Woongjin Preed Life said on the 8th that its cumulative advance payments surpassed 3 trillion won.
The company said, "It is the first time in the industry that a single funeral mutual-aid company's advance payments have exceeded 3 trillion won," and added, "Considering that the second- and third-ranked companies' advance payments are in the 1 trillion won range, the gap in the market can be seen as widening."
Woongjin Preed Life surpassed 1 trillion won in advance payments in 2019, the first in the industry, and crossed 2 trillion won in Apr. 2023. About two years later, it exceeded 3 trillion won. In six years, the scale of advance payments has tripled.
The company explained that new enrollments and the number of lifecare events increased after joining the Woongjin group.
Cited growth drivers include experience operating funeral services and the expansion of funeral hall infrastructure. Woongjin Preed Life operates 16 funeral halls nationwide. The expansion of the premium funeral hall brand "Shilnakkwon" is also analyzed to have influenced the increase in subscribers.
The company said it also established a professional workforce development system by opening a Funeral Director Training Institute.
Chief Executive Mun Ho-sang said, "With the milestone of surpassing 3 trillion won in advance payments, we will both improve the quality of funeral services and expand our service areas to weddings, travel, and health care."