KB Kookmin Bank Signs Insurance Claim Rights Trust Agreement with AIA Life

Establishing a Collaborative System for Insurance Claim Rights Trusts
Offering Asset Management and Wealth Transfer Services

KB Kookmin Bank announced on March 5 that it signed a "Business Agreement for the Promotion of Insurance Claim Rights Trusts and the Expansion of Linked Trust and Insurance Services" with AIA Life on March 4.

Yushin Ok, Head of Customer Division at AIA Life (right), and Hyoseong Jeon, Vice President of WM Customer Group at KB Kookmin Bank (left) are posing for a commemorative photo.

The signing ceremony, held on the same day, was attended by Yushin Ok, Head of Customer Division at AIA Life, Hyosung Jeon, Vice President of WM Customer Group at KB Kookmin Bank, and other representatives from both companies.

An insurance claim rights trust is a system in which a policyholder establishes the right to claim life insurance proceeds as a trust while alive, allowing the management method and payment structure of the insurance proceeds after payout to be pre-designed. Its key feature is that the beneficiary does not need to be designated, and the purpose and payment method of the insurance proceeds can be predetermined as needed.

This agreement was established to combine KB Kookmin Bank's asset management capabilities using trusts and AIA Life's expertise in insurance to support systematic asset management and wealth transfer. Based on their respective expertise, the two companies plan to jointly build a stable asset succession service tailored to customers' needs, thereby facilitating more structured asset management and inheritance.

KB Kookmin Bank has been expanding collaboration with insurance companies that do not operate trust businesses, including KB Life Insurance.

A representative from KB Kookmin Bank stated, "Through this agreement, we have created an environment in which customers' insurance proceeds can be more safely transferred after their passing," and added, "We will continue to expand secure financial services as a reliable asset management partner for our customers."

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