
Total

assets
     
Total
liabilities
     
Paid-in

capital
     
Equity
    
Share of net
asset
amount
    
Unrealized

gains
(losses)

and others
    
Consolidated
carrying

amount
  
                                               
    
(In millions of Korean won)
  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
    ￦ 9,226      ￦ 260      ￦ 5,400      ￦ 8,966     ￦ 5,978     ￦ —     ￦ 5,978  
Balhae Infrastructure Company
      781,317        62,422        765,686        718,895       90,653       (36 )      90,617  
Aju Good Technology Venture Fund
      58,749        7,171        21,180        51,578       19,840       (4 )      19,836  
KG Capital Co., Ltd.
      85,077        43,749        20,000        41,328       20,250       (1,088 )      19,162  
Incheon Bridge Co., Ltd.
      554,738        661,227        61,096        (106,489 )      (15,963 )      15,963       —  
Big Dipper Co., Ltd.
      642        308        493        334       60       —       60  
Paycoms Co., Ltd.
      3,781        2,032        926        1,749       201       12       213  
Food Factory Co., Ltd.
      8,599        5,468        450        3,131       696       703       1,399  
KBSP Private Equity Fund No.4
      13,432        776        40,800        12,656       1,892       —       1,892  
Korea Credit Bureau Co., Ltd.
      155,165        100,065        10,000        55,100       4,959       —       4,959  
KB Social Impact Investment Fund
      14,658        439        15,000        14,219       4,266       —       4,266  
KB-Solidus
Global Healthcare Fund
      50,796        639        23,100        50,157       21,735       697       22,432  
POSCO-KB
Shipbuilding Fund
      15,675        321        5,840        15,354       4,798       —       4,798  
KB-TS
Technology Venture Private Equity Fund
      30,346        5,714        17,400        24,632       13,794       —       13,794  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
      42,538        705        31,020        41,833       17,801       (750 )      17,051  
KB-SJ
Tourism Venture Fund
      20,926        551        24,840        20,375       3,773       —       3,773  
UNION Media Commerce Fund
      3,319        18        3,450        3,301       957       —       957  
KB-Stonebridge
Secondary Private Equity Fund
      172,979        349        163,413        172,630       25,144       —       25,144  
KB SPROTT Renewable Private Equity Fund No.1
      44,880        996        47,868        43,884       16,539       —       16,539  
KB-UTC
Inno-Tech Venture Fund
      44,111        809        48,260        43,302       19,180       —       19,180  
WJ Private Equity Fund No.1
      35,561        161        37,100        35,400       9,542       —       9,542  
All Together Korea Fund No.2
      10,246        1        10,001        10,245       10,244       —       10,244  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
      102,827        498        81,100        102,329       12,554       —       12,554  
December & Company Inc.
      35,602        13,271        37,367        22,331       3,735       12,294       16,029  
2020 KB Fintech Renaissance Fund
      12,529        38        10,900        12,491       630       —       630  
KB Material and Parts No.1 PEF
      22,953        2        23,500        22,951       3,321       —       3,321  
FineKB Private Equity Fund No.1
      43,759        1,828        51,100        41,931       10,483       —       10,483  
G payment Joint Stock Company
      10,177        3,523        2,950        6,654       2,917       6,364       9,281  
KB-GeneN
Medical Venture Fund No.1
      8,770        48        8,880        8,722       1,965       —       1,965  
KB-BridgePole
Venture Investment Fund
      13,331        73        13,500        13,258       835       —       835  
KB-Kyobo
New Mobility Power Fund
      9,932        40        10,500        9,892       2,826       —       2,826  
DA-Friend
New Technology Investment Fund No.2
      3,527        21        3,650        3,506       949       —       949  
Cornerstone Pentastone Fund No.4
      3,704        23        3,800        3,681       792       —       792  
SKS-VLP
New Technology Investment Fund No.2
      4,855        2        5,001        4,853       1,121       —       1,121  
Star-Lord General Investors Private Real Estate Investment Company No.10
      585,401        413,283        178,000        172,118       45,157       (45,157 )      —  
KB-Badgers
Future Mobility ESG Fund No.1
      3,607        —        5,225        3,607       1,475       —       1,475  
 
F-1
42
    
December 31, 2022*
  
    
Total

assets
     
Total
liabilities
     
Paid-in

capital
     
Equity
     
Share of net
asset
amount
     
Unrealized

gains
(losses)

and others
    
Consolidated
carrying

amount
  
                                                 
    
(In millions of Korean won)
  
JS Private Equity Fund No.3
    ￦ 8,126      ￦ 1      ￦ 8,300      ￦ 8,125      ￦ 1,664      ￦ —     ￦ 1,664  
Mirae Asset Mobility Investment Fund No.1
      8,683        73        8,700        8,610        1,979        —       1,979  
KB-FT
1st Green Growth Investment Fund 1
      19,051        —        19,345        19,051        1,970        —       1,970  
Glenwood Credit Private Equity Fund No.2
      145,787        376        140,500        145,411        43,468        —       43,468  
THE CHAEUL FUND NO.1
      3,166        —        3,200        3,166        989        —       989  
Smart Korea KB Future9-Sejong Venture Fund
      4,862        —        5,200        4,862        1,870        —       1,870  
KB-KTB
Technology Venture Fund
      32,214        280        33,000        31,934        16,256        —       16,256  
KB-SOLIDUS
Healthcare Investment Fund
      21,483        345        22,440        21,138        18,651        —       18,651  
Paramark KB Fund No.1
      63,260        22        70,169        63,238        10,966        —       10,966  
KB
Co-Investment
Private Equity Fund No.1
      101,771        198        102,067        101,573        7,269        (36 )      7,233  
POSITIVE Sobujang Venture Fund No.1
      4,521        23        4,550        4,498        1,977        —       1,977  
History 2022 Fintech Fund
      5,695        —        5,750        5,695        1,981        —       1,981  
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
      8,562        40        8,600        8,522        1,982        —       1,982  
KB-NP
Green ESG New Technology Venture Capital Fund
      31,838        638        32,260        31,200        9,043        —       9,043  
TMAP Mobility Co., Ltd.
      920,597        174,696        8,677        745,901        61,518        132,937       194,455  
Nextrade Co., Ltd.
      146,100        —        146,100        146,100        9,700        —       9,700  
Shinhan Global Mobility Fund1
      5,474        —        5,700        5,474        1,345        —       1,345  
SKB Next Unicorn
K-Battery
Fund No.1
      5,705        14        5,691        5,691        1,995        —       1,995  
 
    
2022*
  
    
Operating

revenue
     
Net

profit

(loss)
    
Other

comprehensive

income (loss)
     
Total

comprehensive

income (loss)
    
Dividends
  
                                  
    
(In millions of Korean won)
  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
    ￦     1,699      ￦      (917 )    ￦    —      ￦      (917 )    ￦      —  
Balhae Infrastructure Company
      100,720        133,964       —        133,964       16,646  
Aju Good Technology Venture Fund
      22,381        6,018       —        6,018       1,200  
KG Capital Co., Ltd.
      11,569        474       374        848       —  
Incheon Bridge Co., Ltd.
      130,456        23,754       —        23,754       —  
Big Dipper Co., Ltd.
      834        (672 )      —        (672 )      —  
Paycoms Co., Ltd.
      1,266        399       —        399       —  
Food Factory Co., Ltd.
      9,059        605       —        605       —  
KBSP Private Equity Fund No.4
      6        (24,985 )      —        (24,985 )      —  
Korea Credit Bureau Co., Ltd.
      144,906        13,809       —        13,809       —  
KB Social Impact Investment Fund
      240        (55 )      —        (55 )      —  
KB-Solidus
Global Healthcare Fund
      2,952        (15,775 )      —        (15,775 )      —  
POSCO-KB
Shipbuilding Fund
      1,721        1,072       —        1,072       —  
KB-TS
Technology Venture Private Equity Fund
      1,043        2,682       —        2,682       —  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
      11,851        1,541       —        1,541       —  
KB-SJ
Tourism Venture Fund
      719        145       —        145       —  
UNION Media Commerce Fund
      —        (8 )      —        (8 )      —  
KB-Stonebridge
Secondary Private Equity Fund
      22,445        20,887       —        20,887       2,006  
 
F-14
3
    
2022*
  
    
Operating

revenue
     
Net

profit

(loss)
    
Other

comprehensive

income (loss)
    
Total

comprehensive

income (loss)
    
Dividends
  
                                 
    
(In millions of Korean won)
  
KB SPROTT Renewable Private Equity Fund No.1
    ￦ —      ￦ (1,020 )    ￦ —     ￦ (1,020 )    ￦ —  
KB-UTC
Inno-Tech Venture Fund
      —        (905 )      (1,647 )      (2,552 )      —  
WJ Private Equity Fund No.1
      430        (229 )      —       (229 )      —  
All Together Korea Fund No.2
      179        173       —       173       —  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
      21,470        5,713       —       5,713       —  
December & Company Inc.
      868        (32,002 )      —       (32,002 )      —  
2020 KB Fintech Renaissance Fund
      395        243       —       243       —  
KB Material and Parts No.1 PEF
      451        83       —       83       34  
FineKB Private Equity Fund No.1
      14,244        (7,938 )      —       (7,938 )      —  
G payment Joint Stock Company
      3,401        (831 )      —       (831 )      —  
KB-GeneN
Medical Venture Fund No.1
      1        (158 )      —       (158 )      —  
KB-BridgePole
Venture Investment Fund
      4        (242 )      —       (242 )      —  
KB-Kyobo
New Mobility Power Fund
      2        (608 )      —       (608 )      —  
DA-Friend
New Technology Investment Fund No.2
      —        (144 )      —       (144 )      —  
Cornerstone Pentastone Fund No.4
      —        (119 )      —       (119 )      —  
SKS-VLP
New Technology Investment Fund No.2
      1        (148 )      —       (148 )      —  
Star-Lord General Investors Private Real Estate Investment Company No.10
      16,792        (4,254 )      —       (4,254 )      —  
KB-Badgers
Future Mobility ESG Fund No.1
      —        (1,618 )      —       (1,618 )      —  
JS Private Equity Fund No.3
      —        (175 )      —       (175 )      —  
Mirae Asset Mobility Investment Fund No.1
      9        (90 )      —       (90 )      —  
KB-FT
1st Green Growth Investment Fund 1
      5        (294 )      —       (294 )      —  
Glenwood Credit Private Equity Fund No.2
      5,286        4,911       —       4,911       —  
THE CHAEUL FUND NO.1
      —        (34 )      —       (34 )      —  
Smart Korea KB Future9-Sejong Venture Fund
      13        (236 )      —       (236 )      —  
KB-KTB
Technology Venture Fund
      134        (973 )      —       (973 )      —  
KB-SOLIDUS
Healthcare Investment Fund
      14        (1,302 )      —       (1,302 )      —  
Paramark KB Fund No.1
      581        (6,010 )      —       (6,010 )      —  
KB
Co-Investment
Private Equity Fund No.1
      14            (494 )      —          (494 )      —  
POSITIVE Sobujang Venture Fund No.1
      1        (52 )      —       (52 )      —  
History 2022 Fintech Fund
      —        (55 )      —       (55 )      —  
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
      —        (78 )      —       (78 )      —  
KB-NP
Green ESG New Technology Venture Capital Fund
      19        (1,059 )      —       (1,059 )      —  
TMAP Mobility Co., Ltd.
      139,792        (132,476 )      —       (132,476 )      —  
Nextrade Co., Ltd.
      —        —       —       —       —  
Shinhan Global Mobility Fund1
      —        (226 )      —       (226 )      —  
SKB Next Unicorn
K-Battery
Fund No.1
      1        —       —       —       —  
 
    
December 31, 2023*
  
    
Total

assets
     
Total
liabilities
     
Paid-in

capital
     
Equity
     
Share of net
asset
amount
     
Unrealized

gains
(losses)

and others
    
Consolidated
carrying

amount
  
                                                 
    
(In millions of Korean won)
  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
    ￦ 9,095      ￦ 1      ￦ 5,400      ￦ 9,094      ￦ 6,062      ￦ 1     ￦ 6,063  
Balhae Infrastructure Company
       818,545         74,665         794,860         743,880        93,803        (37 )      93,766  
Aju Good Technology Venture Fund
      37,569        395        900        37,174        14,297        (1 )       14,296  
 
F-14
4
    
December 31, 2023*
  
    
Total

assets
     
Total
liabilities
     
Paid-in

capital
     
Equity
    
Share of net
asset
amount
    
Unrealized

gains
(losses)

and others
    
Consolidated
carrying

amount
  
                                               
    
(In millions of Korean won)
  
Incheon Bridge Co., Ltd.
    ￦ 518,134      ￦  602,460      ￦ 61,096      ￦ (84,326 )    ￦  (12,640 )    ￦  12,640     ￦ —  
Big Dipper Co., Ltd.
      813        285        495        528       94       —       94  
Food Factory Co., Ltd.
      9,138        6,196        450        2,942       654       829       1,483  
KBSP Private Equity Fund No.4
      16,807        571        39,700        16,236       2,495       (1 )      2,494  
Korea Credit Bureau Co., Ltd.
      131,164        68,756        10,000        62,408       5,617       —       5,617  
KB Social Impact Investment Fund
      16,440        263        15,000        16,177       4,853       —       4,853  
KB-Solidus
Global Healthcare Fund
      41,567        517        3,000        41,050       17,789       696       18,485  
POSCO-KB
Shipbuilding Fund
      16,520        1,357        5,840        15,163       4,738       —       4,738  
KB-TS
Technology Venture Private Equity Fund
      28,233        6,139        16,200        22,094       12,372       —       12,372  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
      14,441        —        —        14,441       6,145       (750 )      5,395  
KB-SJ
Tourism Venture Fund
      18,003        498        24,840        17,505       3,242       —       3,242  
UNION Media Commerce Fund
      3,318        32        3,450        3,286       952       —       952  
KB-Stonebridge
Secondary Private Equity Fund
      129,860        205        115,598        129,655       18,885       —       18,885  
KB SPROTT Renewable Private Equity Fund No.1
      42,868        379        46,868        42,489       15,946       (36 )      15,910  
KB-UTC
Inno-Tech Venture Fund
      35,978        573        43,180        35,405       15,680       2,297       17,977  
WJ Private Equity Fund No.1
      35,342        161        37,100        35,181       9,483       (1 )      9,482  
All Together Korea Fund No.2
      10,543        1        10,001        10,542       10,541       —       10,541  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
      145,519        474        76,400         145,045        17,810       —        17,810  
2020 KB Fintech Renaissance Fund
      20,664        38        10,900        20,626       1,041       —       1,041  
KB Material and Parts No.1 PEF
      22,808        2        23,500        22,806       3,300       —       3,300  
FineKB Private Equity Fund No.1
      30,930        141         42,600        30,789       7,697       —       7,697  
G payment Joint Stock Company
      10,018        2,386        2,950        7,632       3,319       5,647       8,966  
KB-GeneN
Medical Venture Fund No.1
      8,583        48        8,880        8,535       1,922       1       1,923  
KB-BridgePole
Venture Investment Fund
      13,781        72        2,160        13,709       863       —       863  
KB-Kyobo
New Mobility Power Fund
      9,216        40        10,500        9,176       2,622       —       2,622  
DA-Friend
New Technology Investment Fund No.2
      3,502        74        3,650        3,428       927       1       928  
Cornerstone Pentastone Fund No.4
      3,623        22        3,800        3,601       775       —       775  
Star-Lord General Investors Private Real Estate Investment Company No.10
       522,947        419,224         178,000         103,723        27,213        (27,213 )      —  
KB-Badgers
Future Mobility ESG Fund No.1
      15,600        672        18,766        14,928       6,106       (1 )      6,105  
JS Private Equity Fund No.3
      9,090        1        8,300        9,089       1,862       —       1,862  
Mirae Asset Mobility Investment Fund No.1
      8,551        74        8,700        8,477       1,949       —       1,949  
 
F-14
5
    
December 31, 2023*
  
    
Total

assets
     
Total
liabilities
     
Paid-in

capital
     
Equity
     
Share of net
asset
amount
     
Unrealized

gains
(losses)

and others
    
Consolidated
carrying

amount
  
                                                 
    
(In millions of Korean won)
  
KB-FT
1st Green Growth Investment Fund 1
    ￦ 18,649      ￦ —      ￦ 19,345      ￦ 18,649      ￦ 1,928      ￦ —     ￦ 1,928  
Glenwood Credit Private Equity Fund No.2
      147,385        455        140,500        146,930        43,922        —        43,922  
THE CHAEUL FUND NO.1
      3,111        —        3,200        3,111        972        —       972  
Smart Korea KB Future9-Sejong Venture Fund
      6,314        81        6,152        6,233        2,398        —       2,398  
KB-KTB
Technology Venture Fund
      42,263        246        44,000        42,017        21,389        2       21,391  
KB-SOLIDUS
Healthcare Investment Fund
      44,875        330        47,190        44,545        41,326        (1,154 )      40,172  
Paramark KB Fund No.1
      78,715        28        89,441        78,687        13,645        —       13,645  
KB
Co-Investment
Private Equity Fund No.1
      131,929        257        133,075        131,672        9,477        (101 )      9,376  
POSITIVE Sobujang Venture Fund No.1
      4,494        23        4,550        4,471        1,965        —       1,965  
History 2022 Fintech Fund
      5,611        39        5,750        5,572        1,938        —       1,938  
KB-NP
Green ESG New Technology Venture Capital Fund
      68,228        1,193        70,557        67,035        19,429        —       19,429  
TMAP Mobility Co., Ltd.
      849,894        220,824        8,680        629,070        51,866        131,706       183,572  
Nextrade Co., Ltd.
      139,245        296        146,100        138,949        9,225        —       9,225  
Shinhan Global Mobility Fund No.1
      5,389        1        5,700        5,388        1,324        —       1,324  
SKB Next Unicorn
K-Battery
Fund No.1
      7,609        —        7,700        7,609        1,890        —       1,890  
Lakewood-AVES Fund No.1
      5,065        4        5,120        5,061        1,977        —       1,977  
MW-Pyco
NewWave New Technology Investment Fund 4th
      3,832        —        3,900        3,832        1,965        —       1,965  
Bitgoeul Cheomdan Green 1st Co., Ltd.
      877        6        1,000        871        165        —       165  
KB-SUSUNG
1st Investment Fund
      19,690        —        20,000        19,690        2,953        —       2,953  
Friend 55 New Technology Business Investment Fund
      2,220        3        2,250        2,217        1,182        —       1,182  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
       132,025          11         132,331         132,014         26,969           —         26,969  
DSIP-Pharos Bioenergy Fund
      48,307        44        11,730        48,263        16,458        —       16,458  
Shinhan-Eco
Venture Fund 2nd
      9,067        66        9,125        9,001        1,800        —       1,800  
Leading H2O Fund 1
      3,088        1        3,110        3,087        1,489        —       1,489  
2023 JB Newtech No.2 Fund
      6,946        2        7,000        6,944        1,786        —       1,786  
U-KB
Credit No.1 Private Equity
      20,557        6        20,700        20,551        6,851        (1 )      6,850  
KB-BridgePole
Venture Investment Fund No.2
      10,502        41        10,500        10,461        1,494        —       1,494  
Sirius Silicon Valley I New Technology Fund
      2,040        2        2,100        2,038        485        —       485  
 
F-14
6
    
2023*
  
    
Operating

revenue
     
Net profit

(loss)
    
Other

comprehensive

income (loss)
     
Total

comprehensive

income (loss)
    
Dividends
  
    
(In millions of Korean won)
  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
    ￦ —      ￦ (12 )    ￦ —      ￦ (12 )    ￦ —  
Balhae Infrastructure Company
       126,682         121,783           —         121,783        9,582  
Aju Good Technology Venture Fund
      20,386        15,176       —        15,176       3,577  
Incheon Bridge Co., Ltd.
      128,860        22,110       —        22,110       —  
Big Dipper Co., Ltd.
      324        (242 )      —        (242 )      —  
Food Factory Co., Ltd.
      10,283        (89 )      —        (89 )      —  
KBSP Private Equity Fund No.4
      3,894        4,073       —        4,073       —  
Korea Credit Bureau Co., Ltd.
      163,707        8,012       —        8,012       90  
KB Social Impact Investment Fund
      2,230        1,958       —        1,958       —  
KB-Solidus
Global Healthcare Fund
      42,005        36,193       —        36,193       10,920  
POSCO-KB
Shipbuilding Fund
      709        (191 )      —        (191 )      —  
KB-TS
Technology Venture Private Equity Fund
      836        362       —        362       —  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
      7,610        2,302       —        2,302       —  
KB-SJ
Tourism Venture Fund
      664        (2,870 )      —        (2,870 )      —  
UNION Media Commerce Fund
      —        (16 )      —        (16 )      —  
KB-Stonebridge
Secondary Private Equity Fund
      9,698        7,558       —        7,558       396  
KB SPROTT Renewable Private Equity Fund No.1
      26        (689 )      —        (689 )      —  
KB-UTC
Inno-Tech Venture Fund
      758        (5,024 )      2,208        (2,816 )      3  
WJ Private Equity Fund No.1
      430        (218 )      —        (218 )      —  
All Together Korea Fund No.2
      303        297       —        297       —  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
       58,734         47,415           —         47,415          —  
2020 KB Fintech Renaissance Fund
      8,289        8,134       —        8,134       —  
KB Material and Parts No.1 PEF
      451        90       —        90       34  
FineKB Private Equity Fund No.1
      820        (2,578 )      —        (2,578 )      16  
G payment Joint Stock Company
      11,434        (539 )      —        (539 )      —  
KB-GeneN
Medical Venture Fund No.1
      —        (187 )      —        (187 )      —  
KB-BridgePole
Venture Investment Fund
      22,202        21,916       —        21,916       638  
KB-Kyobo
New Mobility Power Fund
      1        (715 )      —        (715 )      —  
DA-Friend
New Technology Investment Fund No.2
      —        (78 )      —        (78 )      —  
Cornerstone Pentastone Fund No.4
      —        (81 )      —        (81 )      —  
Star-Lord General Investors Private Real Estate Investment Company No.10
      33,947        (55,599 )      —        (55,599 )      —  
KB-Badgers
Future Mobility ESG Fund No.1
      150        (2,219 )      —        (2,219 )      —  
JS Private Equity Fund No.3
      1,135        963       —        963       —  
Mirae Asset Mobility Investment Fund No.1
      19        (133 )      —        (133 )      —  
KB-FT
1st Green Growth Investment Fund 1
      3        (402 )      —        (402 )      —  
Glenwood Credit Private Equity Fund No.2
      10,374        9,611       —        9,611       2,428  
THE CHAEUL FUND NO.1
      1        (55 )      —        (55 )      —  
Smart Korea KB Future9-Sejong Venture Fund
      667        391       —        391       —  
KB-KTB
Technology Venture Fund
      166        (917 )      —        (917 )      —  
KB-SOLIDUS
Healthcare Investment Fund
      16        (1,344 )      —        (1,344 )      —  
Paramark KB Fund No.1
      1,085        (3,824 )      —        (3,824 )      —  
KB
Co-Investment
Private Equity Fund No.1
      21        (908 )      —        (908 )      —  
POSITIVE Sobujang Venture Fund No.1
      75        (28 )      —        (28 )      —  
History 2022 Fintech Fund
      1        (123 )      —        (123 )      —  
KB-NP
Green ESG New Technology Venture Capital Fund
      21        (2,463 )      —        (2,463 )         —  
TMAP Mobility Co., Ltd.
       294,016         (100,432 )      —         (100,432 )      —  
Nextrade Co., Ltd.
      —        (7,150 )      —        (7,150 )      —  
Shinhan Global Mobility Fund No.1
      —        (115 )      —        (115 )      —  
SKB Next Unicorn
K-Battery
Fund No.1
      123        (87 )      —        (87 )      —  
Lakewood-AVES Fund No.1
      —        (60 )      —        (60 )      —  
MW-Pyco
NewWave New Technology Investment Fund 4th
      1        (68 )      —        (68 )      —  
Bitgoeul Cheomdan Green 1st Co., Ltd.
      —        (124 )      —        (124 )      —  
 
F-14
7
    
2023*
  
    
Operating

revenue
     
Net profit

(loss)
    
Other

comprehensive

income (loss)
    
Total

comprehensive

income (loss)
    
Dividends
  
    
(In millions of Korean won)
  
KB-SUSUNG
1st Investment Fund
    ￦ 47      ￦ (310 )    ￦ —     ￦ (310 )    ￦ —  
Friend 55 New Technology Business Investment Fund
      3        (33 )          —       (33 )      —  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
      —        (225 )      (93 )      (318 )      —  
DSIP-Pharos Bioenergy Fund
      36,813        36,533       —       36,533       —  
Shinhan-Eco
Venture Fund 2nd
      2        (125 )      —       (125 )      —  
Leading H2O Fund 1
      5        (23 )      —       (23 )      —  
2023 JB Newtech No.2 Fund
      2        (56 )      —       (56 )      —  
U-KB
Credit No.1 Private Equity
      345        (149 )      —       (149 )      —  
KB-BridgePole
Venture Investment Fund No.2
      2        (39 )      —       (39 )      —  
Sirius Silicon Valley I New Technology Fund
      1        (62 )      —       (62 )      —  
 
*
The condensed financial information of the associates and joint ventures is adjusted to reflect adjustments, such as fair value adjustments recognized at the time of acquisition and adjustments for differences in accounting policies.
 
F-14
8
13.3 Changes in carrying amount of investments in associates and joint ventures for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022*
  
    
Beginning
     
Acquisition

and others
     
Disposal

and others
    
Dividends
    
Gains

(losses) on
equity-

method

accounting
    
Other
compre-

hensive

income

(loss)
    
Ending
  
                                              
    
(In millions of Korean won)
  
KB Pre IPO Secondary Venture Fund No.1
    ￦ 1,622      ￦ —      ￦ (1,429 )    ￦ —     ￦ (193 )    ￦ —     ￦ —  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
       11,789           —        (5,200 )      —       (611 )      —       5,978  
KB Star Office Private Real Estate Master Fund No.1
      26,240        —        (5,960 )       (20,280 )      —       —       —  
Balhae Infrastructure Company
      99,785        —        (9,408 )      (16,646 )       16,886       —       90,617  
Incheon Bridge Co., Ltd.
      —        —        —       —       —          —       —  
Aju Good Technology Venture Fund
      22,921        —        (4,200 )      (1,200 )      2,315       —        19,836  
KG Capital Co., Ltd.
      18,222        —        —       —       757       183       19,162  
Big Dipper Co., Ltd.
      —        291        —       —       (231 )      —       60  
Paycoms Co., Ltd.
      525        —        —       —       (312 )      —       213  
Food Factory Co., Ltd.
      1,320        —        —       —       132       (53 )      1,399  
KBSP Private Equity Fund No.4
      5,628        —        —       —       (3,736 )      —       1,892  
Korea Credit Bureau Co., Ltd.
      4,497        —        —       —       462       —       4,959  
KB Social Impact Investment Fund
      4,282        —        —       —       (16 )      —       4,266  
KB-Solidus
Global Healthcare Fund
      48,898        —         (19,630 )      —       (6,836 )      —       22,432  
POSCO-KB
Shipbuilding Fund
      5,413        —        (950 )      —       335       —       4,798  
KB-TS
Technology Venture Private Equity Fund
      16,828        —        (4,536 )      —       1,502       —       13,794  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
      28,919        —        (12,800 )      —       932       —       17,051  
KB-SJ
Tourism Venture Fund
      4,146        —        (400 )      —       27       —       3,773  
UNION Media Commerce Fund
      959        —        —       —       (2 )      —       957  
KB-Stonebridge
Secondary Private Equity Fund
      21,948        4,370        (2,210 )      (2,006 )      3,042       —       25,144  
KB SPROTT Renewable Private Equity Fund No.1
      4,680        12,246        —       —       (387 )      —       16,539  
KB-UTC
Inno-Tech Venture Fund
      20,972        —        —       —       (1,306 )      (486 )      19,180  
WJ Private Equity Fund No.1
      9,604        —        —       —       (62 )      —       9,542  
All Together Korea Fund No.2
      10,070        —        —       —       174       —       10,244  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
      15,254        1,320        (4,706 )      —       686       —       12,554  
Project Vanilla Co., Ltd.
      525        —        (525 )      —       —       —       —  
December & Company Inc.
      21,388        —        (49 )      —       (5,353 )      43       16,029  
2020 KB Fintech Renaissance Fund
      618        —        —       —       12       —       630  
KB Material and Parts No.1 PEF
      3,343        —        —       (34 )      12       —       3,321  
FineKB Private Equity Fund No.1
      8,067        7,500        (3,100 )      —       (1,984 )      —       10,483  
KB Bio Private Equity No.3 Ltd.
      9,950        —        (3,922 )      (6,028 )      —       —       —  
G payment Joint Stock Company
      9,350        295        —       —       (364 )      —       9,281  
Apollo REIT PropCo LLC
      —        19,968        (19,968 )      —       —       —       —  
KB-GeneN
Medical Venture Fund No.1
      —        2,000        —       —       (35 )      —       1,965  
KB-BridgePole
Venture Investment Fund
      —        850        —       —       (15 )      —       835  
KB-Kyobo
New Mobility Power Fund
      —        3,000        —       —       (174 )      —       2,826  
DA-Friend
New Technology Investment Fund No.2
      —        988        —       —       (39 )      —       949  
Cornerstone Pentastone Fund No.4
      —        818        —       —       (26 )      —       792  
SKS-VLP
New Technology Investment Fund No.2
      —        1,156        —       —       (35 )      —       1,121  
 
F-14
9
    
2022*
  
    
Beginning
     
Acquisition

and others
     
Disposal

and others
    
Dividends
    
Gains

(losses) on
equity-

method

accounting
    
Other
compre-

hensive

income

(loss)
     
Ending
  
                                               
    
(In millions of Korean won)
  
Star-Lord General Investors Private Real Estate Investment Company No.10
    ￦ —      ￦ 46,700      ￦ —     ￦ —     ￦ (46,700 )    ￦ —      ￦ —  
KB-Badgers
Future Mobility ESG Fund No.1
      —        2,137        —       —       (662 )      —        1,475  
JS Private Equity Fund No.3
      —        1,700        —       —       (36 )      —        1,664  
Mirae Asset Mobility Investment Fund No.1
      —        2,000        —       —       (21 )      —        1,979  
KB-FT
1st Green Growth Investment Fund 1
      —        2,000        —       —       (30 )      —        1,970  
Glenwood Credit Private Equity Fund No.2
      —        42,000        —       —       1,468       —        43,468  
THE CHAEUL FUND NO.1
      —        1,000        —       —       (11 )      —        989  
Smart Korea KB Future9-Sejong Venture Fund
      962        1,000        —       —       (92 )      —        1,870  
KB-KTB
Technology Venture Fund
       5,554         11,200            —           —       (498 )      —        16,256  
KB-SOLIDUS
Healthcare Investment Fund
      1,800        18,000        —       —       (1,149 )      —        18,651  
Paramark KB Fund No.1
      1,850        12,444        (2,285 )      —       (1,043 )      —        10,966  
KB
Co-Investment
Private Equity Fund No.1
      —        7,268        —       —       (35 )      —        7,233  
POSITIVE Sobujang Venture Fund No.1
      —        2,000        —       —       (23 )      —        1,977  
History 2022 Fintech Fund
      —        2,000        —       —       (19 )      —        1,981  
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
      —        2,000        —       —       (18 )      —        1,982  
KB-NP
Green ESG New Technology Venture Capital Fund
      —        9,350        —       —       (307 )      —        9,043  
TMAP Mobility Co., Ltd.
      —        200,000        —       —       (5,797 )      252        194,455  
Nextrade Co., Ltd.
      —        9,700        —       —       —       —        9,700  
Shinhan Global Mobility Fund1
      —        1,345        —       —       —       —        1,345  
SKB Next Unicorn
K-Battery
Fund No.1
      —        1,995        —       —       —       —        1,995  
Others
      789        50        (44 )     —           75          178              1,048  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
   ￦ 448,718      ￦ 430,691      ￦ (101,322 )   ￦ (46,194 )    ￦ (49,341 )    ￦ 117      ￦ 682,669  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
F-1
50
   
2023*
  
   
Beginning
    
Acquisition

and others
    
Disposal

and others
    
Dividends
    
Gains

(losses) on
equity-

method

accounting
    
Other
compre-

hensive

income

(loss)
    
Others
    
Ending
  
                                                 
   
(In millions of Korean won)
  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
   ￦ 5,978     ￦ —     ￦ —     ￦ —     ￦ 85     ￦ —     ￦ —     ￦ 6,063  
Balhae Infrastructure Company
      90,617       —       (1,079 )      (9,582 )      13,810       —       —       93,766  
Hahn & Company
No. 4-3
Private Equity Fund
     —        8,188        (7,253 )      —       (935 )      —       —       —  
Aju Good Technology Venture Fund
     19,836       —       (7,800 )      (3,577 )      5,837       —       —        14,296  
KG Capital Co., Ltd.
     19,162       —       —       —       252       (2 )       (19,412 )      —  
Big Dipper Co., Ltd.
     60       —       —       —       17       17       —       94  
Paycoms Co., Ltd.
     213       —       —       —       (57 )      —       (156 )      —  
Food Factory Co., Ltd.
     1,399       —       —       —       83       1       —       1,483  
KBSP Private Equity Fund No.4
     1,892       —       —       —       509       93       —       2,494  
Korea Credit Bureau Co., Ltd.
     4,959       —       —       (90 )      748       —       —       5,617  
KB Social Impact Investment Fund
     4,266       —       —       —       587       —       —       4,853  
KB-Solidus
Global Healthcare Fund
     22,432       —       (8,710 )       (10,920 )       15,683       —       —       18,485  
POSCO-KB
Shipbuilding Fund
     4,798       —       —       —       (60 )      —       —       4,738  
KB-TS
Technology Venture Private Equity Fund
     13,794       —       (672 )      —       (750 )      —       —       12,372  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
     17,051       —       (13,200 )      —       1,544       —       —       5,395  
KB-SJ
Tourism Venture Fund
     3,773       —       —       —       (531 )      —       —       3,242  
UNION Media Commerce Fund
     957       —       —       —       (5 )      —       —       952  
KB-Stonebridge
Secondary Private Equity Fund
     25,144       —       (6,964 )      (396 )      1,101       —       —       18,885  
KB SPROTT Renewable Private Equity Fund No.1
     16,539       —       (475 )      —       (154 )      —       —       15,910  
KB-UTC
Inno-Tech Venture Fund
     19,180       —       (2,251 )      (3 )      399        652       —       17,977  
WJ Private Equity Fund No.1
     9,542       —       —       —       (60 )      —       —       9,482  
All Together Korea Fund No.2
     10,244       —       —       —       297       —       —       10,541  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
     12,554       1,800       (2,234 )      —       5,690       —       —       17,810  
December & Company Inc.
     16,029       —       (14,864 )      —       —       —       (1,165 )      —  
2020 KB Fintech Renaissance Fund
     630       —       —       —       411       —       —       1,041  
KB Material and Parts No.1 PEF
     3,321       —       —       (34 )      13       —       —       3,300  
FineKB Private Equity Fund No.1
     10,483       —       (2,125 )      (16 )      (645 )      —       —       7,697  
G payment Joint Stock Company
     9,281       —       (79 )      —       (236 )      —       —       8,966  
KB-GeneN
Medical Venture Fund No.1
     1,965       —       —       —       (42 )      —       —       1,923  
KB-BridgePole
Venture Investment Fund
     835       —       (714 )      (638 )      1,380       —       —       863  
KB-Kyobo
New Mobility Power Fund
     2,826       —       —       —       (204 )      —       —       2,622  
DA-Friend
New Technology Investment Fund No.2
     949       —       —       —       (21 )      —       —       928  
Cornerstone Pentastone Fund No.4
     792       —       —       —       (17 )      —       —       775  
SKS-VLP
New Technology Investment Fund No.2
     1,121       —       (1,121 )      —       —       —       —       —  
KB-Badgers
Future Mobility ESG Fund No.1
     1,475       5,538       —       —       (908 )      —       —       6,105  
JS Private Equity Fund No.3
     1,664       —       —       —       198       —       —       1,862  
Mirae Asset Mobility Investment Fund No.1
     1,979       —       —       —       (30 )      —       —       1,949  
KB-FT
1st Green Growth Investment Fund 1
     1,970       —       —       —       (42 )      —       —       1,928  
Glenwood Credit Private Equity Fund No.2
     43,468       —       —       (2,428 )      2,882       —       —       43,922  
THE CHAEUL FUND NO.1
     989       —       —       —       (17 )      —       —       972  
 
F-1
51
   
2023*
  
   
Beginning
    
Acquisition

and others
    
Disposal

and others
    
Dividends
    
Gains

(losses) on
equity-

method

accounting
    
Other
compre-

hensive

income

(loss)
    
Others
    
Ending
  
                                                 
   
(In millions of Korean won)
  
Smart Korea KB Future9-Sejong Venture Fund
   ￦ 1,870     ￦ 1,000     ￦ (634 )    ￦ —     ￦ 162     ￦ —     ￦ —     ￦ 2,398  
KB-KTB
Technology Venture Fund
     16,256       5,601       —       —       (466 )      —       —       21,391  
KB-SOLIDUS
Healthcare Investment Fund
     18,651       22,752       (12 )      —       (1,219 )      —       —       40,172  
Paramark KB Fund No.1
     10,966       3,342       —       —       (663 )      —       —       13,645  
KB
Co-Investment
Private Equity Fund No.1
     7,233       2,208       —       —       (65 )      —       —       9,376  
POSITIVE Sobujang Venture Fund No.1
     1,977       —       —       —       (12 )      —       —       1,965  
History 2022 Fintech Fund
     1,981       —       —       —       (43 )      —       —       1,938  
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
     1,982       —        (1,982 )      —       —       —       —       —  
KB-NP
Green ESG New Technology Venture Capital Fund
     9,043        11,099       —          —       (713 )      —       —       19,429  
TMAP Mobility Co., Ltd.
      194,455       —       (19 )      —       (11,893 )      1,029       —       183,572  
Nextrade Co., Ltd.
     9,700       —       —       —       (475 )      —       —       9,225  
Shinhan Global Mobility Fund No.1
     1,345       —       —       —       (21 )      —       —       1,324  
SKB Next Unicorn
K-Battery
Fund No.1
     1,995       —       (87 )      —       (18 )      —       —       1,890  
Lakewood-AVES Fund No.1
     —       2,000       —       —       (23 )      —       —       1,977  
MW-Pyco
NewWave New Technology Investment Fund 4th
     —       2,000       —       —       (35 )      —       —       1,965  
Bitgoeul Cheomdan Green 1st Co., Ltd.
     —       190       —       —       (24 )      (1 )      —       165  
KB-SUSUNG
1st Investment Fund
     —       3,000       —       —       (47 )      —       —       2,953  
Friend 55 New Technology Business Investment Fund
     —       1,200       —       —       (18 )      —       —       1,182  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
     —       27,034       —       —       (46 )      (19 )      —       26,969  
DSIP-Pharos Bioenergy Fund
     —       4,000       —       —        12,458       —       —       16,458  
Shinhan-Eco
Venture Fund 2nd
     —       1,825       —       —       (25 )      —       —       1,800  
Leading H2O Fund 1
     —       1,500       —       —       (11 )      —       —       1,489  
2023 JB Newtech No.2 Fund
     —       1,800       —       —       (14 )      —       —       1,786  
U-KB
Credit No.1 Private Equity
     —       6,900       —       —       (50 )      —       —       6,850  
KB-BridgePole
Venture Investment Fund No.2
     —       1,500       —       —       (6 )      —       —       1,494  
Sirius Silicon Valley I New Technology Fund
     —       500       —       —       (15 )      —       —       485  
Others
     1,048       16       (208 )      —       1,899        (1,739 )      —       1,016  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 682,669     ￦ 114,993     ￦ (72,483 )    ￦ (27,684 )    ￦ 45,429     ￦ 31     ￦  (20,733 )    ￦  722,222  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Gains on disposal of investments in associates and joint ventures amount to ￦ 20,585 million ￦ 6,853 million for the years ended December 31, 2022 and 2023, respectively.
 
F-1
52
13.4 Unrecognized share of losses of investments in associates and joint ventures due to the discontinuation of recognizing share of losses, for the years ended December 31, 2022 and 2023, and accumulated amount of unrecognized losses as of December 31, 2022 and 2023, are as follows:
 
    
Unrecognized losses

for the period
    
Accumulated

unrecognized losses
  
    
2022
    
2023
    
December 31,

2022
     
December 31,

2023
  
                           
    
(In millions of Korean won)
  
DSMETAL Co., Ltd.
    ￦ —     ￦ —     ￦ 103      ￦ 103  
Incheon Bridge Co., Ltd.
      (3,518 )      (3,323 )      15,963        12,640  
Jungdong Steel Co., Ltd.
      —       —       489        489  
Shinla Construction Co., Ltd.
      —       —       183        183  
Jaeyang Industry Co., Ltd.
      —       —       30        30  
Terra Corporation
      —       —       14        14  
Jungdo Co., Ltd.
      (8 )      (120 )      543        423  
Jinseung Tech Co., Ltd.
      —     (18 )      18        —  
Korea NM Tech Co., Ltd.
      3       3       31        34  
Chongil Machine & Tools Co., Ltd.
      7       —       75        75  
Skydigital Inc.
      3       20       177        197  
Imt Technology Co., Ltd.
      —       —       —        —  
Jo Yang Industrial Co., Ltd.
      8       36       113        149  
IDTECK Co., Ltd.
      (144 )      —       —        —  
MJT&I Corp.
      1       (1 )      153        152  
Dae-A
Leisure Co., Ltd.
      310       87       512        599  
Il-Kwang
Electronic Materials Co., Ltd.
      (2 )      —       158        158  
Dongjo Co., Ltd.
      696       (147 )      696        549  
Iwon Alloy Co., Ltd.
      19       (1 )      19        18  
Chunsung-meat co., ltd.
      24       9       24        33  
ALTSCS CO., LTD.
      1       395       1        396  
RAND Bio Science Co., Ltd.
      231       187       540        727  
Star-Lord General Investors Private Real Estate Investment Company No.10
      9,741       7,691       9,741        17,432  
  
 
 
    
 
 
    
 
 
     
 
 
  
   ￦ 7,372     ￦ 4,818     ￦ 29,583      ￦ 34,401  
  
 
 
    
 
 
    
 
 
     
 
 
  
14. Property and Equipment, and Investment Properties
14.1 Property and Equipment
14.1.1 Details of property and equipment as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Acquisition
cost
     
Accumulated
depreciation
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Land
    ￦ 2,416,730      ￦ —     ￦ (4 )    ￦ 2,416,726  
Buildings
      2,426,317        (839,137 )      (5,747 )      1,581,433  
Leasehold improvements
      1,020,095        (943,711 )      —       76,384  
Equipment and vehicles
      2,070,374        (1,766,036 )      —       304,338  
Construction
in-progress
      28,045        —       —       28,045  
Right-of-use
assets
      1,440,686        (856,145 )      —       584,541  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 9,402,247      ￦ (4,405,029 )    ￦ (5,751 )    ￦ 4,991,467  
  
 
 
     
 
 
    
 
 
    
 
 
  
 
F-15
3
    
December 31, 2023
  
    
Acquisition
cost
     
Accumulated
depreciation
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Land
    ￦ 2,442,186      ￦ —     ￦ (4 )    ￦ 2,442,182  
Buildings
      2,449,394        (899,839 )      (5,747 )      1,543,808  
Leasehold improvements
      1,052,550        (976,520 )      —       76,030  
Equipment and vehicles
      2,027,842        (1,774,850 )      —       252,992  
Construction
in-progress
      56,971        —       —       56,971  
Right-of-use
assets
      1,608,541        (1,034,825 )      —       573,716  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 9,637,484      ￦ (4,686,034 )    ￦ (5,751 )    ￦ 4,945,699  
  
 
 
     
 
 
    
 
 
    
 
 
  
14.1.2 Changes in property and equipment for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Acquisition
    
Transfer
1
   
Disposal
    
Depreciation
2
    
Business

combination
    
Others
    
Ending
  
                                                 
   
(In millions of Korean won)
  
Land
   ￦ 2,548,181     ￦ 678     ￦ (117,290 )    ￦ (7,223 )    ￦ —     ￦ —     ￦ (7,620 )    ￦ 2,416,726  
Buildings
     1,676,657       12,867       (39,460 )      (7,860 )      (66,044 )      —       5,273       1,581,433  
Leasehold improvements
     88,251       12,533       36,379       (455 )      (60,129 )      8       (203 )      76,384  
Equipment and vehicles
     311,183       159,109       1,899       (1,795 )      (170,529 )      30       4,441       304,338  
Construction
in-progress
     39,579       110,378       (121,306 )      (397 )      —       —       (209 )      28,045  
Right-of-use
assets
     576,047       682,393       (2,640 )      (416,712 )      (296,509 )      —       41,962       584,541  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 5,239,898     ￦ 977,958     ￦ (242,418 )    ￦ (434,442 )    ￦ (593,211 )    ￦ 38     ￦ 43,644     ￦ 4,991,467  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
2023
  
   
Beginning
    
Acquisition
    
Transfer
1
   
Disposal
    
Depreciation
2
    
Business

combination
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Land
   ￦ 2,416,726     ￦ 51,324     ￦ 3,501     ￦ (2,074 )    ￦ —     ￦ 6,585     ￦ (33,880 )    ￦ 2,442,182  
Buildings
     1,581,433       28,344       22,976       (543 )      (66,062 )      677       (23,017 )      1,543,808  
Leasehold improvements
     76,384       8,390       41,522       (170 )      (52,555 )      2       2,457       76,030  
Equipment and vehicles
     304,338       113,823       (14 )      (1,217 )      (164,724 )      3,206       (2,420 )      252,992  
Construction
in-progress
     28,045       143,439       (89,168 )      —       —       —       (25,345 )      56,971  
Right-of-use
assets
     584,541       556,043       (9,735 )      (239,365 )      (299,599 )      672       (18,841 )      573,716  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 4,991,467     ￦ 901,363     ￦ (30,918 )    ￦ (243,369 )    ￦ (582,940 )    ￦ 11,142     ￦ (101,046 )    ￦ 4,945,699  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Includes transfers with investment properties and assets held for sale.
2
Includes depreciation expenses amounting to ￦ 62,256 million and ￦ 62,098 million recorded as insurance service expenses, other operating expenses and others for the years ended December 31, 2022 and 2023, respectively.
 
