South Korea: Kyobo Life Insurance ranks first in the life insurance industry in the Sustainability Index for 14 consecutive years

| 28 Nov 2023

Kyobo Life Insurance has been evaluated as practicing the best sustainability management among life insurance companies for 14 consecutive years. 

Kyobo Life Insurance won first place in the Sustainability Index (KSI) life insurance category at the ‘2023 Korea Sustainability Competition’ held at the Lotte Hotel in Sogong-dong recently and hosted by the Korean Standards Association.

With this award, Kyobo Life Insurance has maintained its first place for 14 years since the evaluation of the life insurance sector began in 2010. 

The sustainability index was jointly developed by the Korean Standards Association and the Korea Development Institute (KDI) School of International Policy and evaluates corporate sustainability based on ISO 26000, an international standard related to social responsibility. 

A Kyobo Life Insurance official said, “We will continue to fulfill our social responsibilities and take the lead in creating a better future by coexisting with customers, investors, the government, and the local community through sustainable management.”

Earlier, Mr Shin Chang-jae, chairman and CEO of Kyobo Life Insurance, was recently named this year's Insurance Hall of Fame Laureate by the International Insurance Society (IIS). 

The accolade, which is amongst the highest in the global insurance sector, was formally bestowed upon Shin at the recent Global Insurance Forum's gala event at the Hilton Singapore Orchard. 

This recognition positions Shin as the inaugural second-generation recipient within the 66-year history of the society, following in the footsteps of his father, Mr Shin Yong-ho, the founder of Kyobo Life, who was similarly honoured in 1996.

It is also worth noting that 2023 marks the 20th anniversary of the passing of Mr Shin Yong-ho, who is celebrated as the creator of the world’s first education insurance scheme.