A MetLife Korea consultant talks with a customer regarding retirement insurance products. / Courtesy of MetLife Korea |
By Kim Tae-gyu
Staff Reporter
MetLife Korea, the subsidiary of the U.S.-based insurance giant here, advanced from being a minnow to one of the most flourishing life insurance firms in Asia's fourth-largest economy over the past two decades.
The company, which was established in 1989, boasts assets amounting to 9 trillion won and a solvency margin ratio of 207.8 percent, making it one of the best in the business regarding financial soundness.
The Seoul-based outfit also chalked up net profits of 109.3 billion won over the fiscal year 2008 ― starting April 2008 to this March ― to mark about a 33-fold jump from 3.3 billion won the year before.
This contrasts to its competitors here, which have seen their profitability drop by more than 70 percent on average in 2008 on a year-on-year basis because of the unprecedented global financial crisis.
``MetLife has racked up fast growth as well as robust profitability through strategies customized to Korea. For instances, it has successfully tapped into the retirement insurance market of the fast aging nation as well as preempted the lucrative variable insurance competition,'' a Seoul analyst said.
Korea is a rapidly-aging society ― the number of people aged 65 or older just surpassed 10 percent of the total population this year. The proportion is expected to top 20 percent in about 15 years.
Yet, most senior citizens are not prepared for post-retirement as they notoriously spend a lot in educating their children. In addition, a social security net has not been established compared to other advanced economies.
In this climate, MetLife Korea made inroads into the retirement markets in a systematic way. It has hired best-of-the-crop financial planners, while nurturing specialists by opening a dedicated education program together with Seoul National University last year.
The program, which has widely hailed useful tools, is poised to produce a total of 2,400 retirement planning professionals by the end of this year. The firm plans to further improve the program in the near future.
MetLife also has attracted customers through variable insurance products. The firm has gained a reputation as the products are designed to partially guarantee payments of principals, an idea loved by end users during economic downturns.
voc200@koreatimes.co.kr
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