[Sponsored Report] Kyobo wins life insurer of the year

Kyobo CEO Shin Chang-jae, left, accepts the award from Tony Cheng, CEO of RGA Reinsurance’s Hong Kong and Southeast Asia branch.

Twenty-two global insurance experts and Asian managers have selected Kyobo Life Insurance, the profit leader among Korean life insurers in 2008, as “Life Insurance Company of the Year.”

Kyobo Life Insurance announced the honor at the 10th Singapore International Reinsurance Conference on Nov. 10. It was the first time a Korean firm had won the award. The judges said they gave high marks to Kyobo’s customer-oriented management and the preemptive measures it took against the global financial crisis last year. The jury was comprised of experts and CEOs from the insurance industry, including International Insurance Society President and CEO Michael J. Morrissey.

Kyobo Life Insurance saw net profits of 291.6 billion won ($253 million) last year despite the crisis. It has also had the top return on equity among Korea’s big three life insurers in the past five years.

Kyobo’s assets have grown 8.3 percent from 2008, showing a steady rise in sales despite the global economic situation. Moody’s has maintained an A2 rating, equal to the country’s sovereign rating, on Kyobo Life, making it the only Korean life insurer to be rated so highly.

CEO Shin Chang-jae said, “This award is meaningful since it recognizes the results of our continuous changes based on customer-oriented and profit-centered management.”

By Lee Ji-hyun [concordia@joongang.co.kr]