Kyobo Life's China Plan
The life insurance firm to set up joint venture operation with Chinese partner
Kyobo Life Insurance Co. plans to penetrate the Chinese insurance market. Its chairman Shin Chang-jae returned from his recent trip to China where he called on a number of Chinese insurance authorities and leaders of life insurance firms including chairman Dai Pungzui of IIC.
The Kyobo Life chairman told reporters in China that Kyobo Life plans to set up a joint venture firm in China next year and the company is in the process of looking for a large Chinese insurance firm to be its partner in the joint venture, which is aimed to start the operation in 2008.Shin said the insurance firm takes a long-time to see the results, not a short-term investment and therefore, Kyobo Life is looking for a Chinese insurance firm, which shares the management philosophy with Kyobo and with high image for its brands in China. Kyobo Life is likely to speed up its operation in China with chairman Shin's visit to China
Shin attended the Kyobo scholarship presentation ceremony held by the China Insurance Academic Society and donated a scholarship fund to be provided to 45 graduate students in nine universities in China including Beijing and Qinghwa Universities. The chairman said at the ceremony that he hopes to improve Kyobo Life's trust among Chinese insurance customers and insurance markets in China and friendship between Korea and China through the presentation of the scholarship fund. Shin added that scholarship students would work hard not only for China, but all countries with the age of Northeast Asia getting closer.
The Kyobo Life CC Education Culture Foundation set up by Kyobo Life will work through the China Insurance Academic Society to provide scholarships worth 600 million won to 225 students in China in the next five years with a hope to improve the Korea-China relations and foster the growth of professional insurance people. In the meantime, Kyobo Life set up its liaison office in Beijing last year to prepare for its advance into China. The company has been working on a number of public projects including the inner Mongolia Kyobo National School and the Northeast Asia Great March for Students.
Also, Kyobo Life was awarded the Ministry of Commerce, Industry and Energy Prize, in the 7th "Korea Brand Award."Its awarding ceremony took place in JW Marriott hotel as a part of the "2005 Korea Brand Conference"which was hosted by the Ministry of Commerce, Industry and Energy, and the Institute for Industrial Policy Studies, and held in 6~7th December. The awardees of "Korea Brand Award"were selected through the customer voting and the company was topped in the category of Big Company among a total of 407 brands of 161 categories. nw
Kyobo Life Chairman Shin Chang-jae