Korea Life Insurance Wins Annuity Case

Holders of so-called “Baeksu insurance” policies lost their lawsuit against the Korea Life Insurance Company yesterday.

“Baeksu insurance,” sold from 1980-1982, is annuity insurance that promised guaranteed dividends to policyholders until they reached 99 years of age.

A total of 47 policyholders, including a Mr. Kim (59), filed suit against Korea Life Insurance on March 24. Senior judge Ahn Yeong-gil of the Seoul Central District Court ordered the company to make financial restitution to five plaintiffs, while dismissing the other claims.

Jin-Kyun Kil leon@donga.com