DGB CEO tapped to lead KB's Prudential Life Insurance

Prudential Life's CEO candidate, current DGB Life Insurance CEO Min Ki-sik / Courtesy of Prudential Life Insurance

By Anna J. Park

As KB Financial Group is slated to officially absorb its new insurance affiliate ― Prudential Life Insurance ― at the end of this month, KB has appointed current DGB Life Insurance CEO Min Ki-sik to lead the insurance arm. KB Financial Group acquired the Korean unit of Prudential Life Insurance earlier this year, and the acquisition will be officially complete with a full payment of 2.2 trillion won ($1.8 billion) by the end of August.

The financial group's executive candidate recommendation committee said they appointed Min based on his long expertise in life insurance. A graduate of Yonsei University, Min has spent more than 30 years working at insurance companies; he previously served as chief strategy officer at Prudential Life Insurance. From marketing to strategic development, Min is estimated to be an all-round player in the insurance sector.

His familiarity of having worked at the Korean unit of Prudential Life played a significant part in his appointment, as KB Financial Group hopes to maintain the new affiliate's unique strengths as well as solid profits, while maximizing synergy effects by leading the firm's innovative changes.

“The executive candidate recommendation committee decided to tap Min as the most suitable candidate for CEO of the insurance company for his innovative leadership to take on any challenges the company now faces,” the committee said.

“The candidate has superb strategic understanding of the current insurance industry and excellent execution capabilities,” the committee continued, stressing that Min could create synergy from the start as he already knows Prudential Life's traditional values and philosophies.

KB Financial Group's board of directors is expected to hold a meeting at the end of August, where they will officially vote on the CEO appointment. With the acquisition and the appointment of the new life insurance affiliate's CEO, KB Financial Group is now ready to take on the insurance market with an enhanced competitive edge.