A major compensation event has initiated a period of business adjustments and leadership changes: total assets have declined for consecutive years, premiums have experienced sustained negative growth, and the captain has changed.

It is hoped that this "small but beautiful" foreign-funded insurer has already navigated through the crisis and is ushering in a genuinely new chapter. Recently, KB Insurance underwent significant personnel adjustments: its veteran General Manager, Ha Dongwoo, resigned for personal reasons, and the "post-80s" Deputy General Manager, Baek Seungmin, has taken over as the interim responsible person. This change in "captain" is just one part of the recent reshuffle within KB Insurance's senior management team. In October 2025, the company's Chief Compliance Officer and Audit Responsible Person swapped roles once again. Looking at the timeline, this is closely linked to a major compensation case in recent years. In December 2023, KB Insurance made a significant advance payment of 65 million yuan for a claim; an announcement released by the company on September 2, 2025, indicated that on August 27, 2025, the company paid the fourth instalment of the claim, amounting to 52.5 million yuan, concluding this major payout. This significant compensation, spanning three years and divided into four instalments, totaled 218.95 million yuan, nearly matching its registered capital and substantially exceeding its cumulative profits since inception—110 million yuan. Public information shows that KB Insurance's retained claim after reinsurance was only 166,000 yuan, with the vast majority of the loss recovered through the reinsurance mechanism. However, the warning signs such a major payout brings to the company are clearly not as simple as the profit figures suggest. From the company's past cases, a close correlation between various financial data, executive personnel changes, and major claim incidents is evident, and this correlation has influenced the company's operational trajectory in subsequent years.

The major claim is settled, and the executive team is reshuffled. Three years ago, KB Insurance faced a significant challenge, which also triggered considerable internal changes. On January 8, KB Insurance's official website announced a change in General Manager: Ha Dongwoo resigned from the position of General Manager for personal reasons, and the current Deputy General Manager and Chief Financial Officer, Baek Seungmin, assumed the role of interim responsible person. Ha Dongwoo, who resigned, was approved by regulators in June 2021 to serve as Director and General Manager of KB Insurance, a tenure lasting four and a half years. A graduate in Chinese Language from a foreign studies university, he was a veteran executive at KB Insurance. He previously served as Chief Representative of the Beijing Representative Office of Korean LIG Non-Life Insurance (the former name of KB Insurance's shareholder, KB Non-Life Insurance) and Deputy General Manager of LIG Non-Life Insurance (China) (the former name of KB Insurance). In 2021, to achieve brand unification with its Korean parent company, KB Non-Life Insurance, "LIG Non-Life Insurance (China) Co., Ltd." was officially renamed "KB Insurance," and Ha Dongwoo's position was also promoted to Director and General Manager in the same year. Ha Dongwoo (HA DONGWOO): Male, born in 1971, South Korean nationality. Appointed as a Director of KB Insurance on June 28, 2021. Graduated from Hankuk University of Foreign Studies with a bachelor's degree in Chinese Language. Previously served as Chief Representative of the KB Non-Life Insurance Beijing Office, Deputy General Manager of KB Insurance, Business Director of Business Division 1 at KB Non-Life Insurance, among other positions. Formerly served as Director and General Manager of KB Insurance. Baek Seungmin, who now serves as the interim responsible person, besides holding the positions of Deputy General Manager and Chief Financial Officer, also serves as an Executive Director of the company alongside Ha Dongwoo. He was dispatched by KB Non-Life Insurance and was approved in May 2024 to serve as Director, Deputy General Manager, and Chief Financial Officer of the company. With a financial background, he previously served as a Section Chief in the Financial Accounting Department of KB Non-Life Insurance. Baek Seungmin (BAEK SEUNGMIN): Male, born in 1985, South Korean nationality. Previously served as Section Chief in the Financial Accounting Department of KB Non-Life Insurance. Appointed as Director, Deputy General Manager, and Chief Financial Officer of KB Insurance on May 23, 2024. Assumed the role of interim responsible person of the company from January 2026. The core executives of KB Insurance are all dispatched by KB Non-Life Insurance. The Chairman of KB Insurance, Lee Kwangho, assumed the position in May 2022; he is a non-executive director of the company and currently serves as the Head of the Overseas Business Division of KB Non-Life Insurance. Besides China, KB Non-Life Insurance also has branches in the United States, Vietnam, Indonesia, and other countries. KB Non-Life Insurance: