SSLINS 6.875% 02Nov2056 Corp (USD)

Bond Factsheet

Marketplace

Samsung Life Insurance Co., Ltd.

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Bond Information

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

Bond Issuer

Samsung Life Insurance Co., Ltd.

Guarantor

Announcement Date

26 Oct 2026

Issue Date

02 Nov 2026

Maturity Date

02 Nov 2056

Years to Maturity / Next Call

29.994 / 4.975

Modified Duration

12.830 @ 11 Nov 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

6.875

Coupon Type

Variable

Annual Coupon Rate

6.875

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 02 November 2031 and 02 November 2036
Reset Rate: 5 Year UST + the Initial Spread (2.054%) for first reset date
and 5 Year UST + the Initial Spread (3.054%) for second reset date

ISIN

USY8000FAA04

CUSIP

DR9489540

Bond Currency

USD

Total Issue Size

1,500,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Insurance

Issuer Credit Rating (S&P/ Fitch)

***/ AA-

Bond Credit Rating (S&P/ Fitch)

***/ A+

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Deferral Interest Payment

Optional Cancellation of Distributions

Unless a Compulsory Distribution Payment Event has occurred, the Issuer may elect to cancel, in whole but not in part, payment of any Distribution otherwise scheduled to be paid on a Distribution Payment Date by giving notice to the Securityholders and the Fiscal Agent, as set forth in Condition 4.6 (Optional cancellation of Distributions).

A ‘‘Compulsory Distribution Payment Event’’ will occur if, during the 12-month period ending on the tenth Business Day prior to such Distribution Payment Date, the Issuer has declared, paid or made any dividend, distribution or other payment in respect of, or redeemed or purchased, any Junior Obligations or Parity Obligations (other than any such payment, redemption or purchase that is mandatory pursuant to the terms thereof).

Mandatory Cancellation of Distributions

Notwithstanding that a notice of an optional cancellation may not have been given, if a Capital Deficiency Event subsists as at the tenth Business Day prior to any Distribution Payment Date, any Distribution which has accrued for the relevant Distribution Period will not be due or payable on such Distribution Payment Date and payment of such Distribution will be mandatorily cancelled, in whole but not in part. The Issuer will give notice of the cancellation of a Distribution to the Securityholders in accordance with Condition 11 and to the Fiscal Agent, as further described in Condition 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event).

‘‘Capital Deficiency Event’’ means, as at the relevant date, (x) the Issuer being designated as an ‘‘insolvent financial institution’’ under subparagraph 2 of Article 2 of the Act on the Structural Improvement of the Financial Industry, as amended or modified from time to time (the ‘‘ASIFI’’), or (y) either a ‘‘management improvement recommendation,’’ a ‘‘management improvement requirement’’ or a ‘‘management improvement order’’ has been issued by the FSC against the Issuer under Articles 7-17, 7-18 and 7-19 of the Regulation on Supervision of Insurance Business (the ‘‘RSIB’’), respectively, or an ‘‘emergency measure’’ is imposed by the FSC against the Issuer under Article 7-43 of the RSIB, as amended or modified from time to time.

Distributions Non-Cumulative

Distributions are non-cumulative. If the Issuer elects not to pay a Distribution in accordance with Condition 4.6 (Optional cancellation of Distributions), or is required not to pay a Distribution in accordance with Condition 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event), such Distribution will not be due and payable on the relevant Distribution Payment Date and shall not accumulate or be payable at any time thereafter. If any Distribution is not paid on a Distribution Payment Date pursuant to and in accordance with Condition 4.6 or 4.7, the right of Securityholders to receive such Distribution not paid will be lost, and the Issuer will have no obligation to pay such Distribution, whether or not any amount of Distribution is paid for any future Distribution Period and the failure to pay such Distribution shall not constitute a default by the Issuer for any purpose.

Issuer Call

The Issuer may, at its option, on the Initial Reset Date and on each Distribution Payment Date thereafter, upon giving notice to the Securityholders in accordance with Condition 11 and to the Fiscal Agent not less than 30 days but no more than 60 days prior to the proposed redemption date, redeem the Securities, in whole but not in part, at a redemption price equal to the principal amount of the Securities plus any accrued but unpaid Distributions to (but excluding) the date of redemption (other than any Distribution which has been cancelled pursuant to the provisions set forth in Condition 4.6 or 4.7) (the ‘‘Optional Redemption Price’’); provided that:

(a) such redemption may not occur within five years of the Issue Date; and

(b) either:

(i) immediately after such redemption (which shall have been decided by the Issuer at its sole discretion and approved by the Financial Supervisory Service of Korea (the ‘‘FSS’’)), the Issuer’s Solvency Margin Ratio shall be equal to or greater than 130%; or

(ii) (A) the Issuer’s Solvency Margin Ratio shall be equal to or greater than 100%; (B) the Securities shall be replaced by capital of quality equal to, or better than, the Securities and on terms sufficiently affordable to the Issuer in light of its profitability; provided that the issuance of such replacement capital shall be made at or prior to the redemption of the Securities; and (C) the Issuer shall have obtained prior approval from the FSS for such redemption.

