Insurance Companies Face No Personnel Storm... CEO Reappointment Parade

'Stability' Over 'Change'

Kim Jeongnam, DB Insurance Vice Chairman
Expected to Succeed in 5 Consecutive Terms

Kim Yongbeom, Meritz Fire & Marine Insurance Vice Chairman
3 Consecutive Terms Amid Record-Breaking Performance

[Asia Economy Reporter Oh Hyung-gil] As most CEOs of major insurance companies have virtually secured their reappointment, the personnel upheaval appears to be ending as a "storm in a teacup."

In a situation where the business environment has worsened further due to the prolonged low-growth trend and the impact of COVID-19, it is interpreted that stability was chosen over change. Given the bleak outlook for the insurance industry this year, it is expected that management will accelerate efforts to innovate digitally and non-face-to-face, as well as to enhance consumer trust.

According to the insurance industry on the 5th, DB Insurance is scheduled to hold a board meeting today to approve the agenda for the reappointment of Vice Chairman Kim Jeong-nam as CEO. Industry insiders predict that Kim will successfully secure his "fifth term" without any major surprises.

His management performance as well as external evaluations are positive. Kim joined DB Insurance's predecessor, Korea Automobile Insurance, as an employee in 1979 and has been with the DB Group for over 40 years. Since his appointment as CEO of DB Insurance in 2010, he has become one of the longest-serving CEOs in the insurance industry.

Last year, DB Insurance became the second insurance company to surpass 10 million customers. Compared to when Kim took office, with only 5.3 million customers, the number has grown 1.9 times in 10 years. During the same period, sales increased from 6 trillion won to 13.7 trillion won, a 2.3-fold increase, and total assets grew from 10 trillion won to 43.7 trillion won, a 4.3-fold increase.

Last year also saw strong performance. On a consolidated basis, net income reached 563.7 billion won, up 47.5% from the previous year. Operating profit rose 43.2% to 732.9 billion won, and sales increased 7.7% to 20.11 trillion won. In November last year, Kim was awarded the Iron Tower Industrial Medal at the National Quality Management Convention, the first in the insurance industry to receive this honor.

Kim Yong-beom, Vice Chairman of Meritz Fire & Marine Insurance

Kim Yong-beom, CEO of Meritz Fire & Marine Insurance, has virtually secured his "third term." Meritz Fire & Marine Insurance's board resolved at a meeting held the day before to reappoint Kim as CEO. If finalized at the regular shareholders' meeting on the 26th, Kim will lead the company for another three years until March 2024.

Born in 1963, Kim is a Samsung alumnus who worked at Samsung Fire & Marine Insurance, Samsung Asset Management, and Samsung Securities, and has led Meritz Fire & Marine Insurance's innovation. Through swift strategies such as partnerships with General Agencies (GA) and the introduction of entrepreneur-type branch stores, the company has maintained rapid growth. Last year, net income surpassed 400 billion won for the first time.

Choi Young-moo, CEO of Samsung Fire & Marine Insurance; Yeo Seung-joo, CEO of Hanwha Life Insurance; and Byun Jae-sang, CEO of Mirae Asset Life Insurance, have also virtually secured their reappointments. Samsung Fire & Marine Insurance will approve Choi's reappointment at the shareholders' meeting on the 19th, and Hanwha Life Insurance plans to reappoint CEO Yeo at the shareholders' meeting on the 15th.

Won Jong-gyu, CEO of Korean Reinsurance Company, is also expected to be reappointed as a "second-generation manager." Foreign insurance companies Dongyang Life Insurance and ABL Life Insurance are also expected to reappoint CEOs Luo Jianlong and Xi Ye Zhiqiang without major changes.

Some insurers are preparing for CEO changes. Heungkuk Life Insurance plans to officially appoint Park Chun-won as the new CEO, succeeding Cho Byung-ik, at this month's shareholders' meeting. Born in 1962, Park previously worked at Samsung Fire & Marine Insurance and Samsung Fire & Marine Insurance Claims Service, and has been with Heungkuk Fire & Marine Insurance and Heungkuk Life Insurance since 2016.

This content was produced with the assistance of AI translation services.