Established in 1959, it is one of the four major insurance companies in South Korea. KB Non-Life Insurance was formerly known as LIG Non-Life Insurance, acquired by KB Financial Group in 2015 and renamed KB Non-Life Insurance. (Lee Kwangho (LEE KWANGHO): Male, born in 1974, South Korean nationality. Appointed as Chairman of KB Insurance on May 19, 2022. Previously held positions as Deputy General Manager of the Strategic Planning Department and Overseas Business Division at KB Non-Life Insurance Co., Ltd. Currently serves as Head of the Overseas Business Division at KB Non-Life Insurance Co., Ltd.) In addition to the change in "captain," the company also welcomed a new member to its senior management team in January 2026—Fu Yunxiao, born in 1992, who serves as the company's Board Secretary. The presence of a "post-90s" generation in the senior management of an insurance company is currently quite rare. He joined KB Insurance right after graduation in 2015, at the age of 23. Subsequently, he worked in the Direct Business Department and Strategic Planning Department of KB Insurance for over 10 years, becoming familiar with the company's business operations and internal management processes. Fu Yunxiao: Male, born in 1992, Chinese nationality. Joined KB Insurance (including its predecessor, LIG Non-Life Insurance) in 2015, holding positions successively in the Direct Business Department and Strategic Planning Department. Appointed as Board Secretary in January 2026. The trend towards a "younger" executive team at KB Insurance is quite pronounced. Among the six senior management members, five are "post-80s," with only the current Chief Compliance Officer, Liu Jing, being a "post-70s." Liu Jing is also a veteran of the company, having served as the Legal Responsible Person in the early days of KB Insurance's establishment in 2009, and assuming the role of Compliance Officer just over a year later, witnessing the entire transformation of KB Insurance from LIG Non-Life Insurance. Liu Jing: Female, born in 1977, Chinese nationality. Previously worked in legal and compliance departments at Bank of China and Fullerton Financial Holdings, among other companies. Appointed as Legal Responsible Person of KB Insurance in October 2009, and as Compliance Officer in March 2011. On December 5, 2023, following a board appointment and reporting to regulatory authorities, she was appointed as Audit Responsible Person, fully responsible for the company's internal audit work, and no longer served as Compliance Officer. In October 2025, she was appointed Chief Compliance Officer, responsible for the company's compliance management and legal management. The period from 2023 to 2025 was a rather special one for KB Insurance. In December 2023, Liu Jing, who had served as Compliance Officer for over 12 years, swapped roles with another executive, Zhou Xin, transitioning to Audit Responsible Person, fully responsible for the company's internal audit work and stepping down as Compliance Officer. Zhou Xin, in turn, assumed the role of Compliance Officer, fully responsible for the company's compliance and legal management work. Zhou Xin: Female, born in 1984, Chinese nationality. Previously employed at Jiangsu Zhongli Accounting Firm and the Audit Department of Xinri Group. Appointed as Audit Responsible Person of KB Insurance in June 2016, and concurrently served as Board Secretary of the company in February 2022, assisting the Chairman in convening board meetings and managing the operations of the three committees and one management layer, as well as information disclosure affairs. On December 5, 2023, following a board appointment and reporting to regulatory authorities, she was appointed as Compliance Officer, fully responsible for the company's compliance and legal management work, and no longer served as Audit Responsible Person. In October 2025, she was appointed Audit Responsible Person, fully responsible for the company's internal audit management work. Zhou Xin was appointed Audit Responsible Person of KB Insurance in June 2016, after its parent company underwent the acquisition. After serving in that role for over seven years, she transitioned to Compliance Officer in December 2023. Less than two years later, in October 2025, Liu Jing and Zhou Xin swapped roles again, with Liu Jing becoming Chief Compliance Officer and Zhou Xin becoming Audit Responsible Person. Additionally, the position of Board Secretary, which Zhou Xin had held concurrently since February 2022, was taken over by Fu Yunxiao, who is eight years younger but has a longer tenure at KB Insurance. Apart from the four senior management members mentioned above, the company has two Deputy General Managers whose positions have been relatively stable: Deputy General Manager Lee Changyeol and Deputy General Manager & Chief Actuary Li Jipeng. Lee Changyeol (LEE CHANGYEOL): Male, born in 1985, South Korean nationality. Previously served as Section Chief in the Business Management Department and Overseas Business Division of KB Non-Life Insurance. Appointed as Deputy General Manager of KB Insurance on July 20, 2022, responsible for company business