Kyobo Lifeplanet, 125 Billion KRW Paid-in Capital Increase... "Laying the Foundation for Sustainable Growth"

Kyobo Lifeplanet Life Insurance announced on the 6th that it will proceed with a paid-in capital increase worth 125 billion KRW to strengthen its business competitiveness.

Kyobo Lifeplanet resolved a paid-in capital increase (new share issuance) worth 125 billion KRW through a shareholder allocation (Kyobo Life Insurance) at the board meeting held the previous day. This is to improve financial soundness and lay the foundation for sustainable growth.

With this capital increase, Kyobo Lifeplanet has established the ‘4 Key Business Strategy Directions’ for new growth. The goal is to lead innovation in the insurance industry, present new value, and establish itself as a leading domestic digital financial brand.

The 4 key business strategy directions are ▲strengthening high-level partnerships ▲comprehensive innovation of products ▲implementation of hybrid channels ▲strengthening the insurtech solution business.

Kyobo Lifeplanet plans to maximize its advantages as a digital insurer through strategic partnership enhancement. It will form partnerships with various platforms and promote complex collaborations involving data and products, as well as capital partnerships.

The company also plans to steadily increase the proportion of protection insurance sales. It will introduce innovative protection products tailored to each generation, from the 20s and 30s to the 30s and 50s age groups. In addition to the existing pure digital channels, it will implement a seamless omnichannel using chat consultations and telephone support, and concretize the customer-facing use of generative AI technology. The insurtech solution business, which is currently expanding domestically, will also actively invest with the goal of entering the Asian market by 2025.

To achieve these business goals, Kyobo Lifeplanet will reorganize its organization to strengthen data and digital marketing capabilities. It is also comprehensively improving its financial structure and asset management system for the effective operation of funds secured through this capital increase.

Kim Young-seok, CEO of Kyobo Lifeplanet, said, “With this capital increase, Kyobo Lifeplanet will establish a sustainable business system,” adding, “Under the project called ‘Lifeplanet Reboot,’ we will execute the 4 key business strategies with one heart to definitely enhance corporate value and lay the foundation for global market entry.”

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