F-15
4
14.1.3 Changes in accumulated impairment losses of property and equipment for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
    
Impairment
     
Reversal
     
Disposal and
others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of property and equipment
    ￦ (5,751 )    ￦ —      ￦ —      ￦ —      ￦ (5,751 ) 
    
2023
  
  
Beginning
    
Impairment
     
Reversal
     
Disposal and
others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of property and equipment
    ￦ (5,751 )    ￦ —      ￦ —      ￦ —      ￦ (5,751 ) 
14.2 Investment Properties
14.2.1 Details of investment properties as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Acquisition

cost
     
Accumulated
depreciation
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Land
    ￦ 1,496,007      ￦ —     ￦ (478 )    ￦ 1,495,529  
Buildings
      1,783,438        (125,428 )      (5,199 )      1,652,811  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 3,279,445      ￦ (125,428 )    ￦ (5,677 )    ￦ 3,148,340  
  
 
 
     
 
 
    
 
 
    
 
 
  
    
December 31, 2023
  
    
Acquisition

cost
     
Accumulated
depreciation
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Land
    ￦ 2,237,030      ￦ —     ￦ (486 )    ￦ 2,236,544  
Buildings
      2,027,919        (149,390 )      (5,289 )      1,873,240  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 4,264,949      ￦ (149,390 )    ￦ (5,775 )    ￦ 4,109,784  
  
 
 
     
 
 
    
 
 
    
 
 
  
14.2.2 Valuation techniques and inputs used to measure the fair value of investment properties as of December 31, 2023, are as follows:
 
    
December 31, 2023
    
Fair value
     
Valuation techniques
   
Inputs
    
(In millions of Korean won)
Land and buildings
    ￦ 214,067      Cost approach method   
-  Price per square meter
-  Replacement cost
     2,463,969      Market comparison method    -  Price per square meter
     686,260      Discounted cash flow
method		   
-  Prospective rental market growth rate
-  Period of vacancy
-  Rental ratio
-  Discount rate and others
     237,900      Income approach method   
-  Discount rate
-  Capitalization rate
-  Vacancy rate
 
F-15
5
Fair value of investment properties amounts to ￦ 3,469,903 million and ￦ 3,602,196 million as of December 31, 2022 and 2023, respectively. Investment properties are measured by qualified independent appraisers with recent experience in valuing similar properties in the same area. In addition, all investment properties are classified as Level 3 in accordance with fair value hierarchy in Note 6.1.2.
Rental income from above investment properties amounts to ￦ 136,493 million and ￦ 134,250 million for the years ended December 31, 2022 and 2023, respectively.
14.2.3 Changes in investment properties for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Acquisition
    
Transfer*
    
Disposal
    
Depreciation
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Land
   ￦ 1,577,353     ￦ 387,282     ￦ (64,630 )    ￦ (414,335 )    ￦ —     ￦ 9,859     ￦ 1,495,529  
Buildings
     937,591       880,545       (62,186 )      (153,562 )      (38,156 )      88,579       1,652,811  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 2,514,944     ￦ 1,267,827     ￦ (126,816 )    ￦ (567,897 )    ￦ (38,156 )    ￦ 98,438     ￦ 3,148,340  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
2023
  
   
Beginning
    
Acquisition
    
Transfer*
    
Disposal
    
Depreciation
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Land
   ￦ 1,495,529     ￦ 1,062,748     ￦ (3,080 )    ￦ (268,800 )    ￦ —     ￦ (49,853 )    ￦ 2,236,544  
Buildings
     1,652,811       456,680       1,190       (162,854 )      (48,790 )      (25,797 )      1,873,240  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 3,148,340     ￦ 1,519,428     ￦ (1,890 )    ￦ (431,654 )    ￦ (48,790 )    ￦ (75,650 )    ￦ 4,109,784  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Includes transfers with property and equipment and assets held for sale.
15. Intangible Assets
15.1 Details of intangible assets as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
  
Acquisition

cost
     
Accumulated
amortization
    
Accumulated
impairment
losses
    
Others
     
Carrying

amount
  
    
(In millions of Korean won)
  
Goodwill
    ￦ 903,003      ￦ —     ￦ (70,517 )    ￦ 12,669      ￦ 845,155  
Other intangible assets
      3,142,544        (2,096,463 )      (32,766 )      —        1,013,315  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
   ￦ 4,045,547      ￦ (2,096,463 )    ￦ (103,283 )    ￦ 12,669      ￦ 1,858,470  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
    
December 31, 2023
  
    
Acquisition
cost
     
Accumulated
amortization
    
Accumulated
impairment
losses
    
Others
     
Carrying

amount
  
    
(In millions of Korean won)
  
Goodwill
    ￦ 918,913      ￦ —     ￦ (76,785 )    ￦ 24,846      ￦ 866,974  
Other intangible assets
      3,572,298        (2,456,769 )      (31,645 )      —        1,083,884  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
   ￦ 4,491,211      ￦ (2,456,769 )    ￦ (108,430 )    ￦ 24,846      ￦ 1,950,858  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
 
F-15
6
15.2 Details of goodwill as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
Acquisition
cost
     
Carrying
amount
1
    
Acquisition
cost
     
Carrying
amount
1
 
    
(In millions of Korean won)
  
Housing & Commercial Bank
    ￦ 65,288      ￦ 65,288      ￦ 65,288      ￦ 65,288  
Kookmin Bank Cambodia PLC.
      1,202        —        —        —  
KB Securities Co., Ltd.
      70,265        58,889        70,265        58,889  
KB Capital Co., Ltd.
      79,609        79,609        79,609        79,609  
KB Savings Bank Co., Ltd.
      115,343        57,404        115,343        57,403  
KB Securities Vietnam Joint Stock Company
      13,092        13,947        13,092        13,820  
KB Daehan Specialized Bank Plc.
2
     1,515        1,712        6,189        —  
KB PRASAC Bank Plc.
3
     —        —        398,144        422,575  
PRASAC Microfinance Institution Plc.
3
      396,942        415,332        —        —  
PT Sunindo Kookmin Best Finance
      2,963        2,817        2,963        2,911  
PT Bank KB Bukopin Tbk
      89,220        83,619        89,220        86,410  
PT. KB Finansia Multi Finance
      51,820        51,376        51,820        53,089  
PT. KB Valbury Sekurita
      11,070        10,713        11,070        11,070  
Teamwink Inc.
      —        —        15,910        15,910  
I-Finance
Leasing
2
      4,674        4,449        —        —  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 903,003      ￦ 845,155      ￦ 918,913      ￦ 866,974  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
1
 
Includes the effect of exchange differences and others.
2
As of December 31, 2023, calculated by summing up KB Daehan Specialized Bank Plc. and
I-Finance
Leasing due to planning to merge in 2024.
3
Kookmin Bank Cambodia PLC. merged with KB PRASAC BANK PLC. on September 1, 2023.
15.3 Changes in accumulated impairment losses of goodwill for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
    
Impairment
    
Others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of goodwill
    ￦ (70,517 )    ￦ —     ￦ —      ￦ (70,517 ) 
    
2023
  
    
Beginning
    
Impairment
    
Others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of goodwill
    ￦ (70,517 )    ￦ (6,268 )    ￦ —      ￦ (76,785 ) 
 
F-15
7
15.4 Details of goodwill allocation to cash-generating units and related information for impairment testing as of December 31, 2023 are as follows:
 
      
December 31, 2023
  
           
Carrying
amount of
goodwill
     
Recoverable amount
exceeding carrying
amount
1
    
Discount rate
(%)
     
Permanent
growth rate
(%)
  
           
(In millions of Korean won)
  
Housing & Commercial Bank
      Retail banking      ￦ 49,315      ￦ 5,740,481       14.72        1.00  
     Corporate banking        15,973        13,290,555       14.32        1.00  
KB Securities Co., Ltd.
 
      58,889        295,887       17.03        1.00  
KB Capital Co., Ltd.
 
      79,609        807,090       14.96        1.00  
KB Savings Bank Co., Ltd. and Yehansoul Savings Bank Co., Ltd.
 
      57,403        440,659       13.00        1.00  
KB Securities Vietnam Joint Stock Company
 
      13,820        3,869       18.43        1.00  
KB Daehan Specialized Bank Plc.
 
      —        (6,652 )      22.30        1.00  
PT Bank KB Bukopin Tbk
 
      86,410        513,845       23.58        3.00  
KB PRASAC Bank Plc.
 
      422,575        76,653       26.74        3.00  
PT Sunindo Kookmin Best Finance
 
      2,911        4,147       17.53        —  
PT. KB Finansia Multi Finance
 
      53,089        5,956       14.24        1.00  
PT. KB Valbury Sekurita
 
      11,070        21,764       12.16        1.00  
Teamwink Inc.
2
 
      15,910        —       —        —  
  
 
 
     
 
 
       
   ￦ 866,974      ￦ 21,194,254       
  
 
 
     
 
 
       
 
1
 
The recoverable amount exceeding carrying amount is the amount at the time of impairment testing.
2
In December 2023, KB Capital Co., Ltd. incorporated Teamwink Inc. as a subsidiary, and did not conduct a goodwill impairment test.
For impairment testing, goodwill is allocated to cash-generating units that are expected to benefit from the synergies of the business combination, and cash-generating units consist of an operating segment or units which are not larger than an operating segment.
Cash-generating units to which goodwill has been allocated is tested for impairment annually and whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit including the goodwill with the recoverable amount of the unit.
The recoverable amount of a cash-generating unit is measured at the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal is the amount obtainable from the disposal in an arm’s length transaction between knowledgeable, willing parties, after deducting the costs of disposal. If it is difficult to measure the amount obtainable from the disposal of the cash-generating unit, the disposal amount of a similar cash-generating unit in the past transaction is used by reflecting the characteristics of the cash-generating unit to be measured. If it is not possible to obtain reliable information to measure the fair value less costs of disposal, the Group uses the asset’s value in use as its recoverable amount.
 
Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. The estimated future cash flows are based on the most recent financial budget approved by management with maximum period of 5 years. In relation to subsequent cash flows, it is assumed that cash flows will grow at a certain permanent growth rate. The key assumptions used for the estimation of the future cash flows are based on the market size and the Group’s market share. The discount rate is a pre-tax rate that reflects assumptions regarding risk-free interest rate, market risk premium, and the risks specific to the cash-generating unit.
 
F-15
8
15.5 Details of intangible assets other than goodwill as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Acquisition
cost
     
Accumulated
amortization
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Industrial property rights
    ￦ 4,740      ￦ (2,913 )    ￦ (716 )    ￦ 1,111  
Software
      2,260,879        (1,640,631 )      —       620,248  
Other intangible assets
      841,785        (420,381 )      (32,050 )      389,354  
Right-of-use
assets
      35,140        (32,538 )      —       2,602  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 3,142,544      ￦ (2,096,463 )    ￦ (32,766 )    ￦ 1,013,315  
  
 
 
     
 
 
    
 
 
    
 
 
  
    
December 31, 2023
  
    
Acquisition
cost
     
Accumulated
amortization
    
Accumulated
impairment
losses
    
Carrying
amount
  
    
(In millions of Korean won)
  
Industrial property rights
    ￦ 4,541      ￦ (2,740 )    ￦ (715 )    ￦ 1,086  
Software
      2,503,883        (1,936,689 )      (840 )      566,354  
Other intangible assets
      1,028,747        (483,808 )      (30,090 )      514,849  
Right-of-use
assets
      35,127        (33,532 )      —       1,595  
  
 
 
     
 
 
    
 
 
    
 
 
  
   ￦ 3,572,298      ￦ (2,456,769 )    ￦ (31,645 )    ￦ 1,083,884  
  
 
 
     
 
 
    
 
 
    
 
 
  
15.6 Changes in intangible assets other than goodwill for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Acquisition &
transfer
    
Disposal
    
Amortization
1
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Industrial property rights
   ￦ 1,103     ￦ 254     ￦ —     ￦ (246 )    ￦ —     ￦ 1,111  
Software
     578,941       290,229       (332 )      (249,050 )      460       620,248  
Other intangible assets
2
     396,747       69,596       (10,192 )      (62,270 )      (4,527 )      389,354  
Right-of-use
assets
     3,614       —       —       (1,012 )      —       2,602  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 980,405     ￦ 360,079     ￦ (10,524 )    ￦ (312,578 )    ￦ (4,067 )    ￦ 1,013,315  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
   
2023
  
   
Beginning
    
Acquisition &
transfer
    
Disposal
    
Amortization
1
    
Business

combination
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Industrial property rights
   ￦ 1,111     ￦ 243     ￦ —     ￦ (268 )    ￦ —     ￦ —     ￦ 1,086  
Software
     620,248       238,191       —       (291,422 )      23       (686 )      566,354  
Other intangible
assets
2
     389,354       239,749       (7,761 )      (96,674 )      4,991       (14,810 )      514,849  
Right-of-use
assets
     2,602       —       —       (1,007 )      —       —       1,595  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 1,013,315     ￦ 478,183     ￦ (7,761 )    ￦ (389,371 )    ￦ 5,014     ￦ (15,496 )    ￦ 1,083,884  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
Includes ￦ 26,692 million and ￦ 44,286 million recorded as insurance service expenses, other operating expenses and others for the years ended December 31, 2022 and 2023, respectively.
2
 
Impairment losses for membership right with indefinite useful life among other intangible assets are recognized when its recoverable amount is lower than its carrying amount, and reversal of impairment losses are recognized when its recoverable amount is higher than its carrying amount.
 
F-15
9
15.7 Changes in accumulated impairment losses of other intangible assets for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
    
Impairment
    
Reversal
     
Disposal

and others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of other intangible assets
    ￦ (34,887 )    ￦ (1,301 )    ￦ 425      ￦ 2,997      ￦ (32,766 ) 
    
2023
  
    
Beginning
    
Impairment
    
Reversal
     
Disposal

and others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of other intangible assets
    ￦ (32,766 )    ￦ (12,876 )    ￦ 2,119      ￦ 11,878      ￦ (31,645 ) 
16. Lease
16.1 The Group as a Lessee
16.1.1 Amounts recognized in the consolidated statements of financial position related to lease as of December 31, 2022 and 2023, are as follows:
 
    
December 31,
2022
     
December 31,
2023
  
    
(In millions of Korean won)
  
Right-of-use
property and equipment:*
      
Real estate
    ￦ 557,122      ￦ 548,308  
Vehicles
      20,281        21,030  
Others
      7,138        4,378  
  
 
 
     
 
 
  
     584,541        573,716  
  
 
 
     
 
 
  
Right-of-use
intangible assets*
      2,602        1,595  
  
 
 
     
 
 
  
   ￦ 587,143      ￦ 575,311  
  
 
 
     
 
 
  
Lease liabilities*
    ￦ 592,697      ￦ 588,803  
 
*
Included in property and equipment, intangible assets, and other liabilities.
16.1.2 Amounts recognized in the consolidated statements of comprehensive income related to lease for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
     
2023
  
    
(In millions of Korean won)
  
Depreciation and amortization of
right-of-use
assets:
      
Real estate
    ￦ 271,703      ￦ 243,893  
Vehicles
      17,661        18,710  
Others
      7,145        2,748  
Intangible
assets
      1,012        1,008  
  
 
 
     
 
 
  
   ￦ 297,521      ￦ 266,359  
  
 
 
     
 
 
  
Interest expenses on the lease liabilities
    ￦ 17,849      ￦ 21,699  
Expense relating to short-term lease
      4,388        4,427  
Expense relating to lease of
low-value
assets that are not short-term lease
      10,089        5,141  
Expense relating to
variable
lease payments not included in lease liabilities (included in administrative expenses)
      3        165  
 
F-1
60
Total cash
outflows
for lease for the years ended December 31, 2022 and 2023 are ￦ 272,050 million and ￦ 244,785 million, respectively.
16.2 The Group as a Lessor
16.2.1 The Group as a finance lessor
16.2.1.1 Gross investment in the lease and present value of minimum lease payments as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
     
December 31, 2023
  
    
Gross
investment in
the lease
     
Present
value of
minimum
lease
payments
     
Gross
investment
in the lease
     
Present
value of
minimum
lease
payments
  
    
(In millions of Korean won)
  
Up to 1 year
    ￦ 509,316      ￦ 363,085      ￦ 368,316      ￦ 269,111  
1-5
years
      679,773        516,701        465,321        364,770  
Over 5 years
      10,166        10,167        1,250        1,250  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 1,199,255      ￦ 889,953      ￦ 834,887      ￦ 635,131  
  
 
 
     
 
 
     
 
 
     
 
 
  
16.2.1.2 Unearned finance income on finance lease as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Gross investment in the lease
    ￦ 1,199,255      ￦ 834,887  
Net investment in the lease:
      
Present value of minimum lease payments
      889,953        635,131  
Present value of unguaranteed residual value
      232,047        141,969  
  
 
 
     
 
 
  
     1,122,000        777,100  
  
 
 
     
 
 
  
Unearned finance income
    ￦ 77,255      ￦ 57,787  
  
 
 
     
 
 
  
16.2.2 The Group as an operating lessor
Future minimum lease payments to be received from the
non-cancellable
lease contracts as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Minimum lease payments to be received:
      
Up to 1 year
    ￦ 919,299      ￦ 934,238  
1-5
years
      1,576,352        1,827,136  
Over 5 years
      227,946        262,157  
  
 
 
     
 
 
  
   ￦ 2,723,597      ￦ 3,023,531  
  
 
 
     
 
 
  
 
F-1
61
17. Deferred Income Tax Assets and Liabilities
17.1 Details of deferred income tax assets and liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Assets
    
Liabilities
    
Net amount
  
    
(In millions of Korean won)
  
Other provisions
    ￦ 195,191     ￦ —     ￦ 195,191  
Allowances for credit losses
      2,139       (12,259 )      (10,120 ) 
Impairment losses of property and equipment
      6,088       (1,476 )      4,612  
Share-based payments
      21,406       —       21,406  
Provisions for acceptances and guarantees
      39,787       —       39,787  
Gains or losses on valuation of derivatives
      135,985       (207,778 )      (71,793 ) 
Present value discount
      20,247       (2,571 )      17,676  
Gains or losses on fair value hedge
      —       (93,833 )      (93,833 ) 
Accrued interest
      —       (168,068 )      (168,068 ) 
Deferred loan origination fees and costs
      13,675       (185,723 )      (172,048 ) 
Advanced depreciation provision
      —       (4,018 )      (4,018 ) 
Gains or losses on revaluation
      315       (292,373 )      (292,058 ) 
Investments in subsidiaries and others
      48,694       (203,131 )      (154,437 ) 
Gains or losses on valuation of security investment
      2,084,855       (46,552 )      2,038,303  
Defined benefit liabilities
      497,982       (799 )      497,183  
Accrued expenses
      268,529       —       268,529  
Retirement insurance expense
      —       (583,156 )      (583,156 ) 
Adjustments to the prepaid contributions
      —       (27,986 )      (27,986 ) 
Derivative-linked securities
      10,103       (283,840 )      (273,737 ) 
Others*
      919,570       (3,524,488 )      (2,604,918 ) 
  
 
 
    
 
 
    
 
 
  
     4,264,566       (5,638,051 )      (1,373,485 ) 
  
 
 
    
 
 
    
 
 
  
Offsetting of deferred income tax assets and liabilities
      (4,076,194 )      4,076,194       —  
  
 
 
    
 
 
    
 
 
  
   ￦ 188,372     ￦ (1,561,857 )    ￦ (1,373,485 ) 
  
 
 
    
 
 
    
 
 
  
 
F-1
62
    
December 31, 2023
  
    
Assets
    
Liabilities
    
Net amount
  
    
(In millions of Korean won)
  
Other provisions
    ￦ 317,698     ￦ —     ￦ 317,698  
Allowances for credit losses
      29,768       —       29,768  
Impairment losses of property and equipment
      8,516       (1,407 )      7,109  
Share-based payments
      24,326       —       24,326  
Provisions for acceptances and guarantees
      48,917       —       48,917  
Gains or losses on valuation of derivatives
      238,875       (184,469 )      54,406  
Present value discount
      14,471       (13 )      14,458  
Gains or losses on fair value hedge
      —       (57,146 )      (57,146 ) 
Accrued interest
      146       (213,708 )      (213,562 ) 
Deferred loan origination fees and costs
      14,593       (179,868 )      (165,275 ) 
Advanced depreciation provision
      —       (4,003 )      (4,003 ) 
Gains or losses on revaluation
      313       (290,547 )      (290,234 ) 
Investments in subsidiaries and others
      56,338       (216,908 )      (160,570 ) 
Gains or losses on valuation of security investment
      912,706       (354,353 )      558,353  
Defined benefit liabilities
      575,599       (26 )      575,573  
Accrued expenses
      323,229       —       323,229  
Retirement insurance expense
      —       (627,556 )      (627,556 ) 
Adjustments to the prepaid contributions
      —       (33,005 )      (33,005 ) 
Derivative-linked securities
      5,735       (262,523 )      (256,788 ) 
Others*
      1,091,821       (3,143,260 )      (2,051,439 ) 
  
 
 
    
 
 
    
 
 
  
     3,663,051       (5,568,792 )      (1,905,741 ) 
  
 
 
    
 
 
    
 
 
  
Offsetting of deferred income tax assets and liabilities
      (3,388,826 )      3,388,826       —  
  
 
 
    
 
 
    
 
 
  
   ￦ 274,225     ￦ (2,179,966 )    ￦ (1,905,741 ) 
  
 
 
    
 
 
    
 
 
  
 
*
Includes Purchase Price Allocation (“PPA”) amount arising from the acquisition of KB Life Insurance Co., Ltd., KB Insurance Co., Ltd..
17.2 Unrecognized Deferred Income Tax Assets
17.2.1 No deferred income tax assets have been recognized for the deductible temporary differences of ￦ 2,948,424 million associated with investments in associates, subsidiaries and others as of December 31, 2023, because it is not probable that these temporary differences will reverse in the foreseeable future.
17.2.2 No deferred income tax assets have been recognized for the deductible temporary differences of ￦ 85,346 million associated with others as of December 31, 2023, due to the uncertainty that these temporary differences will be realized in the future.
17.3 Unrecognized Deferred Income Tax Liabilities
17.3.1 No deferred income tax liabilities have been recognized for the taxable temporary differences of ￦ 1,220,925 million associated with investments in associate, subsidiaries and others as of December 31, 2023, due to the following reasons:
 
  •  
The Group is able to control the timing of the reversal of the temporary differences.
 
  •  
It is probable that these temporary differences will not reverse in the foreseeable future.
17.3.2 No deferred income tax liabilities have been recognized as of December 31, 2023, for the taxable temporary differences of ￦ 65,288 million related to the initial recognition of goodwill arising from the merger of Housing and Commercial Bank in 2001.
 
F-16
3
17.4 Changes in cumulative temporary differences for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Decrease
    
Increase
    
Ending
  
   
(In millions of Korean won)
  
Deductible temporary differences
        
Other provisions
   ￦ 649,447     ￦ 642,294     ￦ 732,218     ￦ 739,371  
Allowances for credit losses
     100,116       99,650       282       748  
Impairment losses of property and equipment
     33,445       22,725       12,255       22,975  
Deferred loan origination fees and costs
     38,086       19,556       33,075       51,605  
Share-based payments
     85,308       74,120       69,589       80,777  
Provisions for acceptances and guarantees
     120,332       120,332       150,140       150,140  
Gains or losses on valuation of derivatives
     149,817       149,817       513,151       513,151  
Present value discount
     51,832       51,831       76,398       76,399  
Investments in subsidiaries and others
     520,362       59,444       863,318       1,324,236  
Gains or losses on valuation of security investment
     853,110       853,110       7,811,132       7,811,132  
Defined benefit liabilities
     2,376,629       467,589       118,306       2,027,346  
Accrued expenses
     1,026,651       1,026,591       1,013,263       1,013,323  
Derivative-linked securities
     8,147       8,147       38,123       38,123  
Others
1
     2,102,362       1,215,486       1,763,926       2,650,802  
 
 
 
    
 
 
    
 
 
    
 
 
  
    8,115,644       4,810,692       13,195,176       16,500,128  
 
 
 
    
 
 
    
 
 
    
 
 
  
Unrecognized deferred income tax assets
        
Other provisions
     404           3,880  
Investments in subsidiaries and others
     378,432           1,154,111  
Others
     105,591           95,274  
 
 
 
        
 
 
  
    7,631,217           15,246,863  
Tax rate (%)
2
    27.5           26.5  
 
 
 
        
 
 
  
Total deferred income tax assets
   ￦ 2,243,558         ￦ 4,264,566  
 
 
 
        
 
 
  
Taxable temporary differences
        
Gains or losses on fair value hedge
   ￦ (53,243 )    ￦ (53,243 )    ￦ (354,085 )    ￦ (354,085 ) 
Accrued interest
     (512,188 )      (475,840 )      (597,870 )      (634,218 ) 
Allowances for credit losses
     (10,939 )      (10,939 )      (46,262 )      (46,262 ) 
Impairment losses of property and equipment
     (3,731 )      (283 )      —       (3,448 ) 
Deferred loan origination fees and costs
     (802,237 )      (802,237 )      (690,979 )      (690,979 ) 
Advanced depreciation provision
     (6,192 )      (126 )      (9,097 )      (15,163 ) 
Gains or losses on valuation of derivatives
     (506,476 )      (498,609 )      (747,674 )      (755,541 ) 
Present value discount
     (21,469 )      (21,469 )      (9,703 )      (9,703 ) 
Goodwill arising from the merger
     (65,288 )      —       —       (65,288 ) 
Gains or losses on revaluation
     (1,158,322 )      (92,944 )      (37,914 )      (1,103,292 ) 
Investments in subsidiaries and others
     (964,530 )      (87,129 )      (434,311 )      (1,311,712 ) 
Gains or losses on valuation of security investment
     (3,447,751 )      (3,444,020 )      (113,965 )      (117,696 ) 
Defined benefit liabilities
     —       —       (3,014 )      (3,014 ) 
Retirement insurance expense
     (2,080,645 )      (324,513 )      (437,492 )      (2,193,624 ) 
Adjustments to the prepaid contributions
     (106,446 )      (106,446 )      (105,608 )      (105,608 ) 
Derivative-linked securities
     (170,526 )      (170,526 )      (1,071,093 )      (1,071,093 ) 
Others
1
     (4,780,197 )      (1,561,172 )      (9,959,273 )      (13,178,298 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
    (14,690,180 )      (7,649,496 )      (14,618,340 )      (21,659,024 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Unrecognized deferred income tax liabilities
        
Goodwill arising from the merger
     (65,288 )          (65,288 ) 
Investments in subsidiaries and others
     (399,601 )          (560,489 ) 
Others
     (446 )          (446 ) 
 
 
 
        
 
 
  
    (14,224,845 )          (21,032,801 ) 
Tax rate (%)
2
     27.5           26.5  
 
 
 
        
 
 
  
Total deferred income tax liabilities
   ￦ (3,961,201 )        ￦ (5,638,051 ) 
 
 
 
        
 
 
  
 
1
 
Includes PPA amount arising from the acquisition of KB Life Insurance Co., Ltd., KB Insurance Co., Ltd..
2
 
The corporate tax rate was changed due to the amendment of corporate tax law in 2022. Accordingly, the rate of 26.5% has been applied for the deferred tax assets and liabilities expected to be utilized in periods after December 31, 2022.
 
F-16
4
    
2023
  
    
Beginning
    
Decrease
    
Increase
    
Ending
  
    
(In millions of Korean won)
  
Deductible temporary differences
         
Other provisions
    ￦ 739,371     ￦ 710,907     ￦ 1,174,261     ￦ 1,202,725  
Allowances for credit losses
      748       275       112,684       113,157  
Impairment losses of property and equipment
      22,975       19,765       27,564       30,774  
Deferred loan origination fees and costs
      51,605       12,445       16,118       55,278  
Share-based payments
      80,777       71,512       82,881       92,146  
Provisions for acceptances and guarantees
      150,140       150,140       185,290       185,290  
Gains or losses on valuation of derivatives
      513,151       513,151       904,830       904,830  
Present value discount
      76,399       76,398       54,814       54,815  
Investments in subsidiaries and others
      1,324,236       26,849       1,815,232       3,112,619  
Gains or losses on valuation of security investment
      7,811,132       7,807,818       3,453,142       3,456,456  
Defined benefit liabilities
      2,027,346       310,440       457,821       2,174,727  
Accrued expenses
      1,013,323       1,027,723       1,240,097       1,225,697  
Derivative-linked securities
      38,123       38,123       21,725       21,725  
Others
1
      2,650,802       1,209,861       1,737,848       3,178,789  
  
 
 
    
 
 
    
 
 
    
 
 
  
     16,500,128       11,975,407       11,284,307       15,809,028  
  
 
 
    
 
 
    
 
 
    
 
 
  
Unrecognized deferred income tax assets
         
Other provisions
      3,880           404  
Investments in subsidiaries and others
      1,154,111           2,948,424  
Others
      95,274           85,346  
  
 
 
        
 
 
  
     15,246,863           12,774,854  
Tax rate (%)
2
      26.5           26.4  
  
 
 
        
 
 
  
Total deferred income tax assets
    ￦ 4,264,566         ￦ 3,663,051  
  
 
 
        
 
 
  
Taxable temporary differences
         
Gains or losses on fair value hedge
    ￦ (354,085 )    ￦ (354,085 )    ￦ (216,460 )    ￦ (216,460 ) 
Accrued interest
      (634,218 )      (576,037 )      (751,320 )      (809,501 ) 
Allowances for credit losses
      (46,262 )      (46,262 )      —       —  
Impairment losses of property and equipment
      (3,448 )      (160 )      —       (3,288 ) 
Deferred loan origination fees and costs
      (690,979 )      (690,979 )      (666,878 )      (666,878 ) 
Advanced depreciation provision
      (15,163 )      (9,097 )      (9,097 )      (15,163 ) 
Gains or losses on valuation of derivatives
      (755,541 )      (756,668 )      (699,872 )      (698,745 ) 
Present value discount
      (9,703 )      (9,703 )      (2,745 )      (2,745 ) 
Goodwill arising from the merger
      (65,288 )      —       —       (65,288 ) 
Gains or losses on revaluation
      (1,103,292 )      (40,475 )      (37,738 )      (1,100,555 ) 
Investments in subsidiaries and others
      (1,311,712 )      (153,737 )      (976,380 )      (2,134,355 ) 
Gains or losses on valuation of security investment
      (117,696 )      (100,797 )      (1,265,976 )      (1,282,875 ) 
Defined benefit liabilities
      (3,014 )      (2,917 )      —       (97 ) 
Retirement insurance expense
      (2,193,624 )      (104,668 )      (282,579 )      (2,371,535 ) 
Adjustments to the prepaid contributions
      (105,608 )      (105,608 )      (125,019 )      (125,019 ) 
Derivative-linked securities
      (1,071,093 )      (1,071,093 )      (994,405 )      (994,405 ) 
Others
1
      (13,178,298 )      (10,755,666 )      (9,038,329 )      (11,460,961 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
     (21,659,024 )      (14,777,952 )      (15,066,798 )      (21,947,870 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Unrecognized deferred income tax liabilities
         
Goodwill arising from the merger
      (65,288 )          (65,288 ) 
Investments in subsidiaries and others
      (560,489 )          (1,220,925 ) 
Others
      (446 )          (446 ) 
  
 
 
        
 
 
  
     (21,032,801 )          (20,661,211 ) 
Tax rate (%)
2
      26.5           26.4  
  
 
 
        
 
 
  
Total deferred income tax liabilities
    ￦ (5,638,051 )        ￦ (5,568,792 ) 
  
 
 
        
 
 
  
 
1
 
Includes PPA amount arising from the acquisition of KB Life Insurance Co., Ltd., KB Insurance Co., Ltd..
2
 
The rate of 26.4% has been applied for the deferred tax assets and liabilities expected to be utilized in periods after December 31, 2023.
 
F-16
5
18. Assets Held for Sale and Assets of a Disposal Group Held for Sale
18.1 Details of assets held for sale as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Acquisition
cost*
     
Accumulated
impairment losses
    
Carrying
amount
     
Fair value less
costs to sell
  
    
(In millions of Korean won)
  
Land held for sale
    ￦ 106,349      ￦ (20,395 )    ￦ 85,954      ￦ 104,990  
Buildings held for sale
      162,973        (38,869 )      124,104        137,706  
Other assets held for sale
      4,547        (2,847 )      1,700        1,699  
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 273,869      ￦ (62,111 )    ￦ 211,758      ￦ 244,395  
  
 
 
     
 
 
    
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Acquisition
cost*
     
Accumulated
impairment losses
    
Carrying
amount
     
Fair value less
costs to sell
  
    
(In millions of Korean won)
  
Land held for sale
    ￦ 107,452      ￦ (21,604 )    ￦ 85,848      ￦ 104,024  
Buildings held for sale
      162,004        (41,390 )      120,614        134,801  
Other assets held for sale
      3,432        (1,664 )      1,768        1,768  
  
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 272,888      ￦ (64,658 )    ￦ 208,230      ￦ 240,593  
  
 
 
     
 
 
    
 
 
     
 
 
  
 
*
Acquisition cost of buildings held for sale is net of accumulated depreciation amount immediately before the initial classification of the assets as held for sale.
18.2 Valuation techniques and inputs used to measure the fair value of assets held for sale as of December 31, 2023 are as follows:
 
    
December 31, 2023
    
Fair value
     
Valuation
techniques
1
  
Unobservable
inputs
2
  
Estimated range of
unobservable
inputs (%)
   
Effect of
unobservable
inputs to fair value
    
(In millions of Korean won)
Land and buildings
    ￦ 240,593      Sales comparison
approach model
and others		    Adjustment index    0.54~2.18    Fair value increases
as the adjustment
index rises
 
1
 
The appraisal value is adjusted by the adjustment ratio in the event the public sale is unsuccessful.
2
 
Adjustment index is calculated using the time factor correction or local factors or individual factors and others.
Among assets held for sale, real estate was measured by independent appraisers with professional qualifications and recent experience in evaluating similar properties in the area of the property to be assessed. All assets held for sale are classified as Level 3 in accordance with fair value hierarchy in Note 6.1.2.
18.3 Changes in accumulated impairment losses of assets held for sale for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
    
Provision
    
Reversal
     
Others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of assets held for sale
    ￦ (58,815 )    ￦ (7,587 )    ￦ 242      ￦ 4,049      ￦ (62,111 ) 
 
F-16
6
    
2023
  
    
Beginning
    
Provision
    
Reversal
     
Others
     
Ending
  
    
(In millions of Korean won)
  
Accumulated impairment losses of assets held for sale
    ￦ (62,111 )    ￦ (5,660 )    ￦ —      ￦ 3,113      ￦ (64,658 ) 
18.4 As of December 31, 2023, assets held for sale consist of 22 real estates of closed offices, 1 real estate of Orient Kwang-yang Co., Ltd., and 430 foreclosure assets on loans of PT Bank KB Bukopin Tbk, which were determined to sell by management, but not yet sold as of December 31, 2023. The remaining 453 assets are being actively marketed.
19. Other Assets
19.1 Details of other assets as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
    
December 31, 2023
  
    
(In millions of Korean won)
  
Other financial assets
     
Other receivables
    ￦ 6,138,764     ￦ 11,068,486  
Accrued income
      2,506,467       3,130,004  
Guarantee deposits
      984,160       946,356  
Domestic exchange settlement debits
      879,847       827,104  
Others
      352,955       887,661  
Less: Allowances for credit losses
      (136,075 )      (304,567 ) 
Less: Present value discount
      (7,735 )      (10,530 ) 
  
 
 
    
 
 
  
     10,718,383       16,544,514  
  
 
 
    
 
 
  
Other
non-financial
assets
     
Other receivables
      5,653       1,407  
Prepaid expenses
      471,955       626,922  
Guarantee deposits
      3,173       4,776  
Others
      3,634,805       3,822,047  
Less: Allowances for credit losses
      (18,530 )      (12,769 ) 
  
 
 
    
 
 
  
     4,097,056       4,442,383  
  
 
 
    
 
 
  
   ￦ 14,815,439     ￦ 20,986,897  
  
 
 
    
 
 
  
19.2 Changes in allowances for credit losses of other assets for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Other financial
assets
    
Other non-financial

assets
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 110,220     ￦ 16,172     ￦ 126,392  
Write-offs
      (10,028 )      (70 )      (10,098 ) 
Provision (reversal)
      26,971       2,182       29,153  
Business combination
      267       —       267  
Others
      8,645       246       8,891  
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 136,075     ￦ 18,530     ￦ 154,605  
  
 
 
    
 
 
    
 
 
  
 
F-16
7
    
2023
  
    
Other

financial
assets
    
Other

non-financial

assets
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 136,075     ￦ 18,530     ￦ 154,605  
Write-offs
      (8,292 )      (5,911 )      (14,203 ) 
Provision (reversal)
      188,279       (1,450 )      186,829  
Business combination
      108       —       108  
Others
      (11,603 )      1,600       (10,003 ) 
  
 
 
    
 
 
    
 
 
  
Ending
    ￦ 304,567     ￦ 12,769     ￦ 317,336  
  
 
 
    
 
 
    
 
 
  
20. Financial Liabilities at Fair Value through Profit or Loss
20.1 Details of financial liabilities at fair value through profit or loss and financial liabilities designated at fair value through profit or loss as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Financial liabilities at fair value through profit or loss
      
Borrowed securities sold
    ￦ 2,102,537      ￦ 2,860,034  
Others
      90,673        93,438  
  
 
 
     
 
 
  
     2,193,210        2,953,472  
  
 
 
     
 
 
  
Financial liabilities designated at fair value through profit or loss
      
Derivative-linked securities
      10,078,394        7,966,963  
  
 
 
     
 
 
  
     10,078,394        7,966,963  
  
 
 
     
 
 
  
   ￦ 12,271,604      ￦ 10,920,435  
  
 
 
     
 
 
  
20.2 Difference between the amount contractually required to pay at maturity and carrying amount of financial liabilities designated at fair value through profit or loss as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Amount contractually required to pay at maturity
    ￦ 9,973,340     ￦ 7,871,014  
Carrying amount
      10,078,394        7,966,963  
  
 
 
    
 
 
  
Difference
    ￦ (105,054 )    ￦ (95,949 ) 
  
 
 
    
 
 
  
 
F-16
8
21. Deposits
Details of deposits as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Demand deposits
     
Demand deposits in Korean won
    ￦ 152,079,457     ￦ 151,836,599  
Demand deposits in foreign currencies
      12,844,385       11,517,076  
  
 
 
    
 
 
  
     164,923,842       163,353,675  
  
 
 
    
 
 
  
Time deposits
     
Time deposits in Korean won
      194,117,692       201,194,217  
Fair value adjustments of fair value hedged time deposits in Korean won
      —       (15 ) 
  
 
 
    
 
 
  
     194,117,692       201,194,202  
  
 
 
    
 
 
  
Time deposits in foreign currencies
      23,529,633       24,602,818  
Fair value adjustments of fair value hedged time deposits in foreign currencies
      (8,591 )      (6,667 ) 
  
 
 
    
 
 
  
     23,521,042       24,596,151  
  
 
 
    
 
 
  
     217,638,734       225,790,353  
  
 
 
    
 
 
  
Certificates of deposits
      6,325,876       12,145,510  
  
 
 
    
 
 
  
Liabilities
      5,040,452       5,222,896  
  
 
 
    
 
 
  
   ￦ 393,928,904     ￦ 406,512,434  
  
 
 
    
 
 
  
22. Borrowings
22.1 Details of borrowings as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
General borrowings
    ￦ 55,789,869      ￦ 50,675,884  
Bonds sold under repurchase agreements and others
      11,773,494        15,652,135  
Call money
      4,154,003        3,255,542  
  
 
 
     
 
 
  
   ￦ 71,717,366      ￦ 69,583,561  
  
 
 
     
 
 
  
 
F-16
9
22.2 Details of general borrowings as of December 31, 2022 and 2023, are as follows:
 
   
Lenders
  
Interest rate
(%) as of
December 31,
2023
  
December 31,

2022
    
December 31,

2023
  
               
(In millions of Korean won)
  
Borrowings in Korean won
  
Borrowings from the Bank of Korea
   The Bank of Korea   2.00   ￦ 8,282,289     ￦ 2,520,472  
 
Borrowings from the government
   SEMAS and others   0.00 ~ 3.41     2,670,867       2,500,160  
 
Borrowings from banks
   Shinhan Bank and others   2.49 ~ 7.15     914,360       1,764,900  
 
Borrowings from
non-banking
financial institutions
  
Korea Securities Finance Corporation and others
   1.68 ~ 6.96     2,189,510       2,780,823  
 
Other borrowings
  
The Korea Development Bank and others
   0.00 ~ 7.73     19,806,869       22,645,638  
       
 
 
    
 
 
  
          33,863,895       32,211,993  
       
 
 
    
 
 
  
Borrowings in foreign currencies
   Due to banks  
KEB Hana Bank and others
   —     18,266       38,191  
 
Borrowings from banks
  
Citicorp International Ltd. And others
   0.00 ~ 13.50     16,296,725       15,437,388  
 
Borrowings from other financial institutions
  
The Export-Import Bank of Korea and others
   5.89 ~ 6.07     38,249       24,662  
 
Other borrowings
  
Standard Chartered Bank and others
   0.00 ~ 12.00     5,572,734       2,963,650  
       
 
 
    
 
 
  
          21,925,974       18,463,891  
       
 
 
    
 
 
  
        ￦ 55,789,869     ￦ 50,675,884  
       
 
 
    
 
 
  
22.3 Details of bonds sold under repurchase agreements and others as of December 31, 2022 and 2023, are as follows:
 
    
Lenders
   
Interest rate
(%) as of

December 31,
2023
    
December 31,

2022
    
December 31,

2023
  
               
(In millions of Korean won)
  
Bonds sold under repurchase agreements
   
Individuals, groups, and corporations
      0.00~9.75     ￦ 11,769,694     ￦ 15,645,498  
Bills sold
   
Counter sale
      1.80~2.20       3,800       6,637  
       
 
 
    
 
 
  
        ￦ 11,773,494     ￦ 15,652,135  
       
 
 
    
 
 
  
22.4 Details of call money as of December 31, 2022 and 2023, are as follows:
 
    
Lenders
   
Interest rate
(%) as of

December 31,
2023
     
December 31,

2022
     
December 31,

2023
  
                
(In millions of Korean won)
  
Call money in Korean won
   
Samsung Asset Management and others
      3.30~4.22      ￦ 2,943,500      ￦ 1,540,000  
Call money in foreign currencies
   
BANK CIMB NIAGA and others
      0.15~6.05        1,210,503        1,715,542  
        
 
 
     
 
 
  
         ￦ 4,154,003      ￦ 3,255,542  
        
 
 
     
 
 
  
 
F-17
0
23. Debentures
23.1 Details of debentures as of December 31, 2022 and 2023, are as follows:
 
    
Interest rate
(%) as of

December 31,
2023
     
December 31,

2022
    
December 31,

2023
  
           
(In millions of Korean won)
  
Debentures in Korean won
        
Structured debentures
      4.25 ~ 8.62      ￦ 710     ￦ 90,640  
Exchangeable bonds*
      —        240,000       240,000  
Subordinated fixed rate debentures
      2.02 ~ 7.86        5,354,890       4,453,970  
Fixed rate debentures
      1.18 ~ 13.70        45,424,094       45,624,127  
Floating rate debentures
      3.51 ~ 6.17        5,455,000       5,410,000  
     
 
 
    
 
 
  
        56,474,694       55,818,737  
     
 
 
    
 
 
  
Fair value adjustments of fair value hedged debentures in Korean won
         (249,629 )      (141,073 ) 
Less: Discount on debentures in Korean won
         (29,166 )      (29,670 ) 
Less: Adjustment for exchange right of exchangeable bonds in Korean won
         (8,435 )      (5,104 ) 
     
 
 
    
 
 
  
        56,187,464       55,642,890  
     
 
 
    
 
 
  
Debentures in foreign currencies
        
Floating rate debentures
      3.94 ~ 6.94        2,168,341       2,532,921  
Fixed rate debentures
      0.05 ~ 12.00        10,482,244       11,109,296  
     
 
 
    
 
 
  
        12,650,585       13,642,217  
     
 
 
    
 
 
  
Fair value adjustments of fair value hedged debentures in foreign currencies
         (95,865 )      (68,706 ) 
Less: Discount on debentures in foreign currencies
         (43,981 )      (39,733 ) 
     
 
 
    
 
 
  
        12,510,739       13,533,778  
     
 
 
    
 
 
  
      ￦ 68,698,203     ￦ 69,176,668  
     
 
 
    
 
 
  
 
*
Fair value of the liability component of exchangeable bonds is calculated by using market interest rate of bonds under the same conditions without the exchange right. The residual amount after deducting the liability component from the issuance amount, represents the value of the exchange right and is recorded in equity. Shares to be exchanged are 5 million treasury shares of KB Financial Group Inc. with the exchange price of ￦ 48,000. Exchange rights were fully exercised on February 14, 2024.
 
F-1
71
23.2 Changes in debentures based on par value for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Issue
    
Repayment
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Debentures in Korean won
          
Structured debentures
   ￦ 910     ￦ —     ￦ (200 )    ￦ —     ￦ 710  
Exchangeable bonds
     240,000       —       —       —       240,000  
Subordinated fixed rate debentures
     6,241,957       286,000       (1,173,067 )      —       5,354,890  
Fixed rate debentures
     44,124,235       96,782,415       (95,482,556 )      —       45,424,094  
Floating rate debentures
     6,893,782       5,350,000       (6,788,782 )      —       5,455,000  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    57,500,884       102,418,415       (103,444,605 )      —       56,474,694  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Debentures in foreign currencies
          
Floating rate debentures
     2,749,174       1,286,016       (2,072,615 )      205,766       2,168,341  
Fixed rate debentures
     7,312,966       3,940,693       (1,113,993 )      342,578       10,482,244  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    10,062,140       5,226,709       (3,186,608 )      548,344       12,650,585  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 67,563,024     ￦ 107,645,124     ￦ (106,631,213 )    ￦ 548,344     ￦ 69,125,279  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
Beginning
     
Issue
     
Repayment
    
Others
     
Ending
  
    
(In millions of Korean won)
  
Debentures in Korean won
              
Structured debentures
    ￦ 710      ￦ 90,000      ￦ (70 )    ￦ —      ￦ 90,640  
Exchangeable bonds
      240,000        —        —       —        240,000  
Subordinated fixed rate debentures
      5,354,890        —        (900,920 )      —        4,453,970  
Fixed rate debentures
      45,424,094        74,530,666        (74,330,633 )      —        45,624,127  
Floating rate debentures
      5,455,000        4,470,000        (4,515,000 )      —        5,410,000  
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
     56,474,694        79,090,666        (79,746,623 )      —        55,818,737  
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Debentures in foreign currencies
              
Floating rate debentures
      2,168,341        1,673,645        (1,349,020 )      39,955        2,532,921  
Fixed rate debentures
      10,482,244        2,963,436        (2,587,629 )      251,245        11,109,296  
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
     12,650,585        4,637,081        (3,936,649 )      291,200        13,642,217  
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
   ￦ 69,125,279      ￦ 83,727,747      ￦ (83,683,272 )    ￦ 291,200      ￦ 69,460,954  
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
 
F-1
72
24. Provisions
24.1 Details of provisions as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Provisions for credit losses of unused loan commitments
    ￦ 342,182      ￦ 379,666  
Provisions for credit losses of acceptances and guarantees
      153,529        183,454  
Provisions for credit losses of financial guarantee contracts
      2,955        6,500  
Provisions for restoration costs
      159,033        155,214  
Others
      276,002        719,584  
  
 
 
     
 
 
  
   ￦ 933,701      ￦ 1,444,418  
  
 
 
     
 
 
  
24.2 Changes in provisions for credit losses of unused loan commitments, and acceptances and guarantees for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
  
Provisions for credit losses of

unused loan commitments
    
Provisions for credit losses of

acceptances and guarantees
  
    
12-month

expected
credit losses
    
Lifetime expected

credit losses
    
12-month

expected
credit losses
    
Lifetime expected

credit losses
  
   
Non-

impaired
    
Impaired
    
Non-

impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 153,997     ￦ 146,619     ￦ 8,024     ￦ 27,397     ￦ 82,170     ￦ 11,537  
Transfer between stages:
             
Transfer to
12-month
expected credit losses
      41,314       (40,375 )      (939 )      1,144       (1,144 )      —  
Transfer to lifetime expected credit losses
      (19,232 )      19,848       (616 )      (355 )      1,016       (661 ) 
Impairment
      (338 )      (1,705 )      2,043       (9 )      (142 )      151  
Provision (reversal) for credit losses
      2,587       25,743       2,738       (1,689 )      33,983       (3,262 ) 
Others (exchange differences, etc.)
      1,557       937       (20 )      418       2,841       134  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 179,885     ￦ 151,067     ￦ 11,230     ￦ 26,906     ￦ 118,724     ￦ 7,899  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-17
3
    
2023
  
    
Provisions for credit losses of

unused loan commitments
    
Provisions for credit losses of

acceptances and guarantees
  
    
12-month

expected
credit losses
    
Lifetime expected

credit losses
    
12-month

expected
credit losses
    
Lifetime expected

credit losses
  
   
Non-

impaired
    
Impaired
    
Non-

impaired
    
Impaired
  
    
(In millions of Korean won)
  
Beginning
    ￦ 179,885     ￦ 151,067     ￦ 11,230     ￦ 26,906     ￦ 118,724     ￦ 7,899  
Transfer between stages:
             
Transfer to
12-month
expected credit losses
      60,499       (58,210 )      (2,289 )      (3,573 )      (421 )      3,994  
Transfer to lifetime expected credit losses
      (17,814 )      18,142       (328 )      (356 )      457       (101 ) 
Impairment
      (476 )      (2,177 )      2,653       —       (113 )      113  
Provision (reversal) for credit losses
      8,946       26,988       (553 )      7,708       28,401       (7,603 ) 
Others (exchange differences, etc.)
      1,634       508       (39 )      164       1,149       106  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 232,674     ￦ 136,318     ￦ 10,674     ￦ 30,849     ￦ 148,197     ￦ 4,408  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
24.3 Changes in provisions for credit losses of financial guarantee contracts for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
    
2023
  
    
(In millions of Korean won)
  
Beginning
    ￦ 5,351      ￦ 2,955  
Provision (reversal)
      (2,396 )      3,545  
Others
      —       —  
  
 
 
    
 
 
  
Ending
    ￦   2,955     ￦   6,500  
  
 
 
    
 
 
  
24.4 Changes in provisions for restoration costs for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
    
2023
  
    
(In millions of Korean won)
  
Beginning
    ￦ 152,186     ￦ 159,033  
Provision
      17,270       6,885  
Reversal
      210       (3,681 ) 
Used
      (23,916 )      (14,534 ) 
Unwinding of discount
      2,725       6,177  
Effect of changes in discount rate
      10,558       1,334  
  
 
 
    
 
 
  
Ending
    ￦ 159,033     ￦ 155,214  
  
 
 
    
 
 
  
Provisions for restoration costs are the present value of estimated costs to be incurred for the restoration of the leased properties. The expenditure of the restoration cost will be incurred at the end of each lease contract, and the lease period is used to reasonably estimate the time of expenditure. Also, the average restoration expense based on actual three-year historical data and three-year historical average inflation rate are used to estimate the present value of estimated costs.
 