management, overseeing the Underwriting Department (Health Insurance Business Department), Reinsurance Department, and Claims Department. Li Jipeng: Male, born in 1982, Chinese nationality. Previously worked in the Product and Actuarial Department of Yong'an Property & Casualty Insurance and Ping An Life Insurance Zhejiang Branch. Appointed as Chief Actuary of KB Insurance in May 2015, and as Deputy General Manager in May 2018, responsible for actuarial management, risk management, etc., overseeing departments within the Internal Control Center. In terms of personnel structure, besides the top two positions being held by South Korean nationals, the company has also integrated localization to a significant extent. Among the six senior management team members, two are South Korean nationals and four are Chinese nationals. It is noteworthy that the role swap between Liu Jing and Zhou Xin in October 2025 might have some intrinsic connection with this General Manager change, or represent different facets of the same event manifesting sequentially in different responsibilities. On June 24, 2023, a fire accident occurred at an enterprise insured by the company. In December of the same year, KB Insurance paid the first instalment of the advance claim payment of 65 million yuan to the insured. In the same month, the critical positions held by Liu Jing and Zhou Xin were swapped. An announcement released by KB Insurance on September 2, 2025, stated that on August 27, 2025, the company paid the fourth instalment of the claim, amounting to 52.5 million yuan, concluding this major payout. A few months later, the company's General Manager resigned.

Almost every insurance company has experienced major payouts in its history. Why did this one have such a significant impact on KB Insurance? Specifically, this major payout spanned three years and was divided into four instalments, totaling 218.95 million yuan. KB Insurance's registered capital is only 220 million yuan, meaning this major payout nearly exhausted the capital contributed by shareholders. Furthermore, the company's annual premium income is less than 200 million yuan, and its cumulative profit since establishment is 110 million yuan. Not only have the shareholders not recouped their investment, but the principal was also significantly impacted. However, judging from the company's financial data, this three-year major payout did not have a substantial impact on its net profit. Public information indicates that KB Insurance had long-term proportional reinsurance contracts with reinsurers like China Re P&C and Berkshire Hathaway. Disclosures in the 2023 Q3 solvency report showed that KB Insurance set aside approximately 223 million yuan in outstanding claim reserves for this fire accident, but the retained claim after reinsurance was only 166,000 yuan, with the vast majority of the loss recovered through the reinsurance mechanism. Looking at the annual breakdown: In 2023, the first instalment advance payment of 65 million yuan was made; the claim payments for that year were 85 million yuan, a year-on-year increase of 390.78%; net profit saw a significant increase of 130.47%, reaching 12 million yuan. In 2024, the second and third instalment payments, totaling 101.45 million yuan, were made; claim payments for that year were 116 million yuan, and net profit slightly decreased by 11.53% to 11 million yuan. In August 2025, KB Insurance paid the fourth instalment, covering the profit loss portion, amounting to 52.5 million yuan. According to the solvency report, the net profit for the first three quarters of 2025 was already 11 million yuan, exceeding the full-year 2024 figure. However, the full-year financial data for 2025 awaits the company's annual report. Nevertheless, a catastrophe payout of this magnitude clearly has implications beyond what the profit data alone reveals. From the company's past major claim cases, a close correlation between various financial data and executive personnel changes is evident, even affecting the company's operational direction for several years. However, judging from its financial data, reinsurance ceding indeed played a crucial role in maintaining KB Insurance's profit stability. Additionally, KB Insurance has only one branch, located in Guangdong, since its establishment. Its General Manager in Guangdong was also replaced in August 2025, by Kwon Hajun, a South Korean "post-80s" executive. Kwon Hajun (KWON HAJUN): Male, born in 1982, South Korean nationality. Previously served as Section Chief in the General Planning Department, Business Division 1, and Overseas Business Division of KB Non-Life Insurance. Appointed as General Manager of the Guangdong Branch on August 8, 2025, responsible for comprehensively presiding over the business operations and management of the Guangdong Branch, exercising guidance, supervision, and management functions over the branch's operations. For a "small but beautiful" insurer, a single major payout can trigger earth-shattering changes. Now, with the major claim settled, the long-serving "captain" has departed, and the executive team has been reshuffled. The future direction remains to be seen.

