Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
MetLife chief underlines importance of Korea market
MetLife President and CEO Michel Khalaf gives a speech during a meeting with employees of MetLife Korea in Seoul, July 17. Courtesy of MetLife Korea
By Yi Whan-woo
MetLife will stay focused on fulfilling the needs of Korean customers on its path to widen its customer base worldwide, according to company President and CEO Michel Khalaf.
Khalaf made the remarks during his third visit to Korea, after serving as the head of the New York-headquartered, multinational insurer since 2019.
MetLife has been eyeing Korea for its significant increase in life expectancy, which offers a wide range of sales opportunities concerning its products, including life insurance, health insurance and disability insurance.
As of 2023, life expectancy in Korea was 83.5 years, some 3.2 years longer than the OECD average.
"For 157 years, MetLife has focused on delivering value to our customers and on helping more people build confident futures,” Khalaf said. The company has approximately 90 million customers in over 60 countries.
He said as people look to improve their health and well-being amid their longer lifespans, MetLife can offer its expertise and innovation to enhance the "healthspans" of Koreans.
The Seoul branch of the company, MetLife Korea, has set the goal of becoming one of the top five life insurers here by 2029.
Khalaf underscored the importance of the goal by noting that Korea is among MetLife’s top five markets worldwide.
He also said the company pushes to deliver a customer-driven experience for its Korean customers.
“Consumers today are sophisticated and forward thinking," Khalaf said. “We see ourselves playing a pivotal role in helping them plan for the future, and we’ve built a highly professional team to deliver these ambitions in Korea.”
Khalaf addressed MetLife’s commitment to a workplace aimed at inspiring collaboration and diverse perspectives for high performance.
MetLife Korea was one of MetLife’s 22 businesses worldwide that were certified as a “Great Place to Work” last year.