The Initial Reset Date : November 2, 2031

Extendable Tenor

Unless previously redeemed or purchased and cancelled as provided below, the Issuer may, at its option, redeem the Securities, in whole but not in part, at their outstanding principal amount on November 2, 2056 (the ‘‘Initial Issuer Redemption Date’’).

Automatic extension

On each date that falls thirty, or a multiple of thirty, calendar years after the Initial Issuer Redemption Date (each such date together with the Initial Issuer Redemption Date, an ‘‘Issuer Redemption Date’’); provided that, if the Securities are not redeemed at the option of the Issuer on any Issuer Redemption Date, the tenor of the Securities will automatically be extended for 30 years from such Issuer Redemption Date; provided further that, if any Issuer Redemption Date would fall on a date that is not a Business Day, it will be postponed to the next Business Day.

The Issuer will give an irrevocable notice of its intention to redeem the Securities, not less than 30 nor more than 60 days prior to the relevant Issuer Redemption Date, to the Securityholders in accordance with Condition 11 and to the Fiscal Agent specifying the relevant Issuer Redemption Date, which will be a Business Day.

Additional Note

Tier 2

Restrictions in the Case of a Payment Limitation

If, on any Distribution Payment Date, payment of a Distribution scheduled to be paid is not made in full pursuant to Condition 4.6 (Optional cancellation of Distributions) or 4.7 (Mandatory cancellation of Distributions on the occurrence of a Capital Deficiency Event) or otherwise, the Issuer shall not:

(a) declare, pay or make any discretionary dividends, distributions or other payments on, and will procure that no discretionary dividend, distribution or other payment is declared, paid or made on, any of its Junior Obligations or its Parity Obligations save that such restriction shall not apply to payments in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; or

(b) redeem, reduce, cancel, buy-back or acquire for any consideration on a discretionary basis any of its Junior Obligations or its Parity Obligations (except, in relation to Parity Obligations, where such redemption, reduction, cancellation or buy-back is made on a pro rata basis with a pro rata purchase by the Issuer of Securities), save that such restriction shall not apply to an exchange of any of its Parity Obligations for Junior Obligations or a repurchase or other acquisition of any securities in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants, in each case, until the next following Distribution Payment Date on which the Issuer pays in full the Distribution scheduled to be paid on such Distribution Payment Date.

Redemption for Regulatory Event

Subject to the satisfaction of the Optional Redemption and Purchase Conditions and upon the occurrence of the Regulatory Event, the Issuer may, at any time upon giving a notice of redemption, redeem the Securities, in whole but not in part, at the Optional Redemption Price.

‘‘Regulatory Event’’ means that, where the Securities have been recognized as regulatory capital of the Issuer in the FSC’s calculation of the Issuer’s regulatory capital ratios and, at a subsequent time, due to a change of law, regulation or interpretation thereof, which change becomes effective (or in the case of a change in the application or official interpretation, occurs or is being announced) after the Issue Date, there is more than an insubstantial risk that the Securities would not, or would no longer, be eligible, in whole or in part, to be included within the regulatory capital of the Issuer.

Gross-Up Event redemption

Subject to the satisfaction of the Optional Redemption and Purchase Conditions, if a Gross-Up Event has occurred and is continuing, the Issuer may, at any time upon giving not less than 30 days’ notice to the Securityholders in accordance with Condition 11 and to the Fiscal Agent, redeem the Securities, in whole but not in part, at the Optional Redemption Price.

‘‘Gross-Up Event’’ means, on the occasion of the next payment due under the Securities, the Issuer has or will become obliged to pay Additional Amounts as a result of any change in, or amendment to, the laws or regulations of a Relevant Jurisdiction or any political subdivision of, or any authority in, or of, a Relevant Jurisdiction having power to tax, or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective (or in the case of a change in the application or official interpretation, occurs or is being announced) on or after the Issue Date; and such obligation cannot be avoided by the Issuer taking reasonable measures available to it.

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