Let’s learn about Kyobo Life Insurance Customer Center. Kyobo Life Insurance Customer Center is a life insurance company and financial specialized corporate group in Korea. As of May 2018, ranked 30th in the business world. It is one of the big three (Kyobo, Samsung, and Hanwha) in the Korean life insurance industry and ranks third in the domestic insurance industry in terms of total assets and sales including the non-life insurance sector.
Kyobo Life Insurance Customer Center
Kyobo Life Insurance Customer Center
Submain-Kyobo Life Insurance (kyobo.com)
Kyobo Life Insurance is a conglomerate that stands out not only in insurance industry standards but also in business rankings. It may seem like it is naturally listed on the KOSPI market, but that is not the case. When Kyobo Bookstore was established in 1980, there were no problems because there were no regulations on the separation of finance and industry. Even when Kyobo Bookstore was capital increased in 2005, the Financial Supervisory Service allowed the capital increase by recognizing Kyobo Bookstore as an exception to the separation of finance and industry, saying it was a business with strong public interest. The amendment to the Financial Industry Act passed in July 2005 provides for a transitional provision in the supplementary provisions, which stipulates that compulsory disposal of excess shares will only apply after the amendment of the law and that only voting rights for previously acquired shares will be restricted. As long as there is no initial public offering, there is no problem with holding shares in Kyobo Bookstore under current regulations. The possibility of listing was highest in 2009, but as soon as the story of Kyobo Bookstore’s separation of finance and industry came up during the preliminary review of listing on the Korea Exchange, it gave up on listing. This is because Chairman Shin Chang-jae’s intention to lead Kyobo Bookstore to the end is clear. Kyobo Bookstore’s stake, which had fallen to 25%, also gave up on listing in 2009 and was bought back in 2010, so as of 2021, Kyobo Life Insurance owns 100% of it. In 2009, there was also a specific plan to list Kyobo Bookstore and Kyobo Hot Tracks first, lower the stake, and then list Kyobo Life Insurance.