F-17
4
24.5 Changes in other provisions for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
  
Membership
rewards
program
    
Dormant
accounts
    
Litigations
    
Others
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 22,902     ￦ 3,062     ￦ 55,168     ￦ 109,174     ￦ 190,306  
Increase
      84       2,666       62,611       56,798       122,159  
Decrease
      (22,940 )      (2,934 )      (4,252 )      (6,337 )      (36,463 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 46     ￦ 2,794     ￦ 113,527     ￦ 159,635     ￦ 276,002  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
    
2023
  
  
Membership
rewards
program
    
Dormant
accounts
    
Litigations
    
Others *
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 46     ￦ 2,794     ￦ 113,527     ￦ 159,635     ￦ 276,002  
Increase
      64       4,686       78,392       391,849       474,991  
Decrease
      (63 )      (4,121 )      (10,358 )      (19,602 )      (34,144 ) 
Others
      —       —       4,106       (1,371 )      2,735  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 47     ￦ 3,359     ￦ 185,667     ￦ 530,511     ￦ 719,584  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Includes ￦ 333,290 million of other provisions for the microfinance support program
25. Net Defined Benefit Liabilities
25.1 Defined Benefit Plan
The Group operates defined benefit plans which have the following characteristics:
 
  •  
The Group has the obligation to pay the agreed benefits to all its current and former employees.
 
  •  
The Group assumes actuarial risk (that benefits will cost more than expected) and investment risk.
The net defined benefit liabilities recognized in the consolidated statement of financial position are calculated by the independent actuary in accordance with actuarial valuation method. The defined benefit obligation is calculated using the projected unit credit method. Assumptions based on market data and historical data such as discount rate, future salary increase rate, mortality, and consumer price index are used which are updated annually.
Actuarial assumptions may differ from actual results, due to changes in the market conditions, economic trends, and mortality trends which may affect net defined benefit liabilities and future payments. Actuarial gains and losses arising from changes in actuarial assumptions are recognized in the period incurred through other comprehensive income.
 
F-17
5
25.2 Changes in net defined benefit liabilities for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Present value of
defined benefit
obligation
    
Fair value of plan

assets
    
Net defined benefit

liabilities(assets)
  
    
(In millions of Korean won)
  
Beginning
    ￦ 2,572,517     ￦ (2,447,079 )    ￦ 125,438  
Current service cost
      249,099       —       249,099  
Past service cost
      3,669       —       3,669  
Gains on settlement
      (1,859 )      —       (1,859 ) 
Interest expense (income)
      65,357       (62,872 )      2,485  
Remeasurements:
       
Actuarial gains and losses by changes in demographic assumptions
      33,078       —       33,078  
Actuarial gains and losses by changes in financial assumptions
      (479,797 )      —       (479,797 ) 
Actuarial gains and losses by experience adjustments
      47,086       —       47,086  
Return on plan assets (excluding amounts included in interest income)
      —       68,550       68,550  
Contributions by the Group
      —       (400,689 )      (400,689 ) 
Payments from plans (settlement)
      (78 )      —       (78 ) 
Payments from plans (benefit payments)
      (234,192 )      232,994       (1,198 ) 
Payments from the Group
      (43,763 )      494       (43,269 ) 
Transfer in
      13,982       (13,285 )      697  
Transfer out
      (13,340 )      13,299       (41 ) 
Effect of exchange differences
      1,218       69       1,287  
Effect of business acquisition and disposal
      2,635       —       2,635  
Others
      (282 )      —       (282 ) 
  
 
 
    
 
 
    
 
 
  
Ending*
    ￦ 2,215,330     ￦ (2,608,519 )    ￦ (393,189 ) 
  
 
 
    
 
 
    
 
 
  
 
F-17
6
    
2023
  
    
Present value of
defined benefit
obligation
    
Fair value of plan
assets
    
Net defined benefit
liabilities(assets)
  
    
(In millions of Korean won)
  
Beginning
    ￦ 2,215,330     ￦ (2,608,519 )    ￦ (393,189 ) 
Current service cost
      199,882       —       199,882  
Past service cost
      —       —       —  
Gains on settlement
      55       —       55  
Interest expense (income)
      107,586       (130,632 )      (23,046 ) 
Remeasurements:
       
Actuarial gains and losses by changes in demographic assumptions
      (3,950 )      —       (3,950 ) 
Actuarial gains and losses by changes in financial assumptions
      123,238       —       123,238  
Actuarial gains and losses by experience adjustments
      1,558       —       1,558  
Return on plan assets (excluding amounts included in interest income)
      —       (18,228 )      (18,228 ) 
Contributions by the Group
      —       (121,799 )      (121,799 ) 
Payments from plans (settlement)
      (6,755 )      6,755       —  
Payments from plans (benefit payments)
      (217,031 )      217,031       —  
Payments from the Group
      (53,606 )      —       (53,606 ) 
Transfer in (out)
      457       202       659  
Effect of exchange differences
      (3,450 )      (177 )      (3,627 ) 
Effect of business acquisition and disposal
      (309 )      —       (309 ) 
Others
      (53 )      194       141  
  
 
 
    
 
 
    
 
 
  
Ending*
    ￦ 2,362,952     ￦ (2,655,173 )    ￦ (292,221 ) 
  
 
 
    
 
 
    
 
 
  
 
*
The net defined benefit
assets
of ￦ 393,189 million is calculated by subtracting ￦ 85,745 million of net defined benefit
liabilities
from ￦ 478,934 million of net defined benefit
asset
s
as of December 31, 2022. The net defined benefit assets of ￦ 292,221 million is calculated by subtracting ￦ 81,869 million of net defined benefit liabilities from ￦ 374,090 million of net defined benefit assets as of December 31, 2023.
25.3 Details of net defined benefit liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Present value of defined benefit obligation
    ￦ 2,215,330     ￦ 2,362,952  
Fair value of plan assets
      (2,608,519 )      (2,655,173 ) 
  
 
 
    
 
 
  
Net defined benefit liabilities
    ￦ (393,189 )    ￦ (292,221 ) 
  
 
 
    
 
 
  
 
F-17
7
25.4 Details of post-employment benefits recognized in profit or loss for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Current service cost
    ￦ 241,448     ￦ 249,099     ￦ 199,882  
Past service cost
      451       3,669       —  
Net interest expense on net defined benefit liabilities
      2,921       2,485       (23,046 ) 
Gains on settlement
      (4,311 )      (1,859 )      55  
  
 
 
    
 
 
    
 
 
  
Post-employment benefits *
    ￦ 240,509     ￦ 253,394     ￦  176,891  
  
 
 
    
 
 
    
 
 
  
 
*
Includes post-employment benefits amounting to ￦ 27,486 million and ￦ 18,308 million recognized as insurance service expenses for the years ended December 31, 2022 and 2023 and ￦ 3,194 million, ￦ 3,520 million and ￦ 2,824 recognized as other operating expenses for the years ended December 31, 2021, 2022, 2023 and ￦ 137 million and ￦ 189 million recognized as prepayment for the years ended December 31, 2022 and 2023.
25.5 Details of remeasurements of net defined benefit liabilities recognized in other comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Remeasurements:
       
Return on plan assets (excluding amounts included in interest income)
    ￦ (9,438 )    ￦ (68,550 )    ￦ 18,228  
Actuarial gains and losses
      (55,703 )      399,633       (120,846 ) 
Income tax effect
        18,638       (91,150 )      25,895  
Effect of exchange differences
      993       (232 )     4,553  
  
 
 
    
 
 
    
 
 
  
Remeasurements after income tax expense
    ￦ (45,510 )    ￦ 239,701     ￦ (72,170 ) 
  
 
 
    
 
 
    
 
 
  
25.6 Details of fair value of plan assets as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Assets quoted

in an active

market
     
Assets not

quoted in

an active

market
     
Total
  
    
(In millions of Korean won)
  
Cash and due from financial institutions
    ￦ —      ￦ 2,571,508      ￦ 2,571,508  
Derivative instruments
      —        33,434        33,434  
Investment fund
      —        3,577        3,577  
  
 
 
     
 
 
     
 
 
  
   ￦ —      ￦ 2,608,519      ￦ 2,608,519  
  
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Assets quoted

in an active

market
     
Assets not

quoted in

an active

market
     
Total
  
    
(In millions of Korean won)
  
Cash and due from financial institutions
    ￦ —      ￦ 2,604,272      ￦ 2,604,272  
Derivative instruments
      —        45,833        45,833  
Investment fund
      —        5,068        5,068  
  
 
 
     
 
 
     
 
 
  
   ￦ —      ￦ 2,655,173      ￦ 2,655,173  
  
 
 
     
 
 
     
 
 
  
 
F-17
8
25.7 Details of significant actuarial assumptions used as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
Discount rate (%)
      4.90~5.20        3.80~4.40  
Salary increase rate (%)
      0.00~7.00        0.00~7.00  
Turnover rate (%)
      0.00~38.60        0.00~38.60  
Mortality assumptions are based on the experience-based mortality table issued by Korea Insurance Development Institute in 2019.
25.8 Results of sensitivity analysis of significant actuarial assumptions as of December 31, 2023, are as follows:
 
    
Changes in

assumptions
    
Effect on defined benefit obligation
  
 
Increase in assumptions
     
Decrease in assumptions
  
Discount rate
     
0.5
 %p      3.26% decrease        3.47% increase  
Salary increase rate
     
0.5
 %p      3.42% increase        3.24% decrease  
Turnover rate
     
0.5
 %p      0.03% decrease        0.03% increase  
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The sensitivity of the defined benefit obligation to changes in significant actuarial assumptions is calculated using the same projected unit credit method used in calculating the defined benefit obligation recognized in the consolidated statement of financial position.
25.9 Expected maturity analysis of undiscounted pension benefit payments (including expected future benefit) as of December 31, 2023, are as follows:
 
    
Up to 1 year
     
1~2 years
     
2~5 years
     
5~10 years
     
Over 10 years
     
Total
  
    
(In millions of Korean won)
  
Pension benefits *
    ￦ 219,733      ￦ 267,842      ￦ 868,378      ￦ 1,281,094      ￦ 3,709,873      ￦ 6,346,920  
 
*
Amount determined under the promotion compensation type defined contribution plan is excluded.
The weighted average duration of the defined benefit obligation is 1 ~ 11 years
.
25.10 Reasonable estimation of expected contribution to plan assets for the next annual reporting period after December 31, 2023 is
￦
145,160 million.
 
F-17
9
26. Other Liabilities
Details of other liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Other financial liabilities
      
Other payables
    ￦ 11,263,263      ￦ 17,953,030  
Prepaid card and debit card payables
      35,259        36,005  
Accrued expenses
      3,875,939        5,592,853  
Financial guarantee contracts liabilities
      46,467        47,199  
Deposits for letter of guarantees and others
      1,762,482        1,226,095  
Domestic exchange settlement credits
      1,738,489        2,864,203  
Foreign exchange settlement credits
      250,138        215,730  
Borrowings of other accounting businesses
      —        2,793  
Due to trust accounts
      5,808,446        8,142,102  
Liabilities incurred from agency relationships
      513,621        514,642  
Account for agency business
      241,910        249,379  
Dividend payables
      3,425        7,455  
Lease liabilities
      592,697        588,803  
Others
      31,124        (23,373 ) 
  
 
 
     
 
 
  
     26,163,260        37,416,916  
  
 
 
     
 
 
  
Other
non-financial
liabilities
      
Other payables
      400,525        353,074  
Unearned revenue
      520,465        351,677  
Accrued expenses
      900,141        961,464  
Deferred revenue on credit card points
      243,131        242,346  
Withholding taxes
      228,195        306,709  
Others
      394,316        632,749  
  
 
 
     
 
 
  
     2,686,773        2,848,019  
  
 
 
     
 
 
  
   ￦ 28,850,033      ￦ 40,264,935  
  
 
 
     
 
 
  
27. Equity
27.1 Share Capital
27.1.1 Details of share capital as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
Type of share
   
Ordinary share
     
Ordinary share
  
    
(In millions of Korean won
and in number of shares)
  
Number of authorized shares
      1,000,000,000        1,000,000,000  
Par value per share
(In Korean won)
    ￦ 5,000      ￦ 5,000  
Number of issued shares
      408,897,068        403,511,072  
Share capital*
    ￦ 2,090,558      ￦ 2,090,558  
 
*
Due to the retirement of shares deducted through retained earnings, it is different from the total par value of the shares issued.
 
F-1
80
27.1.2 Changes in outstanding shares for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
     
2023
  
    
(In number of shares)
  
Beginning
      389,634,335        389,634,335  
Increase
      —        —  
Decrease
      —        (10,970,510 ) 
  
 
 
     
 
 
  
Ending
      389,634,335        378,663,825  
  
 
 
     
 
 
  
27.2 Hybrid Securities
Details of hybrid securities classified as equity as of December 31, 2022 and 2023, are as follows:
 
Hybrid securities
   
Issuance date
     
Maturity
     
Interest rate (%)

as of

December 31, 2023
     
December 31,

2022
     
December 31,

2023
  
                         
(In millions of Korean won)
  
The
1-1
st
     May 2, 2019        Perpetual bond        3.23      ￦ 349,309      ￦ 349,309  
The
1-2
nd
     May 2, 2019        Perpetual bond        3.44        49,896        49,896  
The
2-1
st
     May 8, 2020        Perpetual bond        3.30        324,099        324,099  
The
2-2
nd
     May 8, 2020        Perpetual bond        3.43        74,812        74,812  
The
3-1
st
     Jul. 14, 2020        Perpetual bond        3.17        369,099        369,099  
The
3-2
nd
     Jul. 14, 2020        Perpetual bond        3.38        29,922        29,922  
The
4-1
st
     Oct. 20, 2020        Perpetual bond        3.00        433,996        433,996  
The
4-2
nd
     Oct. 20, 2020        Perpetual bond        3.28        64,855        64,855  
The
5-1
st
     Feb. 19, 2021        Perpetual bond        2.67        419,071        419,071  
The
5-2
nd
     Feb. 19, 2021        Perpetual bond        2.87        59,862        59,862  
The
5-3
rd
     Feb. 19, 2021        Perpetual bond        3.28        119,727        119,727  
The
6-1
st
     May 28, 2021        Perpetual bond        3.20        165,563        165,563  
The
6-2
nd
     May 28, 2021        Perpetual bond        3.60        109,708        109,708  
The
7-1
st
     Oct. 8, 2021        Perpetual bond        3.57        208,468        208,468  
The
7-2
nd
     Oct. 8, 2021        Perpetual bond        3.80        59,834        59,834  
The
8-1
st
     Feb. 16, 2022        Perpetual bond        4.00        442,970        442,970  
The
8-2
nd
     Feb. 16, 2022        Perpetual bond        4.30        155,626        155,626  
The
9-1
st
     May 12, 2022        Perpetual bond        4.68        478,829        478,829  
The
9-2
nd
     May 12, 2022        Perpetual bond        4.97        19,906        19,906  
The
10-1
st
     Aug. 26, 2022        Perpetual bond        4.90        407,936        407,936  
The
10-2
nd
     Aug. 26, 2022        Perpetual bond        5.15        70,819        70,819  
The
10-3
rd
     Aug. 26, 2022        Perpetual bond        5.30        19,944        19,944  
The
11-1st
      Feb. 03, 2023        Perpetual bond        4.90        —        548,681  
The
11-2nd
      Feb. 03, 2023        Perpetual bond        5.03        —        49,871  
           
 
 
     
 
 
  
            ￦ 4,434,251      ￦ 5,032,803  
           
 
 
     
 
 
  
The above hybrid securities are early redeemable by the Group after 5 or 7 or 10 years from the issuance date. On the other hand, hybrid securities of ￦ 1,282,993 million issued by Kookmin Bank, hybrid securities of ￦ 102,673 million issued by KB Securities Co., Ltd. and hybrid securities of ￦ 49,800 million issued by KB Life Insurance Co., Ltd. are recognized as
non-controlling
interests and are early redeemable after 5 years from the issuance date and each interest payment date thereafter.
 
F-18
1
27.3 Capital Surplus
Details of capital surplus as of December 31, 2022 and 2023, are as follows
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Paid-in
capital in excess of par value
    ￦ 13,190,274     ￦ 13,190,274  
Losses on sales of treasury shares
      (481,332 )      (481,332 ) 
Other capital surplus
      4,219,856       3,927,041  
Consideration for exchange right of exchangeable bonds
      11,933       11,933  
  
 
 
    
 
 
  
   ￦ 16,940,731     ￦ 16,647,916  
  
 
 
    
 
 
  
27.4 Accumulated Other Comprehensive Income
Details of accumulated other comprehensive income as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Remeasurements of net defined benefit liabilities
    ￦ (88,770 )    ￦ (161,295 ) 
Currency translation differences
      254,446       261,752  
Gains(losses) on financial instruments at fair value through other comprehensive income
      (6,081,560 )      (2,735,499 ) 
Share of other comprehensive loss of associates and joint ventures
      (3,342 )      (3,318 ) 
Gains(Losses) on cash flow hedging instruments
      19,632       73,555  
Losses on hedging instruments of net investments in foreign operations
      (114,742 )      (129,401 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
      41,063       (11,800 ) 
Finance gains or losses on insurance contract assets (liabilities)
      7,223,195       5,001,171  
  
 
 
    
 
 
  
   ￦  1,249,922     ￦  2,295,165  
  
 
 
    
 
 
  
27.5 Retained Earnings
Details of retained earnings as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Legal reserves
1
    ￦ 839,235      ￦ 1,007,686  
Voluntary reserves
      982,000        982,000  
Unappropriated retained earnings
2
      27,127,190        30,039,513  
  
 
 
     
 
 
  
   ￦ 28,948,425      ￦ 32,029,199  
  
 
 
     
 
 
  
 
1
 
With respect to the allocation of net profit earned in a fiscal term, the Parent Company must set aside in its legal reserve an amount equal to at least 10% of its profit after tax as reported in the financial statements, each time it pays dividends on its net profits earned until its legal reserve reaches the aggregate amount of its
paid-in
capital in accordance with Article 53 of the Financial Holding Company Act. This reserve is not available for the payment of cash dividends, but may be transferred to share capital, or used to reduce accumulated deficit.
2
 
The regulatory reserve for credit losses the Group appropriated in retained earnings is ￦ 4,355,734 million and ￦ 4,320,506 million for the years ended December 31, 2022 and 2023, respectively.
 
F-1
82
27.6 Treasury Shares
Changes in treasury shares for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
     
Acquisition
     
Disposal
    
Ending
  
    
(In millions of Korean won and in number of shares)
  
Number of treasury shares *
      26,173,585        —        (6,910,852 )      19,262,733  
Carrying amount
    ￦ 1,136,188      ￦        —      ￦ (300,000 )    ￦ 836,188  
 
    
2023
  
    
Beginning
     
Acquisition
     
Disposal
    
Ending
  
    
(In millions of Korean won and in number of shares)
  
Number of treasury shares *
      19,262,733        10,970,510        (5,385,996 )      24,847,247  
Carrying amount
    ￦ 836,188      ￦ 571,745      ￦ (242,096 )    ￦ 1,165,837  
 
*
5 million treasury shares are deposited at the Korea Securities Depository for the exchange of exchangeable bonds.
In accordance with the resolution of the Board of Directors on July 25, 2023, the Group acquired 5,584,514 shares (￦ 300,000 million) and plans to retire of treasury stocks by July 31, 2024.
28. Net Interest Income
Details of interest income, interest expense, and net interest income for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
     
2023
  
    
(In millions of Korean won)
  
Interest income
   
Due from financial institutions measured at fair value through profit or loss
    ￦ 1,723      ￦ 3,186      ￦ 1,746  
Securities measured at fair value through profit or loss
      579,128        913,617        1,400,912  
Loans measured at fair value through profit or loss
      9,537        12,932        12,708  
Securities measured at fair value through other comprehensive income
      784,980        1,629,157        2,225,549  
Loans measured at fair value through other comprehensive income
      4,618        17,429        39,084  
Due from financial institutions measured at amortized cost
      66,375        165,948        351,797  
Securities measured at amortized cost
      765,656        659,549        1,123,957  
Loans measured at amortized cost
      12,745,780        17,018,242        23,439,034  
Insurance finance income
      —        16,667        23,954  
Others
      253,081        350,850        526,338  
  
 
 
     
 
 
     
 
 
  
     15,210,878        20,787,577        29,145,079  
  
 
 
     
 
 
     
 
 
  
Interest expense
         
Deposits
      2,218,556        4,637,420        10,052,830  
Borrowings
      510,385        1,291,380        2,519,463  
Debentures
      1,169,708        1,640,773        2,306,823  
Insurance finance expense
      —        1,495,621        1,576,656  
Others
      82,657        207,058        547,590  
  
 
 
     
 
 
     
 
 
  
     3,981,306        9,272,252        17,003,362  
  
 
 
     
 
 
     
 
 
  
Net interest income
    ￦ 11,229,572      ￦ 11,515,325      ￦ 12,141,717  
  
 
 
     
 
 
     
 
 
  
 
F-18
3
Interest income recognized on impaired loans is ￦ 52,638 million, ￦ 53,215 million and ￦ 73,543 million for the years ended December 31, 2021, 2022 and
2023
, respectively.
29. Net Fee and Commission Income
Details of fee and commission income, fee and commission expense, and net fee and commission income for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
     
2023
  
    
(In millions of Korean won)
  
Fee and commission income
         
Banking activity fees
    ￦ 178,412      ￦ 180,749      ￦ 181,841  
Lending activity fees
      82,184        80,871        96,469  
Credit card and debit card related fees
      1,526,911        1,491,666        1,598,964  
Agent activity fees
      205,206        243,740        198,402  
Trust and other fiduciary fees
      408,834        337,171        375,007  
Fund management related fees
      178,090        130,629        133,027  
Acceptances and guarantees fees
      49,782        66,827        77,291  
Foreign currency related fees
      245,299        285,575        308,747  
Securities agency fees
      174,709        124,771        113,476  
Other business account commission on consignment
      39,178        36,211        33,873  
Commissions received on securities business
      881,407        628,449        656,424  
Lease fees
      897,983        1,004,670        1,096,933  
Others
      455,611        514,601        497,620  
  
 
 
     
 
 
     
 
 
  
     5,323,606        5,125,930        5,368,074  
  
 
 
     
 
 
     
 
 
  
Fee and commission expense
         
Trading activity related fees *
      54,857        40,768        56,331  
Lending activity fees
      42,981        42,086        34,040  
Credit card and debit card related fees
      831,724        815,252        861,639  
Outsourcing related fees
      210,480        183,124        167,927  
Foreign currency related fees
      51,931        70,053        93,277  
Others
      506,050        459,745        481,336  
  
 
 
     
 
 
     
 
 
  
     1,698,023        1,611,028        1,694,550  
  
 
 
     
 
 
     
 
 
  
Net fee and commission income
    ￦ 3,625,583      ￦ 3,514,902      ￦ 3,673,524  
  
 
 
     
 
 
     
 
 
  
 
*
Fees from financial instruments at fair value through profit or loss
 
F-18
4
30. Net Gains or Losses on Financial Instruments at Fair Value through Profit or Loss
30.1 Net Gains or Losses on Financial Instruments at Fair Value through Profit or Loss
Net gains or losses on financial instruments at fair value through profit or loss include dividend income, gains or losses arising from changes in fair value, and gains or losses arising from sales and redemptions. Details of net gains or losses on financial instruments at fair value through profit or loss for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
    
2023
  
    
(In millions of Korean won)
  
Gains on financial instruments at fair value through profit or loss
        
Financial assets at fair value through profit or loss:
        
Debt securities
    ￦ 1,804,112      ￦ 2,237,037     ￦ 3,904,088  
Equity securities
      733,823        536,059       818,610  
  
 
 
     
 
 
    
 
 
  
     2,537,935        2,773,096       4,722,698  
  
 
 
     
 
 
    
 
 
  
Derivatives held for trading:
        
Interest rate
      4,820,712        11,772,928       7,195,387  
Currency
      7,492,806        15,006,105       9,230,401  
Stock or stock index
      1,603,501        1,986,668       2,027,294  
Credit
      20,147        78,638       41,234  
Commodity
      21,864        33,576       30,829  
Others
      145,879        199,022       173,215  
  
 
 
     
 
 
    
 
 
  
     14,104,909        29,076,937       18,698,360  
  
 
 
     
 
 
    
 
 
  
Financial liabilities at fair value through profit or loss
      72,585        114,526       192,334  
Other financial instruments
      6,753        252       502  
  
 
 
     
 
 
    
 
 
  
     16,722,182        31,964,811       23,613,894  
  
 
 
     
 
 
    
 
 
  
Losses on financial instruments at fair value through profit or loss
        
Financial assets at fair value through profit or loss:
        
Debt securities
      1,280,960        3,987,760       1,106,981  
Equity securities
      426,431        895,208       372,969  
  
 
 
     
 
 
    
 
 
  
     1,707,391        4,882,968       1,479,950  
  
 
 
     
 
 
    
 
 
  
Derivatives held for trading:
        
Interest rate
      4,669,893        10,747,221       7,439,802  
Currency
      7,422,604        15,154,428       9,271,983  
Stock or stock index
      1,604,027        2,485,340       2,164,455  
Credit
      14,051        68,324       44,971  
Commodity
      14,815        30,167       42,150  
Others
      175,411        430,069       166,403  
  
 
 
     
 
 
    
 
 
  
     13,900,801        28,915,549       19,129,764  
  
 
 
     
 
 
    
 
 
  
Financial liabilities at fair value through profit or loss
      80,790        63,571       509,835  
Other financial instruments
      6,839        206       387  
  
 
 
     
 
 
    
 
 
  
     15,695,821        33,862,294       21,119,936  
  
 
 
     
 
 
    
 
 
  
Net gains(loss) on financial instruments at fair value through profit or loss
    ￦ 1,026,361      ￦ (1,897,483 )    ￦ 2,493,958  
  
 
 
     
 
 
    
 
 
  
 
F-18
5
30.2 Net Gains or Losses on Financial Instruments Designated at Fair Value through Profit or Loss
Net gains or losses on financial instruments designated at fair value through profit or loss include gains or losses arising from changes in fair value, and gains or losses arising from sales and redemptions. Details of net gains or losses on financial instruments designated at fair value through profit or loss for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
     
2023
  
    
(In millions of Korean won)
  
Gains on financial instruments designated at fair value through profit or loss
        
Financial liabilities designated at fair value through profit or loss
    ￦ 623,929     ￦ 1,186,908      ￦ 726,277  
  
 
 
    
 
 
     
 
 
  
     623,929       1,186,908        726,277  
  
 
 
    
 
 
     
 
 
  
Losses on financial instruments designated at fair value through profit or loss
        
Financial liabilities designated at fair value through profit or loss
      654,986       429,243        1,057,170  
  
 
 
    
 
 
     
 
 
  
     654,986       429,243        1,057,170  
  
 
 
    
 
 
     
 
 
  
Net gains(losses) on financial instruments designated at fair value through profit or loss
    ￦ (31,057 )    ￦ 757,665      ￦ (330,893 ) 
  
 
 
    
 
 
     
 
 
  
 
F-18
6
31. Net Other Operating Income and Expenses
Details of other operating income and expenses for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Other operating income
       
Gains on financial instruments at fair value through other comprehensive income:
       
Gains on redemption of financial instruments at fair value through other comprehensive income
    ￦ 2     ￦ 24     ￦ 7,326  
Gains on disposal of financial instruments at fair value through other comprehensive income
      126,710       24,795       59,666  
  
 
 
    
 
 
    
 
 
  
     126,712       24,819       66,992  
  
 
 
    
 
 
    
 
 
  
Gains on financial assets at amortized cost:
       
Gains on sale of loans measured at amortized cost
      136,620       83,552       99,942  
Gains on redemption of securities measured at amortized cost
      126       —       —  
Gains on disposal of securities measured at amortized cost
      41       27       174  
  
 
 
    
 
 
    
 
 
  
     136,787       83,579       100,116  
  
 
 
    
 
 
    
 
 
  
Gains on loans measured at fair value through other comprehensive income:
       
Gains on sale of loans measured at fair value through other comprehensive income
      226       —       —  
  
 
 
    
 
 
    
 
 
  
     226       —       —  
Gains on hedge accounting
      386,398       861,263       361,281  
Gains on foreign exchange transactions
      3,878,089       11,578,501       6,480,621  
Dividend income
      33,805       37,125       47,769  
Others
      367,177       497,827       593,871  
  
 
 
    
 
 
    
 
 
  
     4,929,194       13,083,114       7,650,650  
  
 
 
    
 
 
    
 
 
  
Other operating expenses
       
Losses on financial instruments at fair value through other comprehensive income:
       
Losses on redemption of financial instruments at fair value through other comprehensive income
      2,172       3,049       8  
Losses on disposal of financial instruments at fair value through other comprehensive income
      222,512       331,665       323,147  
  
 
 
    
 
 
    
 
 
  
     224,684       334,714       323,155  
  
 
 
    
 
 
    
 
 
  
Losses on financial assets at amortized cost:
       
Losses on sale of loans measured at amortized cost
      14,669       78,089       49,534  
Losses on redemption of securities measured at amortized cost
      6       —       —  
Losses on disposal of securities measured at amortized cost
      2       —       —  
  
 
 
    
 
 
    
 
 
  
     14,677       78,089       49,534  
  
 
 
    
 
 
    
 
 
  
Losses on hedge accounting
      473,091       874,704       379,343  
Losses on foreign exchange transactions
      3,570,783       11,159,131       6,130,076  
Deposit insurance fee
      550,677       538,016       570,465  
Credit guarantee fund fee
      263,297       283,912       327,764  
Depreciation expenses of operating lease assets
      602,908       682,783       713,056  
Others
      1,152,644       1,393,888       1,870,246  
  
 
 
    
 
 
    
 
 
  
     6,852,761       15,345,237       10,363,639  
  
 
 
    
 
 
    
 
 
  
Net other operating expenses
    ￦ (1,923,567 )    ￦ (2,262,123 )    ￦ (2,712,989 ) 
  
 
 
    
 
 
    
 
 
  
 
F-18
7
32. General and Administrative Expenses
32.1 Details of general and administrative expenses for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
     
2023
  
    
(In millions of Korean won)
  
Expenses related to employee
         
Employee benefits—salaries
    ￦ 3,007,439      ￦ 2,639,569      ￦ 2,621,008  
Employee benefits—others
      927,665        897,559        860,038  
Post-employment benefits—defined benefit plans
      237,315        222,388        155,720  
Post-employment benefits—defined contribution plans
      37,731        32,743        32,160  
Termination benefits
      322,970        312,980        275,632  
Share-based payments
      101,935        51,756        69,703  
  
 
 
     
 
 
     
 
 
  
     4,635,055        4,156,995        4,014,261  
  
 
 
     
 
 
     
 
 
  
Depreciation and amortization
      850,614        816,841        865,927  
  
 
 
     
 
 
     
 
 
  
Other general and administrative expenses
         
Rental expense
      112,902        98,346        100,761  
Tax and dues
      268,383        254,749        303,987  
Communication
      60,221        51,136        48,704  
Electricity and utilities
      36,565        32,954        45,255  
Publication
      13,417        10,435        9,263  
Repairs and maintenance
      53,218        50,828        51,202  
Vehicle
      16,901        18,308        18,015  
Travel
      13,271        16,680        18,177  
Training
      34,056        41,114        44,275  
Service fees
      260,298        242,762        233,403  
Electronic data processing expenses
      314,511        310,000        354,842  
Advertising
      210,187        236,957        230,192  
Others
      321,254        305,549        309,142  
  
 
 
     
 
 
     
 
 
  
     1,715,184        1,669,818        1,767,218  
  
 
 
     
 
 
     
 
 
  
   ￦ 7,200,853      ￦ 6,643,654      ￦ 6,647,406  
  
 
 
     
 
 
     
 
 
  
 
F-18
8
32.2 Share-based Payments
32.2.1 Stock grants
The Group changed the scheme of share-based payments awarded to executives and employees from stock options to stock grants in November 2007. The stock grants award program is an incentive plan that sets, on grant date, the maximum number of shares that can be awarded. Actual shares to be granted is determined in accordance with achievement of
pre-set
performance targets over the vesting period.
32.2.1.1 Details of stock grants linked to long-term performance as of December 31, 2023, are as follows:
 
    
Grant date
   
Number of
granted shares
1
     
Vesting conditions
2
         
(In number of shares)
       
KB Financial Group Inc.
         
Series 30
    Apr. 1, 2021      3,070     
Services fulfillment, market
performance
3
30%, and
non-market
performance
4
70%
Series 33
    Jan. 1, 2022      55,868     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Series 34
    Feb. 1, 2022      654     
Services fulfillment, market
performance
3
30%, and
non-market
performance
4
70%
Series 35
    May 27, 2022      5,067     
Services fulfillment, market
performance
3
30%, and
non-market
performance
4
70%
Series 36
    Jan. 1, 2023      55,645     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Series 38
    Nov. 21, 2023      55,547     
Services fulfillment, market
performance
3
30%, and
non-market
performance
4
70%
Deferred grant in 2015
         3,183      Satisfied
Deferred grant in 2016
         943      Satisfied
Deferred grant in 2018
         884      Satisfied
Deferred grant in 2020
         9,493      Satisfied
Deferred grant in 2021
         18,105      Satisfied
Deferred grant in 2022
         38,277      Satisfied
Deferred grant in 2023
         40,881      Satisfied
     
 
 
     
        287,617     
     
 
 
     
        
Kookmin Bank
         
Series 83
    Apr. 1, 2021      14,972     
Services fulfillment, market performance
3
0~30%, and
non-market
performance
4

70~100%
Series 85
    Jan. 1, 2022      259,752     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4

70~100%
Services fulfillment, market performance
3
30%, and EPS & Asset Quality
5
70%
Series 86
    Feb. 1, 2022      1,525     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4

70~100%
Series 88
    Mar. 14, 2022      5,179     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4

70~100%
Series 90
    Jul. 18, 2022      3,716     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4

70~100%
Series 91
    Aug. 24, 2022      7,277     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4

70~100%
 
F-18
9
    
Grant date
  
Number of

granted shares
1
     
Vesting conditions
2
        
(In number of shares)
       
Series 92
    Jan. 1, 2023     187,802     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Series 93
    Mar. 15, 2023     585     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Series 94
    Apr. 1, 2023     8,794     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Series 95
    Oct. 5, 2023     126     
Services fulfillment, market
performance
3
0~30%, and
non-market
performance
4
70~100%
Deferred grant in 2016
        799      Satisfied
Deferred grant in 2017
        893      Satisfied
Deferred grant in 2018
        1,145      Satisfied
Deferred grant in 2020
        26,763      Satisfied
Deferred grant in 2021
        104,643      Satisfied
Deferred grant in 2022
        87,342      Satisfied
Deferred grant in 2023
        3,611      Satisfied
    
 
 
     
       714,924     
    
 
 
     
Other subsidiaries
        
Stock granted in 2010
        106     
Services fulfillment, market
performance
3
0~50%, and
non-market
performance
4
50~100%
Stock granted in 2011
        146     
Stock granted in 2012
        420     
Stock granted in 2013
        544     
Stock granted in 2014
        1,028     
Stock granted in 2015
        2,014     
Stock granted in 2016
        936     
Stock granted in 2017
        9,162     
Stock granted in 2018
        19,861     
Stock granted in 2019
        23,789     
Stock granted in 2020
        94,348     
Stock granted in 2021
        120,615     
Stock granted in 2022
        392,509     
Stock granted in 2023
        368,112     
    
 
 
     
       1,033,590     
    
 
 
     
       2,036,131     
    
 
 
     
 
1
Granted shares represent the total number of shares initially granted to executives and employees who have residual shares as of December 31, 2023 (Deferred grants are residual shares vested as of December 31, 2023).
2
Executives and employees were given the right of choice about the timing of the deferred
payment
(after the date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
3
Relative TSR (Total Shareholder Return): [(Fair value at the end of the contract—Fair value at the beginning of the contract) + (Total amount of dividend per share paid during the contract period)] / Fair value at the beginning of the contract.
4
Performance results of company and employee
5
 
EPS, Asset Quality
 
F-1
90
32.2.1.2 Details of stock grants linked to short-term performance as of December 31, 2023, are as follows:
 
    
Estimated number of

vested shares
 
*
     
Vesting
conditions
    
(In number of shares)
       
KB Financial Group Inc.
      
Stock granted in 2015
      2,097      Satisfied
Stock granted in 2016
      3,034      Satisfied
Stock granted in 2017
      306      Satisfied
Stock granted in 2018
      380      Satisfied
Stock granted in 2020
      10,514      Satisfied
Stock granted in 2021
      23,677      Satisfied
Stock granted in 2022
      45,115      Satisfied
Stock granted in 2023
      46,045      Proportional to service period
Kookmin Bank
      
Stock granted in 2015
      419      Satisfied
Stock granted in 2016
      2,135      Satisfied
Stock granted in 2017
      535      Satisfied
Stock granted in 2018
      739      Satisfied
Stock granted in 2020
      44,890      Satisfied
Stock granted in 2021
      86,235      Satisfied
Stock granted in 2022
      164,595      Satisfied
Stock granted in 2023
      133,455      Proportional to service period
Other subsidiaries
      
Stock granted in 2015
      4,048      Satisfied
Stock granted in 2016
      18,144      Satisfied
Stock granted in 2017
      35,359      Satisfied
Stock granted in 2018
      82,096      Satisfied
Stock granted in 2019
      91,957      Satisfied
Stock granted in 2020
      262,023      Satisfied
Stock granted in 2021
      461,736      Satisfied
Stock granted in 2022
      511,024      Satisfied
Stock granted in 2023
      307,631      Proportional to service period
  
 
 
     
     2,338,189     
  
 
 
     
 
*
Executives and employees were given the right of choice about the timing of the deferred payment (after the date of retirement), payment ratio, and payment period. Accordingly, a certain percentage of the granted shares is deferred for up to five years after the date of retirement after the deferred grant has been confirmed.
 
F-1
91
32.2.1.3 Stock grants are measured at fair value using the MonteCarlo simulation model and assumptions used in measuring the fair value as of December 31, 2023, are as follows:
 
    
Risk-free

rate (%)
     
Fair value
(market
performance
condition)
     
Fair value
(non-market

performance
condition)
  
    
(In Korean won)
  
Linked to long-term performance
 
      
(KB Financial Group Inc.)
         
Series 30
      3.43        43,098~48,307        47,066~52,755  
Series 33
      3.43        41,446~51,061        47,066~52,755  
Series 34
      3.43        39,972~46,008        44,873~51,649  
Series 35
      3.43        44,392~49,758        47,066~52,755  
Series 36
      3.43        44,873~52,755        44,873~52,755  
Series 38
      3.43        35,080~40,381        41,090~47,300  
Deferred grant in 2015
      3.43       
—
        49,315~52,755  
Deferred grant in 2016
      3.43        —        52,755  
Deferred grant in 2018
      3.43        —        52,755  
Deferred grant in 2020
      3.43        —        49,315~52,755  
Deferred grant in 2021
      3.43        —        51,649~52,755  
Deferred grant in 2022
      3.43        —        49,315~52,755  
Deferred grant in 2023
      3.43        —        47,300~51,931  
(Kookmin Bank)
         
Series 83
      3.43        42,053~48,307        47,066~52,755  
Series 85
      3.43        38,623~48,102        47,066~52,755  
Series 86
      3.43        39,972~46,008        44,873~51,649  
Series 88
      3.43        41,215~47,439        44,873~51,649  
Series 90
      3.43        42,737~49,190        44,873~51,649  
Series 91
      3.43        42,750~49,206        44,873~51,649  
Series 92
      3.43        44,873~52,755        44,873~52,755  
Series 93
      3.43        47,066~52,755        47,066~52,755  
Series 94
      3.43        42,787~52,755        42,787~52,755  
Series 95
      3.43        43,187~48,407        47,066~52,755  
Grant deferred in 2016
      3.43        —        52,755  
Grant deferred in 2017
      3.43        —        52,755  
Grant deferred in 2018
      3.43        —        52,755  
Grant deferred in 2020
      3.43        —        52,755  
Grant deferred in 2021
      3.43        —        51,649~52,755  
Grant deferred in 2022
      3.43        —        44,873~52,755  
Grant deferred in 2023
      3.43        —        48,939~53,705  
(Other subsidiaries)
 
      
Stock granted in 2010
      3.43        —        52,755  
Stock granted in 2011
      3.43        —        52,755  
Stock granted in 2012
      3.43        —        49,315~52,755  
Stock granted in 2013
      3.43        —        49,315~52,755  
Stock granted in 2014
      3.43        —        49,315~52,755  
Stock granted in 2015
      3.43        —        47,066~52,755  
Stock granted in 2016
      3.43        —        51,649~52,755  
Stock granted in 2017
      3.43        —        42,787~52,755  
Stock granted in 2018
      3.43        —        40,891~56,379  
Stock granted in 2019
      3.43        —        42,787~56,379  
 
F-19
2
    
Risk-free

rate (%)
     
Fair value
(market
performance
condition)
     
Fair value
(non-market

performance
condition)
  
    
(In Korean won)
  
Linked to long-term performance
 
      
Stock granted in 2020
      3.43        —        44,873~56,379  
Stock granted in 2021
      3.43        40,108~52,755        42,787~56,379  
Stock granted in 2022
      3.43        38,994~52,549        44,873~53,544  
Stock granted in 2023
      3.43        39,278~52,755        42,787~52,755  
Linked to short-term performance
 
      
(KB Financial Group Inc.)
 
      
Stock granted in 2015
      3.43        —        49,315~52,755  
Stock granted in 2016
      3.43        —        44,873~52,755  
Stock granted in 2017
      3.43        —        52,755  
Stock granted in 2018
      3.43        —        52,755  
Stock granted in 2020
      3.43        —        49,315~52,755  
Stock granted in 2021
      3.43        —        51,649~52,755  
Stock granted in 2022
      3.43        —        49,315~52,755  
Stock granted in 2023
      3.43        —        47,066~51,931  
(Kookmin Bank)
         
Stock granted in 2015
      3.43        —        52,755  
Stock granted in 2016
      3.43        —        51,649~52,755  
Stock granted in 2017
      3.43        —        52,755  
Stock granted in 2018
      3.43        —        52,755  
Stock granted in 2020
      3.43        —        52,755  
Stock granted in 2021
      3.43        —        51,649~52,755  
Stock granted in 2022
      3.43        —        44,873~52,755  
Stock granted in 2023
      3.43        —        47,066~53,705  
(Other subsidiaries)
         
Stock granted in 2015
      3.43        —        42,787~52,755  
Stock granted in 2016
      3.43        —        42,787~52,755  
Stock granted in 2017
      3.43        —        40,891~52,755  
Stock granted in 2018
      3.43        —        40,891~56,379  
Stock granted in 2019
      3.43        —        42,787~56,379  
Stock granted in 2020
      3.43        —        42,787~56,379  
Stock granted in 2021
      3.43        —        42,787~56,379  
Stock granted in 2022
      3.43        —        42,787~53,558  
Stock granted in 2023
      3.43        —        42,787~53,581  
The Group uses the volatility of the stock price over the previous year as the expected volatility, and uses the arithmetic mean of the price-dividend ratio of one year before, two years before, and three years before the base year as the dividend yield and uses
one-year
risk-free rate of Korea Treasury Bond in order to measure the fair value.
32.2.1.4 The accrued expenses for share-based payments related to stock grants are ￦ 186,908 million and ￦ 202,243 million as of December 31, 2022 and 2023, respectively, and the compensation costs amounting to ￦ 58,340 million and ￦ 77,932 million were recognized for the years ended December 31, 2022 and 2023, respectively.
 
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3
32.2.2 Mileage stock
32.2.2.1 Details of mileage stock as of December 31, 2023, are as follows:
 
Grant date
       
Number of

granted shares 1
     
Expected exercise
period (years)
2
  
Remaining
shares
  
        
(In number of shares)
  
Stock granted in 2019
   Nov. 1, 2019      119      0.00~0.83      48  
  Nov. 8, 2019      14      0.00~0.85      6  
  Dec. 5, 2019      56      0.00~0.93      39  
  Dec. 6, 2019      84      0.00~0.93      38  
  Dec. 31, 2019      87      0.00~1.00      22  
Stock granted in 2020
   Jan. 18, 2020      28,645      0.00~1.05      13,953  
  May 12, 2020      46      0.00~1.36      43  
  Jun. 30, 2020      206      0.00~1.50      147  
  Aug. 26, 2020      40      0.00~1.65      27  
  Oct. 29, 2020      160      0.00~1.83      107  
  Nov. 6, 2020      45      0.00~1.85      37  
  Nov. 30, 2020      35      0.00~1.92      29  
  Dec. 2, 2020      57      0.00~1.92      26  
  Dec. 4, 2020      154      0.00~1.93      79  
  Dec. 30, 2020      88      0.00~2.00      51  
Stock granted in 2021
   Jan. 15, 2021      28,156      0.00~2.04      16,045  
  Apr. 5, 2021      89      0.00~2.26      53  
  Jul. 1, 2021      54      0.00~2.50      36  
  Jul. 2, 2021      11      0.00~2.50      11  
  Jul. 27, 2021      70      0.00~2.57      63  
  Nov. 1, 2021      71      0.00~2.84      71  
  Nov. 16, 2021      53      0.00~2.88      13  
  Dec. 3, 2021      91      0.00~2.92      74  
  Dec. 6, 2021      87      0.00~2.93      76  
  Dec. 30, 2021      76      0.00~3.00      76  
 
F-19
4
Grant date
       
Number of

granted shares 1
     
Expected exercise
period (years)
2
  
Remaining
shares
  
        
(In number of shares)
  
Stock granted in 2022
  
Jan. 14, 2022
      20,909      0.00~3.04      16,253  
  Apr. 4, 2022      65      0.00~3.26      65  
  Apr. 19, 2022      33      0.00~3.30      29  
  Jul. 1, 2022      62      0.00~3.50      21  
  Aug. 3, 2022      62      0.00~3.59      15  
  Aug. 9, 2022      80      0.00~3.61      60  
  Oct. 19, 2022      55      0.00~3.80      23  
  Nov. 1, 2022      177      0.00~3.84      159  
  Dec. 1, 2022      49      0.00~3.92      49  
  Dec. 2, 2022      42      0.00~3.92      30  
  Dec. 6, 2022      88      0.00~3.93      70  
  Dec. 12, 2022      114      0.00~3.95      114  
  Dec. 15, 2022      42      0.00~3.96      42  
  Dec. 30, 2022      114      0.00~4.00      114  
Stock granted in 2023
   Jan. 9, 2023      23,071      0.00~4.02      22,084  
  Jan. 14, 2023      742      0.00~4.04      688  
  Mar. 7, 2023      58      0.00~4.18      58  
  Mar. 27, 2023      58      0.00~4.24      58  
  Mar. 31, 2023      97      0.00~4.25      97  
  May 4, 2023      105      0.00~4.34      105  
  Jul. 3, 2023      63      0.00~4.50      63  
  Jul. 26, 2023      38      0.00~4.57      38  
  Jul. 31, 2023      220      0.00~4.58      220  
  Oct. 20, 2023      80      0.00~4.80      80  
  Nov. 1, 2023      78      0.00~4.84      78  
  Dec. 1, 2023      49      0.00~4.92      49  
  Dec. 13, 2023      115      0.00~4.95      115  
  Dec. 14, 2023      57      0.00~4.95      57  
  Dec. 27, 2023      19      0.00~4.99      19  
  Dec. 28, 2023      162      0.00~4.99      162  
  Dec. 29, 2023      95      0.00~4.99      95  
    
 
 
        
 
 
  
        
105,593
          
72,280
  
    
 
 
        
 
 
  
 
1
Mileage stock is exercisable for four years after one year from the grant date at the closing price of the end of the previous month. However, mileage stock can be exercised at the closing price of the end of the previous month on the date of occurrence of retirement or transfer despite a
one-year
grace period.
2
Assessed based on the stock price as of December 31, 2023. These shares are vested immediately at grant date.
 
