Hanwha, Kyobo elevate AI, digital strategy as third-generation leaders step forward
Major life insurers in Korea are accelerating the handover of management to third-generation leaders, with Hanwha Life Insurance and Kyobo Life, the country’s second- and third-largest players, elevating digital technology and artificial intelligence as central pillars of succession.
The moves also come as both companies prepare for broader structural shifts, including potential transitions toward holding firm and global group frameworks.
Global expansion, AI propel Hanwha's heir's rise
At Hanwha Life, President and Chief Global Officer Kim Dong-won, the second son of Hanwha Group Chair Kim Seung-youn, is widely regarded as firmly on track to take the helm of the group’s financial business.
Kim, 40, joined Hanwha Life in 2014 and rose through roles centered on digital strategy before formally assuming the presidency in 2023. Since then, the insurer has sharply stepped up investment in AI, establishing a dedicated AI Division and expanding research partnerships, including overseas initiatives aimed at linking the group with global technology ecosystems.
Beyond technology, Kim has also built credentials through overseas expansion. This year, Hanwha completed the acquisition of Indonesia’s Nobu Bank and US-based securities brokerage Velocity Clearing, marking the first acquisition of a foreign bank and an entry into US securities trading by a Korean insurer.
Kim’s presidency carries added strategic weight as Hanwha Life effectively functions as the control tower for the group’s financial arm. The insurer holds a majority stake in Hanwha General Insurance and full ownership of Hanwha Asset Management.
Kim’s recent appearance as a speaker at Abu Dhabi Finance Week underscored his rising profile within the group, marking a rare public engagement by the typically low-key executive as Chair Kim accelerates succession planning for his sons.
Industry watchers say Hanwha may deepen its presence in Indonesia under Kim’s leadership, potentially moving toward a local financial holding structure as regulatory pressure builds on groups operating across multiple financial sectors. A Hanwha Life official said the company has not received any formal requests from local regulators and declined to comment further.
AI as proving ground for Kyobo succession
At Kyobo Life, Shin Joong-ha, the 44-year-old eldest son of Chair Shin Chang-jae, was appointed to oversee corporate management strategy in the insurer’s year-end reshuffle. The managing director-level role places him in charge of the group’s artificial intelligence transformation, known locally as AX, which Kyobo has positioned as a core driver of its long-term strategy.
Industry officials view the appointment as a formal recognition of Shin’s status as the next leader after years of internal grooming. Since joining the Kyobo ecosystem in 2015, he has built a management track record focused on digital technology and data, including roles spanning digital transformation and the group’s IT arm, Kyobo DTS. His elevation to executive rank last year marked a clear acceleration in his leadership trajectory.
“His role had been limited to AI strategies within the life insurer, but the recent upgrade places Shin in charge of the group-level AX drive,” a Kyobo Life official said. The AX organization established alongside his appointment is formally housed within Kyobo Life but will oversee AX transformation across the broader Kyobo group, where the insurer holds controlling stakes in most affiliates.
As insurers confront slowing growth in traditional life policies and intensifying competition from nonbank players, AI has emerged as a critical proving ground for future leaders. At Kyobo, Shin’s stewardship of the AX agenda is widely viewed as a test of his ability to convert technological investment into group-wide execution. Kyobo's digital push extends beyond insurance, including its participation in Circle's testnet of blockchain network Arc as the only Korean insurer.
The insurer’s shareholder structure is also evolving in ways that could support Kyobo’s shift toward a holding company model. Regulators recently approved Japan’s SBI Holdings as Kyobo Life’s second-largest shareholder with a 20 percent stake. Combined with Chair Shin’s holdings, the alliance gives the two parties effective control of the insurer, fueling expectations that Kyobo may accelerate preparations for a financial holding structure as early as next year.
jwc@heraldcorp.com
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