Daimler Launches Insurance Business in Korea

Berlin, Dec 27, 2007. — Daimler Financial Services, the financial services provider of the Daimler Group, has expanded its insurance business in Asia with the introduction of motor vehicle insurance for customers in South Korea. Beginning in December 2007, Mercedes-Benz customers in Korea can insure their vehicles through Daimler Financial Services, in addition to financing and leasing.

“Our market studies have shown there is significant potential in Korea for insuring Mercedes-Benz products,” said Alwin Epple, member of the Board of Management of Daimler Financial Services with responsibility for Europe, Africa and Asia/Pacific. “By next year we aim to be selling an insurance policy for two thirds of all the vehicles we lease and finance in Korea.”

Under Korean law, an independent company is needed for the sale of insurance. In line with this requirement, Mercedes-Benz Rental and Insurance Services Korea Ltd. was founded on December 1, 2007. The new company is planning to expand its offerings next year to include warranty insurance for pre-owned vehicles, gap insurance and payment protection.

After Japan and Thailand, Korea is the third-largest market for Daimler Financial Services in Asia, and one that is experiencing dynamic growth. The contract volume in the third quarter of 2007 was €280 million, an increase of about 30 percent on the result posted for the same period in 2006. Daimler has been operating on the Korean market with its own financial services company since 2002.