F-19
5
32.2.2.2 The accrued expenses for share-based payments related to mileage stock are ￦ 2,738 million and ￦ 3,910 million as of December 31, 2022 and 2023, respectively. The compensation costs amounting to ￦ 870 million and ￦ 1,645 million were recognized as expenses for the years ended December 31, 2022 and 2023, respectively.
32.2.3 Long-term share-based payments
The Group calculates the short-term performance bonus of executives of KB Life Insurance Co., Ltd. based on the result of performance evaluation as of the grant date and defers the bonus for three years and pays it in
cash
reflecting the stock price of KB Financial Group Inc. at that time.
32.2.3.1 Details of long-term share-based payments as of December 31, 2023, are as follows:
 
    
Grant date
     
Vested shares
     
Expected exercise period (years)
     
Vesting condition
  
    
(In number of shares)
  
Granted in 2020
      2020        13,402        —        Services fulfillment  
32.2.3.2 Long-term share-based payments are measured at fair value using the MonteCarlo simulation model and assumptions used in measuring the fair value as of December 31, 2023, are as follows:
 
    
Risk-free

rate (%)
     
Fair value

(market performance condition)
     
Fair value

(non-market performance

condition)
  
    
(In Korean won)
  
Granted in 2020
      3.43        —        52,755  
The Group uses the volatility of the stock price over the previous year as the expected volatility, and uses the arithmetic mean of the price-dividend ratio of one year before, two years before, and three years before the base year as the dividend yield and uses
one-year
risk-free rate of Korea Treasury Bond in order to measure the fair value.
32.2.3.3 The accrued expenses for long-term share-based payments are ￦ 625 million and ￦ 707 million as of December 31, 2022 and 2023, respectively. The compensation costs amounting to ￦ 65 million and ￦ 82 million were recognized as expenses for the years ended December 31, 2022 and 2023, respectively.
 
F-19
6
33. Net Other
Non-Operating
Income and Expenses
Details of other
non-operating
income and expenses for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
     
2023
  
    
(In millions of Korean won)
  
Other
non-operating
income
        
Gains on disposal of property and equipment
    ￦ 9,045     ￦ 155,177      ￦ 1,790  
Rental income
      34,791       26,176        23,682  
Gains on a bargain purchase
      288       —        —  
Others
      81,210       283,991        131,995  
  
 
 
    
 
 
     
 
 
  
     125,334       465,344        157,467  
  
 
 
    
 
 
     
 
 
  
Other
non-operating
expenses
        
Losses on disposal of property and equipment
      6,552       2,164        1,839  
Donation
      103,647       94,771        120,560  
Restoration costs
      3,436       2,857        3,642  
Management cost for
written-off
loans
      4,054       4,296        3,769  
Impairment losses on goodwill
      —       —        6,268  
Others
      117,182       171,932        319,369  
  
 
 
    
 
 
     
 
 
  
     234,871       276,020        455,447  
  
 
 
    
 
 
     
 
 
  
Net other
non-operating
income (expenses)
    ￦ (109,537 )    ￦ 189,324      ￦ (297,980 ) 
  
 
 
    
 
 
     
 
 
  
34. Income Tax Expense
34.1 Details of income tax expense for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
(In millions of Korean won)
  
Income tax payable
       
Current income tax expense
    ￦ 1,571,947     ￦ 1,984,075     ￦ 1,468,269  
Adjustments of income tax of prior years recognized in current tax
      7,952       (122,385 )      (35,326 ) 
  
 
 
    
 
 
    
 
 
  
     1,579,899       1,861,690       1,432,943  
  
 
 
    
 
 
    
 
 
  
Changes in deferred income tax assets and liabilities
      214,660       (344,157 )      532,256  
  
 
 
    
 
 
    
 
 
  
Income tax recognized directly in equity and others
       
Remeasurements of net defined benefit liabilities
      18,638       (91,150 )      25,895  
Currency translation differences
      (15,675 )      (15,059 )      (11,866 ) 
Net gains or losses on financial assets at fair value through other comprehensive income
      (71,421 )      2,344,582       (1,198,075 ) 
Share of other comprehensive income or loss of associates and joint ventures
      (7 )      44       (7 ) 
Gains or losses on cash flow hedging instruments
      (21,534 )      (25,049 )      (1,913 ) 
Gains or losses on hedging instruments of net investments in foreign operations
      25,599       24,936       4,931  
Other comprehensive income or loss arising from separate account
      24,206       —       —  
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
      (5,202 )      (14,009 )      19,038  
Net gains or losses on overlay adjustment
      (46,834 )      —       —  
Finance gains or losses on insurance contract assets (liabilities)
      —       (2,143,070 )      810,383  
  
 
 
    
 
 
    
 
 
  
     (92,230 )      81,225       (351,614 ) 
  
 
 
    
 
 
    
 
 
  
Others
      (5,104 )      (80,415 )      (6,567 ) 
  
 
 
    
 
 
    
 
 
  
Income tax expense
    ￦ 1,697,225     ￦ 1,518,343     ￦ 1,607,018  
  
 
 
    
 
 
    
 
 
  
 
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7
34.2 Analysis of the relationship between net profit before income tax expense and income tax expense for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
    
2022
    
2023
  
    
Tax rate
(%)
    
Amount
    
Tax rate
(%)
    
Amount
    
Tax rate
(%)
    
Amount
  
    
(In millions of Korean won)
  
Profit before income tax expense
      ￦ 6,081,606       ￦ 5,449,744       ￦ 6,170,449  
Income tax at the applicable tax rate *
      27.33       1,662,080       27.31       1,488,318       26.23       1,618,637  
Non-taxable
income
      (0.67 )      (40,708 )      (1.05 )      (57,320 )      (0.71 )      (44,083 ) 
Non-deductible
expenses
      0.42       25,739       0.42       22,661       0.34       21,133  
Tax credit and tax exemption
      (0.01 )      (361 )      (0.04 )      (2,380 )      (0.03 )      (2,006 ) 
Temporary difference for which no deferred tax is recognized
      0.08       5,065       2.49       135,694       (0.07 )      (4,312 ) 
Changes in recognition and measurement of deferred tax
      0.10       5,997       0.90       49,262       1.11       68,362  
Income tax refund for tax of prior years
      (0.23 )      (13,953 )      (2.54 )      (138,314 )      (0.70 )      (42,952 ) 
Income tax expense of overseas branches
      0.31       18,571       0.57       31,270       0.91       56,285  
Tax rate change effect
      —       —       0.05       2,714       0.01       622  
Others
      0.57       34,795       (0.25 )      (13,562 )      (1.05 )      (64,668 ) 
    
 
 
      
 
 
      
 
 
  
Average effective tax rate and income tax expense
      27.91     ￦ 1,697,225       27.86     ￦ 1,518,343       26.04     ￦ 1,607,018  
    
 
 
      
 
 
      
 
 
  
 
*
Applicable income tax rate for ￦ 200 million and below is 11%, for over ￦ 200 million to ￦ 20 billion is 22%, for over ￦ 20 billion to ￦ 300 billion is 24.2% and for over ￦ 300 billion is 27.5% for the years ended December 31, 2021 and 2022.
*
Applicable income tax rate for ￦ 200 million and below is 9.9%, for over ￦ 200 million to ￦ 20,000 million is 20.9%, for over ￦ 20,000 million to ￦ 300,000 million is 23.1% and for over ￦ 300,000 million is 26.4% for the years ended December 31, 2023.
35. Dividends
The annual dividends to the shareholders of the Parent Company for the year ended December 31, 2022, amounting to ￦ 564,970 million (￦ 1,450 per share) were declared at the annual general shareholders’ meeting on March 24, 2023 and paid in April 10, 2023.
According to the resolution of the board of directors on April 27, 2023, the quarterly dividend amounting to ￦ 195,966 million (￦ 510 per share) with dividend record date of March 31, 2023 were paid on May 11, 2023; according to the resolution of the board of directors on July 25, 2023, the quarterly dividend amounting to ￦ 195,966 million (￦ 510 per share) with dividend record date of June 30, 2023 were paid on August 8, 2023; and according to the resolution of the board of directors on October 24, 2023, the quarterly dividend amounting to ￦ 194,998 million (￦ 510 per share) with dividend record date of September 30, 2023 were paid on November 8, 2023. The annual dividends to the shareholders of the Company for the year ended December 31, 2023, amounting to ￦ 587,006 million (￦ 1,530
per share) was declared at the general shareholders’ meeting on March 22, 2024. The Group’s consolidated financial statements as of and for the year ended December 31, 2023, do not reflect this dividend payable.
Meanwhile, the annual dividends and quarterly dividends paid in 2022 were ￦ 853,299 million (￦ 2,190 per share) and ￦ 584,452 million (￦ 500 per share), respectively.
 
F-19
8
36. Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
    
Changes
except for
reclassification
    
Reclassification

to profit or loss
    
Transfer

within

equity
    
Tax effect
    
Ending
  
    
(In millions of Korean won)
  
Remeasurements of net defined benefit liabilities
    ￦ (328,392 )    ￦ 330,772     ￦ —     ￦ —     ￦ (91,150 )    ￦ (88,770 ) 
Currency translation differences
      96,129       173,376       —       —       (15,059 )      254,446  
Gains (losses) on financial instruments at fair value through other comprehensive income
      434,956       (8,873,141 )      347,246       (335,203 )      2,344,582       (6,081,560 ) 
Share of other comprehensive income (loss) of associates and joint ventures
      (2,980 )      (406 )      —       —       44       (3,342 ) 
Losses on cash flow hedging instruments
      (6,535 )      71,753       (20,537 )      —       (25,049 )      19,632  
Gains (losses) on hedging instruments of net investments in foreign operations
      (35,658 )      (104,020 )      —       —       24,936       (114,742 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
      2,208       52,864       —       —       (14,009 )      41,063  
Assets of a disposal group held for sale
      7,671       (7,671 )      —       —       —       —  
Finance gains or losses on insurance contract assets (liabilities)
      1,215,916       8,150,349       —       —       (2,143,070 )      7,223,195  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   ￦ 1,383,315     ￦ (206,124 )    ￦ 326,709     ￦ (335,203 )    ￦ 81,225     ￦ 1,249,922  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-19
9
    
2023
  
    
Beginning
    
Changes

except for
reclassification
    
Reclassification

to profit or loss
    
Transfer

within

equity
    
Tax effect
    
Ending
  
    
(In millions of Korean won)
  
Remeasurements of net defined benefit liabilities
    ￦ (88,770 )    ￦ (98,420 )    ￦ —     ￦ —     ￦ 25,895     ￦ (161,295 ) 
Currency translation differences
      254,446       42,925       (23,753 )      —       (11,866 )      261,752  
Gains (losses) on financial instruments at fair value through other comprehensive income
      (6,081,560 )      4,299,541       281,849       (37,254 )      (1,198,075 )      (2,735,499 ) 
Share of other comprehensive income (loss) of associates and joint ventures
      (3,342 )      31       —       —       (7 )      (3,318 ) 
Gains (losses) on cash flow hedging instruments
      19,632       7,328       48,508       —       (1,913 )      73,555  
Gains (losses) on hedging instruments of net investments in foreign operations
      (114,742 )      (19,590 )      —       —       4,931       (129,401 ) 
Fair value changes of financial liabilities designated at fair value through profit or loss due to own credit risk
      41,063       (71,901 )      —       —       19,038       (11,800 ) 
Finance gains or losses on insurance contract assets (liabilities)
      7,223,195       (3,032,407 )      —       —       810,383       5,001,171  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   ￦ 1,249,922     ￦ 1,127,507     ￦ 306,604     ￦ (37,254 )    ￦ (351,614 )    ￦ 2,295,165  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-
200
37. Earnings per Share
37.1 Basic Earnings per Share
Basic earnings per share is calculated by dividing profit attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding.
37.1.1 Weighted average number of ordinary shares outstanding
 
    
2021
    
2022
    
2023
  
    
Number of

shares
    
Accumulated
number of shares
    
Number of

shares
    
Accumulated
number of shares
    
Number of

shares
    
Accumulated

number of shares
  
    
(In number of shares)
  
Number of issued ordinary shares
      415,807,920       151,769,890,800       408,897,068       150,138,929,728       403,511,072       147,787,824,904  
Number of treasury shares *
      (26,173,585 )      (9,553,358,525 )      (19,262,733 )      (7,922,397,453 )      (24,847,247 )      (7,617,096,867 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Average number of ordinary shares outstanding
      389,634,335       142,216,532,275       389,634,335       142,216,532,275       378,663,825       140,170,728,037  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Number of days
        365         365         365  
Weighted average number of ordinary shares outstanding
        389,634,335         389,634,335         384,029,392  
 
*
Treasury stock retired during the year ended December 31, 2022 and 2023 were deducted from February 14, 2022 and April 4, 2023, respectively.
37.1.2 Basic earnings per share
 
    
2021
    
2022
    
2023
  
    
(In Korean won and in number of shares)
  
Profit attributable to shareholders of the Parent Company
    ￦ 4,409,543,288,213     ￦ 4,152,991,586,688     ￦ 4,631,932,222,629  
Deduction: Dividends on hybrid securities
      (71,537,500,000 )      (126,402,175,000 )      (184,915,050,000 ) 
  
 
 
    
 
 
    
 
 
  
Profit attributable to ordinary equity holders of the Parent Company (A)
      4,338,005,788,213       4,026,589,411,688       4,447,017,172,629  
Weighted average number of ordinary shares outstanding (B)
      389,634,335       389,634,335       384,029,392  
Basic earnings per share (A/B)
    ￦ 11,134     ￦ 10,334     ￦ 11,580  
37.2 Diluted Earnings per Share
Diluted earnings per share is calculated through increasing the weighted average number of ordinary shares outstanding by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. The Group has dilutive potential ordinary shares such as stock grants and ordinary share exchange right of exchangeable bonds.
 
F-
201
A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average market share price for the year) based on the monetary value of stock grants. The number of shares calculated above is compared with the number of shares that would have been issued assuming the settlement of stock grants.
Exchangeable bonds are included in potential ordinary shares from the exercisable date of the exchange right, and interest expense after tax for the period is added to profit for diluted earnings per share.
37.2.1 Adjusted profit for diluted earnings per share
 
    
2021
    
2022
    
2023
  
    
(In Korean won)
  
Profit attributable to shareholders of the Parent Company
    ￦ 4,409,543,288,213     ￦ 4,152,991,586,688     ￦ 4,631,932,222,629  
Deduction: Dividends on hybrid securities
      (71,537,500,000 )      (126,402,175,000 )      (184,915,050,000 ) 
  
 
 
    
 
 
    
 
 
  
Profit attributable to ordinary equity holders of the Parent Company
      4,338,005,788,213       4,026,589,411,688       4,447,017,172,629  
Adjustments: Interest expense on exchangeable bonds
      2,347,186,871       2,380,953,816       2,451,851,049  
  
 
 
    
 
 
    
 
 
  
Adjusted profit for diluted earnings per share
    ￦ 4,340,352,975,084     ￦ 4,028,970,365,504     ￦ 4,449,469,023,678  
  
 
 
    
 
 
    
 
 
  
37.2.2 Weighted average number of ordinary shares outstanding for diluted earnings per share
 
    
2021
     
2022
     
2023
  
    
(In number of shares)
  
Weighted average number of ordinary shares outstanding
      389,634,335        389,634,335        384,029,392  
Adjustment:
         
Stock grants
      3,945,208        4,306,711        4,300,774  
Exchangeable bonds
      5,000,000        5,000,000        5,000,000  
  
 
 
     
 
 
     
 
 
  
Adjusted weighted average number of ordinary shares outstanding for diluted earnings per share
      398,579,543        398,941,046        393,330,166  
  
 
 
     
 
 
     
 
 
  
37.2.3 Diluted earnings per share
 
    
2021
     
2022
     
2023
  
    
(In Korean won and in number of shares)
  
Adjusted profit for diluted earnings per share
    ￦ 4,340,352,975,084      ￦ 4,028,970,365,504      ￦ 4,449,469,023,678  
Adjusted weighted average number of ordinary shares outstanding for diluted earnings per share
      398,579,543        398,941,046        393,330,166  
  
 
 
     
 
 
     
 
 
  
Diluted earnings per share
    ￦ 10,890      ￦ 10,099      ￦ 11,312  
  
 
 
     
 
 
     
 
 
  
 
F-
202
38. Insurance Contracts
38.1 Details of insurance contract assets and insurance contract liabilities as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Life insurance
     
Non-life
insurance
  
    
Death
    
Health
    
Pension
     
Variables
     
Compound
     
Long-term
     
General
     
Automobile
     
Overseas
  
    
(In millions of Korean won)
  
Insurance contract assets
    ￦ —     ￦ —     ￦ —      ￦ —      ￦ —      ￦ 78,687      ￦ 4,617      ￦ —      ￦ —  
Insurance contract liabilities
      10,523,709       331,137       7,337,627        5,716,165        —        18,195,275        1,470,773        2,172,574        222,174  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net insurance contract liabilities
    ￦ 10,523,709     ￦ 331,137     ￦ 7,337,627      ￦ 5,716,165      ￦ —      ￦ 18,116,588      ￦ 1,466,156      ￦ 2,172,574      ￦ 222,174  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance contract assets
    ￦ 837     ￦ —     ￦ —      ￦ —      ￦ 3,827      ￦ 381,733      ￦ 1,014,265      ￦ 31,750      ￦ 63,554  
Reinsurance contract liabilities
      12,008       16,572       —        —        —        —        3,148        —        —  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net reinsurance contract assets (liabilities)
    ￦ (11,171 )    ￦ (16,572 )    ￦ —      ￦ —      ￦ 3,827      ￦ 381,733      ￦ 1,011,117      ￦ 31,750      ￦ 63,554  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
F-20
3
    
December 31, 2023
  
    
Life insurance
     
Non-life
insurance
  
    
Death
    
Health
    
Pension
     
Variables
     
Compound
     
Long-term
     
General
     
Automobile
     
Overseas
  
    
(In millions of Korean won)
  
Insurance contract assets
    ￦ —     ￦ —     ￦ —      ￦ —      ￦ —      ￦ 219,782      ￦ 9,858      ￦ —      ￦ —  
Insurance contract liabilities
      12,184,805       449,459       6,992,772        6,256,123        —        20,429,882        1,505,850        2,224,924        264,737  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net insurance contract liabilities
    ￦ 12,184,805     ￦ 449,459     ￦ 6,992,772      ￦ 6,256,123      ￦ —      ￦ 20,210,100      ￦ 1,495,992      ￦ 2,224,924      ￦ 264,737  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Reinsurance contract assets
    ￦ 365     ￦ —     ￦ —      ￦ —      ￦ 5,545      ￦ 455,016      ￦ 957,040      ￦ 10,513      ￦ 226,689  
Reinsurance contract liabilities
      14,913       17,275       —        —        —        —        3,842        —        —  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net reinsurance contract assets (liabilities)
    ￦ (14,548 )    ￦ (17,275 )    ￦ —      ￦ —      ￦ 5,545      ￦ 455,016      ￦ 953,198      ￦ 10,513      ￦ 226,689  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
F-20
4
38.2 Changes in insurance and reinsurance contract liabilities
38.2.1 Changes in insurance contract liabilities (assets) not applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
 
  
2022
 
 
  
Liability for Remaining Coverage
 
 
 
 
 
Total
 
 
  
Other than Loss

Component
 
 
Loss Component
 
 
Liability for

Incurred Claims
 
 
  
(In millions of Korean won)
 
Beginning
    ￦ 48,565,160     ￦ 151,369     ￦ 2,041,937     ￦ 50,758,466  
Insurance revenue
      (5,567,717 )      —       —       (5,567,717 ) 
Insurance service expenses
         
Insurance claims and expenses
      —       (7,714 )      4,101,680       4,093,966  
Amortization of insurance acquisition cash flows
      205,489       —       —       205,489  
Changes in fulfilment cash flows relating to incurred claims
      —       —       (113,284 )      (113,284 ) 
Losses on onerous contracts and reversals
      —       135,992       —       135,992  
Other insurance service expenses
      1,670       —       —       1,670  
Insurance service result
      (5,360,558 )      128,278       3,988,396       (1,243,884 ) 
Insurance finance income and expenses
      (7,590,060 )      2,423       23,863       (7,563,774 ) 
Investment components
      (6,373,789 )      —       6,373,789       —  
Cashflow
         
Premiums received
      12,396,650       —       —       12,396,650  
Insurance acquisition cash flows
      (1,873,773 )      —       —       (1,873,773 ) 
Incurred claims and expenses
      —       —       (6,904,161 )      (6,904,161 ) 
Other cashflow
      —       —       (3,540,943 )      (3,540,943 ) 
Total cashflow
      10,522,877       —       (10,445,104 )      77,773  
Other
      (1,763 )      —       (1,591 )      (3,354 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 39,761,867     ￦ 282,070     ￦ 1,981,290     ￦ 42,025,227  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-20
5
 
  
2023
 
 
  
Liability for Remaining Coverage
 
 
 
 
 
Total
 
 
  
Other than Loss

Component
 
 
Loss Component
 
 
Liability for

Incurred Claims
 
 
  
(In millions of Korean won)
 
Beginning
    ￦ 39,761,867     ￦ 282,070     ￦ 1,981,290     ￦ 42,025,227  
Insurance revenue
      (6,205,472 )      —       —       (6,205,472 ) 
Insurance service expenses
         
Insurance claims and expenses
      —       (18,741 )      4,505,137       4,486,396  
Amortization of insurance acquisition cash flows
      206,367       —       —       206,367  
Changes in fulfilment cash flows relating to incurred claims
      —       —       (47,991 )      (47,991 ) 
Losses on onerous contracts and reversals
      —       279,130       —       279,130  
Other insurance service expenses
      3,791       —       —       3,791  
Insurance service result
      (5,995,314 )      260,389       4,457,146       (1,277,779 ) 
Insurance finance income and expenses
      5,005,784       5,595       50,296       5,061,675  
Investment components
      (5,233,167 )      —       5,233,167       —  
Cashflow
         
Premiums received
      12,118,916       —       —       12,118,916  
Insurance acquisition cash flows
      (2,243,231 )      —       —       (2,243,231 ) 
Incurred claims and expenses
      —       —       (6,796,305 )      (6,796,305 ) 
Other cashflow
      —       —       (2,795,316 )      (2,795,316 ) 
Total cashflow
      9,875,685       —       (9,591,621 )      284,064  
Other
      72       —       —       72  
  
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 43,414,927     ￦ 548,054     ￦ 2,130,278     ￦ 46,093,259  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-20
6
38.2.2 Changes in insurance contract liabilities (assets) applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Liability for Remaining Coverage
     
Liability for Incurred Claims
        
    
Other than Loss

Component
    
Loss Component
     
Present value of

estimated future

cashflow
    
Risk adjustment

for non-financial

risks
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 1,754,875     ￦ 311      ￦ 1,792,381     ￦ 136,222     ￦ 3,683,789  
Insurance revenue
      (3,982,384 )      —        —       —       (3,982,384 ) 
Insurance service expenses
            
Insurance claims and expenses
      —       —        3,301,371       44,497       3,345,868  
Amortization of insurance acquisition cash flows
      426,638       —        —       —       426,638  
Changes in fulfilment cash flows relating to incurred claims
      —       —        (9,854 )      (101,987 )      (111,841 ) 
Losses on onerous contracts and reversals
      —       989        —       —       989  
Other insurance service expenses
      4,158       —        —       —       4,158  
Insurance service result
      (3,551,588 )      989        3,291,517       (57,490 )      (316,572 ) 
Insurance finance income and expenses
      3,378       —        14,915       (164 )      18,129  
Investment components
      (14,179 )      —        14,179       —       —  
Cashflow
            
Premiums received
      4,069,236       —        —       —       4,069,236  
Insurance acquisition cash flows
      (435,775 )      —        —       —       (435,775 ) 
Incurred claims and expenses
      —       —        (3,181,702 )      —       (3,181,702 ) 
Other cashflow
      —       —        —       —       —  
Total cashflow
      3,633,461       —        (3,181,702 )      —       451,759  
Other
      13,472       —        10,186       140       23,798  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Ending
    ￦ 1,839,419     ￦ 1,300      ￦ 1,941,476     ￦ 78,708     ￦ 3,860,903  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
F-20
7
    
2023
  
    
Liability for Remaining Coverage
     
Liability for Incurred Claims
        
    
Other than Loss

Component
    
Loss

Component
     
Present value of

estimated future

cashflow
    
Risk adjustment

for non-financial

risks
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 1,839,419     ￦ 1,300      ￦ 1,941,476     ￦ 78,708     ￦ 3,860,903  
Insurance revenue
      (4,090,221 )      —        —       —       (4,090,221 ) 
Insurance service expenses
            
Insurance claims and expenses
      —       —        3,545,909       55,663       3,601,572  
Amortization of insurance acquisition cash flows
      449,062       —        —       —       449,062  
Changes in fulfilment cash flows relating to incurred claims
      —       —        (226,333 )      (39,009 )      (265,342 ) 
Losses on onerous contracts and reversals
      —       807        —       —       807  
Other insurance service expenses
      4,956       —        —       —       4,956  
Insurance service result
      (3,636,203 )      807        3,319,576       16,654       (299,166 ) 
Insurance finance income and expenses
      (2,047 )      —        13,943       1,005       12,901  
Investment components
      —       —        —       —       —  
Cashflow
            
Premiums received
      4,176,452       —        —       —       4,176,452  
Insurance acquisition cash flows
      (455,528 )      —        —       —       (455,528 ) 
Incurred claims and expenses
      —       —        (3,323,187 )      —       (3,323,187 ) 
Other cashflow
      —       —        —       —       —  
Total cashflow
      3,720,924       —        (3,323,187 )      —       397,737  
Other
      11,238       —        1,972       68       13,278  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Ending
    ￦ 1,933,331     ￦ 2,107      ￦ 1,953,780     ￦ 96,435     ￦ 3,985,653  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
F-20
8
38.2.3 Changes in reinsurance contract assets (liabilities) not applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
 
  
2022
 
 
  
Liability for Remaining Coverage
 
 
 
 
 
Total
 
 
  
Other than Loss

Component
 
 
Loss Component
 
 
Liability for

Incurred Claims
 
 
  
(In millions of Korean won)
 
Beginning
    ￦ 68,343     ￦ 18,559     ￦ 305,754     ￦ 392,656  
Allocation of Reinsurance Premiums
      (132,741 )      —       —       (132,741 ) 
Reinsurance Recoverables
         
Reinsurance claims and expenses
      —       (2,250 )      124,436       122,186  
Changes in fulfilment cash flows relating to incurred claims
      —       —       (7,588 )      (7,588 ) 
Recovery from loss recovery component and reversals
      —       7,358       —       7,358  
Reinsurance service result
      (132,741 )      5,108       116,848       (10,785 ) 
Reinsurance finance income and expenses
      (58,406 )      483       4,824       (53,099 ) 
Effect of changes in exchange rate
      (33 )      (1 )      36       2  
Effect of changes in credit default risk of reinsurer
      748       —       (44 )      704  
Total reinsurance finance income and expenses
      (57,691 )      482       4,816       (52,393 ) 
Investment components
      (394,698 )      —       394,698       —  
Cashflow
         
Reinsurance Premiums Paid
      526,842       —       —       526,842  
Amounts recovered from reinsurer
      —       —       (501,759 )      (501,759 ) 
Total cashflow
      526,842       —       (501,759 )      25,083  
Other
      —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 10,055     ￦ 24,149     ￦ 320,357     ￦ 354,561  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-20
9
 
  
2023
 
 
  
Liability for Remaining Coverage
 
 
 
 
 
Total
 
 
  
Other than Loss

Component
 
 
Loss Component
 
 
Liability for

Incurred Claims
 
 
  
(In millions of Korean won)
 
Beginning
    ￦ 10,055     ￦ 24,149     ￦ 320,357     ￦ 354,561  
Allocation of Reinsurance Premiums
      (157,755 )      —       —       (157,755 ) 
Reinsurance Recoverables
         
Reinsurance claims and expenses
      —       (2,554 )      129,701       127,147  
Changes in fulfilment cash flows relating to incurred claims
      —       —       4,519       4,519  
Recovery from loss recovery component and reversals
      —       51,439       —       51,439  
Reinsurance service result
      (157,755 )      48,885       134,220       25,350  
Reinsurance finance income and expenses
      44,161       788       2,764       47,713  
Effect of changes in exchange rate
      4       (1 )      —       3  
Effect of changes in credit default risk of reinsurer
      161       —       138       299  
Total reinsurance finance income and expenses
      44,326       787       2,902       48,015  
Investment components
      (435,701 )      —       435,701       —  
Cashflow
         
Reinsurance Premiums Paid
      498,995       —       —       498,995  
Amounts recovered from reinsurer
      —       —       (501,074 )      (501,074 ) 
Total cashflow
      498,995       —       (501,074 )      (2,079 ) 
Other
      —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ (40,080 )    ￦ 73,821     ￦ 392,106     ￦ 425,847  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
1
0
38.2.4 Changes in reinsurance contract assets (liabilities) applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Liability for Remaining Coverage
    
Liability for Incurred Claims
        
   
Other than Loss

Component
    
Loss Component
    
Present value of

estimated future

cashflow
    
Risk adjustment

for non-financial

risks
    
Total
  
   
(In millions of Korean won)
  
Beginning
   ￦ 60,635     ￦ 50     ￦ 1,060,490     ￦ 91,286     ￦ 1,212,461  
Reinsurance service income
     (639,013 )      —       —       —       (639,013 ) 
Reinsurance service expenses
          
Reinsurance claims and expenses
     3,673       —       442,566       14,955       461,194  
Changes in fulfilment cash flows relating to incurred claims
     —       —       15,632       (76,572 )      (60,940 ) 
Recovery from loss recovery component and reversals
     —       179       —       —       179  
Reinsurance service result
     (635,340 )      179       458,198       (61,617 )      (238,580 ) 
Reinsurance finance income and expenses
     (391 )      —       4,121       380       4,110  
Effect of changes in exchange rate
     2,036       —       15,753       10       17,799  
Effect of changes in credit default risk of reinsurer
     112       —       (3,645 )      —       (3,533 ) 
Total reinsurance finance income and expenses
     1,757       —       16,229       390       18,376  
Investment components
     (13,773 )      —       13,773       —       —  
Cashflow
          
Reinsurance Premiums Paid
     598,817       —       —       —       598,817  
Amounts recovered from reinsurer
     —       —       (483,571 )      —       (483,571 ) 
Total cashflow
     598,817       —       (483,571 )      —       115,246  
Other
     420       —       1,791       (37 )      2,174  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 12,516     ￦ 229     ￦ 1,066,910     ￦ 30,022     ￦ 1,109,677  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
11
   
2023
  
   
Liability for Remaining Coverage
    
Liability for Incurred Claims
        
   
Other than Loss

Component
    
Loss Component
    
Present value of

estimated future

cashflow
    
Risk adjustment

for non-financial

risks
    
Total
  
   
(In millions of Korean won)
  
Beginning
   ￦ 12,516     ￦ 229     ￦ 1,066,910     ￦ 30,022     ￦ 1,109,677  
Reinsurance service income
     (679,353 )      —       —       —       (679,353 ) 
Reinsurance service expenses
          
Reinsurance claims and expenses
     4,485       —       665,538       29,797       699,820  
Changes in fulfilment cash flows relating to incurred claims
     —       —       (187,486 )      (12,475 )      (199,961 ) 
Recovery from loss recovery component and reversals
     —       151       —       —       151  
Reinsurance service result
     (674,868 )      151       478,052       17,322       (179,343 ) 
Reinsurance finance income and expenses
     750       —       (4,247 )      (455 )      (3,952 ) 
Effect of changes in exchange rate
     (1,736 )      —       6,033       —       4,297  
Effect of changes in credit default risk of reinsurer
     (43 )      —       (20,273 )      —       (20,316 ) 
Total reinsurance finance income and expenses
     (1,029 )      —       (18,487 )      (455 )      (19,971 ) 
Investment components
     (3,723 )      —       3,723       —       —  
Cashflow
          
Reinsurance Premiums Paid
     785,809       —       —       —       785,809  
Amounts recovered from reinsurer
     —       —       (496,962 )      —       (496,962 ) 
Total cashflow
     785,809       —       (496,962 )      —       288,847  
Other
     (6,171 )      —       365       (113 )      (5,919 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 112,534     ￦ 380     ￦ 1,033,601     ￦ 46,776     ￦ 1,193,291  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
12
38.3 Changes in components of insurance and reinsurance Liability
38.3.1 Changes in components of insurance contract liabilities (assets) not applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Present value of

estimated future

cashflow
    
Risk adjustment for

non-financial
risks
    
Contractual service

margin
    
Total
  
   
(In millions of Korean won)
  
Beginning
   ￦ 37,934,612     ￦ 1,496,778     ￦ 11,327,076     ￦ 50,758,466  
Future service related changes:
        
Changes in estimations adjusting contractual service margin
     (410,556 )      (863 )      411,419       —  
Losses on onerous contracts and reversals
     105,287       6,833       —       112,120  
Effect of new contracts
     (2,435,217 )      225,100       2,233,988       23,871  
Current period service related changes:
        
Contractual service margin recognized in profit or loss for the services provided
     —       —       (1,094,390 )      (1,094,390 ) 
Changes in risk adjustment due to release of risk
     —       (166,128 )      —       (166,128 ) 
Experience adjustment
     (6,933 )      —       —       (6,933 ) 
Others
     860       —       —       860  
Past period service related changes:
        
Changes in fulfilment cash flows relating to incurred claims
     (81,492 )      (31,792 )      —       (113,284 ) 
Insurance service result
     (2,828,051 )      33,150       1,551,017       (1,243,884 ) 
Insurance finance income and expenses
     (7,889,310 )      (54,488 )      380,024       (7,563,774 ) 
Cashflow for the period:
        
Premiums received
     12,396,650       —       —       12,396,650  
Insurance acquisition cash flows
     (1,873,773 )      —       —       (1,873,773 ) 
Incurred claims and expenses
     (6,904,161 )      —       —       (6,904,161 ) 
Other cashflow
     (3,540,943 )      —       —       (3,540,943 ) 
Total cashflow
     77,773       —       —       77,773  
Other
     (3,354 )    ￦ —     ￦ —     ￦ (3,354 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 27,291,670     ￦ 1,475,440     ￦ 13,258,117     ￦ 42,025,227  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
3
   
2023
  
   
Present value of

estimated future

cashflow
    
Risk adjustment for

non-financial
risks
    
Contractual service

margin
    
Total
  
   
(In millions of Korean won)
  
Beginning
   ￦ 27,291,670     ￦ 1,475,440     ￦ 13,258,117     ￦ 42,025,227  
Future service related changes:
        
Changes in estimations adjusting contractual service margin
     1,379,799       19,649       (1,399,448 )      —  
Losses on onerous contracts and reversals
     218,190       27,454       —       245,644  
Effect of new contracts
     (2,690,035 )      251,886       2,471,636       33,487  
Current period service related changes:
        
Contractual service margin recognized in profit or loss for the services provided
     —       —       (1,245,076 )      (1,245,076 ) 
Changes in risk adjustment due to release of risk
     —       (186,989 )      —       (186,989 ) 
Experience adjustment
     (76,855 )      —       —       (76,855 ) 
Past period service related changes:
        
Changes in fulfilment cash flows relating to incurred claims
     (15,528 )      (32,462 )      —       (47,990 ) 
Insurance service result
     (1,184,429 )      79,538       (172,888 )      (1,277,779 ) 
Insurance finance income and expenses
     4,479,170       118,749       463,756       5,061,675  
Cashflow for the period:
        
Premiums received
     12,118,916       —       —       12,118,916  
Insurance acquisition cash flows
     (2,243,231 )      —       —       (2,243,231 ) 
Incurred claims and expenses
     (6,796,305 )      —       —       (6,796,305 ) 
Other cashflow
     (2,795,316 )      —       —       (2,795,316 ) 
Total cashflow
     284,064       —       —       284,064  
Other
     72       —       —       72  
 
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 30,870,547     ￦ 1,673,727     ￦ 13,548,985     ￦ 46,093,259  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
4
38.3.2 Changes in components of reinsurance contract assets (liabilities) not applying the premium allocation approach for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Present value of

estimated future

cashflow
    
Risk adjustment for

non-financial
risks
    
Contractual service

margin
    
Total
  
   
(In millions of Korean won)
  
Beginning
   ￦ 328,510     ￦ 51,658     ￦ 12,488     ￦ 392,656  
Future service related changes
        
Changes in estimations adjusting contractual service margin
     53,503       26,699       (80,202 )      —  
Losses on onerous contracts and reversals
     5,704       1,519       —       7,223  
Effect of new contracts
     6,675       4,491       (11,030 )      136  
Current period service related changes
        
Contractual service margin recognized in profit or loss for the services provided
     —       —       (6,440 )      (6,440 ) 
Changes in risk adjustment due to release of risk
     —       (3,226 )      —       (3,226 ) 
Experience adjustment
     (890 )      —       —       (890 ) 
Past period service related changes
        
Changes in fulfilment cash flows relating to incurred claims
     (4,507 )      (3,081 )      —       (7,588 ) 
Reinsurance service result
     60,485       26,402       (97,672 )      (10,785 ) 
Reinsurance finance income and expenses
     (45,182 )      (8,161 )      244       (53,099 ) 
Effect of changes in exchange rate
     176       8       (182 )      2  
Effect of changes in credit default risk of reinsurer
     704       —       —       704  
Total reinsurance finance income and expenses
     (44,302 )      (8,153 )      62       (52,393 ) 
Cashflow for the period
        
Reinsurance Premiums Paid
     526,842       —       —       526,842  
Amounts recovered from reinsurer
     (501,759 )      —       —       (501,759 ) 
Other cashflow
     —       —       —       —  
Total cashflow
     25,083       —       —       25,083  
Other
     —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
  
Ending
   ￦ 369,776     ￦ 69,907     ￦ (85,122 )    ￦ 354,561  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
5
    
2023
  
    
Present value of

estimated future

cashflow
    
Risk adjustment for
non-financial
risks
    
Contractual service
margin
    
Total
  
    
(In millions of Korean won)
  
Beginning
    ￦ 369,776     ￦ 69,907     ￦ (85,122 )    ￦ 354,561  
Future service related changes
         
Changes in estimations adjusting contractual service margin
      (119,906 )      (19,901 )      139,807       —  
Losses on onerous contracts and reversals
      39,189       12,007       —       51,196  
Effect of new contracts
      24,733       10,910       (35,401 )      242  
Current period service related changes
         
Contractual service margin recognized in profit or loss for the services provided
      —       —       (100 )     (100 )
Changes in risk adjustment due to release of risk
      —       (5,354 )     —       (5,354 )
Experience adjustment
      (25,153 )      —       —       (25,153 ) 
Past period service related changes
         
Changes in fulfilment cash flows relating to incurred claims
      7,600       (3,081 )      —       4,519  
Reinsurance service result
      (73,537 )     (5,419 )     104,306       25,350  
Reinsurance finance income and expenses
      41,043       8,908       (2,238 )      47,713  
Effect of changes in exchange rate
      (5 )      —       8       3  
Effect of changes in credit default risk of reinsurer
      299       —       —       299  
Total reinsurance finance income and expenses
      41,337       8,908       (2,230 )      48,015  
Cashflow for the period
         
Reinsurance Premiums Paid
      498,995       —       —       498,995  
Amounts recovered from reinsurer
      (501,074 )      —       —       (501,074 ) 
Other cashflow
      —       —       —       —  
Total cashflow
      (2,079 )      —       —       (2,079 ) 
Other
      —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
  
Ending
    ￦ 335,497     ￦ 73,396     ￦ 16,954     ￦ 425,847  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
6
38.4 Details of insurance service results for the year ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Life insurance
    
Non-life
insurance
    
Total
  
   
Death
    
Health
    
Pension
    
Variables
    
Compound
    
Long-term
    
General
    
Automobile
    
Overseas
  
   
(In millions of Korean won)
  
Insurance revenue:
                    
Insurance contracts not applying the premium allocation approach:
                    
Expected insurance claims and expenses
   ￦ 249,018     ￦ 29,396     ￦ 37,311     ￦ 79,863     ￦ —     ￦ 3,724,523     ￦ —     ￦ —     ￦ —     ￦ 4,120,111  
Changes in risk adjustment due to release of risk
     8,610       8,931       15,545       (5,363 )      —       169,001       —       —       —       196,724  
Contractual service margin recognized in profit or loss for the services provided
     234,725       17,078       32,547       83,919       —       726,120       —       —       —       1,094,389  
Experience adjustments on premium related to current and past services
     —       —       —       —       —       —       —       —       —       —  
Recovery of insurance acquisition cash flows
     12,277       1,319       4,269       4,948       —       135,421       —       —       —       158,234  
Other insurance revenues
     (643 )      (256 )      (188 )      (654 )      —       —       —       —       —       (1,741 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Insurance revenue for insurance contracts not applying the premium allocation approach
     503,987       56,468       89,484       162,713       —       4,755,065       —       —       —       5,567,717  
Insurance revenue for insurance contracts applying the premium allocation approach
     —       —       —       —       —       —       1,299,905       2,566,770       115,709       3,982,384  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance revenue
   ￦ 503,987     ￦ 56,468     ￦ 89,484     ￦ 162,713     ￦ —     ￦ 4,755,065     ￦ 1,299,905     ￦ 2,566,770     ￦ 115,709     ￦ 9,550,101  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
7
   
2022
  
   
Life insurance
    
Non-life
insurance
    
Total
  
   
Death
    
Health
    
Pension
    
Variables
    
Compound
    
Long-term
    
General
    
Automobile
    
Overseas
  
   
(In millions of Korean won)
  
Insurance service expenses:
                    
Incurred claims and expenses
   ￦ (273,796 )    ￦ (33,206 )    ￦ (37,624 )    ￦ (87,844 )    ￦ —     ￦ (3,663,261 )    ￦ (1,001,488 )    ￦ (2,267,353 )    ￦ (81,186 )    ￦ (7,445,758 ) 
Amortization of insurance acquisition cash flows
     (12,277 )      (1,319 )      (4,269 )      (4,948 )      —       (182,676 )      (124,077 )      (300,181 )      (2,380 )      (632,127 ) 
Changes in fulfilment cash flows relating to incurred claims
     13,809       1,690       6,159       4,756       —       86,871       87,603       24,238       —       225,126  
Losses on onerous contracts and reversals
     5,957       (3,044 )      (16,648 )      (60,085 )      —       (61,430 )      (989 )      —       —       (136,239 ) 
Other insurance service expenses
     (780 )      66       421       (354 )      —       —       —       —       —       (647 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Insurance service expenses for insurance contracts not applying the premium allocation approach
     (267,087 )      (35,813 )      (51,961 )      (148,475 )      —       (3,820,496 )      —       —       —       (4,323,832 ) 
Insurance service expenses for insurance contracts applying the premium allocation approach
     —       —       —       —       —       —       (1,038,951 )      (2,543,296 )      (83,566 )      (3,665,813 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance service expenses
   ￦ (267,087 )    ￦ (35,813 )    ￦ (51,961 )    ￦ (148,475 )    ￦ —     ￦ (3,820,496 )    ￦ (1,038,951 )    ￦ (2,543,296 )    ￦ (83,566 )    ￦ (7,989,645 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance income:
                    
Recovery of incurred reinsurance claims and expenses
   ￦ 849     ￦ 1,510     ￦ —     ￦ —     ￦ 3,362     ￦ 119,913     ￦ 461,449     ￦ 20,594     ￦ (23,682 )    ￦ 583,995  
Changes in fulfilment cash flows relating to incurred claims
     (230 )      (409 )      —       —       (914 )      (8,785 )      (59,767 )      1,576       —       (68,529 ) 
Recognition and reversal of loss-recovery component
     (223 )      97       —       —       74       6,977       179       —       —       7,104  
Other reinsurance income
     (4 )      (8 )      —       —       (169 )      —       —       —       —       (181 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance income for reinsurance contracts not applying the premium allocation approach
     392       1,190       —       —       2,353       118,019       —       —       —       121,954  
Reinsurance income for reinsurance contracts applying the premium allocation approach
     —       —       —       —       —       86       401,861       22,170       (23,682 )      400,435  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance income
   ￦ 392     ￦ 1,190     ￦ —     ￦ —     ￦ 2,353     ￦ 118,105     ￦ 401,861     ￦ 22,170     ￦ (23,682 )    ￦ 522,389  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
8
   
2022
  
   
Life insurance
    
Non-life
insurance
    
Total
  
   
Death
    
Health
    
Pension
    
Variables
    
Compound
    
Long-term
    
General
    
Automobile
    
Overseas
  
   
(In millions of Korean won)
  
Reinsurance expense:
                    
Reinsurance contracts not applying the premium allocation approach:
                    
Expected recovery of incurred claims and expenses
   ￦ (965 )    ￦ (1,691 )    ￦ —     ￦ —     ￦ (1,223 )    ￦ (116,943 )    ￦ —     ￦ —     ￦ —     ￦ (120,822 ) 
Changes in risk adjustment due to release of risk
     (75 )      (174 )      —       —       (43 )      (5,802 )      —       —       —       (6,094 ) 
Contractual service margin recognized in profit or loss for the services received
     69       (347 )      —       —       (1,000 )      (5,162 )      —       —       —       (6,440 ) 
Experience adjustments on reinsurance premium related to current and past services
     —       —       —       —       —       —       —       —       —       —  
Other reinsurance expenses
     438       8       —       —       169       —       —       —       —       615  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    (533 )      (2,204 )      —       —       (2,097 )      (127,907 )      —       —       —       (132,741 ) 
Reinsurance expenses for reinsurance contracts applying the premium allocation approach
     —       —       —       —       —       (1,285 )      (602,496 )      (8,304 )      (26,928 )      (639,013 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance expense
     (533 )      (2,204 )      —       —       (2,097 )      (129,192 )      (602,496 )      (8,304 )      (26,928 )      (771,754 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance service result
   ￦ 236,759     ￦ 19,641     ￦ 37,523     ￦ 14,238     ￦ 256     ￦ 923,482     ￦ 60,319     ￦ 37,340     ￦ (18,467 )    ￦ 1,311,091  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-21
9
    
2023
  
    
Life insurance
     
Non-life
insurance
     
Total
  
    
Death
    
Health
    
Pension
    
Variables
    
Compound
     
Long-term
     
General
     
Automobile
     
Overseas
  
    
(In millions of Korean won)
  
Insurance revenue:
                          
Insurance contracts not applying the premium allocation approach:
                          
Expected insurance claims and expenses
    ￦ 254,876     ￦ 33,177     ￦ 35,907     ￦ 85,464     ￦ —      ￦ 4,138,267      ￦ —      ￦ —      ￦ —      ￦ 4,547,691  
Changes in risk adjustment due to release of risk
      18,099       2,846       4,720       4,992       —        184,724        —        —        —        215,381  
Contractual service margin recognized in profit or loss for the services provided
      287,724       19,960       35,629       89,669       —        812,094        —        —        —        1,245,076  
Experience adjustments on premium related to current and past services
      —       —       —       —       —        —        —        —        —        —  
Recovery of insurance acquisition cash flows
      18,996       2,835       6,167       5,339       —        170,819        —        —        —        204,156  
Other insurance revenues
      (3,444 )      (228 )      (2,409 )      (752 )      —        —        —        —        —        (6,833 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Insurance revenue for insurance contracts not applying the premium allocation approach
      576,251       58,590       80,014       184,712       —        5,305,904        —        —        —        6,205,471  
Insurance revenue for insurance contracts applying the premium allocation approach
      —       —       —       —       —        —        1,291,887        2,714,975        83,360        4,090,222  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total insurance revenue
    ￦ 576,251     ￦ 58,590     ￦ 80,014     ￦ 184,712     ￦ —      ￦ 5,305,904      ￦ 1,291,887      ￦ 2,714,975      ￦ 83,360      ￦ 10,295,693  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
F-2
20
    
2023
  
    
Life insurance
     
Non-life
insurance
    
Total
  
    
Death
    
Health
    
Pension
    
Variables
    
Compound
     
Long-term
    
General
    
Automobile
    
Overseas
  
    
(In millions of Korean won)
  
Insurance service expenses:
                      
Incurred claims and expenses
    ￦ (255,897 )    ￦ (36,962 )    ￦ (36,344 )    ￦ (89,211 )    ￦ —      ￦ (4,074,815 )    ￦ (1,058,394 )    ￦ (2,388,765 )    ￦ (159,369 )    ￦ (8,099,757 ) 
Amortization of insurance acquisition cash flows
      (18,996 )      (2,835 )      (6,167 )      (5,339 )      —        (173,030 )      (131,289 )      (314,720 )      (3,054 )      (655,430 ) 
Changes in fulfilment cash flows relating to incurred claims
      12,947       (650 )      (1,595 )      1,823       —        35,466       204,283       61,059       —       313,333  
Losses on onerous contracts and reversals
      (10,570 )      (13,678 )      (9,537 )      7,624       —        (246,136 )      (807 )      —       —       (273,104 ) 
Other insurance service expenses
      2,359       79       (4,453 )      (1,775 )      —        —       —       —       —       (3,790 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Insurance service expenses for insurance contracts not applying the premium allocation approach
      (270,157 )      (54,046 )      (58,096 )      (86,878 )      —        (4,458,515 )      —       —       —       (4,927,692 ) 
Insurance service expenses for insurance contracts applying the premium allocation approach
      —       —       —       —       —        —       (986,207 )      (2,642,426 )      (162,423 )      (3,791,056 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance service expenses
    ￦ (270,157 )    ￦ (54,046 )    ￦ (58,096 )    ￦ (86,878 )    ￦ —      ￦ (4,458,515 )    ￦ (986,207 )    ￦ (2,642,426 )    ￦ (162,423 )    ￦ (8,718,748 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance income:
                      
