Korea Life going global

By Kang Seung-woo

Korea Life Insurance, the country’s oldest insurance company, has been a trailblazer for the local industry. Now it looks set to raise the bar further by strengthening its presence in international markets.

Korea Life has maintained its presence among the industry heavyweights since its establishment in 1946 and became the first insurance company to be listed on the stock market in March last year.

The company is now determined to prove that its history and size haven’t affected its agility as it spearheads a slew of Korean insurance companies looking to penetrate into global markets.

Going global is a must for Korean insurance firms, who fear that their growth momentum could be decimated by Korea’s alarmingly low birthrate and rapidly aging society.

“The local insurance market is becoming saturated, so advancement overseas is a must,” CEO and Vice Chairman Shin Eun-chul said.

Korea Life Insurance advanced into the Vietnamese market in April 2009 as the first Korean life insurer to do so and has made notable achievements thus far.

It took 1.8 percent of the market in terms of new sales, only one year after starting operations. The number of new sales totaled 10,000 and the first year insurance premium income reached $3.3 million, up 67 percent from the previous year.