Kyobo Life Insurance, Ranked Most Respected Company for 2 Consecutive Years

Kyobo Life Insurance won first place in the life insurance industry category for the second consecutive year at the "Most Admired Companies in Korea" awards ceremony held on the 27th at the Conrad Hotel in Yeouido, Seoul, hosted by the Korea Management Association Consulting (KMAC).

This awards ceremony, now in its 21st year, is announced by KMAC after comprehensively evaluating innovation capabilities and values for customers, shareholders, employees, and society. It is recognized as the only survey model in Korea that evaluates the overall corporate value domain. Kyobo Life Insurance was also newly named among the 'All-Star Companies,' referring to the top 30 out of 150 candidate companies across all industries this year.

Shin Chang-jae, CEO and Chairman of the Board of Directors at Kyobo Life Insurance. [Photo by Kyobo Life Insurance]

Kyobo Life Insurance attributed its first-place win to CEO and Chairman Shin Chang-jae’s commitment to principled management, ethical management, and customer trust. Chairman Shin has a unique background, having transformed from a medical school professor to a life insurance company CEO. Despite the 1997 Asian financial crisis and the 2008 global financial crisis, he led steady growth and developed Kyobo Life into a leading domestic life insurer.

Chairman Shin practices exceptional ethical management, guided by the teachings of his father (Shin Yong-ho, founder of Kyobo Life Insurance) that "there is no such thing as a free lunch or secrets." A well-known story is that after the founder’s passing in 2003, the Shin family paid the then-largest inheritance tax of 183.1 billion KRW. Without cash, the family fulfilled their tax obligations by paying in Kyobo Life shares. Chairman Shin believes that when a company considers customers, financial planners, employees, investors, government, and local communities in a balanced way beyond mere profit generation, it can create a sustainable virtuous cycle of coexistence.

In November last year, Chairman Shin also received the "2023 Insurance Hall of Fame Laurel Award," known as the "Nobel Prize of Insurance," from the International Insurance Society (IIS). Following founder Shin Yong-ho’s induction into the Hall of Fame in 1996, this marked the first time in global insurance industry history that a father and son business leaders were inducted together.

Kyobo Book Centre, operating 43 stores nationwide, is also a representative case of ethical management. The philosophy of founder Shin Yong-ho, who established a bookstore in the basement of the Kyobo Building in Gwanghwamun instead of a more profitable commercial space despite employee opposition, continues to be upheld by Chairman Shin Chang-jae.

Chairman Shin is also committed to ESG (Environmental, Social, and Governance) management. He operates a ‘Sustainable ESG Committee’ within the board of directors and has established separate ‘ESG Council’ and ‘ESG Working Council.’ Last year, Kyobo Life obtained ISO 14001, an international certification for environmental management systems. The company is also implementing initiatives such as a coal phase-out finance declaration, establishing sustainable investment policies, and issuing sustainable bonds.

Marking its 40th anniversary this year, Kyobo Life leads social value realization through various social contribution activities such as the Kyobo Life Cup Dream Tree Sports Competition, support projects for the growth of protected children, and youth education support. Additionally, it is pursuing management strategies to innovate the insurance business and secure new growth engines based on digital transformation. A Kyobo Life representative stated, “We received this award as external recognition of our sustainability efforts,” and added, “We will strive to become a company more respected by our stakeholders.”

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