President Kim Chang-soo of Samsung Fire and Marine Insurance Co. said the company’s Vision 2020 aims for the company to be counted among the top 10 non-life insurers in the world by 2020.
Meeting reporters for the first time since his inauguration as CEO following the announcement of the company’s new Vision 2020 at the head office in Taepyong-ro, downtown Seoul, he said the company’s total assets will expand to 100 trillion won and annual sales will grow to 34 trillion won by 2020, which will rank the company the third largest non-life insurer in Asia and 10th in the world.
The CEO has a three-stage plan to achieve the targets under the Vision. First, building and expanding the base of the Vision through the end of this year. Second, pushing the growth of the company through 2015. And third, by 2020 the company will emerge as a global non-life insurer.
Detailed implementation plan shows that the company will seek its growth in overseas operations. In China, the company will expand its auto insurance products, away from courting only Korean firms and businesspeople in China, as well as expanded internet sales of its policies. Samsung Fire will also open an office in Russia this year and set up a global IT integrated monitoring system and risk control system to monitor all natural disasters occurring around the world. Samsung Fire will hire some 200 talented employees to work on the construction of the company’s global business infrastructure by 2015, Kim said.
Samsung Fire will also take on a social contribution project with customer value and sharing at both ends of the project. In order to push the project, the company will launch a special committee headed by President Kim. Kim has always been stressing the key ideal for the non-life insurance business to be “risk solving” to provide its customers with what is most important in terms of service and products that customers want and need.
Samsung Fire aims to sell 15 trillion won worth of its non-life insurance policies this year, up 12 percent YoY, and have a net profit of 840 billion won, about the same as last year.
