Woori Bank says its Q3 DC pension return of 18.4% ranked first among top 10 providers
In short
Woori Bank said on Oct. 22 that its third-quarter return on non-principal-guaranteed retirement pension products was 18.4% for defined contribution (DC) plans and 18.3% for individual retirement pensions (IRP). It said this ranked first for DC and third for IRP among the top 10 providers by reserves, each one place higher than the previous quarter.
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Woori Bank said on Oct. 22 that its third-quarter return on non-principal-guaranteed retirement pension products was 18.4% for defined contribution (DC) plans and 18.3% for individual retirement pensions (IRP). The bank said it ranked first in DC and third in IRP among the top 10 providers by reserves. [ 1 , 2 , 3 ]
Newsis and Seoul Economic Daily said the top 10 are drawn from banks, securities firms and insurers. According to Newsis, the results come from the retirement pension comparison disclosure by the Financial Supervisory Service. Yonhap said the disclosure was carried out on the 16th. [ 1 , 2 , 3 ]
Both rankings were one place higher than in the previous quarter. Newsis also reported that among the four major commercial banks Woori Bank ranked first in DC and second in IRP, staying near the top for a third straight quarter. [ 1 , 2 , 3 ]
Newsis and Yonhap explained that DC is a retirement pension in which workers manage the reserves themselves. IRP is an account for severance pay or extra money paid in by individuals. Non-principal-guaranteed products are those whose returns vary with the performance of funds and similar investments. [ 1 , 2 ]
Newsis and Seoul Economic Daily reported that in August Woori Bank received approval from the Ministry of Employment and Labor for a change adding guaranteed interest-rate insurance (GIC) to its stable-type default option portfolio. They described it as a first among banks and securities firms. Newsis said the change covers a portfolio of about 4 trillion won and replaces a composition centered on time deposits, with the aim of raising interest income for subscribers who prioritise stability. [ 1 , 3 ]
Jeong Cheong-rak, head of Woori Bank's pension business division, said the bank would pursue return management for investment products and stronger competitiveness of principal-guaranteed products to support workers' retirement preparation. Seoul Economic Daily said the head office and branches manage returns together and propose varied portfolios. [ 1 , 3 ]
Why it matters
The ranking comes from the Financial Supervisory Service's retirement pension comparison disclosure, as reported in the bank's announcement. The documents give no other providers' figures, so the result is shown only as the bank presented it.
Key facts
- Woori Bank's third-quarter return on non-principal-guaranteed retirement pension products was 18.4% for DC and 18.3% for IRP. [ 1 , 2 , 3 ]
- Among the top 10 providers by reserves, the bank ranked first in DC and third in IRP. [ 1 , 2 , 3 ]
- Both rankings rose one place from the previous quarter. [ 1 , 2 , 3 ]
- Among the four major commercial banks, Woori Bank ranked first in DC and second in IRP, Newsis reported. [ 1 ]
- In August the bank received Ministry of Employment and Labor approval to add guaranteed interest-rate insurance (GIC) to its stable-type default option portfolio. [ 1 , 3 ]
- The change applies to a stable-type default option portfolio of about 4 trillion won, according to Newsis. [ 1 ]
Confirmed by several sources
- Woori Bank announced on Oct. 22 that its third-quarter non-principal-guaranteed returns were 18.4% for DC and 18.3% for IRP. [ 1 , 2 , 3 ]
- The bank ranked first in DC and third in IRP among the top 10 providers by reserves, each up one place from the previous quarter. [ 1 , 2 , 3 ]
- Woori Bank received Ministry of Employment and Labor approval in August to add GIC to its stable-type default option portfolio, which it described as a first among banks and securities firms. [ 1 , 3 ]
Still unclear
- The bank's rank among the four major commercial banks (first in DC, second in IRP) and its third straight quarter near the top. Only Newsis reports this.
- The date of the Financial Supervisory Service disclosure. Yonhap says it was carried out on the 16th; the other documents give no date.
- How the other top 10 providers performed. The documents report only Woori Bank's own figures and ranks, as announced by the bank.