Allianz Life Korea aims to be top

By Kim Tae-jong

Allianz Life Korea’s new CEO Lee Myung-jae said Wednesdaythat he will make the firm a leading player among foreign insurers operating in Korea by 2020, as he introduced the company’s long-term plan.

“The company will pursue sustainable growth, aiming at recording an annual 5 percent in terms of insurance premiums and a 10 percent in terms of operating profits every year,” he said during a news conference at the Plaza Hotel in Seoul.

It was his first official meeting with the local media after he took office in February, replacing Cheong Mun-kuk.

To reach the target, he said the company will reform its product portfolio by selling holdings with low profit margins and developing new ones to cope with the era of low-interest.

“It seems desirable to slim down and simplify the current 30 products, and especially we plan to develop online-based insurance products,” the 46-year-old CEO said. “We will continue to develop new channels and expand investment for that.”

He also said the firm will focus on pensions.

“Pension products are less profitable than life insurance products. But in this fast aging society, healthcare and pensions are two major factors in the industry,” he said.

In fact, the company has held a new campaign to promote itself as an insurer which has gained strength in pension products since May.