Hanwha Life brings back dual CEOs for AI, global push

Hanwha Life Insurance's new co-CEOs, Vice Chair Kwon Hyeuk-woong and President Lee Kyung-keun, officially took office on Tuesday, reinstating a dual leadership structure for the first time in six years.

Their appointments were approved at a temporary shareholders' meeting and board session held the same day. The top executives will lead the Korean insurer with independent representation rights.

In a letter to employees, Kwon and Lee set a vision to transform Hanwha Life into a “life solutions partner,” offering services that go beyond traditional insurance and are tailored to each stage of a customer’s life.

To achieve this, the new CEOs emphasized the need to strengthen artificial intelligence capabilities, calling AI essential for navigating the tech-driven transformation of the financial sector.

“As AI accelerates the arrival of a hyper-personalized era, the insurance industry must also deliver individualized solutions based on a deep understanding of each customer’s life,” they said.

The two leaders also stressed their commitment to expanding Hanwha Life’s global business.

“We will continue pursuing our vision of becoming a global, comprehensive financial group; advancing our business in East Asia, including Indonesia, where we have established a full-service financial system; and expanding our presence in the US, where we’ve entered the brokerage sector,” they said.

This year, Hanwha Life made a strategic investment in Indonesia’s Nobu Bank and acquired a controlling stake in US brokerage firm Velocity Clearing. Both deals mark milestones for both the company and the Korean insurance industry as a whole.

On Tuesday, the co-CEOs visited all 30 floors of the company’s headquarters in Seoul’s Yeouido district, greeting and encouraging the firm’s 1,800 employees.

The leadership change follows the departure of former CEO Yeo Seung-joo, who is moving to Hanwha Group to head its management support division.

The dual CEO structure returns after its suspension in 2019, when Yeo became the sole CEO. Kwon, formerly CEO of Hanwha Ocean, is expected to oversee overall operations, while Lee, previously CEO of Hanwha Life Financial Services — a wholly owned subsidiary responsible for the firm’s sales force — will focus on insurance strategy and core business development.