By Lee Kyung-min | The Korea Times | April 3, 2024
The term of Heungkuk Life Insurance CEO Lim Hyung-joon was extended for a year at a shareholders meeting on Friday.
“I will do my best to bolster profitability,” the former deputy governor at the Bank of Korea (BOK) said.
“Among my efforts will be enhancing the profit outlook amid business conditions that are undergoing major changes under the IFRS 17.”
The International Accounting Standards Board issued IFRS 17, or International Financial Reporting Standards 17, in May 2017.
It requires transparent reporting of a company’s financial position and risk.
The life insurer held a shareholders meeting March 29 and confirmed his reappointment. He was first appointed head of the life insurer in March 2022. His second term will end in March 2025.
Lim’s appointment in 2022 gained attention as he was not an insider of the life insurance industry. Born in Busan in 1962, he majored in economics at Yonsei University and earned a master’s degree from the same school. He joined the central bank in 1987, building up expertise in financial market and monetary policy.
Heungkuk Life under his leadership was able to fortify its contractual service margin (CSM) and payment capacity ratio — key indicators of IFRS 17.
Lim has extensive experience in personnel management and communications capabilities.
The firm expects Lim to lead a rebound in corporate profit and stable personnel management.
The firm’s net profit came to 249.9 billion won ($184 million) last year, down 41.8 percent from 354.3 billion won the previous year.
The insurer’s operating profit stood at 178.5 billion won last year, down from 280.5 billion won in 2022.