Kyobo Life Insurance Begins Asset Management Services for Retirement Pensions of Korea Workers' Compensation and Welfare Service

Signing of the First Asset Management Contract with Yang Junhyuk Baseball Foundation

Kyobo Life Insurance has commenced asset management services for the Workers' Welfare Corporation's retirement pension and signed the first retirement pension asset management contract with the Yang Junhyuk Baseball Foundation. At the 'Kyobo Life Insurance Workers' Welfare Corporation Retirement Pension Asset Management First Contract Signing Ceremony' held at the Workers' Welfare Corporation Seoul Gangnam Branch in Gangnam-gu, Seoul, Shin Yeonjae, Head of Kyobo Life Insurance Retirement Pension Business Division (second from left), Jeong Gihwan, Head of Kyobo Life Insurance Market Expansion Promotion Team (left), Yang Junhyuk, Chairman of the Yang Junhyuk Baseball Foundation (center), Choi Dongtaek, Director of Welfare Pension Bureau at the Workers' Welfare Corporation (right), and Kim Kwangsoo, Director of the Workers' Welfare Corporation Seoul Gangnam Branch, are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Kyobo Life Insurance announced on the 13th that it has commenced operations as the asset management institution for the Workers' Welfare Corporation's retirement pension.

With the start of asset management operations, Kyobo Life Insurance signed the first retirement pension asset management contract with the Yang Jun-hyuk Baseball Foundation at the Seoul Gangnam Branch of the Workers' Welfare Corporation in Gangnam-gu, Seoul. Attendees at the signing ceremony included Shin Yeon-jae, Head of Kyobo Life Insurance's Retirement Pension Business Division; Yang Jun-hyuk, Chairman of the Yang Jun-hyuk Baseball Foundation; Choi Dong-taek, Director of the Welfare Pension Bureau at the Workers' Welfare Corporation; and Kim Kwang-soo, Director of the Seoul Gangnam Branch of the Workers' Welfare Corporation.

The Workers' Welfare Corporation is a public institution under the Ministry of Employment and Labor, operating a retirement pension system optimized for workplaces with fewer than 30 employees. As of the end of last year, it manages retirement pension reserves of 2.6 trillion KRW from approximately 80,000 organizations and 380,000 subscribers. Kyobo Life Insurance was selected as the asset management institution for the Workers' Welfare Corporation's retirement pension through a business agreement signed on the 29th of last month, marking the first such partnership in the life insurance industry.

When subscribing to the Workers' Welfare Corporation retirement pension, choosing Kyobo Life Insurance as the asset management institution applies an industry-lowest level (0.2%) defined contribution (DC) asset management fee, reducing the financial burden on employers.

Additionally, there are advantages such as access to relatively high-interest principal-guaranteed products and a variety of performance-based products including domestic equity, domestic bond-mixed, domestic bond, overseas equity, and overseas bond-mixed types.

Through its partnership with the Workers' Welfare Corporation, Kyobo Life Insurance plans to actively support the revitalization of retirement pensions for small and medium-sized enterprises. It will strive to improve retirement pension returns by providing excellent products tailored to customer styles and offer various value-added services for workplaces and employees, including comprehensive labor, tax, and investment financial consulting services, Darwin service, Shifty service, Kyobo Bookstore's Book Morning service, and electronic library access.

A Kyobo Life Insurance representative stated, “We will lead efforts to revitalize the retirement pension market and ensure the retirement life of small and medium-sized enterprise workers and small business owners by providing proactive asset management services such as customized products and differentiated value-added services.”

Meanwhile, Kyobo Life Insurance has led the retirement fund market for over 40 years, developing Korea’s first employee retirement reserve insurance in 1976. It also boasts a systematic support system through 2,800 nationwide retirement pension system recruiters and experts in actuarial science, accounting, labor, and taxation.

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