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Hanwha Life Insurance CEO wins fourth term

Collected: 2018.03.28

Distributed: 2018.03.29

Source: Go Direct

Cha Nam-gyu

South Korea’s Hanwha Life Insurance Chief Executive Cha Nam-gyu has succeeded in winning a fourth term to add to his credential as one of the longest serving CEOs in domestic insurance industry.

According to Hanwha Life Insurance, its shareholders on Monday approved CEO Cha Nam-gyu to serve his fourth term until March 2020. Cha purchased 17,000 treasury shares during trading hours immediately after the reappointment in a bid to raise the stock price.

Cha, 64, started his first term as Hanwha Life Insurance CEO in 2011. He joined the firm in 2002 when the Hanwha Group acquired a local life insurance firm (formerly Daehan Life Insurance). He entered Hanwha Group in 1979 after studying law at Korea University.

Hanwha Life Insurance has rapidly expanded in 15 years since Cha joined the company. Its assets increased from 29 trillion won in 2002 to 110 trillion won as of the end of last year, and premium income from 9.46 trillion won to 13.80 trillion won. Net income rose 66.8 percent to 525.5 billion won in 2017 from a year ago.

Cha is actively seeking ways to bump up the company’s capital ahead of the implementation of new global accounting and stricter local capital standards for insurers in 2021. Under his leadership, the life insurer issued hybrid securities worth 500 billion won last year in Korea and recently unveiled another $1 billion issuance plan abroad.

By Kim Tae-sung and Lee Ha-yeon

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