Shin Chang-jae, Chairman of Kyobo Life Insurance, Inducted into Insurance Hall of Fame for Second Generation... Praised for 'Crisis Management Skills'

Awarded the 'Laurel Wreath,' the Nobel Prize Equivalent in Insurance
Following Former Chairman Shin Yong-ho, the World's First 2nd Generation Inductee

Shin Chang-jae, Chairman of Kyobo Life Insurance, has been selected as this year’s recipient of the "Insurance Hall of Fame Laurel Award," regarded as the Nobel Prize of the insurance industry. This marks the first time in the global insurance industry that an awardee from successive generations has been honored. It is interpreted that his crisis management and social management capabilities demonstrated over the past 20 years influenced this decision.

On the 22nd, Kyobo Life Insurance announced that Chairman Shin would receive this award from the International Insurance Society (IIS). The "Insurance Hall of Fame Laurel Award" is known as the "Nobel Prize" in the insurance field. Established in 1957 to honor individuals who have made significant contributions to the development of the insurance industry through innovative activities, the recipient is decided annually at the IIS board meeting. Awardees receive the title "Lauriat," a designation also used for Nobel laureates, and their achievements and management philosophies are permanently preserved in the Hall of Fame.

Previously, the late Shin Yong-ho, founder of Kyobo Life Insurance, was inducted into the Hall of Fame in 1996 after receiving the Laurel Award. This was the first time in the history of the global insurance industry that a father-and-son business duo was enshrined in the Hall of Fame. Chairman Shin’s induction ceremony will be held at the "2023 Global Insurance Forum (IIS Annual Meeting)" in Singapore this coming November.

The IIS highly evaluated Chairman Shin’s crisis management skills demonstrated since his appointment in 2000, a period still affected by the aftermath of the foreign exchange crisis, and through various emergencies including the 2008 global financial crisis, which stabilized Kyobo Life Insurance. When Chairman Shin took office, Kyobo Life Insurance was recording a deficit of 250 billion KRW, but it has since posted annual net profits ranging from 400 billion to 600 billion KRW. It has also received an A+ rating from the world’s three major credit rating agencies for ten consecutive years (Fitch).

Josh Landau, CEO of IIS, stated, "Chairman Shin Chang-jae has embodied the spirit of the 'Insurance Hall of Fame' through transformative innovation, insightful leadership, and people-centered management." James Vickers, Chair of the IIS Honors Program, also explained, "Through Chairman Shin Chang-jae’s stakeholder management, Kyobo Life Insurance has grown into South Korea’s most successful insurance company and has become a leader in ESG (Environmental, Social, and Governance) and sustainable management activities."

Chairman Shin said, "I am especially pleased to be recognized for consistently achieving change and innovation suited to the times while inheriting my late father’s philosophy, which laid the foundation for transparent and ethical management under the motto ‘There is no free lunch or secret in the world.’ In the life insurance market, which is facing a crisis with rapidly declining demand for our core product, death coverage, and even the younger generation showing little interest, I will continue to focus on fundamentals and practice innovation by providing data-driven value that customers want."