Capital soundness looms over major insurers' CEO reappointment decisions
With the terms of major insurers’ CEOs set to expire early next year, the companies’ capital strength is emerging as a key factor in their chances of reappointment, particularly as new rules requiring insurers to hold stronger financial cushion against losses are set to take effect in 2027, industry officials said Wednesday. The terms of Samsung Life Insurance CEO Hong Won-hak, Samsung Fire &…
As major insurers' CEOs' terms near expiration early next year, capital strength is becoming a crucial factor in determining whether they will be reappointed, according to industry officials. This is especially relevant as new regulations requiring insurers to have a stronger financial buffer against losses will be enforced in 2027.
Four of South Korea's leading insurers - Samsung Life Insurance, Samsung Fire & Marine Insurance, DB Insurance, and Kyobo Life Insurance - are set to see their CEOs' contracts end in March. Despite all four insurers reporting higher consolidated net profits in the first half of the year, their capital positions varied significantly.
Samsung Fire & Marine Insurance had the highest ratio of 282.8 percent, while Samsung Life, DB Insurance, and Kyobo Life all saw a decrease in their K-ICS ratios.
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