KB Non-Life Insurance Co., formerly known as LIG Non-Life Insurance Co., officially set sail on its new future on June 24, following shareholder and board of directors meetings held on the same day at its office in Yoksam-dong, Seoul.
The both meetings approved the new name for the non-life insurance firm and retained President Kim Byeong-hon as the company’s CEO. Chairman Yoon Jong-kyoo of the KB Financial Group officiated the launching ceremony of the new member of the financial group. Key executives of the group and its affiliates led by Chairman Choi Young-whie of the board of directors also took part.
The financial group completed its takeover of LIG Non-Life Insurance about one year since its designation as the priority bidder for the non-life insurer last June, and the company became the first non-life insurance firm to be an affiliate of the financial group.
The financial group plans to boost synergy among its affiliates by allowing them to hold multiple deals in their operations. The banking affiliates have been selling bancassurance, an insurance product, but they will be handling sales of more insurance products. At the same time, the insurance salesmen for its affiliates will also be handling the sale of the credit cards, along with the life insurance products of the group’s affiliated life insurance firm, while banking outlets will also handle the sales of insurance products and credit cards.
At the ceremony, Chairman Yoon said the financial group will lead support for the new non-life affiliate so it could become a top firm in its area of operation. He also boasted that the financial group has affiliates in every financial sector, including banking, life insurance, non-life insurance, securities, credit card and savings bank.
“We should be ready to reform our operations where reform is needed so that we would solidify our position as a top integrated financial group in Korea,” the chairman continued.
KB Financial Group finalized the takeover of LIG Non-life Insurance Co. on June 28, which makes it the largest financial group in Korea, with total assets coming to 428 trillion won. In addition, the group will take over KDB Daewoo Securities, which is likely to be put on the market in the second half of the year, with total assets of 30 trillion won. The group will be the biggest in terms of assets when it takes over the securities firm.
The group has been sailing smoothly for the past six months since Chairman Yoon Jong-kyoo took the helm.
The financial group won U.S. Federal Reserve approval with its registration as a financial group to operate in the United States on June 18. That was an important step to take over LIG’s operational units in the U.S. The group finalized its takeover of LIG at a shareholder’s meeting on June 24 and launched it as KB Non-Life Insurance Co.
Chairman Yoon has been urging improved communication at jobsites as a key factor in order to bring the group back to its normal position as the top financial group in the country.
The financial group said its first quarter profit amounted to 605 billion won, the biggest profit among the four major financial groups in the country, up 68.4 percent year-on-year and 198 percent from the preceding quarter, which has been attributed to the stabilized management structure of the group since Yoon’s arrival, bringing the group’s operation back to normal.
Corporate loans were handed out to both small and large firms in roughly equal amounts, rising 3.3 percent with SOHO loans boosting profitability, paying dividends and diversifying its portfolio of loans.
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