Recovery of incurred reinsurance claims and expenses
    ￦ 437     ￦ 1,759     ￦ —     ￦ —     ￦ 2,233      ￦ 127,608     ￦ 566,668     ￦ 825     ￦ 128,534     ￦ 828,064  
Changes in fulfilment cash flows relating to incurred claims
      (203 )      (198 )      —       —       410        1,979       (196,236 )      (1,193 )      —       (195,441 ) 
Recognition and reversal of loss-recovery component
      242       148       —       —       1,651        48,300       151       —       —       50,492  
Other reinsurance income
      —       —       —       —       —        —       —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance income for reinsurance contracts not applying the premium allocation approach
      476       1,709       —       —       4,294        176,626       —       —       —       183,105  
Reinsurance income for reinsurance contracts applying the premium allocation approach
      —       —       —       —       —        1,261       370,583       (368 )      128,534       500,010  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance income
    ￦ 476     ￦ 1,709     ￦ —     ￦ —     ￦ 4,294      ￦ 177,887     ￦ 370,583     ￦ (368 )    ￦ 128,534     ￦ 683,115  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
21
    
2023
  
    
Life insurance
    
Non-life
insurance
    
Total
  
    
Death
    
Health
    
Pension
     
Variables
     
Compound
    
Long-term
    
General
    
Automobile
    
Overseas
  
    
(In millions of Korean won)
  
Reinsurance expense:
                       
Reinsurance contracts not applying the premium allocation approach:
                       
Expected recovery of incurred claims and expenses
    ￦ (951 )    ￦ (2,081 )    ￦ —      ￦ —      ￦ (1,318 )    ￦ (146,243 )    ￦ —     ￦ —     ￦ —     ￦ (150,593 ) 
Changes in risk adjustment due to release of risk
      (126 )      (120 )      —        —        (47 )      (7,865 )      —       —       —       (8,158 ) 
Contractual service margin recognized in profit or loss for the services received
      (1,280 )      (369 )      —        —        (2,784 )      4,332       —       —       —       (101 ) 
Experience adjustments on reinsurance premium related to current and past services
      —       —       —        —        —       —       —       —       —       —  
Other reinsurance expenses
      14       8       —        —        1,075       —       —       —       —       1,097  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     (2,343 )      (2,562 )      —        —        (3,074 )      (149,776 )      —       —       —       (157,755 ) 
Reinsurance expenses for reinsurance contracts applying the premium allocation approach
      —       —       —        —        —       (1,812 )      (602,472 )      (9,478 )      (65,591 )      (679,353 ) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance expense
      (2,343 )      (2,562 )      —        —        (3,074 )      (151,588 )      (602,472 )      (9,478 )      (65,591 )      (837,108 ) 
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance service result
    ￦ 304,227     ￦ 3,691     ￦ 21,918      ￦ 97,834      ￦ 1,220     ￦ 873,688     ￦ 73,791     ￦ 62,703     ￦ (16,120 )    ￦ 1,422,952  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
2
2
38.5 The effect of new insurance contracts not applying the premium allocation approach for the year ended December 31, 2022 and 2023, are as follows:
38.5.1 Insurance contract
 
    
2022
  
    
Issued contract
        
    
Other than onerous

contract
    
Onerous contract
    
Total
  
    
(In millions of Korean won)
  
Estimated Present Value of Future Cash Outflows
    ￦ 10,718,344     ￦ 569,496     ￦ 11,287,840  
Insurance Acquisition Cash Flow
      1,819,665       87,760       1,907,425  
Insurance Claims and Service Expenses
      8,898,679       481,736       9,380,415  
Estimated Present Value of Future Cash Inflows
      (13,171,925 )      (551,132 )      (13,723,057 ) 
Risk Adjustment for Non-Financial Risks
      219,593       5,507       225,100  
Contractual service margin
      2,233,988       —       2,233,988  
  
 
 
    
 
 
    
 
 
  
Effect on financial statements of initial recognition of contracts
    ￦ —     ￦ 23,871     ￦ 23,871  
  
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
Issued contract
        
    
Other than onerous

contract
    
Onerous contract
    
Total
  
    
(In millions of Korean won)
  
Estimated Present Value of Future Cash Outflows
    ￦ 11,999,588     ￦ 467,686     ￦ 12,467,274  
Insurance Acquisition Cash Flow
      2,354,262       80,797       2,435,059  
Insurance Claims and Service Expenses
      9,645,326       386,889       10,032,215  
Estimated Present Value of Future Cash Inflows
      (14,716,101 )      (441,208 )      (15,157,309 ) 
Risk Adjustment for Non-Financial Risks
      244,877       7,009       251,886  
Contractual service margin
      2,471,636       —       2,471,636  
  
 
 
    
 
 
    
 
 
  
Effect on financial statements of initial recognition of contracts
    ￦ —     ￦ 33,487     ￦ 33,487  
  
 
 
    
 
 
    
 
 
  
 
F-22
3
38.5.2 Reinsurance contract
 
    
2022
  
    
Purchased contract
        
    
Net cost contract
    
Net gain contract
    
Total
  
    
(In millions of Korean won)
  
Estimated Present Value of Future Cash Inflows
    ￦ 58,068     ￦ 582,353     ￦ 640,421  
Estimated Present Value of Future Cash Outflows
      (66,905 )      (566,841 )      (633,746 ) 
Risk Adjustment for
Non-Financial
Risks
      889       3,602       4,491  
Contractual service margin
      8,084       (19,114 )      (11,030 ) 
  
 
 
    
 
 
    
 
 
  
Effect on financial statements of initial recognition of contracts
    ￦ 136     ￦ —     ￦ 136  
  
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
Purchased contract
        
    
Net cost contract
    
Net gain contract
    
Total
  
    
(In millions of Korean won)
  
Estimated Present Value of Future Cash Inflows
    ￦ 50,455     ￦ 948,180     ￦ 998,635  
Estimated Present Value of Future Cash Outflows
      (52,749 )      (921,153 )      (973,902 ) 
Risk Adjustment for
Non-Financial
Risks
      532       10,378       10,910  
Contractual service margin
      2,004       (37,405 )      (35,401 ) 
  
 
 
    
 
 
    
 
 
  
Effect on financial statements of initial recognition of contracts
    ￦ 242     ￦ —     ￦ 242  
  
 
 
    
 
 
    
 
 
  
 
F-22
4
38.6 The annual expected amortization schedule of contractual service margin of insurance contracts and reinsurance contracts not applying the premium allocation approach as of December 31, 2022 and 2023, are as follows:
 
        
December 31, 2022
  
        
Less than a

year
    
1 ~ 2 years
    
2 ~ 3 years
    
3 ~ 4 years
    
4 ~ 5 years
    
5 ~ 10 years
    
10 ~ 20 years
    
20 ~ 30 years
    
Over 30 years
  
        
(In millions of Korean won)
  
Insurance contract issued
 
Life insurance
    Death   ￦ 264,108     ￦ 243,645     ￦ 225,339     ￦ 208,911     ￦ 193,751     ￦ 752,438     ￦ 886,420     ￦ 428,872     ￦ 211,872  
   Health     16,624       15,214       14,010       12,969       12,073       47,228       56,227       31,533       30,559  
   Pension     33,757       31,591       29,519       27,562       25,591       99,212       110,919       48,345       26,468  
   Variables     86,630       80,721       75,325       70,312       65,733       259,099       313,790       172,119       104,449  
Non-life
insurance
     718,139       657,436       599,796       551,952       512,352       2,030,614       2,508,514       365,526       853  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance contract issued
   ￦ 1,119,258     ￦ 1,028,607     ￦ 943,989     ￦ 871,706     ￦ 809,500     ￦ 3,188,591     ￦ 3,875,870     ￦ 1,046,395     ￦ 374,201  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance contract held
                  
Life insurance
    Death   ￦ 927     ￦ 868     ￦ 810     ￦ 742     ￦ 679     ￦ 2,577     ￦ 3,377     ￦ 2,066     ￦ 1,149  
   Health     277       193       133       86       50       (303 )      (2,238 )      (1,424 )      (1,623 ) 
   Compound     672       444       370       313       267       584       224       134       79  
Non-life
insurance
     (11,054 )      (9,487 )      (7,940 )      (6,783 )      (5,954 )      (24,352 )      (22,685 )      (6,906 )      (1,394 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance contract held
   ￦ (9,178 )    ￦ (7,982 )    ￦ (6,627 )    ￦ (5,642 )    ￦ (4,958 )    ￦ (21,494 )    ￦ (21,322 )    ￦ (6,130 )    ￦ (1,789 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-22
5
        
December 31, 2023
  
        
Less than a

year
    
1 ~ 2 years
    
2 ~ 3 years
    
3 ~ 4 years
    
4 ~ 5 years
    
5 ~ 10 years
    
10 ~ 20 years
    
20 ~ 30 years
    
Over 30 years
  
        
(In millions of Korean won)
  
Insurance contract issued
 
Life insurance
    Death   ￦ 236,323     ￦ 215,942     ￦ 199,712     ￦ 184,953     ￦ 171,431     ￦ 665,906     ￦ 822,117     ￦ 451,691     ￦ 293,496  
   Health     17,918       16,121       14,586       13,283       12,126       44,083       43,608       20,913       20,140  
   Pension     33,910       30,602       27,735       25,600       23,797       94,360       118,308       54,580       22,581  
   Variables     84,188       78,083       72,584       67,631       63,069       245,804       287,816       155,736       100,329  
Non-life
insurance
     766,180       704,554       642,277       592,651       551,089       2,182,217       2,708,480       367,995       2,480  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance contract issued
   ￦ 1,138,519     ￦ 1,045,302     ￦ 956,894     ￦ 884,118     ￦ 821,512     ￦ 3,232,370     ￦ 3,980,329     ￦ 1,050,915     ￦ 439,026  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance contract held
                  
Life insurance
    Death   ￦ 2,131     ￦ 1,793     ￦ 1,548     ￦ 1,348     ￦ 1,181     ￦ 3,888     ￦ 2,155     ￦ 1,123     ￦ 640  
   Health     (299 )      (278 )      (266 )      (278 )      (314 )      (1,553 )      (2,578 )      (1,612 )      (1,802 ) 
   Compound     1,136       501       416       353       302       924       935       512       318  
Non-life
insurance
     (3,170 )     (2,994 )      (2,465 )      (1,934 )      (1,593 )      (8,206 )      2,165       8,672       14,255  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance contract held
   ￦ (202 )   ￦ (978 )    ￦ (767 )    ￦ (511 )    ￦ (424 )    ￦ (4,947 )    ￦ 2,677     ￦ 8,695     ￦ 13,411  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-22
6
38.7 The details and fair value of the underlying items of insurance contracts with direct participation features as of December 31, 2022 and 2023, are as follows:
 
    
2022
     
2023
  
    
(In millions of Korean won)
  
Underlying items held by the Group
      
Cash and cash equivalents
    ￦ 188,934      ￦ 122,467  
Equity securities
      628,864        750,765  
Debt securities
      1,210,947        1,167,554  
Beneficiary certificates
      1,022,401        1,271,117  
Other securities
      481,122        446,193  
Loans
      76,892        23,346  
Others
      13,857        16,366  
  
 
 
     
 
 
  
Total
    ￦ 3,623,017      ￦ 3,797,808  
  
 
 
     
 
 
  
 
F-22
7
38.8 Details of other insurance finance income and expenses for the year ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Life insurance
    
Non-life
insurance
    
Total
  
    
Retirement
    
Variables
    
Others
    
Long-term
    
General and
Automobile
    
Overseas
    
Others
  
    
(In millions of Korean won)
  
Investment income (expenses)
                 
Investment income (expenses) recognized in profit or loss:
                 
Net Interest Income (Expense)
    ￦ 26,007     ￦ 59,664     ￦ 519,848     ￦ 511,878     ￦ 112,397     ￦ 7,615     ￦ 19,479     ￦ 1,256,888  
Dividend income
      3,329       31,155       70,083       554       34,276       2       285       139,684  
Gains (losses) on valuation and disposal of securities
      (34,287 )      (830,878 )      (332,183 )      (224,117 )      (315,133 )      202       (60,062 )      (1,796,458 ) 
Gains (losses) on valuation and disposal of loans and receivables
      —       —       —       (16,345 )      (5,430 )      (3 )      (1,002 )      (22,780 ) 
Gains (losses) on derivatives
      (3,073 )      (17,071 )      (120,356 )      (141,842 )      (69,675 )      —       —       (352,017 ) 
Gains (losses) on investments in subsidiaries
      —       —       —       (18,001 )      —       —       —       (18,001 ) 
Foreign exchange gains (losses)
      3,650       67,569       64,493       136,255       82,974       94       —       355,035  
Other investment income (expenses)
      (5,032 )      (63 )      97,061       (11,501 )      173,663       (997 )      41,102       294,233  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     (9,406 )      (689,624 )      298,946       236,881       13,072       6,913       (198 )      (143,416 ) 
Investment income (expenses) recognized in other comprehensive income
      (48,682 )      —       (3,230,491 )      (2,949,143 )      (262,195 )      (14,132 )      (171,628 )      (6,676,271 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total investment income (expenses)
    ￦ (58,088 )    ￦ (689,624 )    ￦ (2,931,545 )    ￦ (2,712,262 )    ￦ (249,123 )    ￦ (7,219 )    ￦ (171,826 )    ￦ (6,819,687 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-22
8
    
2022
  
    
Life insurance
    
Non-life
insurance
    
Total
  
    
Retirement
    
Variables
    
Others
    
Long-term
    
General and

Automobile
    
Overseas
    
Others
  
    
(In millions of Korean won)
  
Insurance finance income (expenses)
                 
Insurance finance income (expenses) recognized in profit or loss:
                 
Net Interest Income (Expense)
    ￦ —     ￦ (85,614 )    ￦ (718,823 )    ￦ (684,645 )    ￦ (4,134 )    ￦ —     ￦ —     ￦ (1,493,216 ) 
Effect of changes in discount rates and financial assumptions
      —       267,304       87,422       —       —       —       —       354,726  
Effect of exchange rate fluctuations
      —       (49,771 )      (5,191 )      —       (19,970 )      —       —       (74,932 ) 
Changes in the fair value of the underlying assets of insurance contract with direct participation features
      —       537,304       —       —       —       —       —       537,304  
Other insurance finance income (expenses)
      —       —       —       (2,558 )      1,379       (1,867 )      —       (3,046 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     —       669,223       (636,592 )      (687,203 )      (22,725 )      (1,867 )      —       (679,164 ) 
Insurance finance income (expenses) recognized in other comprehensive income
      —       126,971       3,891,544       4,199,832       6,463       —       —       8,224,810  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total insurance finance income (expenses)
    ￦ —     ￦ 796,194     ￦ 3,254,952     ￦ 3,512,629     ￦ (16,262 )    ￦ (1,867 )    ￦ —     ￦ 7,545,646  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reinsurance finance income (expenses)
                 
Reinsurance finance income (expenses) recognized in profit or loss:
                 
Net Interest Income (Expense)
    ￦ —     ￦ —     ￦ (990 )    ￦ 12,741     ￦ 2,512     ￦ —     ￦ —     ￦ 14,263  
Effect of changes in discount rates and financial assumptions
      —       —       (251 )      —       —       —       —       (251 ) 
Effect of exchange rate fluctuations
      —       —       2       —       17,799       —       —       17,801  
Other reinsurance finance income (expenses)
      —       —       (4 )      5,800       2,094       1,734       —       9,624  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     —       —       (1,243 )      18,541       22,405       1,734       —       41,437  
Reinsurance finance income (expenses) recognized in other comprehensive income
      —       —       10,384       (80,075 )      (5,764 )      —       —       (75,455 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total reinsurance finance income (expenses)
      —       —       9,141       (61,534 )      16,641       1,734       —       (34,018 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (expenses)
    ￦ (58,088 )    ￦ 106,570     ￦ 332,548     ￦ 738,833     ￦ (248,744 )    ￦ (7,352 )    ￦ (171,826 )    ￦ 691,941  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-22
9
    
2023
  
    
Life insurance
    
Non-life
insurance
    
Total
  
    
Retirement
    
Variables
    
Others
    
Long-term
    
General and
Automobile
    
Overseas
    
Others
  
    
(In millions of Korean won)
  
Investment income (expenses)
                 
Investment income (expenses) recognized in profit or loss:
                 
Net Interest Income (Expense)
    ￦ 10,394     ￦ 71,348     ￦ 497,110     ￦ 514,745     ￦ 129,246     ￦ 7,017     ￦ (79,289 )    ￦ 1,150,571  
Dividend income
      450       33,520       8,965       4,210       29,316       2       1,851       78,314  
Gains (losses) on valuation and disposal of securities
      (3,375 )      446,698       (129,888 )      24,789       48,870       (9,160 )      8,895       386,829  
Gains (losses) on valuation and disposal of loans and receivables
      —       —       —       1,563       (10,400 )      —       1,671       (7,166 ) 
Gains (losses) on derivatives
      (2,269 )      (9,153 )      (34,523 )      (80,755 )      (44,211 )      —       —       (170,911 ) 
Gains (losses) on investments in subsidiaries
      —       —       (135 )      999       —       —       —       864  
Foreign exchange gains (losses)
      1,518       14,633       34,594       60,644       31,552       (47 )      —       142,894  
Other investment income (expenses)
      (26,831 )      23,874       93,458       (48,446 )      198,876       (1,162 )      66,718       306,487  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     (20,113 )      580,920       469,581       477,749       383,249       (3,350 )      (154 )      1,887,882  
Investment income (expenses) recognized in other comprehensive income
      30,623       —       1,831,878       1,517,293       129,012       9,947       154,660       3,673,413  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total investment income (expenses)
    ￦ 10,510     ￦ 580,920     ￦ 2,301,459     ￦ 1,995,042     ￦ 512,261     ￦ 6,597     ￦ 154,506     ￦ 5,561,295  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
30
    
2023
  
    
Life insurance
    
Non-life
insurance
     
Total
  
    
Retirement
     
Variables
    
Others
    
Long-term
    
General and
Automobile
    
Overseas
    
Others
  
    
(In millions of Korean won)
  
Insurance finance income (expenses)
                   
Insurance finance income (expenses) recognized in profit or loss:
                   
Net Interest Income (Expense)
    ￦ —      ￦ (92,048 )    ￦ (744,571 )    ￦ (726,365 )    ￦ (3,875 )    ￦ —     ￦ —      ￦ (1,566,859 ) 
Effect of changes in discount rates and financial assumptions
      —        (106,375 )      30,743       —       —       —       —        (75,632 ) 
Effect of exchange rate fluctuations
      —        (2,792 )      (1,702 )      —       (5,416 )      —       —        (9,910 ) 
Changes in the fair value of the underlying assets of insurance contract with direct participation features
      —        (352,888 )      —       —       —       —       —        (352,888 ) 
Other insurance finance income (expenses)
      —        —       —       4,229       (686 )      (41 )      —        3,502  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
     —        (554,103 )      (715,530 )      (722,136 )      (9,977 )      (41 )      —        (2,001,787 ) 
Insurance finance income (expenses) recognized in other comprehensive income
      —        (63,785 )      (1,323,613 )      (1,682,508 )      (2,882 )      —       —        (3,072,788 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Total insurance finance income (expenses)
    ￦ —      ￦ (617,888 )    ￦ (2,039,143 )    ￦ (2,404,644 )    ￦ (12,859 )    ￦ (41 )    ￦ —      ￦ (5,074,575 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Reinsurance finance income (expenses)
                   
Reinsurance finance income (expenses) recognized in profit or loss:
                   
Net Interest Income (Expense)
    ￦ —      ￦ —     ￦ (1,031 )    ￦ 12,629     ￦ 2,558     ￦ —     ￦ —      ￦ 14,156  
Effect of changes in discount rates and financial assumptions
      —        —       (270 )      —       —       —       —        (270 ) 
Effect of exchange rate fluctuations
      —        —       (8 )      —       4,297       —       —        4,289  
Other reinsurance finance income (expenses)
      —        —       (3 )      359       (28,312 )      (269 )      —        (28,225 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
     —        —       (1,312 )      12,988       (21,457 )      (269 )      —        (10,050 ) 
Reinsurance finance income (expenses) recognized in other comprehensive income
      —        —       (3,041 )      39,381       1,755       —       —        38,095  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Total reinsurance finance income (expenses)
      —        —       (4,353 )      52,369       (19,702 )      (269 )      —        28,045  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
Net investment income (expenses)
    ￦ 10,510      ￦ (36,968 )    ￦ 257,963     ￦ (357,233 )    ￦ 479,700     ￦ 6,287     ￦ 154,506      ￦ 514,765  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
F-2
3
1
38.9 Insurance income and changes in contractual service margin of insurance contracts not applying the premium allocation approach by transition approaches for the year ended December 31, 2022 and 2023, are as follows:
38.9.1 Insurance contract
 
    
2022
  
    
Contracts applying the

fair value approach
    
All other contracts
    
Total
  
    
(In millions of Korean won)
  
Insurance income
    ￦ 2,660,459     ￦ 2,907,258     ￦ 5,567,717  
  
 
 
    
 
 
    
 
 
  
Beginning contractual service margin
      2,308,718       9,018,358       11,327,076  
Current period service related changes
       
Profit or loss recognized related to service provided
      (180,297 )      (914,093 )      (1,094,390 ) 
Future service related changes
       
Changes in estimations adjusting contractual service margin
      119,825       291,595       411,420  
Effect of new contracts
      —       2,233,988       2,233,988  
  
 
 
    
 
 
    
 
 
  
Insurance service result
      (60,472 )      1,611,490       1,551,018  
Insurance finance income and expenses
      76,715       303,308       380,023  
  
 
 
    
 
 
    
 
 
  
Ending contractual service margin
    ￦ 2,324,961     ￦ 10,933,156     ￦ 13,258,117  
  
 
 
    
 
 
    
 
 
  
 
    
2023
  
    
Contracts applying the

fair value approach
    
All other contracts
    
Total
  
    
(In millions of Korean won)
  
Insurance income
    ￦ 2,778,549     ￦ 3,426,923     ￦ 6,205,472  
  
 
 
    
 
 
    
 
 
  
Beginning contractual service margin
      2,324,961       10,933,156       13,258,117  
Current period service related changes
       
Profit or loss recognized related to service provided
      (203,155 )      (1,041,921 )      (1,245,076 ) 
Future service related changes
       
Changes in estimations adjusting contractual service margin
      626,984       (2,026,432 )      (1,399,448 ) 
Effect of new contracts
      —       2,471,636       2,471,636  
  
 
 
    
 
 
    
 
 
  
Insurance service result
      423,829       (596,717 )      (172,888 ) 
Insurance finance income and expenses
      82,383       381,373       463,756  
  
 
 
    
 
 
    
 
 
  
Ending contractual service margin
    ￦ 2,831,173     ￦ 10,717,812     ￦ 13,548,985  
  
 
 
    
 
 
    
 
 
  
 
F-2
32
38.9.2 Reinsurance contract
 
   
2022
  
   
Contracts applying the

fair value approach
    
All other contracts
    
Total
  
   
(In millions of Korean won)
  
Allocation of Reinsurance Premiums
   ￦ (65,299 )    ￦ (67,442 )    ￦ (132,741 ) 
 
 
 
    
 
 
    
 
 
  
Beginning contractual service margin
     57,423       (44,935 )      12,488  
Current period service related changes
      
Profit or loss recognized related to service received
     (7,547 )      1,107       (6,440 ) 
Future service related changes
      
Changes in estimations adjusting contractual service margin
     44,191       (124,393 )      (80,202 ) 
Effect of new contracts
     —       (11,030 )      (11,030 ) 
 
 
 
    
 
 
    
 
 
  
Reinsurance service result
     36,644       (134,316 )      (97,672 ) 
Reinsurance finance income and expenses
     1,578       (1,516 )      62  
 
 
 
    
 
 
    
 
 
  
Ending contractual service margin
   ￦ 95,645     ￦ (180,767 )    ￦ (85,122 ) 
 
 
 
    
 
 
    
 
 
  
 
   
2023
  
   
Contracts applying the

fair value approach
    
All other contracts
    
Total
  
   
(In millions of Korean won)
  
Allocation of Reinsurance Premiums
   ￦ (65,600 )    ￦ (92,155 )    ￦ (157,755 ) 
 
 
 
    
 
 
    
 
 
  
Beginning contractual service margin
     95,645       (180,767 )      (85,122 ) 
Current period service related changes
      
Profit or loss recognized related to service received
     (13,832 )      13,732       (100 ) 
Future service related changes
      
Changes in estimations adjusting contractual service margin
     84,818       54,990       139,808  
Effect of new contracts
     —       (35,401 )     (35,401 )
 
 
 
    
 
 
    
 
 
  
Reinsurance service result
     70,986       33,321       104,307  
Reinsurance finance income and expenses
     4,265       (6,496 )      (2,231 ) 
 
 
 
    
 
 
    
 
 
  
Ending contractual service margin
   ￦ 170,896     ￦ (153,942 )   ￦ 16,954  
 
 
 
    
 
 
    
 
 
  
38.10 Changes in other comprehensive income of financial instruments related to insurance contract groups that applied the modified retrospective approach or the fair value approach at the transition date
Changes in other comprehensive income of financial instruments related to insurance contract groups for the year ended December 31, 2022 and 2023, are as follows:
 
    
2022
    
2023
  
    
(In millions of Korean won)
  
Beginning
    ￦ 132,695     ￦ (965,165 ) 
Changes due to fair value measurement
      (1,507,494 )      533,590  
Changes due to reclassification to profit or loss
      11,317       38,216  
Income tax effect
      398,317       (152,270 ) 
  
 
 
    
 
 
  
Ending
    ￦ (965,165 )    ￦ (545,629 ) 
  
 
 
    
 
 
  
 
F-23
3
38.11 Risk Management of KB Insurance Co., Ltd.
38.11.1 Overview of insurance risk
Insurance risk is the risk that arises from a primary operation of insurance companies that is associated with underwriting of insurance contracts and payment of claims, which has the risk of greater loss incurring than anticipated by the Group. The Group manages insurance risk in different categories of long-term insurance, general insurance, and automobile insurance.
38.11.1.1 Key items of Long-term insurance
 
Mortality Risk    Risk of unexpected losses due to premature death compared to the insured’s expectations.
Longevity Risk    Risk of unexpected losses due to delayed death compared to the insured’s expectations.
Disability/Illness Risk    Risk of unexpected losses related to the insured’s disability and illness.
Long-term Property/Other Risks    Risk of unexpected losses related to property, expenses, indemnities, and other collateral in long-term insurance.
Termination Risk    Risk of losses due to unexpected exercise of legal rights or contractual options by policyholders.
Expense Risk    Risk of losses due to fluctuations in future costs and expenditure variations caused by inflation in relation to insurance contract costs.
Catastrophic Risk    Risk of extreme, exceptional losses (e.g., epidemics, major accidents) not considered in mortality risk, etc.
38.11.1.2 Key items of general and automobile insurance
Price Risk    Risk of losses exceeding the expected mortality rate and expense ratio calculated when determining insurance premiums.
Reserve Risk    Risk of being unable to cover future insurance payments reserved for incurred but not reported insurance accidents.
Catastrophic Risk    Risk of losses due to extreme, exceptional risks not considered in insurance price risk and reserve risk.
38.11.2 Purposes, policies, and procedures to manage risk arising from insurance contracts
The risks associated with insurance contracts that the Group faces are insurance actuarial risk and underwriting risk. Each risk occurs due to insurance contract’s pricing and conditions of underwriting. In order to minimize the possibility of acquiring a bad contract, the Group has established and operated detailed underwriting guidelines and underwriting procedures by insurance type that specify detailed underwriting conditions according to the type of risk covered through
pre-analysis
of insured property. In addition, the Group is making efforts to reduce insurance actuarial risk by
follow-up
measures such as adjustments of premium rate, changes of sales conditions, termination of selling specific product, development of new product, and others through comparing and analyzing the expected risk level at the date of pricing and actual risk level after the acceptance. The Group has prepared a process to minimize management risk other than insurance actuarial risk and underwriting risk by operating a committee that shares opinions on underwriting policies and premium rate policies and decides important matters.
 
F-23
4
In addition, by establishing a reinsurance operating strategy according to the reinsurance operating standards, the Group is preparing for the possibility of incurring high claim expenses at once due to unexpected catastrophic accidents while maintaining an appropriate holding level considering the solvency of the Group. The Group supports the protection and stable interests of policyholders, and comprehensively manages risks to maximize corporate value in the mid to long term.
38.11.3 Concentration of insurance risk
The Group is selling various insurance contracts such as general
non-life
insurances (fire, maritime, injury, technology, liability, package, title, guarantee, and other special type insurances), automobile insurances (for private use, for business use, for commercial use, bicycle, and others), long-term insurances (long-term
non-life,
property damage, injury, driver, savings, illness, nursing, and pension), and others. The Group’s risk is distributed through reinsurance, joint acceptance, and sales of diversified insurance products. In addition, insurances such as storm and flood insurance, which have a very low probability of occurrence but cover severe levels of risk, are controlled through acceptance limit and joint acquisition.
38.11.3.1 Before reinsurance mitigation
 
    
December 31, 2022
  
    
Domestic
    
United States
     
China
     
Others
  
    
(In millions of Korean won)
  
General insurance
           
Fire
    ￦ 7,658     ￦ —      ￦ —      ￦ —  
Maritime
      46,183       —        —        —  
Others
      1,430,584       174,591        30,666        16,917  
Long-term insurance
           
Injury, illness, and property
      12,558,723       —        —        —  
Pension
      5,630,085       —        —        —  
Others
      (72,220 )      —        —        —  
Automobile insurance
      2,172,574       —        —        —  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    ￦ 21,773,587     ￦ 174,591      ￦ 30,666      ￦ 16,917  
  
 
 
    
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Domestic
    
United States
     
China
     
Others
  
    
(In millions of Korean won)
  
General insurance
           
Fire
    ￦ 8,422     ￦ —      ￦ —      ￦ —  
Maritime
      56,463       —        —        —  
Others
      1,447,462       151,891        86,167        26,679  
Long-term insurance
           
Injury, illness, and property
      15,215,463       —        —        —  
Pension
      5,211,720       —        —        —  
Others
      (217,084 )      —        —        —  
Automobile insurance
      2,224,924       —        —        —  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    ￦ 23,947,370     ￦ 151,891      ￦ 86,167      ￦ 26,679  
  
 
 
    
 
 
     
 
 
     
 
 
  
 
F-23
5
38.11.3.2 After reinsurance mitigation
 
    
December 31, 2022
  
    
Domestic
    
United States
     
China
     
Others
  
    
(In millions of Korean won)
  
General insurance
           
Fire
    ￦ 10,805     ￦ —      ￦ —      ￦ —  
Maritime
      29,743       —        —        —  
Others
      435,808       132,953        20,689        4,978  
Long-term insurance
           
Injury, illness, and property
      12,176,990       —        —        —  
Pension
      5,630,085       —        —        —  
Others
      (72,220 )      —        —        —  
Automobile insurance
      2,140,824       —        —        —  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    ￦ 20,352,035     ￦ 132,953      ￦ 20,689      ￦ 4,978  
  
 
 
    
 
 
     
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Domestic
    
United States
     
China
     
Others
  
    
(In millions of Korean won)
  
General insurance
           
Fire
    ￦ 12,258     ￦ —      ￦ —      ￦ —  
Maritime
      29,637       —        —        —  
Others
      520,007       3,455        26,526        8,067  
Long-term insurance
           
Injury, illness, and property
      14,760,447       —        —        —  
Pension
      5,211,720       —        —        —  
Others
      (217,084 )      —        —        —  
Automobile insurance
      2,214,411       —        —        —  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total
    ￦ 22,531,396     ￦ 3,455      ￦ 26,526      ￦ 8,067  
  
 
 
    
 
 
     
 
 
     
 
 
  
 
F-23
6
38.11.4 Claims development tables
The Group verifies and evaluates the adequacy of reserve for outstanding claims for general, automobile, and long-term insurance with methods such as paid loss development trend and incurred loss development trend. If the individually estimated claims are insufficient, the Group recognizes additional reserves. Claims development tables as of December 31, 2022 and 2023, are as follows:
38.11.4.1 Claims development tables as of December 31, 2022
38.11.4.1.1 Before reinsurance mitigation
General Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 645,886     ￦ 513,396     ￦ 559,484     ￦ 839,279     ￦ 926,787     ￦ 918,732     ￦ —  
2 years
     804,327       545,691       567,735       1,035,332       923,424       —       —  
3 years
     793,670       543,816       592,403       954,050       —       —       —  
4 years
     623,519       565,489       598,698       —       —       —       —  
5 years
     651,294       570,120       —       —       —       —       —  
6 years
     654,480       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 654,480     ￦ 570,120     ￦ 598,698     ￦ 954,050     ￦ 923,424     ￦ 918,732     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (648,276 )    ￦ (552,271 )    ￦ (550,636 )    ￦ (690,899 )    ￦ (635,141 )    ￦ (433,386 )    ￦ —  
Difference between estimated final loss and claim payments.
     6,204       17,849       48,062       263,151       288,283       485,346       1,108,895  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       50,051  
Incurred claims over 6 years ago
     —       —       —       —       —       —       35,340  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       (55,391 ) 
Discount rate effect
     —       —       —       —       —       —       (12,867 ) 
Risk adjustment
     —       —       —       —       —       —       57,433  
Others
     —       —       —       —       —       —       175,476  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,358,937  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-23
7
Automobile Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,364,244     ￦ 1,504,699     ￦ 1,626,553     ￦ 1,639,258     ￦ 1,758,406     ￦ 1,853,766     ￦ —  
2 years
     1,367,854       1,491,522       1,639,692       1,645,744       1,766,713       —       —  
3 years
     1,369,260       1,490,896       1,645,194       1,642,418       —       —       —  
4 years
     1,370,962       1,495,058       1,648,516       —       —       —       —  
5 years
     1,375,469       1,497,956       —       —       —       —       —  
6 years
     1,375,480       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,375,480     ￦ 1,497,956     ￦ 1,648,516     ￦ 1,642,418     ￦ 1,766,713     ￦ 1,853,766     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,361,232 )    ￦ (1,476,781 )    ￦ (1,614,015 )    ￦ (1,595,586 )    ￦ (1,684,092 )    ￦ (1,516,007 )    ￦ —  
Difference between estimated final loss and claim payments.
     14,248       21,175       34,501       46,832       82,621       337,759       537,136  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       25,138  
Incurred claims over 6 years ago
     —       —       —       —       —       —       32,860  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       34,796  
Discount rate effect
     —       —       —       —       —       —       2,445  
Risk adjustment
     —       —       —       —       —       —       21,276  
Others
     —       —       —       —       —       —       7,596  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 661,247  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-23
8
Long-term Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,664,747     ￦ 1,937,997     ￦ 2,314,936     ￦ 2,593,514     ￦ 3,003,522     ￦ 3,159,835     ￦ —  
2 years
     1,675,583       1,958,540       2,322,571       2,551,274       2,965,954       —       —  
3 years
     1,690,408       1,966,566       2,332,331       2,554,205       —       —       —  
4 years
     1,699,075       1,978,019       2,339,839       —       —       —       —  
5 years
     1,702,342       1,979,283       —       —       —       —       —  
6 years
     1,702,858       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,702,858     ￦ 1,979,283     ￦ 2,339,839     ￦ 2,554,205     ￦ 2,965,954     ￦ 3,159,835     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,696,309 )    ￦ (1,967,095 )    ￦ (2,316,174 )    ￦ (2,503,490 )    ￦ (2,818,514 )    ￦ (2,168,677 )    ￦ —  
Difference between estimated final loss and claim payments.
     6,549       12,188       23,665       50,715       147,440       991,158       1,231,715  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       47,563  
Incurred claims over 6 years ago
     —       —       —       —       —       —       8,827  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       464,689  
Discount rate effect
     —       —       —       —       —       —       (35,313 ) 
Risk adjustment
     —       —       —       —       —       —       30,388  
Others
     —       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,747,869  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-23
9
38.11.4.1.2 After reinsurance mitigation
General Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 302,465     ￦ 290,681     ￦ 304,171     ￦ 332,137     ￦ 463,207     ￦ 512,812     ￦ —  
2 years
     339,141       299,745       308,785       344,149       449,737       —       —  
3 years
     328,713       291,075       316,601       343,707       —       —       —  
4 years
     281,281       296,824       321,173       —       —       —       —  
5 years
     287,136       300,125       —       —       —       —       —  
6 years
     288,358       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 288,358     ￦ 300,125     ￦ 321,173     ￦ 343,707     ￦ 449,737     ￦ 512,812     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (288,514 )    ￦ (296,282 )    ￦ (306,897 )    ￦ (304,202 )    ￦ (348,301 )    ￦ (261,829 )    ￦ —  
Difference between estimated final loss and claim payments.
     (156 )      3,843       14,276       39,505       101,436       250,983       409,887  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       28,878  
Incurred claims over 6 years ago
     —       —       —       —       —       —       13,397  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       (205,328 ) 
Discount rate effect
     —       —       —       —       —       —       (1,524 ) 
Risk adjustment
     —       —       —       —       —       —       27,458  
Others
     —       —       —       —       —       —       24,787  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 297,555  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
40
Automobile Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,337,010     ￦ 1,463,857     ￦ 1,581,086     ￦ 1,615,387     ￦ 1,745,376     ￦ 1,849,405     ￦ —  
2 years
     1,337,572       1,450,943       1,594,400       1,621,647       1,753,171       —       —  
3 years
     1,338,266       1,450,102       1,599,550       1,618,230       —       —       —  
4 years
     1,339,196       1,454,108       1,602,565       —       —       —       —  
5 years
     1,343,612       1,456,542       —       —       —       —       —  
6 years
     1,343,363       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,343,363     ￦ 1,456,542     ￦ 1,602,565     ￦ 1,618,230     ￦ 1,753,171     ￦ 1,849,405     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,330,190 )    ￦ (1,436,359 )    ￦ (1,569,236 )    ￦ (1,572,372 )    ￦ (1,672,087 )    ￦ (1,512,367 )    ￦ —  
Difference between estimated final loss and claim payments.
     13,173       20,183       33,329       45,858       81,084       337,038       530,665  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       24,853  
Incurred claims over 6 years ago
     —       —       —       —       —       —       31,248  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       18,177  
Discount rate effect
     —       —       —       —       —       —       2,449  
Risk adjustment
     —       —       —       —       —       —       21,227  
Others
     —       —       —       —       —       —       350  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 628,969  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
41
Long-term Insurance
 
   
Accident year
  
   
2017
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,414,636     ￦ 1,637,680     ￦ 1,957,373     ￦ 2,182,836     ￦ 2,529,760     ￦ 2,680,155     ￦ —  
2 years
     1,418,815       1,652,893       1,954,261       2,136,381       2,494,050       —       —  
3 years
     1,431,799       1,659,135       1,961,975       2,138,283       —       —       —  
4 years
     1,439,216       1,668,516       1,968,459       —       —       —       —  
5 years
     1,442,007       1,669,653       —       —       —       —       —  
6 years
     1,442,582       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,442,582     ￦ 1,669,653     ￦ 1,968,459     ￦ 2,138,283     ￦ 2,494,050     ￦ 2,680,155     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,436,690 )    ￦ (1,658,943 )    ￦ (1,947,950 )    ￦ (2,094,566 )    ￦ (2,367,783 )    ￦ (1,830,875 )    ￦ —  
Difference between estimated final loss and claim payments.
     5,892       10,710       20,509       43,717       126,267       849,280       1,056,375  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       42,150  
Incurred claims over 6 years ago
     —       —       —       —       —       —       7,656  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       332,497  
Discount rate effect
     —       —       —       —       —       —       (30,786 ) 
Risk adjustment
     —       —       —       —       —       —       26,932  
Others
     —       —       —       —       —       —       (3,039 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,431,785  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
42
38.11.4.2 Claims development tables as of December 31, 2023
38.11.4.2.1 Before reinsurance mitigation
General Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 513,396     ￦ 559,484     ￦ 839,279     ￦ 926,787     ￦ 918,732     ￦ 984,418     ￦ —  
2 years
     545,691       567,735       1,035,332       923,424       846,577       —       —  
3 years
     543,816       592,403       954,050       834,723       —       —       —  
4 years
     565,489       598,698       970,065       —       —       —       —  
5 years
     570,120       587,100       —       —       —       —       —  
6 years
     563,739       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 563,739     ￦ 587,100     ￦ 970,065     ￦ 834,723     ￦ 846,577     ￦ 984,418     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (558,954 )    ￦ (557,309 )    ￦ (779,235 )    ￦ (694,815 )    ￦ (655,922 )    ￦ (430,284 )    ￦ —  
Difference between estimated final loss and claim payments.
     4,785       29,791       190,830       139,908       190,655       554,134       1,110,103  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       41,413  
Incurred claims over 6 years ago
     —       —       —       —       —       —       42,564  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       (52,545 ) 
Discount rate effect
     —       —       —       —       —       —       (8,539 ) 
Risk adjustment
     —       —       —       —       —       —       75,116  
Others
     —       —       —       —       —       —       213,113  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,421,225  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
3
Automobile Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,504,699     ￦ 1,626,553     ￦ 1,639,258     ￦ 1,758,406     ￦ 1,853,766     ￦ 1,958,153     ￦ —  
2 years
     1,491,522       1,639,692       1,645,744       1,766,713       1,865,422       —       —  
3 years
     1,490,896       1,645,194       1,642,418       1,754,773       —       —       —  
4 years
     1,495,058       1,648,516       1,633,491       —       —       —       —  
5 years
     1,497,956       1,642,245       —       —       —       —       —  
6 years
     1,492,463       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,492,463     ￦ 1,642,245     ￦ 1,633,491     ￦ 1,754,773     ￦ 1,865,422     ￦ 1,958,153     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,480,005 )    ￦ (1,621,917 )    ￦ (1,608,054 )    ￦ (1,714,365 )    ￦ (1,796,293 )    ￦ (1,629,354 )    ￦ —  
Difference between estimated final loss and claim payments.
     12,458       20,328       25,437       40,408       69,129       328,799       496,559  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       22,411  
Incurred claims over 6 years ago
     —       —       —       —       —       —       35,670  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       42,136  
Discount rate effect
     —       —       —       —       —       —       5,219  
Risk adjustment
     —       —       —       —       —       —       21,318  
Others
     —       —       —       —       —       —       5,677  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 628,990  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
4
Long-term Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,937,997     ￦ 2,314,936     ￦ 2,593,514     ￦ 3,003,522     ￦ 3,159,835     ￦ 3,485,979     ￦ —  
2 years
     1,958,540       2,322,571       2,551,274       2,965,954       3,180,537       —       —  
3 years
     1,966,566       2,332,331       2,554,205       2,972,948       —       —       —  
4 years
     1,978,019       2,339,839       2,557,951       —       —       —       —  
5 years
     1,979,283       2,339,712       —       —       —       —       —  
6 years
     1,977,945       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,977,945     ￦ 2,339,712     ￦ 2,557,951     ￦ 2,972,948     ￦ 3,180,537     ￦ 3,485,979     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,971,631 )    ￦ (2,327,124 )    ￦ (2,533,413 )    ￦ (2,912,534 )    ￦ (3,016,892 )    ￦ (2,379,992 )    ￦ —  
Difference between estimated final loss and claim payments.
     6,314       12,588       24,538       60,414       163,645       1,105,987       1,373,486  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       52,983  
Incurred claims over 6 years ago
     —       —       —       —       —       —       7,786  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       480,297  
Discount rate effect
     —       —       —       —       —       —       (35,235 ) 
Risk adjustment
     —       —       —       —       —       —       26,924  
Others
     —       —       —       —       —       —       50  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,906,291  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
5
38.11.4.2.2 After reinsurance mitigation
General Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 290,681     ￦ 304,171     ￦ 332,137     ￦ 463,207     ￦ 512,812     ￦ 501,574     ￦ —  
2 years
     299,745       308,785       344,149       449,737       499,457       —       —  
3 years
     291,075       316,601       343,707       447,047       —       —       —  
4 years
     296,824       321,173       347,312       —       —       —       —  
5 years
     300,125       320,026       —       —       —       —       —  
6 years
     302,451       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 302,451     ￦ 320,026     ￦ 347,312     ￦ 447,047     ￦ 499,457     ￦ 501,574     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (300,196 )    ￦ (310,243 )    ￦ (320,544 )    ￦ (386,251 )    ￦ (395,065 )    ￦ (251,845 )    ￦ —  
Difference between estimated final loss and claim payments.
     2,255       9,783       26,768       60,796       104,392       249,729       453,723  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       28,327  
Incurred claims over 6 years ago
     —       —       —       —       —       —       22,798  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       (188,877 ) 
Discount rate effect
     —       —       —       —       —       —       (1,904 ) 
Risk adjustment
     —       —       —       —       —       —       28,338  
Others
     —       —       —       —       —       —       12,360  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 354,765  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
6
Automobile Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,463,857     ￦ 1,581,086     ￦ 1,615,387     ￦ 1,745,376     ￦ 1,849,405     ￦ 1,958,153     ￦ —  
2 years
     1,450,943       1,594,400       1,621,647       1,753,171       1,861,151       —       —  
3 years
     1,450,102       1,599,550       1,618,230       1,741,566       —       —       —  
4 years
     1,454,108       1,602,565       1,609,312       —       —       —       —  
5 years
     1,456,542       1,596,518       —       —       —       —       —  
6 years
     1,451,085       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,451,085     ￦ 1,596,518     ￦ 1,609,312     ￦ 1,741,566     ￦ 1,861,151     ￦ 1,958,153     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,439,301 )    ￦ (1,576,896 )    ￦ (1,584,585 )    ￦ (1,701,673 )    ￦ (1,792,264 )    ￦ (1,629,354 )    ￦ —  
Difference between estimated final loss and claim payments.
     11,784       19,622       24,727       39,893       68,887       328,799       493,712  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       22,283  
Incurred claims over 6 years ago
     —       —       —       —       —       —       33,999  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       40,875  
Discount rate effect
     —       —       —       —       —       —       5,219  
Risk adjustment
     —       —       —       —       —       —       21,318  
Others
     —       —       —       —       —       —       575  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 617,981  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
7
Long-term Insurance
 
   
Accident year
  
   
2018
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
   
(In millions of Korean won)
  
Estimated final loss undiscounted
              
Development year
              
1 year
   ￦ 1,637,680     ￦ 1,957,373     ￦ 2,182,836     ￦ 2,529,760     ￦ 2,680,155     ￦ 2,951,334     ￦ —  
2 years
     1,652,893       1,954,261       2,136,381       2,494,050       2,690,877       —       —  
3 years
     1,659,135       1,961,975       2,138,283       2,499,511       —       —       —  
4 years
     1,668,516       1,968,459       2,141,462       —       —       —       —  
5 years
     1,669,653       1,968,485       —       —       —       —       —  
6 years
     1,668,426       —       —       —       —       —       —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Estimated final loss
   ￦ 1,668,426     ￦ 1,968,485     ￦ 2,141,462     ￦ 2,499,511     ￦ 2,690,877     ￦ 2,951,334     ￦ —  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross cumulative claim payments
              
Total gross cumulative claim payments
   ￦ (1,662,887 )    ￦ (1,957,612 )    ￦ (2,120,429 )    ￦ (2,448,085 )    ￦ (2,550,761 )    ￦ (2,003,225 )    ￦ —  
Difference between estimated final loss and claim payments.
     5,539       10,873       21,033       51,426       140,116       948,109       1,177,096  
Estimated claim handling costs and expected indemnity
     —       —       —       —       —       —       46,664  
Incurred claims over 6 years ago
     —       —       —       —       —       —       6,776  
Incurred claims settled but not yet paid
     —       —       —       —       —       —       299,202  
Discount rate effect
     —       —       —       —       —       —       (30,585 ) 
Risk adjustment
     —       —       —       —       —       —       23,722  
Others
     —       —       —       —       —       —       (2,767 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Liability for incurred claims book value
   ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 1,520,108  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-24
8
38.11.5 Sensitivity analysis of insurance risk
The Group manages insurance risk by performing sensitivity analysis based on loss ratio, expense ratio, discount rate, and others which are considered to have significant influence on future cash flow, timing, and uncertainty.
 
