Samsung Life CEO Eyes Chinese Market
By Yoon Ja-young
Staff Reporter
Lee Soo-chang, CEO of Samsung Life Insurance, started taking care of overseas businesses as part of efforts to make the company one of the world's 15 largest insurance firms.
According to the insurer, Lee visited Samsung-Air China Life Insurance Company, a joint venture set up in China, for a two-day visit until Wednesday. It was his first visit to China since he took office in June last year.
Lee had a meeting with staff and asked them to adopt an aggressive marketing strategy.
Samsung Life Insurance advanced into the Chinese market in July 2005, as the first Korean life insurer in China, although it hasn't made much progress to date.
Earlier this month, Samsung's Lee announced a long-term vision to make the company into one of the world's 15 largest insurance firms by 2015, at its 50th anniversary ceremony.
``It costs a lot for an insurance company when it seeks to advance into an overseas market as it has to set up a system investing in education and employment. It is usual to record deficit for a decade,'' a company spokesman said.
He said Samsung is seeking to advance into the overseas market as it wishes to become a global leader after having its shares listed on the stock market.
It is paying special attention to the Asian market, as the market in developed countries is already too competitive. Staff at Siam-Samsung Life Insurance, set up in Thailand, are also scheduled to visit Samsung headquarters in Seoul early next month. Samsung has businesses in China, Japan, India, and Thailand, and has also set up a liaison office in Vietnam, seeking to advance into that market over the long-term.
Lee, who has successfully led the promotion campaign, has been focusing on retirement products.