meritz Financial Group

I would like to extend my deepest gratitude for your unwavering support and interest in
Meritz Financial Group.

In 2024, despite heightened global uncertainties and instability in the financial markets, Meritz
Financial Group achieved record-breaking performance, driven by the outstanding results of
Meritz Fire & Marine Insurance and Meritz Securities.

Meritz Fire & Marine Insurance recorded a consolidated net profit of KRW 1.7135 trillion,
a 9% year-over-year increase, driven by strong revenue growth and exceptional investment
performance. This marks the fifth consecutive year since 2020, during which the company has
achieved its highest earnings in history.

Meritz Securities reported a consolidated net profit of KRW 696 billion, representing an 18%
increase from the previous year, driven by growth in the corporate finance and sales & trading
divisions, despite challenging market conditions.

Meritz Capital, on the other hand, experienced a decline in performance due to a tightening
funding environment and conservative risk management. Its consolidated net profit decreased
by 38% year-over-year to KRW 134.9 billion.

Thanks to the outstanding performance of our major subsidiaries, the consolidated assets of
Meritz Financial Group increased by 13% to KRW 115.5782 trillion, and consolidated equity rose
by 8% to KRW 10.93 trillion compared to the previous year. Consolidated net profit reached a
historic high of KRW 2.3334 trillion, representing a 10% increase year-over-year.

In 2024, Meritz Financial Group further cemented its position as Korea’s leading example of
value enhancement by actively and transparently implementing shareholder return policies,
including share buybacks, cancellations, and dividends—alongside solid performance in its
core businesses. This year, all subsidiaries will unite under the leadership of the holding
company to drive continuous innovation and establish ourselves as a market-leading financial
group.

To this end, Meritz Financial Group will continue to pursue the following three key priorities:

• First, we will become a trusted financial group that places "customer satisfaction and shareholder value enhancement" above all else.

  Our customers and shareholders are the very foundation of Meritz Financial Group.
  We will maximize management efficiency to enhance customer satisfaction and shareholder value, striving to be a reliable financial group where
  everyone can live a happy and fulfilling life.

• Second, we will pursue "value-based management" to achieve sustainable, top-tier performance.

  Even when markets chase short-term growth through indiscriminate expansion, Meritz has remained committed to long-term value for our customers and shareholders.
  We will steadfastly uphold our principles of value management—focusing on data-driven product development, strategic pricing, and prudent investment—to genuinely
  increase our intrinsic corporate value.

• Third, we will strengthen our foundations through rigorous "risk management and internal controls."

  Without succumbing to bureaucracy or complacency, we will embrace bold innovation and stay ahead of market changes.
  This includes conducting accurate risk analyses and implementing proactive responses.
  Furthermore, under the newly implemented accountability system this year, we will enforce robust internal controls to build an even more resilient organization.

The true measure of a company is not the size of its capital but the size of its employees’ dreams.
In 2025, every member of Meritz Financial Group holds a grand ambition, to become the most outstanding financial group the world has yet seen.

We sincerely wish you and your families continued health and happiness.

Thank you.

March 26, 2025
Kim Yong Beom
Vice Chairman & CEO