    
December 31, 2022
  
    
CSM
    
Profit or loss
    
Equity
  
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
  
    
(In millions of Korean won)
  
Loss ratio:
             
10% increase
    ￦ (2,901,957 )    ￦ (2,668,976 )    ￦ (71,203 )    ￦ (71,191 )    ￦ 344,552     ￦ 371,702  
10% decrease
      2,912,747       2,709,476       39,698       58,413       (375,968 )      (386,452 ) 
Lapse ratio:
             
10% increase
      (359,264 )      (370,940 )      (8,068 )      (814 )      (167,701 )      (167,249 ) 
10% decrease
      389,089       408,833       7,048       9,954       176,746       183,228  
Expense ratio:
             
10% increase
      (580,442 )      (571,270 )      (11,460 )      (8,628 )      73,058       75,299  
10% decrease
      581,002       577,478       10,900       17,454       (73,618 )      (70,238 ) 
 
    
December 31, 2023
  
    
CSM
    
Profit or loss
    
Equity
  
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
  
    
(In millions of Korean won)
  
Loss ratio:
             
10% increase
    ￦ (3,017,035 )    ￦ (2,804,994 )    ￦ (204,679 )    ￦ (204,326 )    ￦ 8,646     ￦ 12,914  
10% decrease
      3,040,917       2,876,110       134,965       181,803       (76,125 )      (44,685 ) 
Lapse ratio:
             
10% increase
      (408,771 )      (415,121 )      (21,694 )      (9,028 )      (126,774 )      (122,230 ) 
10% decrease
      458,382       471,873       7,578       13,170       120,771       122,364  
Expense ratio:
             
10% increase
      (628,400 )      (622,522 )      (34,425 )      (27,321 )      17,560       18,788  
10% decrease
      633,238       632,892       29,588       40,332       (22,397 )      (18,107 ) 
38.11.6 Liquidity risk of insurance contracts
Liquidity risk arising from insurance contracts arises from the increase in refunds at maturity caused by concentrations of maturity, the excessive increase in surrender values caused by unexpected mass cancelation, and the increase in payments of claims caused by major accidents. The Group manages payment of refunds at maturity by analyzing remaining maturity of insurance contracts.
 
F-24
9
38.11.6.1 Maturity structure of insurance contract group and reinsurance contract group as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
1 year
    
1 year ~

2 years
    
2 years ~

3 years
    
3 years ~

4 years
    
4 years ~

5 years
    
5 years ~

10 years
    
Over 10 years
    
Total
  
   
(In millions of Korean won)
  
Net insurance contract liabilities
   ￦ 1,487,772     ￦ (1,310,285 )    ￦ (1,098,012 )    ￦ (736,720 )    ￦ (398,949 )    ￦ (946,928 )    ￦ 52,162,988     ￦ 49,159,866  
Net reinsurance contract assets
     (1,267,940 )      1,635       6,764       9,638       4,556       11,372       535,249       (698,726 ) 
 
   
December 31, 2023
  
   
1 year
    
1 year ~

2 years
    
2 years ~

3 years
    
3 years ~

4 years
    
4 years ~

5 years
    
5 years ~

10 years
    
Over 10 years
    
Total
  
   
(In millions of Korean won)
  
Net insurance contract liabilities
   ￦ 1,637,409     ￦ (1,369,600 )    ￦ (1,001,841 )    ￦ (674,656 )    ￦ (700,585 )    ￦ (648,167 )    ￦ 51,524,781     ￦ 48,767,341  
Net reinsurance contract assets
     (1,390,791 )      (3,892 )      11,622       8,801       3,709       (3,614 )      446,099       (928,066 ) 
The net outflow amount is represented as positive numbers, while the net inflow amount is represented as negative numbers.
38.11.6.2 The amount payable upon demand as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Amount payable
     
Book value
  
    
(In millions of Korean won)
  
General
    ￦ 449,914      ￦ 1,484,425  
Long-term
      25,413,387        18,116,588  
Automobile
      1,519,713        2,172,574  
Overseas branches
      62,658        222,173  
  
 
 
     
 
 
  
Total
    ￦ 27,445,672      ￦ 21,995,760  
  
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Amount payable
     
Book value
  
    
(In millions of Korean won)
  
General
    ￦ 472,238      ￦ 1,512,347  
Long-term
      26,415,292        20,210,100  
Automobile
      1,604,163        2,224,924  
Overseas branches
      39,116        264,736  
  
 
 
     
 
 
  
Total
    ￦ 28,530,809      ￦ 24,212,107  
  
 
 
     
 
 
  
38.11.7 Credit risk of insurance contract
Credit risk of an insurance contract refers to economic losses in which the reinsurer, the counterparty, is unable to fulfil its contract obligations due to a decline in credit ratings or default or others. Through an internal review, only the insurers rated
BBB-
or higher of S&P rating or corresponding rating are selected as reinsurance companies.
 
F-2
50
38.11.7.1 Concentration and credit ratings for top three reinsurance companies as of December 31, 2023, are as follows:
 
Reinsurance company
   
Ratio
    
Credit rating
  
KOREAN RE
      32.75 %      AA  
MUNICH RE
      8.78 %      AAA  
HISCOX
      3.51 %      AA+  
38.11.7.2 Details of reinsurance contract assets (liabilities) the Group holds by credit rating of reinsurance companies as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
AAA~AA+
     
AA~A+
    
A~BBB+
     
Below BBB
     
No rating
     
Total
  
    
(In millions of Korean won)
  
Reinsurance contract assets
    ￦ 7,489      ￦ 609,334     ￦ 867,454      ￦ 120      ￦ 3,856      ￦ 1,488,253  
Reinsurance contract liabilities
      —        (1 )      77        —        3,072        3,148  
 
    
December 31, 2023
  
    
AAA~AA+
     
AA~A+
    
A~BBB+
     
Below BBB
     
No rating
     
Total
  
    
(In millions of Korean won)
  
Reinsurance contract assets
    ￦ 14,027      ￦ 665,375     ￦ 928,430      ￦ 1      ￦ 38,673      ￦ 1,646,506  
Reinsurance contract liabilities
      —        (1 )      481        —        3,362        3,842  
38.11.8 Interest rate risk of insurance contract
The Group measures interest rate risk for insurance contract liabilities exposed to interest rate risk, which include long-term, automobile, and general insurance.
The Group calculates the exposure of insurance contract liabilities for long-term liability for remaining coverage and liability for incurred claims that apply the general model in accordance with IFRS. The interest rate risk exposure as of December 31, 2022 and 2023 is as follows:
38.11.8.1 Status of interest rate risk exposure of insurance contract
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Net insurance contract liabilities
    ￦ 20,136,772      ￦ 22,259,522  
Net reinsurance contract assets
      1,475,409        1,533,562  
Net asset effect
    ￦ 18,661,363      ￦ 20,725,960  
38.11.8.2 Interest rate Sensitivities
 
    
December 31, 2022
  
    
Equity
  
    
1% increase
    
1% decrease
  
    
(In millions of Korean won)
  
Net insurance contract liabilities
    ￦ 1,931,970     ￦ (2,346,147 ) 
Net reinsurance contract assets
      (34,756 )      40,613  
Net asset effect
    ￦ 1,897,214     ￦ (2,305,534 ) 
 
    
December 31, 2023
  
    
Equity
  
    
1% increase
    
1% decrease
  
    
(In millions of Korean won)
  
Net insurance contract liabilities
    ￦ 2,190,531     ￦ (2,714,587 ) 
Net reinsurance contract assets
      (33,033 )      38,849  
Net asset effect
    ￦ 2,157,498     ￦ (2,675,738 ) 
 
F-2
51
38.12 Risk Management of KB Life Insurance Co., Ltd.
38.12.1 Risk Management of insurance risk
The Group sells life insurance products including death, health, pension, asset-linked, and variable contracts. Along with the sale of various products, the Group also diversifies risk through reinsurance cessions.
Insurance risk exposure of insurance contracts and reinsurance contracts as of December 31, 2022 and 2023, are as follows:
 
    
Exposure
  
    
December 31, 2022
    
December 31, 2023
  
    
(In millions of Korean won)
  
Insurance contracts
    ￦ 18,049,198     ￦ 20,356,903  
Death
      6,953,754       8,785,488  
Health
      (48,153 )      128,659  
Pension
      6,663,112       6,351,320  
Asset-linked
      43,932       40,605  
Variable death
      1,157,036       1,527,905  
Variable pension
      3,279,517       3,522,926  
Reinsurance contracts
      (37,402 )      (41,032 ) 
  
 
 
    
 
 
  
Total
    ￦ 18,011,796     ￦ 20,315,871  
  
 
 
    
 
 
  
38.12.2 Claims development tables
Claims development tables of the Group as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Accident year
  
    
2018
    
2019
    
2020
    
2021
    
2022
    
Total
  
    
(In millions of Korean won)
  
Development year
             
Estimated final loss undiscounted
    ￦ 180,410     ￦ 188,215     ￦ 180,992     ￦ 204,156     ￦ 211,404     ￦ —  
Current year
      (150,348 )      (153,820 )      (147,921 )      (168,207 )      (174,686 )      —  
After 1 year
      (24,130 )      (26,723 )      (26,238 )      (28,583 )      —       —  
After 2 years
      (2,653 )      (4,122 )      (3,472 )      —       —       —  
After 3 years
      (1,275 )      (1,330 )      —       —       —       —  
After 4 years
      (579 )      —       —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total gross cumulative claim payments
    ￦ (178,985 )    ￦ (185,995 )    ￦ (177,631 )    ￦ (196,790 )    ￦ (174,686 )    ￦ —  
Difference between estimated final loss and claim payments.
      1,425       2,220       3,361       7,366       36,718       51,090  
Discount rate effect
      —       —       —       —       —       (3,249 ) 
Future claims expense
      —       —       —       —       —       126  
Incurred claims settled but not yet paid
      —       —       —       —       —       175,415  
Risk adjustment
      —       —       —       —       —       10,038  
Reinsurance effects *
      —       —       —       —       —       (7,547 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Liability for incurred claims
    ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 225,873  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
F-2
52
    
December 31, 2023
  
    
Accident year
  
    
2019
    
2020
    
2021
    
2022
    
2023
    
Total
  
    
(In millions of Korean won)
  
Development year
             
Estimated final loss undiscounted
    ￦ 188,067     ￦ 180,238     ￦ 203,710     ￦ 209,891     ￦ 212,680     ￦ —  
Current year
      (153,837 )      (147,254 )      (167,874 )      (173,926 )      (175,467 )      —  
After 1 year
      (26,840 )      (26,346 )      (28,097 )      (28,181 )      —       —  
After 2 years
      (4,024 )      (3,291 )      (4,152 )      —       —       —  
After 3 years
      (1,316 )      (1,439 )      —       —       —       —  
After 4 years
      (613 )      —       —       —       —       —  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total gross cumulative claim payments
    ￦ (186,630 )    ￦ (178,330 )    ￦ (200,123 )    ￦ (202,107 )    ￦ (175,467 )    ￦ —  
Difference between estimated final loss and claim payments.
      1,437       1,908       3,587       7,784       37,213       51,929  
Discount rate effect
      —       —       —       —       —       (2,970 ) 
Future claims expense
      —       —       —       —       —       90  
Incurred claims settled but not yet paid
      —       —       —       —       —       163,949  
Risk adjustment
      —       —       —       —       —       10,988  
Reinsurance effects *
      —       —       —       —       —       (8,833 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total Liability for incurred claims
    ￦ —     ￦ —     ￦ —     ￦ —     ￦ —     ￦ 215,153  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Decided to display reinsurance effects in one line.
38.12.3 Sensitivity analysis of insurance risk
The Group manages insurance risk by performing sensitivity analysis based on loss ratio, expense ratio, discount rate, and others which are considered to have significant influence on future cash flow, timing, and uncertainty.
The result of sensitivity analysis for the years ended December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
          
Effect on
  
          
Equity
    
Profit or loss
  
    
Assumption
change
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
    
Before
reinsurance
mitigation
    
After
reinsurance
mitigation
  
    
(In millions of Korean won)
  
Lapse ratio
      +10 %    ￦ 20,135     ￦ 19,250     ￦ (39,955 )    ￦ (40,324 ) 
Lapse ratio
      -10 %      (28,234 )      (27,448 )      34,296       34,488  
Loss ratio *
      +10 %      124,000       121,882       (6,863 )      (6,997 ) 
Loss ratio *
      -10 %      (129,109 )      (127,052 )      5,444       5,528  
Expense ratio
      +10 %      22,483       22,432       (14,667 )      (14,724 ) 
Expense ratio
      -10 %      (21,772 )      (21,738 )      16,006       16,064  
 
F-25
3
 
  
December 31, 2023
 
 
  
 
 
 
Effect on
 
 
  
 
 
 
Equity
 
 
Profit or loss
 
 
  
Assumption
change
 
 
Before
reinsurance
mitigation
 
 
After
reinsurance
mitigation
 
 
Before
reinsurance
mitigation
 
 
After
reinsurance
mitigation
 
 
  
(In millions of Korean won)
 
Lapse ratio
      +10 %    ￦ 3,321     ￦ 2,597     ￦ (21,454 )    ￦ (21,810 ) 
Lapse ratio
      -10 %      1,355       1,494       7,252       7,335  
Loss ratio *
      +10 %      90,861       88,899       (13,476 )      (14,294 ) 
Loss ratio *
      -10 %      (95,788 )      (93,886 )      11,279       12,001  
Expense ratio
      +10 %      15,523       15,242       (12,296 )      (12,677 ) 
Expense ratio
      -10 %      (15,823 )      (15,549 )      12,959       13,332  
 
*
Includes mortality, longevity, and disability/illness risks
38.12.4 Liquidity risk of insurance contracts
Liquidity risk arising from insurance contracts arises from the increase in refunds at maturity caused by concentrations of maturity, the excessive increase in surrender values caused by unexpected mass cancelation, and the increase in payments of claims caused by major accidents. The Group manages payment of refunds at maturity by analysing remaining maturity of insurance contracts.
Maturity structure of insurance contract liabilities (assets) based on net cashflows as of December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
  
   
1 year
    
1 year ~

2 years
    
2 years ~

3 years
    
3 years ~

4 years
    
4 years ~

5 years
    
5 years ~

10 years
    
10 years ~

20 years
    
Over 20 years
  
   
(In millions of Korean won)
  
Insurance contracts
   ￦ (324,634 )    ￦ (255,444 )    ￦ 32,474     ￦ 202,786     ￦ 555,048     ￦ 4,306,398     ￦ 12,620,485     ￦ 38,139,531  
Assets portfolio
     —       —       —       —       —       —       —       —  
Liabilities portfolio
     (324,634 )      (255,444 )      32,474       202,786       555,048       4,306,398       12,620,485       38,139,531  
Reinsurance contracts
     (6,225 )      1,452       721       555       671       5,431       18,021       54,508  
Assets portfolio
     (4,255 )      390       (149 )      (147 )      (89 )      (161 )      56       128  
Liabilities portfolio
     (1,969 )      1,061       870       702       760       5,592       17,966       54,380  
 
   
December 31, 2023
  
   
1 year
    
1 year ~

2 years
    
2 years ~

3 years
    
3 years ~

4 years
    
4 years ~

5 years
    
5 years ~

10 years
    
10 years ~

20 years
    
Over 20 years
  
   
(In millions of Korean won)
  
Insurance contracts
   ￦ (364,422 )    ￦ (243,265 )    ￦ (41,810 )    ￦ 279,853     ￦ 631,806     ￦ 4,849,035     ￦ 12,457,375     ￦ 38,335,547  
Assets portfolio
     —       —       —       —       —       —       —       —  
Liabilities portfolio
     (364,422 )      (243,265 )      (41,810 )      279,853       631,806       4,849,035       12,457,375       38,335,547  
Reinsurance contracts
     (5,667 )      3,095       3,378       2,705       2,414       9,629       17,415       60,794  
Assets portfolio
     (2,571 )      691       908       465       387       744       35       131  
Liabilities portfolio
     (3,096 )      2,404       2,470       2,240       2,026       8,885       17,381       60,663  
 
F-25
4
38.12.5 The amount payable upon demand as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Amount payable
     
Book value
  
    
(In millions of Korean won)
  
Insurance contracts
      
Death
    ￦ 11,993,173      ￦ 10,438,653  
Health
      619,290        322,705  
Pension
      7,629,313        7,159,848  
Asset-linked
      47,117        45,747  
Variable death
      2,122,858        2,254,931  
Variable pension
      3,529,512        3,454,283  
  
 
 
     
 
 
  
   ￦ 25,941,263      ￦ 23,676,167  
  
 
 
     
 
 
  
 
    
December 31, 2023
  
    
Amount payable
     
Book value
  
    
(In millions of Korean won)
  
Insurance contracts
      
Death
    ￦ 13,007,313      ￦ 12,105,279  
Health
      699,541        437,536  
Pension
      7,008,436        6,840,937  
Asset-linked
      43,654        42,761  
Variable death
      2,382,968        2,576,135  
Variable pension
      3,807,587        3,656,532  
  
 
 
     
 
 
  
   ￦ 26,949,499      ￦ 25,659,180  
  
 
 
     
 
 
  
38.12.6 Credit risk of reinsurance contract assets (liabilities)
Credit risk exposure of reinsurance contract assets and reinsurance contract liabilities as of December 31, 2022 and 2023, are as follows
 
    
December 31, 2022
  
  
Credit ratings
  
  
AAA ~ AA+
    
AA ~ A+
    
A ~ BBB+
    
Below BBB
     
No rating
     
Total
  
    
(In millions of Korean won)
  
Reinsurance contract assets
    ￦ 4,305     ￦ 360     ￦ —     ￦ —      ￦ —      ￦ 4,664  
Reinsurance contract liabilities
      (10,325 )      (11,987 )      (3,964 )      —        —        (26,276 ) 
 
    
December 31, 2023
  
  
Credit ratings
  
  
AAA ~ AA+
    
AA ~ A+
    
A ~ BBB+
    
Below BBB
     
No rating
     
Total
  
    
(In millions of Korean won)
  
Reinsurance contract assets
    ￦ 2,816     ￦ 4,157     ￦ —     ￦ —      ￦ —      ￦ 6,973  
Reinsurance contract liabilities
      (11,522 )      (11,871 )      (3,556 )      —        —        (26,949 ) 
 
F-25
5
38.12.7 Market risk of insurance contracts
38.12.7.1 The sensitivity analysis of market risk to changes in economic assumptions as of December 31, 2022 and 2023, are as follows:
 
 
  
 
  
December 31, 2022
 
 
December 31, 2023
 
 
  
Assumption
change
  
Effect on Equity
 
 
Effect on
Profit or loss
 
 
Effect on Equity
 
 
Effect on
Profit or loss
 
 
  
(In Korean
won)
  
(In millions of Korean won)
 
Exchange rate
   
+￦
100		    ￦ (16,195 )    ￦ (17,042 )    ￦ (24,530 )    ￦ (31,299 ) 
Exchange rate
    -￦
100
      16,224       17,090       24,530       31,299  
Discount rate
    +1%p      1,678,796       —       2,093,890       —  
Discount rate
    -1
%p		      (2,348,470 )      —       (2,918,559 )      —  
Stock price
    +10%      (125,211 )      (176,718 )      (136,859 )      (190,338 ) 
Stock price
    -10%      122,553       172,853       135,687       188,637  
 
 
*
Effect on profit or loss is the amount
before-tax.
38.12.7.2 Interest rate risk exposure of insurance contracts and reinsurance contracts as of December 31, 2022 and 2023, are as follows:
 
    
Exposure
  
    
December 31, 2022
    
December 31, 2023
  
    
(In millions of Korean won)
  
Insurance contract liabilities
    ￦ 18,049,197     ￦ 20,356,903  
Interest rate fixed contracts
      8,121,476       10,206,298  
Interest rate linked contracts
      5,491,169       5,099,774  
Variable contracts
      4,436,552       5,050,831  
Reinsurance contract liabilities
      (37,402 )      (41,032 ) 
  
 
 
    
 
 
  
Total
    ￦ 18,011,795     ￦ 20,315,871  
  
 
 
    
 
 
  
38.12.7.3 Stock price risk exposure of insurance contracts as of December 31, 2022 and 2023, are as follows:
 
    
Exposure
  
    
December 31, 2022
     
December 31, 2023
  
    
(In millions of Korean won)
  
Insurance contract liabilities
    ￦ 4,436,552      ￦ 5,050,831  
38.12.7.4 Currency risk exposure of insurance contracts as of December 31, 2022 and 2023, are as follows:
 
    
Exposure
  
    
December 31, 2022
     
December 31, 2023
  
    
(In millions of Korean won)
  
Insurance contract liabilities
    ￦ 305,074      ￦ 455,738  
 
F-25
6
39. Statement of Cash Flows
39.1 Details of cash and cash equivalents as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
    
December 31,

2023
  
    
(In millions of Korean won)
  
Cash
    ￦ 2,439,490     ￦ 2,114,596  
Checks issued by other banks
      123,163       142,437  
Due from the Bank of Korea
      17,520,636       15,362,056  
Due from other financial institutions
      12,391,461       12,217,222  
  
 
 
    
 
 
  
     32,474,750       29,836,311  
  
 
 
    
 
 
  
Due from financial institutions measured at fair value through profit or loss
      69,469       79,810  
  
 
 
    
 
 
  
     32,544,219       29,916,121  
  
 
 
    
 
 
  
Deduction:
     
Restricted due from financial institutions*
      (4,893,839 )      (3,273,428 ) 
Due from financial institutions with original maturities over three months
      (1,115,582 )      (816,105 ) 
  
 
 
    
 
 
  
     (6,009,421 )      (4,089,533 ) 
  
 
 
    
 
 
  
   ￦ 26,534,798     ￦ 25,826,588  
  
 
 
    
 
 
  
 
*
Items meeting the definition of cash are excluded.
Items meeting the definition of cash among due from financial institutions with restriction to use as of December 31, 2022 and 2023, are as follows:
 
   
Financial institutions
   
December 31,

2022
     
December 31,

2023
  
            
(In millions of Korean won)
  
Due from financial institutions in Korean won
  
Due from the Bank of Korea
   The Bank of Korea    ￦ 15,169,703      ￦ 13,731,708  
 
Due from others
  
Korea Development Bank and others
      39,358        27,556  
Due from financial institutions in foreign currencies
  
Due from banks in foreign currencies
  
Bank Indonesia and others
      1,218,847        944,917  
      
 
 
     
 
 
  
       ￦ 16,427,908      ￦ 14,704,181  
      
 
 
     
 
 
  
39.2 Significant
non-cash
transactions for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
     
2022
    
2023
  
    
(In millions of Korean won)
  
Write-offs of loans
    ￦ 1,086,296      ￦ 1,516,087     ￦ 1,757,920  
Changes in financial investments due to
debt-for-equity
swap
      327        —       —  
Changes in accumulated other comprehensive income from valuation of financial instruments at fair value through other comprehensive income
      507,175        (6,516,502 )      3,346,010  
Changes in accumulated other comprehensive income from valuation of investments in associates
      165        (362 )      24  
Reclassification to assets of a disposal group held for sale
      171,749        —       —  
 
F-25
7
39.3 Cash inflows and outflows from income tax, interest, and dividends for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
Activities
     
2021
     
2022
     
2023
  
    
(In millions of Korean won)
  
Income tax paid
      Operating      ￦ 1,586,750      ￦ 1,524,025      ￦ 2,189,111  
Interest received
      Operating        15,152,796        20,369,575        28,550,486  
Interest paid
      Operating        4,062,469        6,356,269        13,119,057  
Dividends received
      Operating        290,089        399,984        330,350  
Dividends paid
      Financing        1,053,416        1,564,153        1,336,816  
39.4 Changes in liabilities arising from financing activities for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
               
Non-cash
changes
        
   
Beginning
    
Net cash
flows
    
Acquisition
(disposal)
    
Exchange
differences
    
Changes in

fair value
    
Subsidiaries
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Derivatives held for hedging *
   ￦ (22,780 )    ￦ (105,017 )    ￦ —     ￦ 161,798     ￦ 7,156     ￦ —     ￦ (45,979 )    ￦ (4,822 ) 
Borrowings and debentures
     124,342,562       15,645,750       —       895,758       (297,468 )      81,268       (252,301 )      140,415,569  
Due to trust accounts
     7,033,849       (1,225,403 )      —       —       —       —       —       5,808,446  
Non-controlling
interests
     833,338       395,713       —       —       —       752       50,299       1,280,102  
Others
     985,854       436,902       154,004       199       —       —       118,862       1,695,821  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 133,172,823     ￦ 15,147,945     ￦ 154,004     ￦ 1,057,755     ￦ (290,312 )    ￦ 82,020     ￦ (129,119 )    ￦ 149,195,116  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
   
2023
  
               
Non-cash
changes
        
   
Beginning
    
Net cash
flows
    
Acquisition
(disposal)
    
Exchange
differences
    
Changes in

fair value
    
Subsidiaries
    
Others
    
Ending
  
   
(In millions of Korean won)
  
Derivatives held for hedging *
   ￦ (4,822 )    ￦ (73,335 )    ￦ —     ￦ (84,429 )    ￦ (36,123 )    ￦ —     ￦ 105,706     ￦ (93,003 ) 
Borrowings and debentures
     140,415,569       (2,128,851 )      —       616,459       121,577       114,904       (379,429 )      138,760,229  
Due to trust accounts
     5,808,446       2,333,656       —       —       —       —       —       8,142,102  
Non-controlling
interests
     1,280,102       721,101       —       —       —       496       (58,193 )      1,943,506  
Others
     1,695,821       (781,632 )      152,344       —       —       —       83,054       1,149,587  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦ 149,195,116     ￦ 70,939     ￦ 152,344     ￦ 532,030     ￦ 85,454     ￦ 115,400     ￦ (248,862 )    ￦ 149,902,421  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
*
Derivatives held for hedging purposes are the net amount after offsetting liabilities and assets.
39.5 The net cash flow associated with the changes in the subsidiaries for the years ended December 31, 2022 and 2023 are
￦
932,428 million of cash outflow and
￦
 1,297,001 million of cash inflow, respectively.
 
F-25
8
40. Contingent Liabilities and Commitments
40.1 Details of acceptances and guarantees as of December 31, 2022 and 2023, are as follows:
 
    
December 31,
2022
     
December 31,
2023
  
    
(In millions of Korean won)
  
Confirmed acceptances and guarantees
      
Confirmed acceptances and guarantees in Korean won:
      
Acceptances and guarantees for KB purchasing loan
    ￦ 167,538      ￦ 148,786  
Others
      918,670        945,027  
  
 
 
     
 
 
  
     1,086,208        1,093,813  
  
 
 
     
 
 
  
Confirmed acceptances and guarantees in foreign currencies:
      
Acceptances of letter of credit
      502,217        277,370  
Letter of guarantees
      78,414        47,665  
Bid bond
      19,998        12,549  
Performance bond
      976,008        1,111,589  
Refund guarantees
      1,705,796        3,561,227  
Others
      3,485,842        3,572,149  
  
 
 
     
 
 
  
     6,768,275        8,582,549  
  
 
 
     
 
 
  
Financial guarantee contracts:
      
Acceptances and guarantees for issuance of debentures
      5,040        —   
Acceptances and guarantees for mortgage
      94,861        94,027  
Overseas debt guarantees
      509,157        470,579  
International financing guarantees in foreign currencies
      181,241        616,554  
  
 
 
     
 
 
  
     790,299        1,181,160  
  
 
 
     
 
 
  
     8,644,782        10,857,522  
  
 
 
     
 
 
  
Unconfirmed acceptances and guarantees
      
Guarantees of letter of credit
      3,042,911        2,785,484  
Refund guarantees
      1,528,359        1,301,376  
  
 
 
     
 
 
  
     4,571,270        4,086,860  
  
 
 
     
 
 
  
   ￦ 13,216,052      ￦ 14,944,382  
  
 
 
     
 
 
  
 
F-25
9
40.2 Credit qualities of acceptances and guarantees as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
12-month

expected credit
losses
     
Lifetime expected credit
losses
     
Total
  
    
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Confirmed acceptances and guarantees
 
   
Grade 1
    ￦ 5,939,025      ￦ 1,140      ￦ —      ￦ 5,940,165  
Grade 2
      1,882,080        10,474        —        1,892,554  
Grade 3
      494,924        18,649        —        513,573  
Grade 4
      63,689        215,382        442        279,513  
Grade 5
      —        4,130        14,847        18,977  
  
 
 
     
 
 
     
 
 
     
 
 
  
     8,379,718        249,775        15,289        8,644,782  
  
 
 
     
 
 
     
 
 
     
 
 
  
Unconfirmed acceptances and guarantees
 
   
Grade 1
      3,232,325        844        —        3,233,169  
Grade 2
      1,040,908        36,879        —        1,077,787  
Grade 3
      4,685        13,308        —        17,993  
Grade 4
      1,265        236,687        5        237,957  
Grade 5
      —        199        4,165        4,364  
  
 
 
     
 
 
     
 
 
     
 
 
  
     4,279,183        287,917        4,170        4,571,270  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 12,658,901      ￦ 537,692      ￦ 19,459      ￦ 13,216,052  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
12-month

expected credit
losses
     
Lifetime expected credit
losses
     
Total
  
    
Non-impaired
     
Impaired
  
    
(In millions of Korean won)
  
Confirmed acceptances and guarantees
 
   
Grade 1
    ￦ 8,485,824      ￦ 170,322      ￦ —      ￦ 8,656,146  
Grade 2
      1,763,259        22,065        —        1,785,324  
Grade 3
      40,595        7,368        —        47,963  
Grade 4
      67,729        294,635        457        362,821  
Grade 5
      —        1,182        4,086        5,268  
  
 
 
     
 
 
     
 
 
     
 
 
  
     10,357,407        495,572        4,543        10,857,522  
  
 
 
     
 
 
     
 
 
     
 
 
  
Unconfirmed acceptances and guarantees
 
   
Grade 1
      3,071,076        —        —        3,071,076  
Grade 2
      734,886        19,210        —        754,096  
Grade 3
      8,600        10,692        —        19,292  
Grade 4
      1,828        237,200        —        239,028  
Grade 5
      —        —        3,368        3,368  
  
 
 
     
 
 
     
 
 
     
 
 
  
     3,816,390        267,102        3,368        4,086,860  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 14,173,797      ￦ 762,674      ￦ 7,911      ￦ 14,944,382  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
F-2
60
40.3 Classifications of acceptances and guarantees by counterparty as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Confirmed
guarantees
     
Unconfirmed
guarantees
     
Total
     
Proportion
(%)
  
    
(In millions of Korean won)
  
Large companies
    ￦ 7,530,546      ￦ 3,810,565      ￦ 11,341,111        85.81  
Small and
medium-sized
companies
      718,722        496,709        1,215,431        9.20  
Public sector and others
      395,514        263,996        659,510        4.99  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 8,644,782      ￦ 4,571,270      ￦ 13,216,052        100.00  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
Confirmed
guarantees
     
Unconfirmed
guarantees
     
Total
     
Proportion
(%)
  
    
(In millions of Korean won)
  
Large companies
    ￦ 9,988,889      ￦ 3,397,689      ￦ 13,386,578        89.58  
Small and
medium-sized
companies
      736,810        454,574        1,191,384        7.97  
Public sector and others
      131,823        234,597        366,420        2.45  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 10,857,522      ￦ 4,086,860      ￦ 14,944,382        100  
  
 
 
     
 
 
     
 
 
     
 
 
  
40.4 Classifications of acceptances and guarantees by industry as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Confirmed
guarantees
     
Unconfirmed
guarantees
     
Total
     
Proportion
(%)
  
    
(In millions of Korean won)
  
Financial institutions
    ￦ 462,657      ￦ 2,012      ￦ 464,669        3.52  
Manufacturing
      3,851,832        3,589,948        7,441,780        56.31  
Service
      751,846        31,465        783,311        5.93  
Wholesale and retail
      2,181,469        658,875        2,840,344        21.49  
Construction
      420,937        47,465        468,402        3.54  
Public sector
      32,635        81,607        114,242        0.86  
Others
      943,406        159,898        1,103,304        8.35  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 8,644,782      ￦ 4,571,270      ￦ 13,216,052        100.00  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
December 31, 2023
  
    
Confirmed
guarantees
     
Unconfirmed
guarantees
     
Total
     
Proportion
(%)
  
    
(In millions of Korean won)
  
Financial institutions
    ￦ 1,263,253      ￦ 591      ￦ 1,263,844        8.46  
Manufacturing
      5,527,285        3,109,100        8,636,385        57.79  
Service
      788,908        102,028        890,936        5.96  
Wholesale and retail
      2,297,162        614,053        2,911,215        19.48  
Construction
      363,517        116,950        480,467        3.22  
Public sector
      31,732        62,440        94,172        0.63  
Others
      585,665        81,698        667,363        4.46  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 10,857,522      ￦ 4,086,860      ￦ 14,944,382        100  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
F-2
61
40.5 Details of commitments as of December 31, 2022 and 2023, are as follows:
 
    
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Commitments
      
Corporate loan commitments
    ￦ 51,871,280      ￦ 55,688,438  
Retail loan commitments
      51,241,471        56,142,850  
Credit line of credit cards
      77,825,953        83,325,862  
Purchase of other securities
      7,357,198        8,749,029  
  
 
 
     
 
 
  
     188,295,902        203,906,179  
  
 
 
     
 
 
  
Financial guarantee contracts
      
Credit line
      7,135,542        5,901,644  
Purchase of securities
      371,201        745,401  
  
 
 
     
 
 
  
     7,506,743        6,647,045  
  
 
 
     
 
 
  
   ￦ 195,802,645      ￦ 210,553,224  
  
 
 
     
 
 
  
40.6 Other Matters (including litigation)
a) The Group has 115 pending lawsuits as a plaintiff (excluding simple lawsuits related to the collection or management of loans), with aggregate claims amount of ￦ 1,893,443 million, and 344 pending lawsuits as a defendant (excluding simple lawsuits related to the collection or management of loans) with aggregate claims amount of ￦ 1,312,052 million, which arose in the normal course of the business, as of December 31, 2023. Details of major pending lawsuits in which the Group is a defendant are as follows:
(In number of cases, in millions of Korean won)
 
Company
  
Lawsuits
  
No. of
cases
    
Amount
     
Description of the lawsuits
  
Status of the lawsuits
Kookmin Bank   Request for a return of redemption amount     1     ￦ 54,168     
Kookmin Bank invested the assets entrusted by OO Asset Management and OO Investment Trust Management in the Fairfield Sentry Limited(the Fairfield Sentry Limited reinvested the assets in Bernard L. Madoff Investment Securities LLC managed by Bernard Madoff) and then redeemed them and returned them to the beneficiaries. Bernard L. Madoff Investment Securities LLC is in the liquidation process due to Ponzi scheme fraud-related losses.
Bankruptcy trustee of Bernard L. Madoff Investment Securities LLC filed a lawsuit against Kookmin Bank seeking to return the amount of redemptions received by Kookmin Bank through Fairfield Sentry Limited.
   Application for dismissal by the defendant has been denied, and further proceedings are scheduled. [Related litigation is in progress at the New York Southern District Federal Bankruptcy Court (10-3777) at the written complaint review stage]
 
F-2
62
Company
  
Lawsuits
  
No. of
cases
    
Amount
     
Description of the lawsuits
  
Status of the lawsuits
  Expropriation of long-term leasehold rights     1       322,350     
Kookmin Bank invested assets entrusted by OO Asset Management Co., Ltd. in loans that are directly or indirectly collateralized by long-term leasehold rights of the building and land leasehold rights (hereinafter referred to as “the real estate in this case”) of Union Station in Washington, D.C., the United States.
The Plaintiff, who is the operator of the railway facility, filed this lawsuit against those concerned with the real estate in this case, including Kookmin Bank, to expropriate the real estate in this case and determine indemnity.
 		  Kookmin Bank submitted the response letter and will proceed with the process in the future.
  Return of unjust enrichment     1       140,860     
As Russia’s OOO Bank, which was trading with the bank through a foreign exchange account, was listed on the SDN (Specifically Designated Nationals) list of the Office of Foreign Assets Control (OFAC) under the U.S. Treasury Department, the bank froze the foreign currency account in the name of the OOO Bank
Accordingly, Russia’s OOO Bank filed a lawsuit seeking the return of the account balance to the Moscow City Commercial Court in Russia
 		  Responding to local court trial schedule
Kookmin Bank   Claim for damages     1       90,435     
PT Bank KB Bukopin Tbk requested an auction of TMJ’s shares in order to collect the loan to TMJ (a distressed company); NKLI won the auction and then received a loan from the bank for the purpose of purchasing TMJ shares. NKLI’s intention was to take control over TMJ and launch mining business; however, NKLI was unable to take control and launch the business due to legal disputes with the bankruptcy trustee of TMJ and court-appointed mine management company, and also lost a lawsuit against the mine management company.
As a result, NKLI filed a legal suit to PT Bank KB Bukopin Tbk stating that the bank’s recommendation to purchase TMJ’s shares was inappropriate since the bank did not intentionally share the legal issues and associated risks thereof.
 		  A legal representative has been appointed to handle the case, and the legal proceedings will proceed.
 
F-26
3
Company
  
Lawsuits
  
No. of
cases
    
Amount
     
Description of the lawsuits
  
Status of the lawsuits
KB Securities Co., Ltd.   Request for a return of transaction amount (Australian fund)     1       34,453     
The plaintiffs OOOO Securities and OOOO Life Insurance filed lawsuits, claiming that the KB Securities Co., Ltd. provided false information on major matters in the product description while selling JB Australia NDIS Private Fund No.1 (on April 25, 2019, plaintiffs invested ￦ 50 billion each) (a) (Primary claim) requesting KB Securities Co., Ltd. to return unjust enrichment of ￦ 100 billion for cancelation of sales contracts of beneficiary certificates due to an error or termination of the contract due to default, (b) (Secondary claim) requesting for compensation for damages in investments amounting to ￦ 100 billion due to violation of the investor protection obligation and fraudulent transactions of KB Securities Co., Ltd. and OOO Asset Management.
The Plaintiff’s complaint price was changed to ￦ 34.45 billion due to the Plaintiff’s request to change the purpose and cause of the claim on November 13, 2023.
 		 
Second trial is in progress (The
pleading of the First trial was closed
on January 24, 2024, the judgement
date of the First trial is February 14,
2024. Both plaintiff and defendant
appealed on March 05, 2024.
The pleading of the Second trial date has not been set.)
b) On April 7, 2023, Kookmin Bank entered into a new share subscription agreement with STIC Eugene Star Holdings Inc.(hereinafter referred to as STIC”), under which STIC will acquire 31,900,000,000 shares at a price of IDR 3.19 trillion, of which Kookmin Bank’s subsidiary, PT Bank KB Bukopin Tbk, will issue. As a result of the agreement, Kookmin Bank will hold a call option to purchase the shares held by the STIC, starting from 2 years and 6 months after the date of acquisition, for a period of 6 months. If Kookmin Bank does not exercise the call option during the designated period, STIC will have the right to sell the acquired shares back to the bank, also known as holding a put option right, within 1 year after the expiration of the call option period.
c) Kookmin Bank is currently under investigation by the Fair Trade Commission regarding the possibility of unfair joint actions by commercial banks. It is impossible to predict the outcome of the investigation.
d)
 
In June 2013, KB Kookmin Card Co., Ltd. had an accident in which cardholders’ personal information was stolen (hereinafter referred to as “accident”) due to illegal activities by employees of personal credit information company in charge of development of the system upgrading to prevent fraudulent use of credit card. As a result, KB Kookmin Card Co., Ltd. was notified by the Financial Services Commission of the suspension of some new business for 3 months as of February 16, 2014. In respect of the accident, the Group faces 1 legal claim filed as a defendant, with an aggregate claim amount of ￦ 51 million as of December 31, 2023.
e
) As of December 31, 2023, KB KOLAO Leasing Co., Ltd. is selling LVMC Holdings (formerly Kolao Holdings) allied receivables that are overdue by three months or more to Lanexang Leasing Co., Ltd. in accordance with the agreement.
 
F-26
4
f) As of December 31, 2023, KB Capital Co., Ltd. and PT Sunindo Primasura are required to hold the shares of PT Sunindo Kookmin Best Finance for five years after May 18, 2020, when the purchase of shares was completed. If one party is going to sell all or part of the shares, provide them as collateral, trade or dispose of them, it should give the opportunity to exercise preemption to the other party by providing written proposal including transfer price, payment method, and others.
g
) KB Securities Co., Ltd., as an investment broker, managed the sale of private equity funds and trusts amounting to ￦ 326,500 million, which lends to corporations (borrowers) that invest in apartment rental businesses for the disabled in Australia, to individuals and institutional investors. However, management of the fund has been suspended due to the breach of contract by local borrowers in Australia; therefore there is a possibility of losses of principal to these funds subscribers. In this regard, there are three lawsuits in which the Group is a defendant as of December 31, 2023. In one of them, the first trial ruling ordered the payment of ￦ 29,800 million in investment principal and delayed interest on February 7, 2023, but the second trial on January 29, 2024 ruled against the conclusion, ordering the payment of ￦ 12,000 million in investment principal and delayed interest thereon. Another case was ruled in October, ordering the payment of ￦ 8,460 million in remaining principal and interest, along with delayed interest on ￦
8,290
 million principal. However, the judgment may be changed at the higher court. The other case is still in the first trial.
h
) In relation to Lime Asset Management, KB Securities Co., Ltd. has a PIS (Portfolio Index Swap) contract, as of December 31, 2023, associated with ‘Lime Thetis Qualified Investor Private Investment Trust No.2’ and ‘Lime Pluto FI Qualified Investor Private Investment Trust
No.D-1’
whose redemption were suspended during the fourth quarter of 2019. The notional amount of the underlying assets of the PIS contract is ￦ 146,300 million. Meanwhile, the Group sold ￦ 68,100 million of feeder funds of aforementioned redemption-suspended funds. On October 20, 2020, Lime Asset Management’s license as a fund manager was revoked by the Financial Supervisory Service’s sanctions review committee, and most of its redemption-suspended funds and normal funds have been transferred to Wellbridge Asset Management (the bridge management company) to continue to collect and distribute investments. It is difficult to predict whether and when the aforementioned redemption-suspended funds will be redeemed. In this regard, KB Securities Co., Ltd. faces four claims filed as a defendant as of December 31, 2023. The Group has accounted for the estimated loss due to the possibility of additional lawsuits in the future as a provision for litigations.
i
) As of December 31, 2023, KB Real Estate Trust Co., Ltd. may lend ￦ 3,627,400 million to the trust accounts, which is part of the total project cost related to borrowing-type land trust contracts (including maintenance projects). Whether or not KB Real Estate Trust Co., Ltd. will lend to a trust account is not an unconditional payment obligation, and it is judged by considering all matters such as the fund balance plan of its own account and trust business.
j
) KB Real Estate Trust Co., Ltd. is carrying out the completion guarantee management-type land trust project (72 cases, including Gonghang-dong Airport City, excluding construction project), that bears responsibility for the completion guarantee when the construction company fails to fulfill responsibility for the completion guarantee and bears responsibility for compensating for damages to lending financial institutions as of December 31, 2023. The total credit line of PF loan related to the completion guarantee management-type land trust project is ￦ 5,620,600 million, and the used credit line is ￦ 4,002,000 million as of December 31, 2023. The amount of compensation for damages charged to KB Real Estate Trust Co., Ltd. is measured after determining whether the damage occurred due to KB Real Estate Trust Co., Ltd.’s failure to the completion guarantee. Since the amount of loss cannot be measured reliably, this impact was not reflected in the financial statements at the end of the current period. The Group plans to continuously monitor the process progress at each business site.
 
F-26
5
41. Subsidiaries
41.1 Details of major consolidated subsidiaries as of December 31, 2023, are as follows:
 
Investor
  
Investee
  
Ownership
(%)
    
Location
  
Date of
financial
statements
  
Industry
KB Financial Group Inc.
   Kookmin Bank     100.00     Korea  
Dec
. 31
   Banking and foreign exchange transaction
  KB Securities Co., Ltd.     100.00     Korea  
Dec
. 31
   Financial investment
  KB Insurance Co., Ltd.     100.00     Korea  
Dec
. 31
   Non-life insurance
  KB Kookmin Card Co., Ltd.     100.00     Korea  
Dec
. 31
   Credit card and installment financing
 
KB Life Insurance Co., Ltd.
1
     100.00     Korea  
Dec
. 31
   Life insurance
  KB Asset Management Co., Ltd.     100.00     Korea  
Dec
. 31
   Collective investment and advisory
  KB Capital Co., Ltd.     100.00     Korea  
Dec
. 31
   Financial Leasing
  KB Real Estate Trust Co., Ltd.     100.00     Korea  
Dec
. 31
   Real estate trust management
  KB Savings Bank Co., Ltd.     100.00     Korea  
Dec
. 31
   Savings banking
  KB Investment Co., Ltd.     100.00     Korea  
Dec
. 31
   Capital investment
  KB Data System Co., Ltd.     100.00     Korea  
Dec
. 31
   Software advisory, development, and supply
Kookmin Bank
  
KB PRASAC Bank Plc.
3
     100.00     Cambodia  
Dec
. 31
   Banking and foreign exchange transaction
  Kookmin Bank (China) Ltd.     100.00     China  
Dec
. 31
   Banking and foreign exchange transaction
  KB Microfinance Myanmar Co., Ltd.     100.00     Myanmar  
Dec
. 31
   Microfinance services
  PT Bank Syariah Bukopin     95.92     Indonesia  
Dec
. 31
   Banking
  PT Bukopin Finance     99.24     Indonesia  
Dec
. 31
   Installment financing
  KB Bank Myanmar Co., Ltd.     100.00     Myanmar  
Dec
. 31
   Banking and foreign exchange transaction
Kookmin Bank, KB Kookmin Card Co., Ltd., KB Securities Co., Ltd., KB Insurance Co., Ltd., KB Capital Co., Ltd.
   PT Bank KB Bukopin, Tbk.     67.57
2
 		   Indonesia  
Dec
. 31
   Banking and foreign exchange transaction
KB Securities Co., Ltd.
   KBFG Securities America Inc.     100.00     United States  
Dec
. 31
   Investment advisory and securities trading
  KB Securities Hong Kong Ltd.     100.00     China  
Dec
. 31
   Investment advisory and securities trading
  KB Securities Vietnam Joint Stock Company     99.81     Vietnam  
Dec
. 31
   Investment advisory and securities trading
  KB FINA Joint Stock Company     77.82     Vietnam  
Dec
. 31
   Investment advisory and securities trading
  PT KB VALBURY SEKURITAS     65.00     Indonesia  
Dec
. 31
   Investment advisory and securities trading
  PT.KB Valbury Capital Management     79.00     Indonesia  
Dec
. 31
   Financial investment
KB Insurance Co., Ltd.
   Leading Insurance Services, Inc.     100.00     United States  
Dec
. 31
   Management service
  KBFG Insurance(China) Co., Ltd.     100.00     China  
Dec
. 31
   Non-life insurance
  PT. KB Insurance Indonesia     70.00     Indonesia  
Dec
. 31
   Non-life insurance
  KB Claims Survey & Adjusting     100.00     Korea  
Dec
. 31
   Claim service
  KB Sonbo CNS     100.00     Korea  
Dec
. 31
   Management service
  KB Healthcare Co., Ltd.     100.00     Korea  
Dec
. 31
   Information and communication
 
F-26
6
Investor
  
Investee
  
Ownership
(%)
    
Location
  
Date of
financial
statements
  
Industry
KB Life Insurance Co., Ltd.
1
   KB Life Partners Co., Ltd.     100.00     Korea  
Dec
. 31
   Insurance agent
 
KB Golden Life Care Co., Ltd.
4
     100.00     Korea  
Dec
. 31
   Service
KB Kookmin Card Co., Ltd.
   KB Credit Information Co., Ltd.     100.00     Korea  
Dec
. 31
   Collection of receivables or credit investigation
  KB Daehan Specialized Bank Plc.     97.45     Cambodia  
Dec
. 31
   Auto Installment finance
  PT. KB Finansia Multi Finance     80.00     Indonesia  
Dec
. 31
   Auto Installment finance
  KB J Capital Co., Ltd.     77.40     Thailand  
Dec
. 31
   Service
  i-Finance Leasing Plc.     100.00     Cambodia  
Dec
. 31
   Leasing
KB Capital Co., Ltd.
   PT Sunindo Kookmin Best Finance     85.00     Indonesia  
Dec
. 31
   Auto Installment finance
  Teamwink Inc.     95.95     Korea  
Dec
. 31
   E-commerce
KB Kookmin Card Co., Ltd. KB Capital Co., Ltd.
   KB KOLAO Leasing Co., Ltd.     80.00     Laos  
Dec
. 31
   Auto Installment finance
Kookmin Bank, KB Data System Co., Ltd.
   PT KB Data Systems Indonesia     100.00     Indonesia  
Dec
. 31
   Service
KB Asset Management Co., Ltd.
   KBAM Shanghai Advisory Services Co., Ltd.     100.00     China  
Dec
. 31
   General advisory
  KB Asset Management Singapore PTE. LTD.     100.00     Singapore  
Dec
. 31
   Collective investment
 
1
 
Prudential Life Insurance Company of Korea Ltd. has changed its name into KB Life Insurance Co., Ltd.
2
 
Among the ownership in PT Bank KB Bukopin, Tbk., 0.05% (100,000,000 shares) is
no-voting
shares with
no-dividends.
3
 
On September 1, 2023, PRASAC Microfinance Institution PLC.(merging entity), a subsidiary of Kookmin Bank Co., Ltd., merged with Kookmin Bank Cambodia PLC.(merged entity), issuing 20,272,296 shares in exchange for the transfer consideration. The official name of PRASAC Microfinance Institution PLC.(merging entity) has changed to KB PRASAC BANK PLC.
4
In October 2023, KB Golden Life Care Co., Ltd. was changed from a subsidiary of KB Insurance Co., Ltd. to a subsidiary of KB Life Insurance Co., Ltd.
41.2 Details of consolidated structured entities as of December 31, 2023, are as follows:
 
    
Consolidated structured entities
   
Reasons for consolidation
Trusts
    Kookmin Bank (development trust) and 10 others    The Group controls the trust because it has power to determine management performance of the trust and is significantly exposed to variable returns that absorb losses through the guarantees of payment of principal, or payment of principal and fixed rate of return.
 
