KB Kookmin Bank said on March 5 it signed a business agreement with AIA Life on promoting insurance claim right trusts and expanding linked trust and insurance services.

The signing ceremony on March 4 was attended by Yoo Shin-ok (유신옥), head of AIA Life's Customer Division, and Jeon Hyo-sung (전효성), deputy head of KB Kookmin Bank's WM Customer Group, along with officials from both companies.

An insurance claim right trust is a system that allows a policyholder to place death benefit claim rights in trust during their lifetime and design in advance how the insurance proceeds will be managed and paid out after payment. Unlike simply designating a beneficiary, it allows the purpose and payout method of the proceeds to be set in advance as needed.

The agreement was arranged to help support structured asset management and asset transfers by combining KB Kookmin Bank's asset management capabilities using trusts with AIA Life's insurance expertise. The companies plan to build asset inheritance services reflecting customer needs to support more structured asset management and predictable asset transfers.

A KB Kookmin Bank official said, "This agreement has created an environment in which customers' insurance proceeds can be transferred more stably even after death," and added, "We will continue to expand financial services that provide peace of mind as a partner in customers' asset management."