Kim Byungchul Appointed as Next CEO of KDB Life Insurance

Joined KDB Life Insurance Last Year...
Sales Expert
Full-scale Push for Management Normalization

Kim Byungchul, Senior Vice President of KDB Life Insurance, a subsidiary of Korea Development Bank (KDB), has been nominated as the next CEO of KDB Life Insurance.

According to the insurance industry on January 6, Senior Vice President Kim has been solely nominated as the next CEO of KDB Life Insurance. KDB Life Insurance plans to officially appoint him as CEO at an upcoming shareholders' meeting.

Kim Byungchul, Senior Vice President of KDB Life Insurance, is speaking at the 'Townhall Meeting for Employees' held in July last year. KDB Life Insurance

Im Seungtae, the current CEO of KDB Life Insurance, completed his two-year term in March last year. However, as the appointment of a new CEO has been delayed, he has continued to serve in the role.

Senior Vice President Kim began his career in the insurance industry in 1999 when he joined Prudential Life Insurance. Since then, he has built a reputation as a sales expert, having overseen sales operations at MetLife Insurance, ING Life Insurance, AIA Life Insurance, and Fubon Hyundai Life Insurance. He joined KDB Life Insurance in March last year.

After taking office, Senior Vice President Kim is expected to pursue changes to normalize the management of KDB Life Insurance. As of the third quarter of last year, KDB Life Insurance's equity capital stood at minus 101.7 billion won, indicating a state of capital impairment. Its parent company, Korea Development Bank, has also provided a capital injection through a rights offering worth 500 billion won.