F-26
7
    
Consolidated structured entities
   
Reasons for consolidation
Asset-backed securitization
    Taejon Samho The First Co., Ltd. and 105 others    The Group controls these investees because it has power over relevant activities in the event of default, is significantly exposed to variable returns by providing lines of credit, ABCP purchase commitments or acquisition of subordinated debt and has ability to affect those returns through its power.
Investment funds and others
    KB Global Platform Fund No.2 and 207 others    Funds are consolidated if the Group, as a collective investor or operating manager (member), etc., can manage fund assets on behalf of other investors, or dismiss the collective investor and operating manager, and is substantially exposed to significant variable returns or has such rights.
If the Group holds more than half of the ownership interests but does not have the power over relevant activities of structured entities in accordance with agreements with trust and other related parties, those structured entities are excluded from the consolidation.
41.3 Condensed financial information of major subsidiaries as of and for the years ended December 31, 2022 and 2023, are as follows:
 
   
December 31, 2022
    
2022
  
   
Assets
    
Liabilities
    
Equity
    
Operating
revenue
3
    
Profit (loss)
attributable to
shareholders
of the Parent
Company
    
Total
comprehensive
income (loss)
attributable to
shareholders
of the Parent
Company
  
   
(In millions of Korean won)
  
Kookmin Bank
1
   ￦ 517,769,512     ￦ 484,046,253     ￦ 33,723,259     ￦ 49,436,046     ￦ 2,996,015     ￦ 1,856,632  
KB Securities Co., Ltd.
1,2
     53,824,246       47,946,933       5,877,313       14,264,399       187,784       263,605  
KB Insurance Co., Ltd.
1,2
     34,743,259       29,017,684       5,725,575       11,119,856       557,219       1,097,725  
KB Kookmin Card Co., Ltd.
 1
     29,721,017       24,998,215       4,722,802       3,694,352       378,592       412,208  
KB Life Insurance Co., Ltd.
 1,2,3,4
     20,924,583       17,728,052       3,196,531       2,063,884       (120,448 )      765,785  
KB Life Insurance Co., Ltd.
3
     9,065,100       8,444,355       620,745       898,808       37,070       (281,849 ) 
KB Asset Management Co., Ltd. 
1
     369,488       102,970       266,518       233,293       59,345       59,367  
KB Capital Co., Ltd.
1,2
     16,053,026       13,946,800       2,106,226       1,906,694       217,139       209,808  
KB Real Estate Trust Co., Ltd.
     518,980       113,444       405,536       152,686       67,723       68,714  
KB Savings Bank Co., Ltd.
     3,138,543       2,854,549       283,994       191,337       21,814       21,897  
KB Investment Co., Ltd.
1
     1,378,550       1,108,264       270,286       161,210       4,807       4,805  
KB Data System Co., Ltd.
1
     63,645       40,570       23,075       233,320       3,162       4,546  
KB Credit Information Co., Ltd.
 5
     42,219       24,923       17,296       36,469       484       924  
 
F-26
8
   
December 31, 2023
    
2023
  
   
Assets
    
Liabilities
    
Equity
    
Operating
revenue
    
Profit (loss)
attributable to
shareholders
of the Parent
Company
    
Total
comprehensive
income (loss)
attributable to
shareholders
of the Parent
Company
  
   
(In millions of Korean won)
  
Kookmin Bank
1
   ￦ 530,012,853     ￦ 493,464,126     ￦ 36,548,727     ￦ 45,032,120     ￦ 3,261,499     ￦ 3,889,625  
KB Securities Co., Ltd.
1,2
     61,266,990       54,967,833       6,299,157       11,580,526       389,618       389,602  
KB Insurance Co., Ltd.
1,2
     37,729,688       31,474,132       6,255,556       11,864,879       752,901       879,534  
KB Kookmin Card Co., Ltd.
 1
     29,365,575       24,545,752       4,819,823       4,205,146       351,133       307,336  
KB Life Insurance Co., Ltd.
 1,2,3,4
     31,953,218       27,823,185       4,130,033       2,628,109       82,233       432,188  
KB Asset Management Co., Ltd. 
1
     377,919       109,645       268,274       204,202       61,525       61,756  
KB Capital Co., Ltd.
1,2
     16,560,800       14,300,771       2,260,029       2,295,471       186,505       182,075  
KB Real Estate Trust Co., Ltd.
1
     859,408       573,348       286,060       148,763       (84,073 )      (84,476 ) 
KB Savings Bank Co., Ltd.
     2,661,999       2,468,223       193,776       234,197       (90,568 )      (90,430 ) 
KB Investment Co., Ltd.
1
     1,544,836       1,265,361       279,475       154,287       9,187       9,188  
KB Data System Co., Ltd.
1
     61,508       40,616       20,892       230,825       125       (1,594 ) 
 
1
Financial information is based on its consolidated financial statements.
2
Includes fair value adjustments arising from the acquisition.
3
Prudential Life Insurance Company of Korea Ltd. and KB Life Insurance Co., Ltd, which were subsidiary companies, have merged in January 2023.
4
Prudential Life Insurance Company of Korea Ltd. changed the name to KB Life Insurance Co., Ltd.
5
 
The Parent Company sold 100% shares of KB Credit Information Co., Ltd. to KB Kookmin Card Co., Ltd. on June 30, 2023.
41.4 The Characteristics of Risks Associated with Consolidated Structured Entities
The terms of contractual arrangements to provide financial support to consolidated structured entities are as follows:
41.4.1 The Group has provided payment guarantees of ￦ 3,664,224 million to K plus 1st L.L.C and other consolidated structured entities.
41.4.2 The Group has provided capital commitment to 57 consolidated structured entities including KB Sinansan Line Private Special Asset Fund (SOC). The unexecuted amount of the capital commitment is ￦ 1,630,316 million. Based on the capital commitment, the Group is subject to increase its investment upon the request of the asset management company or the additional agreement among investors.
41.4.3 The Group has provided the guarantees of payment of principal, or principal and fixed rate of return in case the operating results of the trusts are less than the guaranteed principal, or principal and fixed rate of return.
 
F-26
9
41.5 Changes in Subsidiaries
41.5.1 Subsidiaries newly included in consolidation for the year ended December 31, 2023, are as follows:
 
Company
        
Reasons of obtaining control
Teamwink Inc. and 12 others
      
Holds more than half of the ownership interests
KB Liiv DS 1st L.L.C. and 32 others
      
Holds the power in the event of default and is exposed to significant variable returns by providing lines of credit, ABCP purchase commitments or acquisition of subordinated debt
KB Global Private Real Estate Debt Fund 29 and 19 others
      
Holds the power to determine the operation of the funds and is exposed to variable returns by holding significant amount of ownership interests
KB Global Platform Fund No.2 and 3 others
      
Holds the power as a general partner and is exposed to variable returns by holding significant amount of ownership interests
41.5.2 Subsidiaries excluded from consolidation for the year ended December 31, 2023, are as follows:
 
Company
        
Reasons of losing control
KB Cheongra Hill Co., Ltd. and 45 others
      
Termination of the commitments
KB Life Insurance Co., Ltd. and 18 others
      
Liquidation
KB KBSTAR Treasury Futures 3 Year ETF Trust (Bond-Derivative) and 7 others
      
Disposal
KB Global Dynamic Securities Master Investment Trust (Equity-Indirect Type) and 5 others
      
Decrease in ownership interests to less than majority
 
F-27
0
42. Unconsolidated Structured Entities
42.1 Nature, purpose, and activities of the unconsolidated structured entities and how the structured entities are financed, are as follows:
 
Nature
   
Purpose
   
Activity
   
Method of financing
Structured financing
   
Granting PF loans to SOC and real estate
 
Granting loans to ships/aircrafts SPC
   
Construction of SOC and real estate
 
Building ships, construction and purchase of aircrafts
   
Loan commitments through credit line, providing credit line, and investment agreements
Investment funds
   
Investment in beneficiary certificates
 
Investment in PEF and partnerships
   
Management of fund assets
 
Payment of fund fees and allocation of fund profits
   
Sales of beneficiary certificate instruments
 
Investment from general partners and limited partners
Trusts
   
Management of financial trusts;
 
— Development trust
— General unspecified money trust
— Trust whose principal is not guaranteed
— Other trusts
   
Management of trusted financial assets
 
Payment of trust fees and allocation of trust profits.
   
Sales of trusted financial instruments
Asset-backed securitization
   
Early cash generation through transfer of securitized assets
 
Fees earned through services to SPC, such as providing lines of credit and ABCP purchase commitments
   
Fulfillment of asset-backed securitization plan
 
Purchase and collection of securitized assets
 
Issuance and repayment of ABS and ABCP
   
Issuance of ABS and ABCP based on securitized assets
 
F-2
71
42.2 Details of scale of unconsolidated structured entities and nature of the risks associated with the Group’s interests in unconsolidated structured entities as of December 31, 2022 and 2023, are as follows:
 
    
December 31, 2022
  
    
Structured
financing
     
Investment
funds
     
Trusts
     
Asset-backed
securitization

and others
     
Total
  
    
(In millions of Korean won)
  
Total assets of unconsolidated structured entities
    ￦ 110,862,054      ￦ 455,292,775      ￦ 5,516,039      ￦ 144,018,286      ￦ 715,689,154  
Carrying amount in the financial statements
               
Assets:
               
Financial assets at fair value through profit or loss
    ￦ 105,637      ￦ 13,462,390      ￦ 298,169      ￦ 3,566,948      ￦ 17,433,144  
Loans measured at amortized cost
      8,829,758        469,777        163,220        3,037,020        12,499,775  
Financial investments
      1,012        —        —        7,893,604        7,894,616  
Investments in associates
      —        335,746        —        —        335,746  
Other assets
      6,663        1,504        242,853        5,950        256,970  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 8,943,070      ￦ 14,269,417      ￦ 704,242      ￦ 14,503,522      ￦ 38,420,251  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
               
Deposits
    ￦ 1,596,011      ￦ 41,288      ￦ —      ￦ 219,641      ￦ 1,856,940  
Derivative financial liabilities
      437        2,102        —        698        3,237  
Other liabilities
      3,044        11        —        54,425        57,480  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 1,599,492      ￦ 43,401      ￦ —      ￦ 274,764      ￦ 1,917,657  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Maximum exposure *
               
Assets held
    ￦ 8,943,070      ￦ 14,269,417      ￦ 704,242      ￦ 14,503,522      ￦ 38,420,251  
Purchase and investment commitments
      227,098        6,301,588        144,269        678,564        7,351,519  
Unused credit
      1,380,348        —        8,547        6,161,171        7,550,066  
Acceptances and guarantees and loan commitments
      1,015,619        —        —        20,000        1,035,619  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 11,566,135      ￦ 20,571,005      ￦ 857,058      ￦ 21,363,257      ￦ 54,357,455  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Methods of determining the maximum exposure
     





 		 Loan
commitments /
investment
agreements /
purchase
commitments
and acceptances
and guarantees		  

 
 
 
 
 
 		     

 		 Investments /
loans and investment agreements
 
 
 		     





 		 Trust
paying
dividends
by results:
Total
amount of
trust
exposure		  
 
 
 
 
 
 
 		     






 		 Providing
credit lines/
purchase
commitments/
loan
commitments
and
acceptances
and guarantees		  
 
 
 
 
 
 
 
 		   
 
F-2
72
    
December 31, 2023
  
    
Structured
financing
     
Investment
funds
     
Trusts
     
Asset-backed
securitization

and others
     
Total
  
  
 
(In millions of Korean won)
 
Total assets of unconsolidated structured entities
    ￦ 114,891,212      ￦ 593,418,756      ￦ 4,893,076      ￦ 142,477,227      ￦ 855,680,271  
Carrying amount in the financial statements
               
Assets:
               
Financial assets at fair value through profit or loss
    ￦ 98,771      ￦ 15,553,522      ￦ 7,249      ￦ 4,895,929      ￦ 20,555,471  
Loans measured at amortized cost
      11,487,358        580,121        112,867        2,959,032        15,139,378  
Financial investments
      —        —        —        10,382,744        10,382,744  
Investments in associates
      —        418,484        —        —        418,484  
Other assets
      7,823        1,919        686,208        11,969        707,919  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 11,593,952      ￦ 16,554,046      ￦ 806,324      ￦ 18,249,674      ￦ 47,203,996  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
               
Deposits
    ￦ 2,202,888      ￦ 52,921      ￦ —      ￦ 359,418      ￦ 2,615,227  
Derivative financial liabilities
      —        288        —        —        288  
Other liabilities
      4,442        43        57        2,082        6,624  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 2,207,330      ￦ 53,252      ￦ 57      ￦ 361,500      ￦ 2,622,139  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Maximum exposure *
               
Assets held
    ￦ 11,593,952      ￦ 16,554,046      ￦ 806,324      ￦ 18,249,674      ￦ 47,203,996  
Purchase and investment commitments
      471,052        6,138,638        10,250        1,183,800        7,803,740  
Unused credit
      1,406,447        —        36,672        5,006,963        6,450,082  
Acceptances and guarantees and loan commitments
      792,848        —        —        15,405        808,253  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 14,264,299      ￦ 22,692,684      ￦ 853,246      ￦ 24,455,842      ￦ 62,266,071  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Methods of determining the maximum exposure
     





 		 Loan
commitments /
investment
agreements /
purchase
commitments
and acceptances
and guarantees		  

 
 
 
 
 
 		     

 		 Investments /
loans and
Investment
agreements
 
 
 		     





 		 Trust
paying
dividends
by results:
Total
amount of
trust
exposure		  
 
 
 
 
 
 
 		     






 		 Providing
credit lines/
purchase
commitments/
loan
commitments
and
acceptances
and guarantees		  
 
 
 
 
 
 
 
 		   
 
*
Maximum exposure includes the asset amounts, after deducting loss (provisions for credit losses, impairment losses, and others), recognized in the consolidated financial statements of the Group.
 
F-27
3
43. Related Party Transactions
According to IAS No. 24, the Group includes investments in associates, key management personnel (including family members), and post-employment benefit plans of the Group and its related party companies in the scope of related parties. The Group discloses balances (receivables and payables) and other amounts arising from transactions with related parties in the notes to the consolidated financial statements. Refer to Note 13 for details of investments in associates and joint ventures.
43.1 Details of significant profit or loss arising from transactions with related parties for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
Associates and joint ventures
           
Balhae Infrastructure Company
   Fee and commission income    ￦ 5,689      ￦ 5,194      ￦ 5,101  
Korea Credit Bureau Co., Ltd.
   Interest expense      6        1        1  
  Fee and commission income      910        649        776  
  Insurance income      4        4        3  
  Fee and commission expense      4,256        3,973        8,444  
 
Provision for credit losses
      —        —        1  
  Other operating expenses      11        15        15  
KB GwS Private Securities Investment Trust *
  
Fee and commission income
      146        —        —  
Incheon Bridge Co., Ltd.
  
Interest income
      4,069        7,516        10,420  
 
Interest expense
      158        517        979  
 
Fee and commission income
      22        23        28  
 
Fee and commission expense
      6        6        7  
 
Insurance income
      230        212        219  
 
Gains on financial instruments at fair value through profit or loss
      —        —        334  
 
Losses on financial instruments at fair value through profit or loss
      1,374        4,434        —  
  Reversal of credit losses      444        28        —  
  Provision for credit losses      1        9        54  
Kendai Co., Ltd.
   Other
non-operating
expenses		      —        3        —  
Aju Good Technology Venture Fund
   Interest expense      27        108        111  
Taeyoungjungkong Co., Ltd.
   Interest income      —        —        2  
KB Star Office Private Real Estate Master Fund No. 1*
   Interest income      370        —        —  
  Interest expense      5        2        —  
  Fee and commission income      435        276        —  
Star-Lord General Investors Private Real Estate Investment Company No. 10
   Insurance income      —        97        137  
  Interest income      —        3,098        5,934  
  Interest expense      —        413        543  
  Fee and commission income      —        —        20  
  Provision for credit losses      —        1        4  
  General and administrative expenses      —        5,562        9,720  
KG Capital Co., Ltd. *
   Interest income      941        889        293  
  Fee and commission income      88        47        18  
  Fee and commission expense      15        10        1  
  Insurance income      42        43        13  
  Other operating income      710        487        —  
  Other operating expenses      64        32        11  
  Reversal of credit losses      11        —        55  
  Provision for credit losses      —        9        —  
 
F-27
4
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
Food Factory Co., Ltd.
  
Interest income
      70        80        62  
 
Interest expense
      5        6        1  
 
Insurance income
      9        10        9  
 
Fee and commission income
      —        1        —  
 
Fee and commission expense
      2        —        —  
 
Gains on financial instruments at fair value through profit or loss
      —        33        43  
 
Losses on financial instruments at fair value through profit or loss
      1        —        —  
 
Reversal of credit losses
      6        1        2  
KB Pre IPO Secondary Venture Fund No. 1 *
  
Interest expense
      1        —        —  
 
Fee and commission income
      110        1,204        —  
Acts Co., Ltd. *
  
Insurance income
      1        2        —  
Dongjo Co., Ltd.
  
Insurance income
      1        —        —  
 
Interest income
      —        9        36  
POSCO-KB
Shipbuilding Fund
  
Fee and commission income
      213        177        (99 ) 
Dae-A
Leisure Co., Ltd.
  
Interest expense
      2        —        —  
Paycoms Co., Ltd. *
  
Interest income
      10        7        154  
 
Gains on financial instruments at fair value through profit or loss
      42        39        —  
Big Dipper Co., Ltd.
  
Interest expense
      —        1        —  
 
Fee and commission expense
      655        393        266  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
  
Interest expense
      1        1        —  
 
Fee and commission income
      190        129        —  
KB-TS
Technology Venture Private Equity Fund
  
Fee and commission income
      285        185        324  
KB-SJ
Tourism Venture Fund
  
Fee and commission income
      279        209        312  
Banksalad Co., Ltd.
  
Gains on financial instruments at fair value through profit or loss
      613        —        —  
 
Losses on financial instruments at fair value through profit or loss
      663        —        —  
 
Fee and commission income
      36        36        37  
 
Fee and commission expense
      48        17        11  
Iwon Alloy Co., Ltd.
  
Insurance income
      —        1        1  
Bioprotect Ltd.
  
Gains on financial instruments at fair value through profit or loss
      293        —        —  
RMGP
Bio-Pharma
Investment Fund, L.P.
  
Fee and commission income
      38        43        40  
 
Gains on financial instruments at fair value through profit or loss
      531        —        —  
 
Losses on financial instruments at fair value through profit or loss
      2,373        —        —  
KB-MDI
Centauri Fund L.P.
  
Fee and commission income
      401        487        491  
 
Gains on financial instruments at fair value through profit or loss
      551        —        —  
 
Losses on financial instruments at fair value through profit or loss
      284        —        —  
 
F-27
5
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
Hibiscus Fund L.P.
  
Fee and commission income
      372        524        928  
 
Gains on financial instruments at fair value through profit or loss
      113        —        —  
RMG-KB
BioAccess Fund L.P.
  
Fee and commission income
      57        325        326  
 
Gains on financial instruments at fair value through profit or loss
      5        —        —  
S&E Bio Co., Ltd.
  
Interest expense
      1        2        43  
Contents First Inc.
  
Interest income
      —        128        346  
 
Interest expense
      83        34        73  
 
Fee and commission income
      —        1        2  
 
Provision for credit losses
      —        1        8  
December & Company Inc. *
  
Insurance income
      109        174        187  
GENINUS Inc. *
  
Interest expense
      29        12        —  
 
Gains on financial instruments at fair value through profit or loss
      4,009        —        —  
 
Provision for credit losses
      6        —        —  
Pin Therapeutics Inc.
  
Interest expense
      —        110        101  
Wyatt Co., Ltd.
  
Insurance income
      87        142        102  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
  
Interest expense
      17        6        4  
 
Fee and commission income
      514        423        209  
Spark Biopharma Inc.
  
Interest expense
      7        272        468  
Skydigital Inc.
  
Fee and commission income
      3        3        3  
Il-Kwang
Electronic Materials Co., Ltd.
  
Other
non-operating
expenses
      —        1        —  
SO-MYUNG
Recycling Co., Ltd.
  
Other
non-operating
expenses
      —        2        —  
KB No. 17 Special Purpose Acquisition Company*
  
Losses on financial instruments at fair value through profit or loss
      1,388        —        —  
 
Interest expense
      14        1        —  
KB No. 18 Special Purpose Acquisition Company*
  
Gains on financial instruments at fair value through profit or loss
      8        —        —  
 
Interest expense
      20        5        —  
KB No. 19 Special Purpose Acquisition Company*
  
Gains on financial instruments at fair value through profit or loss
      36        —        —  
 
Interest expense
      9        5        —  
KB No. 20 Special Purpose Acquisition Company*
  
Gains on financial instruments at fair value through profit or loss
      68        —        —  
 
Interest expense
      15        22        —  
KB No. 21 Special Purpose Acquisition Company
  
Fee and commission income
      —        263        —  
 
Gains on financial instruments at fair value through profit or loss
      —        1,469        28  
 
Interest expense
      —        30        68  
KB No. 22 Special Purpose Acquisition Company
  
Fee and commission income
      —        175        —  
 
Gains on financial instruments at fair value through profit or loss
      —        982        1,013  
 
Interest expense
      —        1        2  
 
F-27
6
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
KB No. 23 Special Purpose Acquisition Company *
  
Gains on financial instruments at fair value through profit or loss
      —        1,476        —  
 
Losses on financial instruments at fair value through profit or loss
      —        —        1,483  
 
Interest expense
      —        23        46  
KB No. 24 Special Purpose Acquisition Company *
  
Interest expense
      —        1        7  
KB No. 25 Special Purpose Acquisition Company
  
Interest expense
      —        —        39  
 
Gains on financial instruments at fair value through profit or loss
      —        —        1,130  
KB No. 26 Special Purpose Acquisition Company
  
Interest expense
      —        —        38  
 
Gains on financial instruments at fair value through profit or loss
      —        —        1,209  
KB No. 27 Special Purpose Acquisition Company
  
Interest expense
      —        —        65  
 
Gains on financial instruments at fair value through profit or loss
      —        —        3,059  
KB SPROTT Renewable Private Equity Fund No. 1
  
Fee and commission income
      487        345        320  
KB-Stonebridge
Secondary Private Equity Fund
  
Fee and commission income
      550        706        582  
 
Other operating income
      —        —        113  
COSES GT Co., Ltd.
  
Losses on financial instruments at fair value through profit or loss
      —        —        4,910  
 
Interest income
      18        23        30  
 
Interest expense
      1        1        —  
 
Provision for credit losses
      —        3        —  
 
Reversal of credit losses
      3        —        5  
IDTECK Co., Ltd.
  
Insurance income
      1        —        —  
TeamSparta Inc.
  
Fee and commission income
      —        —        11  
 
Interest expense
      —        19        212  
 
Provision for credit losses
      —        —        2  
Mantisco Co., Ltd.
  
Interest expense
      1        1        —  
SuperNGine Co., Ltd.
  
Interest income
      —        —        25  
 
Interest expense
      1        —        —  
 
Fee and commission income
      —        —        1  
 
Provision for credit losses
      —        —        6  
Desilo Inc.
  
Interest income
      1        9        13  
 
Provision for credit losses
      2        —        3  
Turing Co., Ltd.
  
Interest income
      —        —        24  
 
Interest expense
      1        1        7  
 
Provision for credit losses
      —        —        14  
IGGYMOB Co., Ltd.
  
Interest expense
      1        1        —  
Kukka Co., Ltd.
  
Interest expense
      —        2        —  
ZIPDOC Inc.
  
Interest expense
      —        1        —  
 
Reversal of credit losses
      —        3        —  
Grinergy Co., Ltd.
  
Provision for credit losses
      —        —        1  
 
Interest expense
    —      —        1  
 
F-27
7
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
Chabot Mobility Co., Ltd.
  
Interest expense
      —        1        —  
 
Fee and commission expense
      —        824        2,154  
Wemade Connect Co., Ltd.
  
Insurance income
      —        3        2  
 
Interest expense
      —        81        316  
 
Reversal of credit losses
      —        1        —  
 
Provision for credit losses
      —        —        9  
TMAP Mobility Co., Ltd.
  
Interest expense
      —        226        1,460  
 
Fee and commission income
      —        —        2  
 
Fee and commission expense
      —        78        998  
 
Reversal of credit losses
      —        —        9  
 
Insurance income
      —        —        209  
Nextrade Co., Ltd.
  
Interest expense
      —        263        2,911  
WJ Private Equity Fund No. 1
  
Fee and commission income
      7        7        7  
UPRISE, Inc.
  
Interest income
      5        —        —  
 
Interest expense
      1        3        —  
 
Reversal of credit losses
      1        —        —  
Channel Corporation
  
Interest expense
      —        43        67  
CWhy Inc.
  
Insurance income
      —        2        2  
Bomapp Inc.
  
Fee and commission expense
      5        —        —  
 
Losses on financial instruments at fair value through profit or loss
      1,980        —        —  
KB Social Impact Investment Fund
  
Fee and commission income
      300        286        284  
KB-UTC
Inno-Tech Venture Fund
  
Fee and commission income
      471        449        431  
 
Other operating income
      —        —        3  
KBSP Private Equity Fund No. 4
  
Fee and commission income
      389        211        —  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
  
Fee and commission income
      1,198        561        1,052  
2020 KB Fintech Renaissance Fund
  
Fee and commission income
      147        147        147  
KB Material and Parts No. 1 PEF
  
Fee and commission income
      353        353        705  
 
Other operating income
      —        —        34  
FineKB Private Equity Fund No. 1
  
Fee and commission income
      540        641        378  
 
Gains on financial instruments at fair value through profit or loss
      —        —        16  
Paramark KB Fund No. 1
  
Fee and commission income
      100        356        129  
KB-Badgers
Future Mobility ESG Fund No. 1
  
Fee and commission income
      —        905        1,300  
KB Bio Private Equity No. 3 Ltd.*
  
Fee and commission income
      324        4,035        —  
K The 15th REIT Co., Ltd. *
  
Fee and commission income
      500        —        —  
 
Insurance income
      1        —        —  
KB-KTB
Technology Venture Fund
  
Fee and commission income
      —        600        669  
THE CHAEUL FUND NO. 1
  
Fee and commission income
      —        82        —  
Bluepointpartners Inc.
  
Gains on financial instruments at fair value through profit or loss
      846        —        —  
KB-Solidus
Global Healthcare Fund
  
Fee and commission income
      167        350        284  
 
Gains on financial instruments at fair value through profit or loss
      —        —        8,400  
SwatchOn Inc.*
  
Fee and commission income
      8        5        —  
 
Interest expense
      10        5        —  
 
F-27
8
        
2021
     
2022
     
2023
  
        
(In millions of Korean won)
  
Gomi corporation Inc.
  
Interest income
      19        61        88  
 
Interest expense
      1        2        —  
 
Fee and commission income
      —        1        1  
 
Insurance income
      —        —        1  
 
Provision for credit losses
      13        3        49  
KB Cape No. 1 Private Equity Fund
  
Fee and commission income
      144        72        217  
 
Losses on financial instruments at fair value through profit or loss
      69        —        16  
Keystone-Hyundai Securities No. 1 Private Equity Fund *
  
Fee and commission income
      43        —        —  
KB-GeneN
Medical Venture Fund No. 1
  
Fee and commission income
      —        76        89  
KB-BridgePole
Venture Investment Fund
  
Fee and commission income
      —        118        135  
 
Other operating income
      —        —        638  
KB-BridgePole
Venture Investment Fund No. 2
  
Fee and commission income
      —        —        20  
KB-Kyobo
New Mobility Power Fund
  
Fee and commission income
      —        69        79  
KB
Co-Investment
Private Equity Fund No. 1
  
Fee and commission income
      —        483        904  
KB-NP
Green ESG New Technology Venture Capital Fund
  
Fee and commission income
      —        435        1,173  
KB-FT
Green Growth No. 1 New Technology Business Investment Association
  
Fee and commission income
      —        —        135  
 
Interest expense
      —        —        14  
KB-SUSUNG
1st Investment Fund
  
Fee and commission income
      —        —        129  
Youngwon Corporation *
  
Insurance income
      —        —        1  
Seokwang T&I Co., Ltd.
  
Insurance income
      —        —        1  
3D Interactive Co., Ltd.
  
Fee and commission income
      —        —        7  
 
Interest expense
      —        —        10  
 
Provision for credit losses
      —        —        2  
Bigwave Robotics Crop. 
  
Interest income
      —        —        (1 ) 
 
Interest expense
      —        —        1  
U-KB
Credit No. 1 Private Equity
  
Fee and commission income
      —        —        228  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
  
Interest expense
      —        —        42  
Others
           
Retirement pension
  
Fee and commission income
      1,338        1,352        1,567  
 
Interest expense
      9        39        27  
 
*
Excluded from the Group’s related party as of December 31, 2023.
Meanwhile,
the Group purchased installment financial assets, etc. from KG Capital Co., Ltd. amounting to ￦ 486,586 million and ￦ 373,044 million for the years ended December 31, 2022 and 2023, respectively
.
Also, the Group recognized ￦ 58,304 million in
non-operating
income for the year ended December 31, 2023, which was confirmed in the lawsuit for damage against Korea Credit Bureau Co., Ltd..
 
F-27
9
43.2 Details of significant outstanding balances of receivables and payables arising from transactions with related parties as of December 31, 2022 and 2023, are as follows:
 
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Associates and joint ventures
        
Balhae Infrastructure Company
   Other assets    ￦ 1,306      ￦ 1,304  
Korea Credit Bureau Co., Ltd.
   Loans measured at amortized cost (gross amount)      38        37  
 
Deposits
      27,889        17,003  
 
Provisions
      2        2  
 
Insurance liabilities
      1        1  
Incheon Bridge Co., Ltd.
   Financial assets at fair value through profit or loss      32,948        33,282  
  Loans measured at amortized cost (gross amount)      95,211        80,512  
  Allowances for credit losses      12        38  
  Other assets      615        528  
  Deposits      48,639        40,992  
  Provisions      18        45  
  Insurance liabilities      89        87  
  Other liabilities      446        504  
Jungdo Co., Ltd.
   Deposits      4        4  
Dae-A
Leisure Co., Ltd.
   Deposits      154        150  
Aju Good Technology Venture Fund
   Deposits      7,222        1,202  
 
Other liabilities
      73        1  
Star-Lord General Investors Private Real Estate Investment Company No.10
  
Loans measured at amortized cost (gross amount)
      149,294        149,590  
 
Allowances for credit losses
      1        5  
 
Property and equipment
      9,915        5,615  
 
Other assets
      8,591        8,689  
 
Insurance liabilities
      46        44  
 
Other liabilities
      14,227        8,245  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
   Deposits      1,526        —  
 
Other liabilities
      1        —  
WJ Private Equity Fund No.1
   Other assets      2        2  
 
Deposits
      221        103  
KB Cape No.1 Private Equity Fund
   Financial assets at fair value through profit or loss      2,017        1,935  
 
Other assets
      —        73  
RAND Bio Science Co., Ltd.
   Deposits      3        4  
  Loans measured at amortized cost (gross amount)      —        1  
KG Capital Co., Ltd. *
   Loans measured at amortized cost (gross amount)      40,040        —  
  Allowances for credit losses      55        —  
  Other assets      63        —  
  Deposits      10        —  
  Insurance liabilities      14        —  
  Other liabilities      5        —  
 
F-2
80
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Food Factory Co., Ltd.
   Financial assets at fair value through profit or loss      696        738  
  Loans measured at amortized cost (gross amount)      3,345        2,137  
  Allowances for credit losses      4        2  
  Other assets      4        5  
  Deposits      664        629  
  Insurance liabilities      8        2  
  Other liabilities      1        1  
POSCO-KB
Shipbuilding Fund
   Other assets      177        678  
Paycoms Co., Ltd. *
   Financial assets at fair value through profit or loss      1,172        —  
  Deposits      1        —  
Big Dipper Co., Ltd.
   Loans measured at amortized cost (gross amount)      18        14  
  Deposits      19        40  
  Other liabilities      —        8  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
   Deposits      317        46  
Iwon Alloy Co., Ltd.
   Deposits      1        1  
  Insurance liabilities      1        —  
Computerlife Co., Ltd.
   Deposits      3        —  
RMGP
Bio-Pharma
Investment Fund, L.P.
   Financial assets at fair value through profit or loss      6,384        5,938  
  Other liabilities      36        62  
RMGP
Bio-Pharma
Investment, L.P.
   Financial assets at fair value through profit or loss      17        20  
Wyatt Co., Ltd.
   Financial assets at fair value through profit or loss      6,000        6,000  
  Deposits      1        1  
  Insurance liabilities      75        73  
Skydigital Inc.
   Deposits      10        65  
Banksalad Co., Ltd.
   Financial assets at fair value through profit or loss      10,470        9,148  
Spark Biopharma Inc.
   Financial assets at fair value through profit or loss      7,450        7,450  
  Loans measured at amortized cost (gross amount)      17        17  
  Deposits      17,534        11,419  
  Other liabilities      91        90  
UPRISE, Inc.
   Financial assets at fair value through profit or loss      5,248        5,710  
  Deposits      27        —  
Stratio, Inc.
   Financial assets at fair value through profit or loss      1,000        1,000  
Honest Fund, Inc.
   Financial assets at fair value through profit or loss      3,999        3,999  
 
F-28
1
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
CellinCells Co., Ltd.
   Financial assets at fair value through profit or loss      2,000        2,000  
  Loans measured at amortized cost (gross amount)      7        3  
  Deposits      37        37  
Channel Corporation
   Financial assets at fair value through profit or loss      18,099        16,906  
  Deposits      3,000        2,030  
  Other liabilities      21        11  
KB No.21 Special Purpose Acquisition Company
   Financial assets at fair value through profit or loss      2,959        2,987  
  Deposits      2,263        2,261  
  Other liabilities      29        38  
KB No.22 Special Purpose Acquisition Company
   Financial assets at fair value through profit or loss      1,972        2,985  
  Deposits      1,948        1,848  
KB No.23 Special Purpose Acquisition Company *
   Financial assets at fair value through profit or loss      2,971        1,489  
  Deposits      2,205        —  
  Other liabilities      22        —  
KB No.24 Special Purpose Acquisition Company *
   Financial assets at fair value through profit or loss      6,975        —  
  Deposits      9,983        —  
  Other liabilities      1        —  
KB No.25 Special Purpose Acquisition Company
   Financial assets at fair value through profit or loss      —        2,025  
  Deposits      —        1,586  
  Other liabilities      —        39  
KB No.26 Special Purpose Acquisition Company
   Financial assets at fair value through profit or loss      —        2,204  
  Deposits      —        1,761  
  Other liabilities      —        37  
KB No.27 Special Purpose Acquisition Company
   Financial assets at fair value through profit or loss      —        6,054  
  Deposits      —        4,497  
  Other liabilities      —        65  
COSES GT Co., Ltd.
   Financial assets at fair value through profit or loss      4,930        —  
  Loans measured at amortized cost (gross amount)      506        1  
  Allowances for credit losses      4        —  
  Other assets      2        —  
  Deposits      1,213        1  
Bomapp Inc. *
   Financial assets at fair value through profit or loss      1        —  
MitoImmune Therapeutics
   Financial assets at fair value through profit or loss      7,000        7,000  
KB-Solidus
Global Healthcare Fund
   Other assets      350        284  
Bioprotect Ltd.
   Financial assets at fair value through profit or loss      3,802        4,474  
 
F-2
82
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Gomi corporation Inc.
   Financial assets at fair value through profit or loss      4,000        4,000  
  Loans measured at amortized cost (gross amount)      2,234        2,155  
  Allowances for credit losses      17        62  
  Other assets      5        5  
  Deposits      915        78  
  Other liabilities      1        1  
  Provisions      —        3  
Go2joy Co., Ltd.
   Financial assets at fair value through profit or loss      1,200        1,200  
ClavisTherapeutics, Inc.
   Financial assets at fair value through profit or loss      2,000        —  
S&E Bio Co., Ltd.
   Financial assets at fair value through profit or loss      4,000        4,000  
  Loans measured at amortized cost (gross amount)      10        13  
  Deposits      6,419        2,342  
  Other liabilities      —        13  
Bluepointpartners Inc.
   Financial assets at fair value through profit or loss      2,133        1,874  
4N Inc.
   Financial assets at fair value through profit or loss      200        —  
  Deposits      5        49  
Xenohelix Co., Ltd.
   Financial assets at fair value through profit or loss      2,100        3,100  
  Deposits      —        904  
Contents First Inc.
   Financial assets at fair value through profit or loss      7,277        7,277  
  Loans measured at amortized cost (gross amount)      10,017        10,365  
  Allowances for credit losses      1        7  
  Other assets      2        4  
  Deposits      5,010        1,072  
  Provisions      —        1  
  Other liabilities      21        6  
KB-MDI
Centauri Fund L.P.
   Financial assets at fair value through profit or loss      17,471        18,993  
  Other assets      470        221  
2020 KB Fintech Renaissance Fund
   Other assets      37        37  
OKXE Inc.
   Financial assets at fair value through profit or loss      800        800  
Mantisco Co., Ltd.
   Loans measured at amortized cost (gross amount)      15        13  
  Financial assets at fair value through profit or loss      3,000        3,000  
  Deposits      623        46  
 
F-28
3
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Pin Therapeutics Inc.
   Loans measured at amortized cost (gross amount)      13        11  
  Financial assets at fair value through profit or loss      5,000        5,000  
  Deposits      6,033        265  
  Other liabilities      18        —  
IMBiologics Corp.
   Loans measured at amortized cost (gross amount)      4        5  
  Financial assets at fair value through profit or loss      5,000        7,000  
SuperNGine Co., Ltd.
   Loans measured at amortized cost (gross amount)      6        603  
  Deposits      17        69  
  Allowances for credit losses      —        6  
  Other assets      —        1  
  Financial assets at fair value through profit or loss      1,996        1,996  
Desilo Inc.
   Financial assets at fair value through profit or loss      3,168        3,168  
  Loans measured at amortized cost (gross amount)      300        300  
  Allowances for credit losses      2        5  
  Deposits      1        3  
Turing Co., Ltd.
   Financial assets at fair value through profit or loss      3,000        3,000  
  Loans measured at amortized cost (gross amount)      —        1,901  
  Allowances for credit losses      —        14  
  Other assets      —        11  
  Deposits      2,788        1,726  
  Other liabilities      —        6  
IGGYMOB Co., Ltd.
   Financial assets at fair value through profit or loss      5,000        5,000  
  Loans measured at amortized cost (gross amount)      15        7  
  Deposits      254        —  
Kukka Co., Ltd.
   Financial assets at fair value through profit or loss      2,490        2,490  
ZIPDOC Inc.
   Financial assets at fair value through profit or loss      2,000        2,000  
  Deposits      915        181  
TeamSparta Inc.
   Loans measured at amortized cost (gross amount)      —        307  
  Financial assets at fair value through profit or loss      4,001        4,001  
  Allowances for credit losses      —        1  
  Provisions      —        1  
  Deposits      12,502        7,672  
  Other liabilities      6        62  
 
F-28
4
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Chabot Mobility Co., Ltd.
   Financial assets at fair value through profit or loss      2,000        2,000  
  Deposits      86        164  
Wemade Connect Co., Ltd.
   Financial assets at fair value through profit or loss      12,000        12,293  
  Loans measured at amortized cost (gross amount)      52        44  
  Allowances for credit losses      —        6  
  Provisions      2        8  
  Deposits      10,370        8,843  
  Insurance liabilities      2        1  
  Other liabilities      28        53  
Nextrade Co., Ltd.
   Deposits      56,202        56,203  
  Other liabilities      263        3,174  
TMAP Mobility Co., Ltd.
   Loans measured at amortized cost (gross amount)      —        106  
  Allowances for credit losses      —        1  
  Deposits      30,000        80,016  
  Other liabilities      76        763  
  Provisions      —        2  
FutureConnect Co., Ltd.
   Financial assets at fair value through profit or loss      1,499        1,499  
Gushcloud Talent Agency
   Financial assets at fair value through profit or loss      4,165        3,688  
Grinergy Co., Ltd.
   Financial assets at fair value through profit or loss      2,500        6,486  
  Provisions      —        1  
NexThera Co., Ltd.
   Financial assets at fair value through profit or loss      2,000        3,000  
FineKB Private Equity Fund No.1
   Other assets      160        13  
Paramark KB Fund No.1
   Other liabilities      34        34  
December & Company Inc. *
   Deposits      1        —  
  Insurance liabilities      9        —  
KB Social Impact Investment Fund
   Other assets      436        260  
Checkmate Therapeutics Inc.
   Financial assets at fair value through profit or loss      3,200        3,200  
  Insurance liabilities      3        —  
G1 Playground Co., Ltd.
   Financial assets at fair value through profit or loss      1,000        —  
Hibiscus Fund L.P.
   Financial assets at fair value through profit or loss      10,221        12,915  
  Other assets      —        258  
  Other liabilities      257        —  
RMG-KB
BioAccess Fund L.P.
   Financial assets at fair value through profit or loss      2,753        5,036  
RMG-KB
BP Management Ltd.
   Financial assets at fair value through profit or loss      77        174  
KB
Co-Investment
Private Equity Fund No.1
   Other assets      191        255  
 
F-28
5
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Spoon Radio Co., Ltd.
   Financial assets at fair value through profit or loss        —        19,506  
Neuroptika Inc.
   Financial assets at fair value through profit or loss      —        5,879  
Bitgoeul Cheomdan Green 1st Co., Ltd.
   Deposits      —        833  
KB-FT
Green Growth No.1 New Technology Business Investment Association
   Deposits      —        700  
  Other liabilities      —        8  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
   Deposits      —        3,790  
  Other liabilities      —        42  
Bigwave Robotics Crop.
   Loans measured at amortized cost (gross amount)      —        31  
  Financial assets at fair value through profit or loss      —        2,750  
  Deposits      —        4  
Blinkers Inc.
   Financial assets at fair value through profit or loss      —        999  
3D Interactive Co., Ltd.
   Loans measured at amortized cost (gross amount)      —        42  
  Allowances for credit losses      —        2  
  Financial assets at fair value through profit or loss      —        2,300  
  Deposits      —        1,501  
XL8 INC.
   Financial assets at fair value through profit or loss      —        5,148  
Elev8-Capital Fund I
   Financial assets at fair value through profit or loss      —        6,656  
New Daegu Busan Expressway Co., Ltd.
   Loans measured at amortized cost (gross amount)      —        72,742  
  Allowances for credit losses      —        4  
  Other assets      —        57  
  Deposits      —        146,169  
  Other liabilities      —        1,891  
AIM FUTURE, Inc.
   Financial assets at fair value through profit or loss      —        2,000  
  Loans measured at amortized cost (gross amount)      —        900  
  Allowances for credit losses      —        2  
  Other assets      —        1  
  Deposits      —        3,393  
  Other liabilities      —        48  
Novorex Inc.
   Financial assets at fair value through profit or loss      —        2,000  
  Deposits      —        7  
Seokwang T&I Co., Ltd.
   Insurance liabilities      —        2  
 
F-28
6
        
December 31,

2022
     
December 31,

2023
  
        
(In millions of Korean won)
  
Key management personnel
   Loans measured at amortized cost (gross amount)      6,299        5,490  
  Allowances for credit losses      3        5  
  Other assets      7        7  
  Deposits      17,618        15,902  
  Provisions      1        2  
  Insurance liabilities      2,374        2,293  
  Other liabilities      387        429  
Others
        
Retirement pension
   Other assets      778        364  
  Other liabilities      10,141        606  
 
*
Excluded from the Group’s related party as of December 31, 2023, therefore, the remaining outstanding balances with those entities are not disclosed.
43.3 Details of significant lending transactions with related parties for the years ended December 31, 2022 and 2023, are as follows:
 
    
2022
  
    
Beginning
     
Loan
     
Collection
    
Ending
  
    
(In millions of Korean won)
  
Associates and joint ventures
           
Korea Credit Bureau Co., Ltd.
    ￦ 36      ￦ 38      ￦ (36 )    ￦ 38  
Incheon Bridge Co., Ltd.
      151,489        11        (23,341 )      128,159  
Star-Lord General Investors Private Real Estate Investment Company No.10
      —        150,000        (706 )      149,294  
KB Star Office Private Real Estate Master Fund No.1 *
      10,000        —        (10,000 )      —  
KB Cape No.1 Private Equity Fund
      1,591        426        —       2,017  
RAND Bio Science Co., Ltd.
      1        —        (1 )      —  
KG Capital Co., Ltd.
      40,074        40        (74 )      40,040  
Food Factory Co., Ltd.
      4,216        1,541        (1,716 )      4,041  
Paycoms Co., Ltd. *
      1,269        —        (97 )      1,172  
Big Dipper Co., Ltd.
      17        18        (17 )      18  
RMGP
Bio-Pharma
Investment Fund, L.P.
      5,423        961        —       6,384  
RMGP
Bio-Pharma
Investment, L.P.
      14        3        —       17  
Wyatt Co., Ltd.
      6,000        —        —       6,000  
Banksalad Co., Ltd.
      9,090        1,380        —       10,470  
UPRISE, Inc.
      1,250        3,998        —       5,248  
Stratio, Inc.
      1,000        —        —       1,000  
Honest Fund, Inc.
      3,999        —        —       3,999  
CellinCells Co., Ltd.
      2,006        7        (6 )      2,007  
KB No.17 Special Purpose Acquisition Company *
      1,301        —        (1,301 )      —  
KB No.18 Special Purpose Acquisition Company *
      3,881        —        (3,881 )      —  
KB No.19 Special Purpose Acquisition Company *
      2,091        —        (2,091 )      —  
KB No.20 Special Purpose Acquisition Company *
      3,135        —        (3,135 )      —  
KB No.21 Special Purpose Acquisition Company
      —        2,959        —       2,959  
KB No.22 Special Purpose Acquisition Company
      —        1,972        —       1,972  
KB No.23 Special Purpose Acquisition Company *
      —        2,971        —       2,971  
KB No.24 Special Purpose Acquisition Company *
      —        6,975        —       6,975  
COSES GT Co., Ltd.
      5,445        6        (15 )      5,436  
Bomapp Inc. *
      19        —        (19 )      —  
 
F-28
7
    
2022
  
    
Beginning
     
Loan
     
Collection
    
Ending
  
    
(In millions of Korean won)
  
Channel Corporation
      14,551        3,548        —       18,099  
MitoImmune Therapeutics
      7,000        —        —       7,000  
Bioprotect Ltd.
      3,557        245        —       3,802  
Gomi corporation Inc.
      4,733        1,534        (33 )      6,234  
Copin Communications, Inc. *
      4,801        —        (4,801 )      —  
Go2joy Co., Ltd.
      1,200        —        —       1,200  
ClavisTherapeutics, Inc.
      2,000        —        —       2,000  
S&E Bio Co., Ltd.
      2,000        2,010        —       4,010  
Bluepointpartners Inc.
      2,278        —        (145 )      2,133  
4N Inc.
      200        —        —       200  
Xenohelix Co., Ltd.
      2,100        —        —       2,100  
Contents First Inc.
      7,277        10,017        —       17,294  
KB-MDI
Centauri Fund L.P.
      9,633        7,838        —       17,471  
SwatchOn Inc. *
      3,418        —        (3,418 )      —  
OKXE Inc.
      800        —        —       800  
GENINUS Inc. *
      5,872        —        (5,872 )      —  
Checkmate Therapeutics Inc.
      2,200        1,000        —       3,200  
Mantisco Co., Ltd.
      3,001        15        (1 )      3,015  
IMBiologics Corp.
      5,004        4        (4 )      5,004  
Spark Biopharma Inc.
      4,967        2,517        (17 )      7,467  
G1 Playground Co., Ltd.
      1,000        —        —       1,000  
Pin Therapeutics Inc.
      3,000        2,013        —       5,013  
Hibiscus Fund L.P.
      4,731        5,490        —       10,221  
SuperNGine Co., Ltd.
      1,998        6        (2 )      2,002  
Desilo Inc.
      3,469        —        (1 )      3,468  
RMG-KB
BioAccess Fund L.P.
      353        2,400        —       2,753  
RMG-KB
BP Management Ltd.
      7        70        —       77  
IGGYMOB Co., Ltd.
      5,006        15        (6 )      5,015  
Turing Co., Ltd.
      3,000        —        —       3,000  
Kukka Co., Ltd.
      —        2,490        —       2,490  
ZIPDOC Inc.
      —        2,000        —       2,000  
Gushcloud Talent Agency
      —        4,165        —       4,165  
Grinergy Co., Ltd.
      —        2,500        —       2,500  
NexThera Co., Ltd.
      —        2,000        —       2,000  
Chabot Mobility Co., Ltd.
      —        2,000        —       2,000  
TeamSparta Inc.
      —        4,001        —       4,001  
FutureConnect Co., Ltd.
      —        1,499        —       1,499  
Wemade Connect Co., Ltd.
      —        12,052        —       12,052  
Key management personnel
      4,591        4,527        (2,819 )      6,299  
 
*
Excluded from the Group’s related party as of December 31, 2022.
 
