Leader in Retirement Pension Market

Kyobo Life falls back on its long experience of managing retirement pension funds

Kyobo Life Insurance Co. offered retirement insurance for more than 35 years before the national retirement pension was introduced in Korea. In 1976, the company introduced the employee retirement pension installment insurance at the forefront of the retirement pension market, winning a strong reputation in the business area, and it continues running the business today, taking advantage of its long years of experience as a leader in the retirement pension market.
The experts in the retirement pension management division in the company developed various products, providing segregated services to upgrade the company’s reputation and competitiveness.
Kyobo Life has been providing services to over 2,800 companies and over 1 million retirees. As of the end of July, the company manages more than 900 billion won in retirement pensions, the second largest in the market.
The biggest advantage the company has is its large pool of experienced experts in the area, considered tops in the market. Director Park Jin-ho, who has both a pension FSA and EA license from the U.S. Federal Government, has been running the pension business for Kyobo Insurance. As head of the Retirement Business Headquarters, which is staffed by 350 experts, Park oversees the system design, consulting and education of the investors in the retirement pension investment program provided by those experts.
The company also has a special team to take care of its foreign customers, providing all kinds of information in English so they will know what is happening in the market and make their plans accordingly.
The company’s retirement pension products are considered to have safety and earnings in their makeup, with the Kyobo Asset Management Retirement Pension Insurance as the representative product among a number of its retirement fund products.
Unlike similar products provided by banks and securities firms, this product is designed to pursue long-term profits. Kyobo Life’s financial products for retirement pensions include those that guarantee certain interest rates during the tenure of the product, ranging from one to five years, products related to ongoing bank interest rates and dividend-type products that pay dividends at the end of the year, to name just a few.
The trust contract lineup has been a special offering among its retirement pension investment products, as the lineup includes package products matched with many funds and bank deposit products.
The company also has a customer-centered service in the K-Premier System, which it developed on its own so that its clients can refer to it 24 hours a day for various services such as information on retirement pension investment. This includes a study on retirement pension systems by many companies, the financial analyses of those companies and services on IFRS, an international financial accounting system, provided only by Kyobo Life.
Kyobo Life’s strategy is to provide tailor-made products and services to its customers based on its competitive edge over rivals, especially corporate customers both domestic and foreign, so that it can lead the retirement pension market. By doing so, the company plans to build up its retirement pensions under its management to total 10 trillion won by 2015 under its mid- to long-term strategies.
Kyobo Life was founded in 1958 based on the founding philosophy of “the promotion of national education and formation of domestic capital,” and for the past 50 years it has been committed to honest and sincere management in pursuit of co-prosperity with all stakeholders including customers, financial planners, employees, investors, local communities and the government.
Based on its customer-oriented and ethical management paradigm, Kyobo Life professionally meets customers’ needs for life insurance including whole life, annuity, education, health/disability, retirement and variable insurance by developing valuable products and services.
Because of its commitment to excellence, Kyobo Life became the first financial company to receive the grand prize for “Customer Satisfaction Management” for five consecutive years, thereby making it into the Hall of Fame, and was named one of the “30 Most Respectable Korean Firms.”
Since its inception, Kyobo Life has overcome numerous crises through change and innovation. As a result, Kyobo Life recorded 50 trillion won in total assets, 9.888 trillion won in premium income, and 292 billion won in net profit in fiscal year 2008 (April 2008 ~ March 2009) amid unfavorable economic conditions. nw

A view of Kyobo Building in Gwanghwa-mun, in downtown Seoul, where Kyobo Life is located.