By Lee Kyung-min | The Korea Times | April 3, 2024<\/p>\n
The term of Heungkuk Life Insurance CEO Lim Hyung-joon was extended for a year at a shareholders meeting on Friday.<\/p>\n
\u201cI will do my best to bolster profitability,\u201d the former deputy governor at the Bank of Korea (BOK) said.<\/p>\n
\u201cAmong my efforts will be enhancing the profit outlook amid business conditions that are undergoing major changes under the IFRS 17.\u201d<\/p>\n
The International Accounting Standards Board issued IFRS 17, or International Financial Reporting Standards 17, in May 2017.<\/p>\n
It requires transparent reporting of a company\u2019s financial position and risk.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Heungkuk Life under his leadership was able to fortify its contractual service margin (CSM) and payment capacity ratio \u2014 key indicators of IFRS 17.<\/p>\n
Lim has extensive experience in personnel management and communications capabilities.<\/p>\n
The firm expects Lim to lead a rebound in corporate profit and stable personnel management.<\/p>\n
The firm\u2019s net profit came to 249.9 billion won ($184 million) last year, down 41.8 percent from 354.3 billion won the previous year.<\/p>\n
The insurer’s operating profit stood at 178.5 billion won last year, down from 280.5 billion won in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
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