    
2023
  
    
Beginning
     
Loan
     
Collection
    
Ending
  
    
(In millions of Korean won)
  
Associates and joint ventures
           
Korea Credit Bureau Co., Ltd.
    ￦ 38      ￦ 37      ￦ (38 )    ￦ 37  
Incheon Bridge Co., Ltd.
      128,159        346        (14,711 )      113,794  
Star-Lord General Investors Private Real Estate Investment Company No.10
      149,294        296        —       149,590  
KB Cape No.1 Private Equity Fund
      2,017        —        (82 )      1,935  
 
F-28
8
    
2023
  
    
Beginning
     
Loan
     
Collection
    
Ending
  
    
(In millions of Korean won)
  
RAND Bio Science Co., Ltd.
      —        1        —       1  
KG Capital Co., Ltd. *
      40,040        —        (40,040 )      —  
Food Factory Co., Ltd.
      4,041        446        (1,612 )      2,875  
Paycoms Co., Ltd. *
      1,172        —        (1,172 )      —  
Big Dipper Co., Ltd.
      18        14        (18 )      14  
RMGP
Bio-Pharma
Investment Fund, L.P.
      6,384        —        (446 )      5,938  
RMGP
Bio-Pharma
Investment, L.P.
      17        3        —       20  
Wyatt Co., Ltd.
      6,000        —        —       6,000  
Banksalad Co., Ltd.
      10,470        —        (1,322 )      9,148  
UPRISE, Inc.
      5,248        462        —       5,710  
Stratio, Inc.
      1,000        —        —       1,000  
Honest Fund, Inc.
      3,999        —        —       3,999  
CellinCells Co., Ltd.
      2,007        3        (7 )      2,003  
KB No.21 Special Purpose Acquisition Company
      2,959        28        —       2,987  
KB No.22 Special Purpose Acquisition Company
      1,972        1,013        —       2,985  
KB No.23 Special Purpose Acquisition Company *
      2,971        —        (1,482 )      1,489  
KB No.24 Special Purpose Acquisition Company *
      6,975        —        (6,975 )      —  
KB No.25 Special Purpose Acquisition Company
      —        2,025        —       2,025  
KB No.26 Special Purpose Acquisition Company
      —        2,204        —       2,204  
KB No.27 Special Purpose Acquisition Company
      —        6,054        —       6,054  
COSES GT Co., Ltd.
      5,436        1        (5,436 )      1  
Channel Corporation
      18,099        —        (1,193 )      16,906  
MitoImmune Therapeutics
      7,000        —        —       7,000  
Bioprotect Ltd.
      3,802        672        —       4,474  
Gomi corporation Inc.
      6,234        5        (84 )      6,155  
Go2joy Co., Ltd.
      1,200        —        —       1,200  
ClavisTherapeutics, Inc.
      2,000        —        (2,000 )      —  
S&E Bio Co., Ltd.
      4,010        13        (10 )      4,013  
Bluepointpartners Inc.
      2,133        —        (259 )      1,874  
4N Inc.
      200        —        (200 )      —  
Xenohelix Co., Ltd.
      2,100        1,000        —       3,100  
Contents First Inc.
      17,294        365        (17 )      17,642  
KB-MDI
Centauri Fund L.P.
      17,471        1,522        —       18,993  
OKXE Inc.
      800        —        —       800  
Checkmate Therapeutics Inc.
      3,200        —        —       3,200  
Mantisco Co., Ltd.
      3,015        13        (15 )      3,013  
IMBiologics Corp.
      5,004        2,005        (4 )      7,005  
Spark Biopharma Inc.
      7,467        17        (17 )      7,467  
G1 Playground Co., Ltd.
      1,000        —        (1,000 )      —  
Pin Therapeutics Inc.
      5,013        11        (13 )      5,011  
Hibiscus Fund L.P.
      10,221        2,694        —       12,915  
SuperNGine Co., Ltd.
      2,002        603        (6 )      2,599  
Desilo Inc.
      3,468        —        —       3,468  
RMG-KB
BioAccess Fund L.P.
      2,753        2,283        —       5,036  
RMG-KB
BP Management Ltd.
      77        97        —       174  
IGGYMOB Co., Ltd.
      5,015        7        (15 )      5,007  
Turing Co., Ltd.
      3,000        1,901        —       4,901  
Kukka Co., Ltd.
      2,490        —        —       2,490  
ZIPDOC Inc.
      2,000        —        —       2,000  
 
F-28
9
    
2023
  
    
Beginning
     
Loan
     
Collection
    
Ending
  
    
(In millions of Korean won)
  
Gushcloud Talent Agency
      4,165        —        (477 )      3,688  
Grinergy Co., Ltd.
      2,500        3,986        —       6,486  
NexThera Co., Ltd.
      2,000        1,000        —       3,000  
Chabot Mobility Co., Ltd.
      2,000        —        —       2,000  
TeamSparta Inc.
      4,001        307        —       4,308  
FutureConnect Co., Ltd.
      1,499        —        —       1,499  
Wemade Connect Co., Ltd.
      12,052        337        (52 )      12,337  
TMAP Mobility Co., Ltd.
      —        106        —       106  
Taeyoungjungkong Co.,Ltd.
      —        46        (46 )      —  
Spoon Radio Co., Ltd.
      —        19,506        —       19,506  
Neuroptika Inc.
      —        5,879        —       5,879  
Youngwon Corporation *
      —        4,793        (4,793 )      —  
Bigwave Robotics Crop.
      —        2,781        —       2,781  
Blinkers Inc.
      —        999        —       999  
3D Interactive Co., Ltd.
      —        2,342        —       2,342  
XL8 INC.
      —        5,148        —       5,148  
Elev8-Capital Fund I
      —        6,656        —       6,656  
AIM FUTURE, Inc.
      —        2,900        —       2,900  
New Daegu Busan Expressway Co., Ltd.
      —        72,742        —       72,742  
Novorex Inc.
      —        2,000        —       2,000  
Key management personnel
      6,299        3,368        (4,177 )      5,490  
 
*
Excluded from the Group’s related party as of December 31, 2023.
 
F-2
90
43.4 Details of significant borrowing transactions with related parties for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
  
   
Beginning
    
Borrowing
    
Repayment
    
Others 
1
    
Ending
  
   
(In millions of Korean won)
  
Associates and joint ventures
          
Korea Credit Bureau Co., Ltd.
   ￦ 10,200     ￦ —     ￦ —     ￦ 17,689     ￦ 27,889  
Incheon Bridge Co., Ltd.
     35,487       29,217       (15,000 )      (1,065 )      48,639  
Jungdo Co., Ltd.
     4       —       —       —       4  
Dae-A
Leisure Co., Ltd.
     17       —       —       137       154  
Iwon Alloy Co., Ltd.
     —       —       —       1       1  
Computerlife Co., Ltd.
     —       —       —       3       3  
Skydigital Inc.
     85       —       —       (75 )      10  
Jo Yang Industrial Co., Ltd.
     1       —       —       (1 )      —  
Aju Good Technology Venture Fund
     6,286       6,577       (3,840 )      (1,801 )      7,222  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
     904       —       —       (587 )      317  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
     1,524       —       —       2       1,526  
WJ Private Equity Fund No.1
     260       —       —       (39 )      221  
KB Star Office Private Real Estate Master Fund No.1
2
    2,578       —       (2,578 )      —       —  
KG Capital Co., Ltd.
2
    17       —       —       (7 )      10  
KB No.17 Special Purpose Acquisition Company
2
    1,687       —       (1,546 )      (141 )      —  
KB No.18 Special Purpose Acquisition Company
2
    2,077       —       (2,016 )      (61 )      —  
KB No.19 Special Purpose Acquisition Company
2
    1,013       —       (1,000 )      (13 )      —  
KB No.20 Special Purpose Acquisition Company
2
    1,681       —       (1,534 )      (147 )      —  
KB No.21 Special Purpose Acquisition Company
     —       2,000       —       263       2,263  
KB No.22 Special Purpose Acquisition Company
     —       —       —       1,948       1,948  
KB No.23 Special Purpose Acquisition Company
2
    —       2,133       —       72       2,205  
KB No.24 Special Purpose Acquisition Company
2
    —       —       —       9,983       9,983  
RAND Bio Science Co., Ltd.
     443       —       —       (440 )      3  
Food Factory Co., Ltd.
     839       511       (1,018 )      332       664  
Acts Co., Ltd.
2
    154       —       —       (154 )      —  
Paycoms Co., Ltd.
2
    1       —       —       —       1  
Big Dipper Co., Ltd.
     —       300       (300 )      19       19  
Wyatt Co., Ltd.
     1       —       —       —       1  
UPRISE, Inc.
     4,001       —       —       (3,974 )      27  
CellinCells Co., Ltd.
     38       —       —       (1 )      37  
COSES GT Co., Ltd.
     1,939       —       —       (726 )      1,213  
SwatchOn Inc.
2
    686       —       —       (686 )      —  
Gomi corporation Inc.
     3,188       —       —       (2,273 )      915  
S&E Bio Co., Ltd.
     263       50       —       6,106       6,419  
KB Pre IPO Secondary Venture Fund No.1
2
    103       —       —       (103 )      —  
4N Inc.
     39       —       —       (34 )      5  
Contents First Inc.
     12,650       10,000       (16,000 )      (1,640 )      5,010  
December & Company Inc.
2
    1       —       —       —       1  
GENINUS Inc.
2
    34,415       —       —       (34,415 )      —  
Mantisco Co., Ltd.
     386       —       —       237       623  
Pin Therapeutics Inc.
     —       21,000       (16,200 )      1,233       6,033  
Spark Biopharma Inc.
     6,015       41,165       (27,539 )      (2,107 )      17,534  
G1 Playground Co., Ltd.
     354       —       —       (354 )      —  
 
F-2
91
 
 
2022
 
 
 
Beginning
 
 
Borrowing
 
 
Repayment
 
 
Others 
1
 
 
Ending
 
 
 
(In millions of Korean won)
 
SuperNGine Co., Ltd.
     944       —       —       (927 )      17  
Desilo Inc.
     168       —       —       (167 )      1  
Turing Co., Ltd.
     1,054       —       —       1,734       2,788  
IGGYMOB Co., Ltd.
     2,938       —       —       (2,684 )      254  
TMAP Mobility Co., Ltd.
     —       80,000       (50,000 )      —       30,000  
Nextrade Co., Ltd.
     —       56,200       —       2       56,202  
Kukka Co., Ltd.
     —       —       —       —       —  
ZIPDOC Inc.
     —       —       —       915       915  
TeamSparta Inc.
     —       9,000       (4,000 )      7,502       12,502  
Chabot Mobility Co., Ltd.
     —       —       —       86       86  
Wemade Connect Co., Ltd.
     —       11,010       (3,267 )      2,627       10,370  
Wise Asset Management Co., Ltd.
2
    —       6       (6 )      —       —  
Channel Corporation
     —       6,000       (3,000 )      —       3,000  
Key management personnel
     16,996       20,855       (17,189 )      (3,043 )      17,619  
 
   
2023
  
   
Beginning
    
Borrowing
    
Repayment
    
Others 
1
    
Ending
  
   
(In millions of Korean won)
  
Associates and joint ventures
          
Korea Credit Bureau Co., Ltd.
   ￦ 27,889     ￦ —     ￦ —     ￦ (10,886 )    ￦ 17,003  
Incheon Bridge Co., Ltd.
     48,639       67,100       (76,017 )      1,270       40,992  
Jungdo Co., Ltd.
     4       —       —       —       4  
Dae-A
Leisure Co., Ltd.
     154       —       —       (4 )      150  
Iwon Alloy Co., Ltd.
     1       —       —       —       1  
Computerlife Co., Ltd.
     3       —       —       (3 )      —  
Skydigital Inc.
     10       —       —       55       65  
Aju Good Technology Venture Fund
     7,222       1,323       (7,900 )      557       1,202  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
     317       —       —       (271 )      46  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
     1,526       —       —       (1,526 )      —  
WJ Private Equity Fund No.1
     221       —       —       (118 )      103  
KG Capital Co., Ltd.
2
    10       —       —       (10 )      —  
KB No.21 Special Purpose Acquisition Company
     2,263       2,050       (2,000 )      (52 )      2,261  
KB No.22 Special Purpose Acquisition Company
     1,948       —       —       (100 )      1,848  
KB No.23 Special Purpose Acquisition Company
2
    2,205       2,089       (4,223 )      (71 )      —  
KB No.24 Special Purpose Acquisition Company
2
    9,983       —       —       (9,983 )      —  
KB No.25 Special Purpose Acquisition Company
     —       1,500       —       86       1,586  
KB No.26 Special Purpose Acquisition Company
     —       1,670       —       91       1,761  
KB No.27 Special Purpose Acquisition Company
     —       4,390       —       107       4,497  
RAND Bio Science Co., Ltd.
     3       —       —       1       4  
Food Factory Co., Ltd.
     664       —       —       (35 )      629  
Paycoms Co., Ltd.
2
    1       —       —       (1 )      —  
Big Dipper Co., Ltd.
     19       —       —       21       40  
Wyatt Co., Ltd.
     1       —       —       —       1  
UPRISE, Inc.
     27       —       —       (27 )      —  
CellinCells Co., Ltd.
     37       —       —       —       37  
COSES GT Co., Ltd.
     1,213       —       —       (1,212 )      1  
Gomi corporation Inc.
     915       —       —       (837 )      78  
 
F-29
2
   
2023
  
   
Beginning
    
Borrowing
    
Repayment
    
Others 
1
    
Ending
  
   
(In millions of Korean won)
  
S&E Bio Co., Ltd.
     6,419       2,500       (2,000 )      (4,577 )      2,342  
4N Inc.
     5       —       —       44       49  
Contents First Inc.
     5,010       6,000       (10,000 )      62       1,072  
December & Company Inc.
2
    1       —       —       (1 )      —  
Mantisco Co., Ltd.
     623       —       —       (577 )      46  
Pin Therapeutics Inc.
     6,033       7,217       (12,017 )      (968 )      265  
Spark Biopharma Inc.
     17,534       26,369       (30,779 )      (1,705 )      11,419  
SuperNGine Co., Ltd.
     17       —       —       52       69  
Desilo Inc.
     1       1       —       1       3  
Turing Co., Ltd.
     2,788       700       —       (1,762 )      1,726  
IGGYMOB Co., Ltd.
     254       —       —       (254 )      —  
TMAP Mobility Co., Ltd.
     30,000       170,000       (120,000 )      16       80,016  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
     —       3,983       —       (193 )      3,790  
Nextrade Co., Ltd.
     56,202       —       —       1       56,203  
ZIPDOC Inc.
     915       —       —       (734 )      181  
TeamSparta Inc.
     12,502       7,000       (8,000 )      (3,830 )      7,672  
Chabot Mobility Co., Ltd.
     86       —       —       78       164  
Wemade Connect Co., Ltd.
     10,370       31,000       (30,217 )      (2,310 )      8,843  
Channel Corporation
     3,000       7,000       (8,000 )      30       2,030  
Bitgoeul Cheomdan Green 1st Co., Ltd.
     —       —       —       833       833  
KB-FT
Green Growth No.1 New Technology Business Investment Association
     —       700       —       —       700  
Bigwave Robotics Crop.
     —       —       —       4       4  
3D Interactive Co., Ltd.
     —       2,000       (2,000 )      1,501       1,501  
AIM FUTURE, Inc.
     —       3,000       —       393       3,393  
New Daegu Busan Expressway Co., Ltd.
     —       —       —       146,169       146,169  
Novorex Inc.
     —       —       —       7       7  
Xenohelix Co., Ltd.
     —       —       —       904       904  
Key management personnel
     17,619       22,358       (20,389 )      (3,686 )      15,902  
 
1
 
Transactions between related parties, such as settlements arising from operating activities and deposits, are expressed in net amount.
2
 
Excluded from the Group’s related party as of December 31, 2023.
43.5 Details of significant investment and withdrawal transactions with related parties for the years ended December 31, 2022 and 2023, are as follows:
 
   
2022
    
2023
  
   
Equity
investment
and others
    
Withdrawal
and others
    
Equity
investment
and others
    
Withdrawal
and others
  
   
(In millions of Korean won)
  
Balhae Infrastructure Company
   ￦ —     ￦ 26,054     ￦ —     ￦ 10,661  
KoFC POSCO Hanwha KB Shared Growth Private Equity Fund No.2 *
     —       5       —       —  
POSCO-KB
Shipbuilding Fund *
     —       950       —       —  
KB Pre IPO Secondary Venture Fund No.1 *
     —       1,429       —       —  
KB-KDBC
Pre-IPO
New Technology Business Investment Fund
     —       5,200       —       —  
KB-SJ
Tourism Venture Fund
     —       400       —       —  
 
F-29
3
 
 
2022
 
 
2023
 
 
 
Equity
investment
and others
 
 
Withdrawal
and others
 
 
Equity
investment
and others
 
 
Withdrawal
and others
 
 
 
(In millions of Korean won)
 
Korea Credit Bureau Co., Ltd.
     —       —       —       90  
KB-UTC
Inno-Tech Venture Fund
     —       —       —       2,250  
KB-Solidus
Global Healthcare Fund
     —       19,630       —       16,440  
KB-Stonebridge
Secondary Private Equity Fund
     4,369       4,216       —       7,191  
KB Star Office Private Real Estate Master Fund No.1 *
     —       26,240       —       —  
KB SPROTT Renewable Private Equity Fund No.1
     12,247       —       —       476  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
     1,320       4,706       1,800       2,572  
KB Bio Private Equity No.3 Ltd. *
     —       10,000       —       —  
Project Vanilla Co., Ltd. *
     —       525       —       —  
KB-TS
Technology Venture Private Equity Fund
     —       4,536       —       672  
KB-Brain
KOSDAQ
Scale-up
New Technology Business Investment Fund
     —       12,800       —       12,500  
Aju Good Technology Venture Fund
     —       5,400       —       11,377  
498/7 Owners LLC *
     —       166,851       —       —  
KB-KTB
Technology Venture Fund
     11,200       —       5,600       —  
KB-SOLIDUS
Healthcare Investment Fund
     18,000       —       21,861       —  
Paramark KB Fund No.1
     12,444       2,285       3,342       —  
FineKB Private Equity Fund No.1
     7,500       3,100       —       2,125  
KB-GeneN
Medical Venture Fund No.1
     2,000       —       —       —  
KB-BridgePole
Venture Investment Fund
     850       —       —       714  
KB-Kyobo
New Mobility Power Fund
     3,000       —       —       —  
DA-Friend
New Technology Investment Fund No.2
     988       —       —       —  
Cornerstone Pentastone Fund No.4
     818       —       —       —  
SKS-VLP
New Technology Investment Fund No.2 *
     1,156       —       —       1,156  
JS Private Equity Fund No.3
     1,700       —       —       —  
Mirae Asset Mobility Investment Fund No.1
     2,000       —       —       —  
KB-FT
1st Green Growth Investment Fund
     2,000       —       —       —  
THE CHAEUL FUND NO.1
     1,000       —       —       —  
Star-Lord General Investors Private Real Estate Investment Company No.10
     46,700       10       —       —  
KB
Co-Investment
Private Equity Fund No.1
     7,268       —       2,208       —  
Glenwood Credit Private Equity Fund No.2
     42,000       —       —       —  
Apollo REIT PropCo LLC *
     19,968       19,968       —       —  
TMAP Mobility Co., Ltd.
     200,000       —       —       —  
POSITIVE Sobujang Venture Fund No.1
     2,000       —       —       —  
History 2022 Fintech Fund
     2,000       —       —       —  
PEBBLES-MW
M.C.E New Technology Investment Fund 1
st
*
     2,000       —       —       2,000  
KB-NP
Green ESG New Technology Venture Capital Fund
     9,350       —       9,075       —  
Nextrade Co., Ltd.
     9,700       —       —       —  
KB-Badgers
Future Mobility ESG Fund No.1
     2,137       —       5,540       —  
Shinhan Global Mobility Fund No.1
     1,345       —       —       —  
SKB Next Unicorn
K-Battery
Fund No.1
     1,995       —       —       —  
Lakewood-AVES Fund No.1
     —       —       2,000       —  
MW-Pyco
NewWave New Technology Investment Fund 4th
     —       —       2,000       —  
KB No.23 Special Purpose Acquisition Company *
     —       —       —       5  
KB No.24 Special Purpose Acquisition Company *
     —       —       25       25  
KB No.25 Special Purpose Acquisition Company
     —       —       5       —  
 
F-29
4
 
 
2022
 
 
2023
 
 
 
Equity
investment
and others
 
 
Withdrawal
and others
 
 
Equity
investment
and others
 
 
Withdrawal
and others
 
 
 
(In millions of Korean won)
 
KB No.26 Special Purpose Acquisition Company
     —       —       5       —  
Bitgoeul Cheomdan Green 1st Co., Ltd.
     —       —       190       —  
KB-SUSUNG
1st Investment Fund
     —       —       2,000       —  
Friend 55 New Technology Business Investment Fund
     —       —       1,200       —  
Hahn & Company
No. 4-3
Private Equity Fund *
     —       —       7,183       32  
KB No.27 Special Purpose Acquisition Company
     —       —       5       —  
DSIP-Pharos Bioenergy Fund
     —       —       4,000       —  
Shinhan-Eco
Venture Fund 2nd
     —       —       1,825       —  
Leading H2O Fund 1
     —       —       1,500       —  
2023 JB Newtech No.2 Fund
     —       —       1,800       —  
KAELEEWALEE GLOBAL SAELAENJINSAMO INVESTMENT JE2HO LIMITED PARTNERSHIP
     —       —       27,034       —  
U-KB
Credit No.1 Private Equity
     —       —       6,419       —  
KB-BridgePole
Venture Investment Fund No.2
     —       —       1,500       —  
Sirius Silicon Valley I New Technology Fund
     —       —       500       —  
 
*
Excluded from the Group’s related party as of December 31, 2023.
43.6 Unused commitments provided to related parties as of December 31, 2022 and 2023, are as follows:
 
       
December 31,

2022
     
December 31,

2023
  
       
(In millions of Korean won or in a
US Dollar or Malaysian ringgit or
the Indonesian Rupiah)
  
Associates and joint ventures
     
Balhae Infrastructure Company
  
Purchase of securities
     ￦6,154        ￦6,154  
Korea Credit Bureau Co., Ltd.
  
Unused lines of credit for credit card
     562        563  
Incheon Bridge Co., Ltd.
  
Loan commitments in Korean won
     20,000        20,000  
 
Unused lines of credit for credit card
     89        88  
TeamSparta Inc.
  
Loan commitments in Korean won
     —        1,000  
 
Unused lines of credit for credit card
     —        633  
3D Interactive Co., Ltd.
  
Unused lines of credit for credit card
     —        8  
KG Capital Co., Ltd. *
  
Unused lines of credit for credit card
     110        —  
Food Factory Co., Ltd.
  
Unused lines of credit for credit card
     52        55  
KB No.23 Special Purpose Acquisition Company*
  
Unused lines of credit for credit card
     12        —  
CellinCells Co., Ltd.
  
Unused lines of credit for credit card
     17        21  
RAND Bio Science Co., Ltd.
  
Unused lines of credit for credit card
     25        24  
Big Dipper Co., Ltd.
  
Unused lines of credit for credit card
     27        31  
Gomi corporation Inc.
  
Unused lines of credit for credit card
     16        45  
COSES GT Co., Ltd.
  
Unused lines of credit for credit card
     24        29  
Spark Biopharma Inc.
  
Unused lines of credit for credit card
     33        33  
Mantisco Co., Ltd.
  
Unused lines of credit for credit card
     15        17  
IMBiologics Corp.
  
Unused lines of credit for credit card
     18        18  
SuperNGine Co., Ltd.
  
Unused lines of credit for credit card
     14        37  
IGGYMOB Co., Ltd.
  
Unused lines of credit for credit card
     35        43  
Pin Therapeutics Inc.
  
Unused lines of credit for credit card
     37        39  
Grinergy Co., Ltd.
  
Unused lines of credit for credit card
     10        10  
S&E Bio Co., Ltd.
  
Unused lines of credit for credit card
     40        37  
Wemade Connect Co., Ltd.
  
Unused lines of credit for credit card
     148        156  
TMAP Mobility Co., Ltd.
  
Unused lines of credit for credit card
     —        710  
 
F-29
5
 
 
 
 
December 31,

2022
 
  
December 31,

2023
 
 
 
 
 
(In millions of Korean won or in a
US Dollar or Malaysian ringgit or the
Indonesian Rupiah)
 
Contents First Inc.
  
Unused lines of credit for credit card
     —        135  
Bigwave Robotics Crop.
  
Unused lines of credit for credit card
     —        69  
KB-TS
Technology Venture Private Equity Fund
  
Purchase of securities
     110        110  
KB SPROTT Renewable Private Equity Fund No.1
  
Purchase of securities
     5,140        —  
KB-Stonebridge
Secondary Private Equity Fund
  
Purchase of securities
     864        864  
KB-NAU
Special Situation Corporate Restructuring Private Equity Fund
  
Purchase of securities
     15,288        13,488  
All Together Korea Fund No.2
  
Purchase of securities
     990,000        990,000  
KB-KTB
Technology Venture Fund
  
Purchase of securities
     11,200        5,600  
KB-SOLIDUS
Healthcare Investment Fund
  
Purchase of securities
     70,200        46,884  
KB
Co-Investment
Private Equity Fund No.1
  
Purchase of securities
     15,732        13,524  
KB-Badgers
Future Mobility ESG Fund No.1
  
Purchase of securities
     42,863        37,323  
U-KB
Credit No.1 Private Equity
  
Purchase of securities
     —        8,395  
KB-NP
Green ESG New Technology Venture Capital Fund
  
Purchase of securities
     40,650        29,550  
FineKB Private Equity Fund No.1
  
Purchase of securities
     9,125        9,125  
FineKB Private Equity Fund No.2
  
Purchase of securities
     —        500  
KB-Solidus
Global Healthcare Fund
  
Purchase of securities
     2,120        2,120  
 
Commitments on loss absorption priority
     4,500        4,500  
Paramark KB Fund No.1
  
Purchase of securities
     17,832        14,490  
Smart Korea KB Future9-Sejong Venture Fund
  
Purchase of securities
     —        2,000  
Shinhan-Eco
Venture Fund 2nd
  
Purchase of securities
     —        675  
RMGP
Bio-Pharma
Investment Fund, L.P.
  
Purchase of securities
   USD 4,094,487      USD 3,622,333  
RMGP
Bio-Pharma
Investment, L.P.
  
Purchase of securities
   USD 10,731      USD 10,027  
KB-MDI
Centauri Fund L.P.
  
Purchase of securities
   USD 1,744,518        —  
Hibiscus Fund L.P.
  
Purchase of securities
   MYR 16,666,667        —  
RMG-KB
BP Management Ltd.
  
Purchase of securities
   USD 699,733      USD 630,679  
RMG-KB
BioAccess Fund L.P.
  
Purchase of securities
   USD 27,428,899      USD 24,722,014  
Elev8-Capital Fund I
  
Purchase of securities
     —      IDR 2,445,497,800  
Ascent Global Fund III
  
Purchase of securities
     —      USD 35,000,000  
Key management personnel
  
Loan commitments in Korean won
     2,354        2,666  
 
*
Excluded from the Group’s related party as of December 31, 2023.
 
F-29
6
Table of Contents
43.7 Details of compensation to key management personnel for the years ended December 31, 2021, 2022 and 2023, are as follows:
 
    
2021
  
    
Short-term
employee benefits
     
Post-employment
benefits
     
Share-based
payments
     
Total
  
    
(In millions of Korean won)
  
Registered directors (executive)
    ￦ 8,152      ￦ 966      ￦ 11,655      ￦ 20,773  
Registered directors
(non-executive)
      1,061        —        —        1,061  
Non-registered
directors
      12,820        466        14,424        27,710  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 22,033      ￦ 1,432      ￦ 26,079      ￦ 49,544  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
2022
  
    
Short-term
employee benefits
     
Post-employment
benefits
     
Share-based
payments
     
Total
  
    
(In millions of Korean won)
  
Registered directors (executive)
    ￦ 8,725      ￦ 863      ￦ 7,487      ￦ 17,075  
Registered directors
(non-executive)
      1,058        —        —        1,058  
Non-registered
directors
      16,756        484        12,432        29,672  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 26,539      ￦ 1,347      ￦ 19,919      ￦ 47,805  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
2023
  
    
Short-term

employee benefits
     
Post-employment

benefits
     
Share-based

payments
     
Total
  
    
(In millions of Korean won)
  
Registered directors (executive)
    ￦ 7,874      ￦ 930      ￦ 8,654      ￦ 17,458  
Registered directors
(non-executive)
      1,092        —        —        1,092  
Non-registered
directors
      18,087        707        15,816        34,610  
  
 
 
     
 
 
     
 
 
     
 
 
  
   ￦ 27,053      ￦ 1,637      ￦ 24,470      ￦ 53,160  
  
 
 
     
 
 
     
 
 
     
 
 
  
43.8 Details of collateral provided by related parties as of December 31, 2022 and 2023, are as follows:
 
    
Assets held as collateral
   
December 31,

2022
     
December 31,

2023
  
    
(In millions of Korean won)
  
Key management personnel
    Time deposits and others    ￦ 457      ￦ 638  
  
Real estate
      7,483        6,326  
As of
December 
31, 2023, Incheon Bridge Co., Ltd. a related party, provides fund management account, civil engineering works insurance, and management and operations rights as senior collateral amounting to ￦ 611,000 million to the project financing group consisting of the Group and 5 other institutions, and as subordinated collateral amounting to ￦ 384,800 million to subordinated debt holders consisting of the Group and 2 other institutions. Also, it provides certificate of credit guar
a
ntee a
m
ounting to ￦ 400,000 million as
collateral to the project financing group consisting of the Group and 5 other institutions.
44. Events after the reporting period
44.1 Retirement of treasury shares
The Group plans to acquire ￦ 320,000 million of its own shares and retire the treasury shares by August 7, 2024 pursuant to board resolutions dated February 7, 2024.
 
F-29
7
44.2 Equity-linked securities products tied to the performance of the Hang Seng China Enterprise Index (HSCEI)
Approximately ￦4.8
 
trillion of equity-linked securities products tied to the performance of the Hang Seng China Enterprise Index, sold by Kookmin Bank, a major subsidiary of the Group, is expected to mature in the first half of 2024, resulting in substantial losses for customers who purchased such products. On March 29, 2024, the board of directors of Kookmin Bank resolved to compensate those customers who incurred losses from the purchase of such products by engaging in private negotiations with each one of the customers employing procedures such as voluntary compensation adjustment council based on the Financial Supervisory Service’s dispute resolution guidelines. The compensation amount to be recognized as provisions in the first quarter of 2024 is
￦
861,544
million. However, the amount is subject to change upon finalization of compensation amount.
45. Approval of Issuance of the Consolidated Financial Statements
The issuance of the Group’s consolidated financial statements as of and for the year ended December 31, 2023, was certified by management on April 26, 2024.
46. Parent Company Information
The following tables present the Parent Company Only financial information:
Condensed Statements of Financial Position
 
    
December 31,
2022
     
December 31,
2023
  
    
(In millions of Korean won)
  
Assets
      
Cash and due from financial institutions
    ￦ 351,056      ￦ 256,337  
Financial assets at fair value through profit or loss
      1,522,314        1,376,423  
Loans at amortized cost
      522,326        608,286  
Investments in subsidiaries *
      
Banking subsidiaries
      14,821,721        14,821,721  
Nonbanking subsidiaries.
      11,919,717        11,896,096  
Other assets
      1,316,693        570,035  
  
 
 
     
 
 
  
Total assets
    ￦ 30,453,827      ￦ 29,528,898  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Debentures
    ￦ 4,956,949      ￦ 3,871,820  
Other liabilities
      1,265,062        615,003  
Shareholders’ equity
      24,231,816        25,042,075  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    ￦ 30,453,827      ￦ 29,528,898  
  
 
 
     
 
 
  
 
*
Investments in subsidiaries were accounted at cost method in accordance with IAS No.27.
 
F-298
Condensed Statements of Comprehensive Inco
m
e
 
    
2021
    
2022
     
2023
  
    
(In millions of Korean won)
  
Income
      
Dividends from subsidiaries
    ￦ 1,617,949     ￦ 1,871,223      ￦ 2,192,380  
Interest from subsidiaries
      7,897       17,310        31,257  
Other income
      30,953       52,777        120,699  
  
 
 
    
 
 
     
 
 
  
Total income
      1,656,799       1,941,310        2,344,336  
  
 
 
    
 
 
     
 
 
  
Expense
        
Interest expense
      120,469       112,353        99,980  
Non-interest
expense
      99,745       159,708        107,355  
  
 
 
    
 
 
     
 
 
  
Total expense
      220,214       272,061        207,335  
  
 
 
    
 
 
     
 
 
  
Profit before income tax expense
      1,436,585       1,669,249        2,137,001  
  
 
 
    
 
 
     
 
 
  
Income tax benefit
      2,281       15,263        (15,757 ) 
  
 
 
    
 
 
     
 
 
  
Profit for the year
      1,438,866       1,684,512        2,121,244  
  
 
 
    
 
 
     
 
 
  
Other comprehensive gain(loss) for the year, net of tax
      (298 )      2,483        (962 ) 
  
 
 
    
 
 
     
 
 
  
Total comprehensive income for the year
    ￦ 1,438,568     ￦ 1,686,995      ￦ 2,120,282  
  
 
 
    
 
 
     
 
 
  
Condensed Statements of Cash Flows
 
 
 
2021
 
 
2022
 
 
2023
 
 
 
(In millions of Korean won)
 
Operating activities
 
 
 
Net income
 
￦
1,438,866
 
 
￦
1,684,512
 
 
￦
2,121,244
 
Reconciliation of net income to net cash provided by operating activities:
 
 
 
Other operating activities, net
 
 
(92,785
) 
 
 
7,807
 
 
 
(66,265
) 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash inflow from operating activities
 
 
1,346,081
 
 
 
1,692,319
 
 
 
2,054,979
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities
 
 
 
Net payments from (to) subsidiaries
 
 
(219,268
) 
 
 
—
 
 
 
27,539
 
Other investing activities, net
 
 
(39,477
) 
 
 
(1,409,500
) 
 
 
103,294
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash outflow from investing activities
 
 
(258,745
) 
 
 
(1,409,500
) 
 
 
130,833
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities
 
 
 
Net increase (decrease) in borrowings
 
 
(100,000
) 
 
 
—
 
 
 
100,000
 
Increases in debentures
 
 
389,405
 
 
 
498,898
 
 
 
—
 
Repayments of debentures and lease liabilities
 
 
(970,535
) 
 
 
(1,100,584
) 
 
 
(1,090,617
) 
Issuance of hybrid securities
 
 
1,142,203
 
 
 
1,596,000
 
 
 
598,537
 
Cash dividends paid
 
 
(1,053,417
) 
 
 
(1,564,153
) 
 
 
(1,336,815
) 
Acquisition of treasury shares
 
 
—
 
 
 
—
 
 
 
(571,745
) 
Other financing activities
 
 
—
 
 
 
—
 
 
 
109
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash inflow (outflow) from financing activities
 
 
(592,344
) 
 
 
(569,839
) 
 
 
(2,300,531
) 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
 
494,992
 
 
 
(287,020
) 
 
 
(114,719
) 
Cash and cash equivalents as of January 1
 
 
23,081
 
 
 
518,073
 
 
 
231,053
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents as of December 31
 
￦
518,073
 
 
￦
231,053
 
 
￦
116,334
 
 
 
 
    
 
 
    
 
 
  
 
F-299

Exhibit 12.1(a)

I, Jong Hee Yang, certify that:

 

  1.

I have reviewed this annual report on Form 20-F of KB Financial Group Inc.;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

 

  4.

The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

  5.

The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: April 26, 2024

 

/s/ Jong Hee Yang

Jong Hee Yang
Chairman and
Chief Executive Officer

Exhibit 12.1(b)

I, Jae Kwan Kim, certify that:

 

  1.

I have reviewed this annual report on Form 20-F of KB Financial Group Inc.;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

 

  4.

The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

  5.

The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: April 26, 2024

 

/s/ Jae Kwan Kim

Jae Kwan Kim
Senior Executive Vice President and
Chief Finance Officer

Exhibit 13.1(a)

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsection (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsection (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of KB Financial Group Inc., a corporation organized under the laws of the Republic of Korea (the “Company”), does hereby certify, to such officer’s knowledge, that:

The annual report on Form 20-F for the year ended December 31, 2023 (the “Form 20-F”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Dated: April 26, 2024      

/s/ Jong Hee Yang

      Jong Hee Yang
      Chairman and
      Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to KB Financial Group Inc. and will be retained by KB Financial Group Inc. and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

Exhibit 13.1(b)

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsection (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsection (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of KB Financial Group Inc., a corporation organized under the laws of the Republic of Korea (the “Company”), does hereby certify, to such officer’s knowledge, that:

The annual report on Form 20-F for the year ended December 31, 2023 (the “Form 20-F”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Dated: April 26, 2024      

/s/ Jae Kwan Kim

      Jae Kwan Kim
      Senior Executive Vice President and
      Chief Finance Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to KB Financial Group Inc. and will be retained by KB Financial Group Inc. and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

Exhibit 97.1

Clawback Policy for Misstatements of Financial Statements

HR Department (Regulations) No.60 Adopted 30 Nov, 2023.

Article 1 (Purpose) The purpose of this Clawback Policy for Misstatements of Financial Statements (the “Policy”) is to set forth matters necessary to comply with any applicable standards regarding the recovery of erroneously awarded compensation, as stipulated in Rule 10D-1 under the Securities Exchange Act of 1934, as amended , adopted by the Securities and Exchange Commission (the “SEC”), Section 303A.14 of the New York Stock Exchange (the “NYSE”) Listed Company Manual (collectively, the “SEC Clawback Rules”) and any other relevant rules, in connection with “misstatements of financial statements, etc.,” which constitutes one of the criteria for compensation recovery outlined in Article 8 of the Directors’ Remuneration Regulations and Article 14 of the Executive Officers Regulations.

Article 2 (Definitions) The capitalized terms used in this Policy shall have the meanings set forth below:

 

  1.

“Accounting Restatement” shall mean, with respect to misstatements of financial statements, an accounting restatement due to:

 

  (a)

a material error in previously issued financial statements (a “Big R” Restatement);

 

  (b)

an error that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a “little r” Restatement); or

 

  (c)

a material noncompliance with any financial reporting requirement under applicable laws.

 

  2.

“Board” shall mean the Board of Directors of KB Financial Group (the “Company”).

 

  3.

“Clawback Amount” shall mean, with respect to each individual in connection with an Accounting Restatement, the amount of the Clawback Eligible Incentives that exceeds the amount of Clawback Eligible Incentives that otherwise would have been Received (as defined below) had it been determined based on the restated amounts, computed without regard to any taxes paid in relation to such Clawback Eligible Incentives.

 

  4.

“Clawback Eligible Incentives” shall mean all Short and Long-Term Incentives (including unconfirmed, previously granted, and unpaid amounts) Received by each individual who served as an executive officer, during the applicable Clawback Period after beginning service as an executive officer, irrespective of whether such executive officer is serving at the time the Clawback Amount is required to be repaid to the Company.

 

1

  5.

“Clawback Period” shall mean, with respect to any Accounting Restatement, a period of not less than three completed fiscal years of the Company immediately preceding the Restatement Date (including any transition period of less than nine (9) months within or immediately following those fiscal years that results from a change in the Company’s fiscal year, if applicable), as determined by the Board.

 

  6.

“Committee” shall mean the Compensation Committee of the Board.

 

  7.

“Financial Reporting Measures” shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures that are derived wholly or in part from such measures, including stock price and Total Shareholder Return (TSR).

 

  8.

“Impracticable” shall mean that either:

 

  (a)

the direct expenses paid to a third party to assist in enforcing this Policy against an executive officer subject to the recovery of erroneously awarded compensation would exceed the Clawback Amount, after the Company has made a reasonable attempt to recover such Clawback Amount in accordance with its relevant internal procedures, documented such reasonable attempt(s) and provided such documentation to the NYSE;

 

  (b)

recovery would violate applicable domestic laws adopted prior to November 28, 2022, and the Company concludes that it would be impracticable to recover any Clawback Amount based on such a violation after submitting a copy of an opinion of counsel, recognized by the NYSE as having expertise and credibility, that the recovery would result in such a violation; or

 

  (c)

recovery would likely cause an otherwise tax-qualified retirement plan to fail to meet the requirements of 26 U.S.C. § 401 (Qualified pension, profit-sharing, and stock bonus plans) (a)(13) or 26 U.S.C. § 411(Minimum vesting standards) (a) and regulations thereunder, rendering an executive officer subject to the recovery of erroneously awarded compensation disqualified from receiving benefits thereunder.

 

  9.

“Method of Recovery” shall mean:

 

  (a)

requiring the executive officer to reimburse erroneously awarded compensation;

 

  (b)

seeking recovery from the executive officer of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of such executive officer’s equity-based awards;

 

  (c)

offsetting the Clawback Amount from any compensation otherwise owed by the Company to the executive officer, or cancelling outstanding vested or unvested equity awards; and

 

  (d)

any other remedial and recovery action permitted by applicable law, as resolved by the Board.

 

  10.

“Received” shall mean deemed receipt of any Short and Long-Term Incentives. For the avoidance of doubt, Short and Long-Term Incentives shall be deemed received in the Company’s fiscal period during which the Financial Reporting Measure specified in the Short and Long-Term Incentives award is attained, even if the actual payment (or grant) of the Short and Long-Term Incentives occurs after the end of the relevant period.

 

  11.

“Restatement Date” shall mean the earlier to occur of: (i) the date the Board, the Committee, or the officers of the Company authorized to take relevant action, resolves (determines), or reasonably should have resolved (determined), the preparation of an Accounting Restatement; or (ii) the date the supervisory authority, or any other legally authorized body, directs the Company to prepare an Accounting Restatement.

 

2

  12.

“Short and Long-Term Incentives” shall mean any compensation earned from the Company based on performance (including compensation granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure), as described below:

 

  (a)

Short-Term Incentives: any compensation earned based on annual performance assessments;

 

  (b)

Long-Term Incentives: any compensation earned in the form of the Company’s treasury stock or in an amount equivalent thereto, based on long-term performance.

 

  (c)

Any and all other compensation earned based on performance.

Article 3 (Scope of Application) ① This Policy shall apply to executive officers as determined in accordance with the SEC Clawback Rules (including registered directors and executives who are not directors but are authorized to perform duties with powers and responsibilities similar to the registered directors, as well as executive officers of the Company’s subsidiaries, to the extent applicable under the SEC Clawback Rules).

② The Company shall not provide any compensatory financial benefit (including any indirect risk-hedging strategies such as compensation through insurance) to executive officers defined in paragraph ① above to compensate such executive officer for the loss of any Clawback Amount that is repaid, returned or recovered pursuant to the terms of this Policy or the Clawback Rules, including any compensatory support that may undermine the linkage between the compensation system and the risks associated therewith.

Article 4 (Recovery) ① In the event that the Company is required to prepare an Accounting Restatement, the Company shall reasonably promptly determine the Clawback Amount for each executive offer in connection with such Accounting Restatement in accordance with an independent resolution by the Board, regardless of whether there has been any misconduct by such executive officer or any liability of such executive officer in connection with the accounting error that triggers the Accounting Restatement; provided, however, the Company shall not be required to take the actions contemplated in this Article 4 if a majority of the independent directors of the Board determines and resolves that recovery would be Impracticable.

② In the event that any repayment of the Clawback Amount is owed to the Company, the Company shall reasonably promptly recover the Clawback Amount, as determined under paragraph ① above, by an appropriate Method of Recovery in accordance with the resolution of the Board, and shall not accept an amount that is less than such Clawback Amount.

③ The Company shall reasonably promptly provide each executive officer with notice containing a demand for the repayment or return of the Clawback Amount as determined under paragraph ① above.

④ In the event that the Clawback Amount constitutes Short and Long-Term Incentives based on stock price or Total Shareholder Return (TSR), the Company shall determine the amount of the Short and Long-Term Incentives based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the incentive-based compensation was Received.

⑤ The Company shall maintain documentation of the determination of the amount, etc. under paragraph ④ above, and provide such documentation to the NYSE.

⑥ The Board is authorized to engage, on behalf of the Company, any third-party advisors it deems advisable in order to perform any calculations associated with recovery.

 

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Article 5 (Miscellaneous) ① In the event that the Board or the Committee separately resolves any matters related to recovery, including the Clawback Amount, to the extent that the resolution complies with all applicable domestic or foreign laws, including the SEC Clawback Rules, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act, such resolution shall prevail over this Policy.

② Any matters related to overseas disclosure or reporting necessary to comply with this Policy shall be governed by applicable law, including the SEC Clawback Rules, the Securities Exchange Act of 1934, as amended, and other applicable external regulations, unless otherwise specified in this Policy.

③ Each executive officer as specified in Article 3 shall submit the Acknowledgment Form attached hereto as [Exhibit] to the Company on the date of their initial appointment, or at least once during his/her term of office in the case of incumbent executive officers.

④ This Policy shall be subject to revisions and administration by the relevant departments in accordance with internal regulations and procedures, unless otherwise specified by applicable law or by the Board (including its committees).

⑤ Any matter not specified herein shall be governed by applicable domestic and foreign laws.

ADDENDUM (November 30, 2023)

This Policy shall enter into force on October 2, 2023, the effective date of the NYSE Listed Company Manual Section 303A. 14.

 

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[Exhibit] Acknowledgment Form

Acknowledgment Form

Regarding Clawbacks for Misstatements of Financial Statements, etc.

By signing below, the undersigned executive officer (the “Executive Officer”) acknowledges and confirms that the Executive Officer has received and reviewed a copy of the Clawback Guidelines for Misstatements of Financial Statements, etc. (the “Guidelines”). Capitalized terms used but not otherwise defined in this Acknowledgment Form (this “Acknowledgment Form”) shall have the meanings ascribed to such terms in the Guidelines.

By signing this Acknowledgment Form, the Executive Officer acknowledges and agrees as follows:

(a) the Executive Officer is and will continue to be subject to the Guidelines and that the Guidelines will apply both during and after the Executive Officer’s employment or appointment agreement with the Company;

(b) to the extent necessary to comply with the Guidelines, the Guidelines hereby amend any appointment agreement, short and long-term incentive award agreement or similar agreement that the Executive Officer is a party to with the Company;

(c) the Executive Officer shall abide by the terms of the Guidelines, including, without limitation, by returning any Clawback Amount to the Company to the extent required by, and in a manner permitted by, the Guidelines;

(d) any amounts payable to the Executive Officer, including any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure or based on the Company and/or any of its affiliates’ performance shall be subject to the Guidelines as may be in effect and modified from time to time as required by applicable law or the requirements of domestic and overseas exchanges on which the Company’s shares are listed for trading, and any revision (modification) of the Guidelines made at the discretion of the Company to the extent that applicable law is not violated, shall be deemed to amend this Acknowledgment Form.

(e) the Company may recover compensation paid to the Executive Officer by any Method of Recovery the Board deems appropriate, and the Executive Officer agrees to comply with any request or demand for repayment by the Company in order to comply with the Guidelines;

(f) the Company may, to the extent that applicable law is not violated, reduce any amount that may become payable to the Executive Officer by any amount to be recovered by the Company pursuant to the Guidelines to the extent such amount has not been returned by the Executive Officer to the Company prior to the date that any subsequent amount becomes payable to the Executive Officer.

[Signature page follows]

 

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Signature

 

Print Name

 

Date

 

 

 

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