Hanwha Life Insurance CEO Seung-ju Yeo confirmed the succession of the company, reaffirming the unchanging trust of the group. As a result, he came to take the lead of the company’s main issue,’separation of plate making (separation of product manufacturing and sales).
On the 19th, Hanwha Life Insurance held the board of directors and announced that it had confirmed the agenda of the regular shareholders’ meeting, including the reappointment of CEO Seung-ju Yeo and approval of the division plan.
Hanwha Life Insurance plans to hold a shareholders’ meeting on March 15 to vote on these agenda items.
CEO Seung-ju Yeo took office as President of Hanwha Life Insurance in 2019 and led the company as individual representatives along with former vice chairman Nam-gyu Cha, and has been in charge of overall management after establishing a single representative system last year.
From outside, it was predicted that Seung-ju Yeo was the successor. This is because the company achieved stable growth despite the deteriorating business environment caused by the novel coronavirus infection (Corona 19). In fact, Hanwha Life Insurance recorded a net profit of 242.7 billion won, up 313.7% on a consolidated basis last year, and an operating profit of 387.8 billion won, up 666.1%.
In addition, CEO Seung-Joo Yeo resolved the labor-management conflict arising from the separation of plates, solidified his position as a CEO, and paid attention to digital transformation, ESG management, and discovery of new businesses.
It is believed that Hanwha Life Insurance has re-trusted CEO Seung-ju Yeo to reflect these achievements.
As a result, Hanwha Life Insurance is expected to accelerate the process of separating plates. Last year, Hanwha Life Insurance announced that it would establish a subsidiary GA (Corporate Insurance Agent) by dividing its exclusive sales channels.
On this day, the board of directors confirmed the mission of the subsidiary GA as’Hanwha Life Financial Services’, and decided to succeed the existing collective agreement with Hanwha Life Insurance regarding the employment and working conditions of employees moving to the subsidiary.
Hanwha Life Insurance plans to increase profitability and actively respond to market changes by establishing a super-sized sales company with approximately 540 sales organizations, 1,400 employees, and 20,000 architects.
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In addition, Hanwha Life Insurance will newly appoint Gyeong-geun Lee, Executive Vice President of Business Support Division, and Jung-won Kim, Executive Vice President of Compliance Cluster, as internal directors, and In-sil Lee, former Director of Statistics Korea, and Hyun-cheol Cho, former Vice President of Deposit Insurance Corporation as outside directors.
In addition, Hanwha Life Insurance distributes 30 won per common share. The market dividend rate is 1.2%, and the total dividend amount is 22.5 billion won.