Korea Life's Ambitious Target
Company aims to expand assets to 77 tln won and annual sales to 17 tln won by 2012
Korea Life Insurance Co. plans to expand its total assets to 77 trillion won by 2012 according to its new blueprint for management entitled, "2012: Different No.1 Vision"announced on Jan. 21 at the company's management strategy meeting held at the DLI Building in Yeouido, Seoul.
The meeting was attended by some 100 top officials of the company, led by Vice Chairman and CEO Shin Eun-chol, during which they decided to adopt the 12-point strategy for the company for the new year, after analyzing the operational results of last year.
The company announced that its revenues from insurance premiums in 2007 amounted to 11.3 trillion won and total sales were 14.3 trillion won. Its total assets amounted to 48.9 trillion won as of the end of December.
Shin said that through reforms in marketing and office procedures, the company should enhance its competitiveness in the insurance business sector further next year. It should find new growth engines in new markets, new channels, and new business areas in order to expand its assets to 77 trillion won and its annual sales to 17 trillion won by 2012 so that it would become an integrated financial company.
To arrive at these targets, the company will build up the strength of multi-channel competitiveness, build a global financial network and continue to undertake reform and change in its set up and operation as called for in the new strategy.
The company said total assets would expand to 54 trillion won and sales to 15 trillion won by the end of this year. The company will develop new insurance products tailor-made to the changes in market trends, which would include a fusion-type guarantee product that can be readjusted at the time of payment. The company also plans to develop a V-dex insurance product related to stock indexes and will be, therefore, variable and diversified in order to reflect customers'needs.
Last year, the company upgraded all of its business units to branches around the country in an effort to fortify the marketing and multi-channel strategy as well as advance its operational structure and make it more effective.
In the area of asset management, the company will continue to expand derivative financial products and project financing and others in the replacement investment sector. The company will also strengthen the operations of its overseas subsidiaries to the extent that overseas investment will account for 10 percent of its total investment funds gradually, in line with the changes in the financial environment.
The company also plans to speed up the globalization of its insurance business and the diversification of its business lines in order to find new growth engines and new markets for its products.
The company will also open new liaison offices in Hong Kong and Singapore this year and launch its operation in Eastern Europe and other new insurance markets, in addition to strengthening its insurance bases in China and Vietnam.
In the area of customer service, the company will make its customer grievance 'visitation service'its own brand of customer service program under the purpose of building a corporate culture centered on customers. nw
Vice Chairman Shin Eun-chol of Korea Life Insurance Co. |