Kyobo Lifeplanet Life Insurance has renewed the term of CEO Youngseok Kim, maintaining its current leadership as the South Korean digital life insurer pursues technology-focused initiatives and overseas business in Asia.
According to a report by The Asia Business Daily, the company’s shareholders and board of directors approved Kim’s reappointment at meetings held on Nov. 28. Kim, who became CEO at the end of 2023, was the first external candidate to head Kyobo Lifeplanet.
The insurer said the reappointment was based on its assessment of performance under Kim, including operational stability, capital management, and progress on its digital strategy. Kyobo Lifeplanet has not yet reported a full-year profit, but it has announced better underwriting and investment results and has recorded profit in some quarters and months in 2025. The company also said that its K-ICS ratio, the capital adequacy metric used by regulators to gauge financial soundness, has remained stable during his tenure.
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Kim, born in 1972, graduated from the College of Education at Seoul National University. Before joining Kyobo Lifeplanet, he worked on financial and digital transformation projects at Accenture and EY Korea. In the insurance sector, he served as chief technology officer and chief operating officer at AIA Life, overseeing technology, operations, and digital initiatives. He also headed strategic planning at SK Bioscience, where he was involved in corporate strategy and new business planning. Kim has also taken part in industry discussions on digital insurance in South Korea, advocating regulatory changes that recognise online-focused models and clarify the role of digital insurers in the local market.
Since taking office, Kim has overseen a restructuring program branded “Lifeplanet Reboot.” The initiative has included changes to the insurer’s product mix, adjustments to internal organisation, and cost-control efforts, alongside investment in digital and omnichannel capabilities.
Measures under the program include reshaping the protection and savings product lineup, embedding digital tools across sales and servicing, and seeking operational efficiencies. The company has said the goal is to establish a more sustainable earnings model supported by digital processes, lower acquisition costs, and greater use of data in risk selection.
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Commenting on his appointment, Kim said: “There is still a long way to go, but I believe we have achieved meaningful results in enhancing our competitiveness as a digital insurer and securing a stable profit structure. Going forward, we will accelerate insurance innovation using generative artificial intelligence (AI) and data and strengthen our overseas expansion to ensure sustainable growth.”
The leadership decision comes as the South Korean life insurance market is expected to recover after a recent contraction. Industry data from GlobalData indicate that direct written premiums are projected to increase from KRW182.7 trillion in 2025 to KRW206.2 trillion by 2029, representing a compound annual growth rate of 3.1%. Analysts link the anticipated expansion to improving economic conditions and demographic trends, particularly an aging population, which is expected to support demand for whole-life and pension products.
