Heungkuk Fire & Marine Insurance, a financial affiliate of Taekwang Group, announced on the 13th that Song Yunsang, head of the Management Planning Office at Heungkuk Life Insurance, has been appointed as the new CEO.
Appointee Song (59) is regarded as an insurance expert who has handled key tasks at major insurers such as Hyundai Marine & Fire Insurance, Samsung Life Insurance, and KB Life Insurance. He is known to possess capabilities in finance and planning, as well as in product development, claims, and risk management.
Song began his career in the insurance industry by joining Daishin Life Insurance in 1993 after completing his bachelor's and master's degrees in mathematics at Seoul National University. He then built his expertise by working in product development, management planning, and risk management at Hyundai Marine & Fire Insurance and Samsung Life Insurance.
Heungkuk Fire & Marine Insurance has appointed Song Yoon-sang, head of the Management Planning Office at Heungkuk Life Insurance, as the new CEO.
In 2014, he moved to KB Life Insurance as vice president, where he served as head of the Risk Management Division and the Management Planning Division. He also oversaw insurance operations at KB Financial Group. Last year, he led tasks related to the newly introduced international accounting standard (IFRS 17) in the insurance sector.
He joined Heungkuk Financial Group in January as head of the Management Planning Office at Heungkuk Life Insurance. The reason Heungkuk Fire & Marine Insurance selected Song as CEO is reportedly to leverage his expertise and practical experience in risk management and the new accounting standards.
A Heungkuk Fire & Marine Insurance official explained, “With the prolonged high-interest-rate environment, uncertainty surrounding the insurance industry is higher than ever this year. Song possesses differentiated expertise in risk management and the implementation of the new accounting standards.”
Song is scheduled to be officially appointed as CEO at the shareholders' meeting planned for the end of this month. Im Gyujoon, who has led Heungkuk Fire & Marine Insurance for the past two years, is expected to take on an advisory role.
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