Senior Vice Chairman Choi Hyun-man of Mirae Asset Life Insurance Co. belongs to a list of successful CEOs in Korea who have been recognized for their outstanding leadership in the growth of their companies, proving that a CEO can make or break the company depending on how they manage their companies.
The vice chairman led the company to lead the life insurance industry in profits from running equity-linked life insurance for two years in a row. The profit ratio rose to 5.54 percent as of the end of last November, leading 23 life insurance firms in Korea. The high profit rate has been owed to the company’s diverse portfolio and large investment in overseas operation, which is much bigger than its rival life insurance firms.
Since his arrival at Mirae Asset Life, he has been focusing on the development of an equity-linked life insurance portfolio, based on the opinions of expert groups for the sake of the company’s customers, confident that it can give high returns to the investors.
The increased overseas investments by the company has also been owed to a strategy for balanced investment around the world, with the ratio of overseas investments coming to 60 percent of all investments made by the company, much higher than those of its domestic rivals, which come to around 8 percent of their total investments. The increase in overseas investment paid off handsomely, with the domestic market standing still. In China, the company focused on the quality of its investments, especially in securities, amounting to more than 60 percent of its total investments in China with the earnings ratio boosted to 53.51 percent. The company continues to work on the quality of its investments rather than the volume.
The vice chairman continued to make reforms in the company along with the moves to boost its earnings in order to make the company stable, and at the same time building a base for further growth.
The vice chairman’s innovation included the introduction of new equity-linked insurance in 2013 that can be withdrawn before the maturity with an increased repayment rate, which was groundbreaking in the industry. His innovative maneuvers continued in 2014 when the company introduced online equity-linked life insurance trading for the first time in the country, a new paradigm in the life insurance product sales. He also let the company to begin a “one stop” service for the repayment of life insurance money to make the repayment of the life insurance money simple for customers.
The biggest task that the vice chairman faced in running the company was its IPO, which the vice chairman said will be completed in the first half of the year.
Mirae Asset Life Insurance has been doing so well the past several years that this year is the right time for it to go public, and the company plans to use the funds from the IPO to expand its sales channels and find new growth engines, officials of Mirae Asset Life Insurance said.
With over 1,600 full-time professionals and 10,000 financial consultants, Mirae Asset Life Insurance is a full-service life insurance company offering clients a broad range of life insurance, investment-linked insurance and retirement products. In March 2008, the company recorded a solvency margin ratio of 202.5 percent.
In addition to variable life insurance policies and retirement pension plans, Mirae Asset Life Insurance offers financial consulting and comprehensive retirement planning services.
Mirae Asset Capital is the founding company of Mirae Asset Financial Group. Established in 1997, the company provides financial consulting and corporate financing services.
Mirae Asset Capital also invests in companies that will become future growth engines of the Korean economy, such as internet, multimedia and biotechnology companies.
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