17 Years with Only a 20 Million Yuan Capital Increase, Primarily Focused on Corporate Property Insurance KB Insurance is wholly owned by KB Non-Life Insurance Co., Ltd., one of South Korea's four major insurance companies, and was formerly known as LIG Non-Life Insurance. In the early 2000s, Korean LIG Non-Life Insurance entered China by establishing a representative office in Beijing. In 2009, with regulatory approval, its wholly-owned Chinese legal entity—LIG Non-Life Insurance (China)—officially commenced operations in Nanjing, becoming the first foreign-funded insurance company with its headquarters located in Jiangsu Province. In 2015, after KB Financial Group acquired LIG Non-Life Insurance, it was renamed KB Non-Life Insurance. To align with the global brand, LIG Non-Life Insurance was also officially renamed KB Insurance in April 2021.

In terms of operational performance, KB Insurance's business expansion has been relatively slow since its transformation: its registered capital remains at 220 million yuan, with the only capital increase since establishment occurring in 2011, adding 20 million yuan to the initial 200 million yuan; its operational areas are still limited to its headquarters province, Jiangsu, and the Guangdong branch (the branch opened in June 2014); compared to most domestic insurers, its premium growth is slow, remaining below 200 million yuan for many years, primarily reliant on the single line of corporate property insurance, which accounted for 87% of its total premium income in 2024; and it has maintained modest profits of around 10 million yuan for many years. At the corporate governance level, according to analysis, since its establishment, KB Insurance has experienced 5 Chairmen and 7 individuals serving as General Manager (including interim responsible persons), all of South Korean nationality. Before 2021, the company's top two positions were both held by the Chairman concurrently serving as General Manager.

The company's first Chairman and General Manager was Lee Yongmun. In September 2009, LIG Non-Life Insurance (now KB Insurance) was approved for establishment, and simultaneously, Lee Yongmun was approved to serve as its Chairman and General Manager. A year and a half later, in March 2011, the appointment of the company's second Chairman and General Manager, Yun Kyong-ju, was approved, while Ha Dongwoo was approved to serve as Deputy General Manager. Yun Kyong-ju: Born in 1960, graduated from Korea University in 1985. Formerly served as Chairman and General Manager of LIG Non-Life Insurance (China) Co., Ltd. In April 2013, Cho Chul-ho succeeded Yun Kyong-ju as the third General Manager of LIG Non-Life Insurance. In February of the following year, his appointment as Chairman was approved. His resume indicates that before joining LIG Non-Life Insurance, Cho Chul-ho had a long career at Korean LIG Non-Life Insurance. Cho Chul-ho (CHO CHUL HO): Male, born in 1961, South Korean nationality. Formerly served as Chairman and General Manager of LIG Non-Life Insurance. Previously, Cho Chul-ho worked at LIG Trading Company, the Americas team of the International Business Department of Korean LIG Non-Life Insurance, served as Chief Representative of the Tianjin Representative Office and Beijing Representative Office of Korean LIG Non-Life Insurance, held positions such as Head of the LG Group & State-Owned Enterprise Department, International Business Department, and Corporate Business Development Department at Korean LIG Non-Life Insurance, Head of Corporate Business Division 1, Head of LG Group Business Division 1, and Head of Corporate Market Sales & Pension Division at Korean LIG Non-Life Insurance, among others. In 2015, KB Financial Group acquired LIG Non-Life Insurance and renamed it KB Non-Life Insurance. Subsequently, the top two positions at its subsidiary, LIG Non-Life Insurance, were both replaced. In 2015, Cho Chul-ho stepped down from his position as Chairman of LIG Non-Life Insurance, and a year later, he also relinquished his role as General Manager of the company. Half a year later, in June 2017, the appointment of Kim Hyun as the fourth Chairman and General Manager of LIG Non-Life Insurance was approved. Notably, he was also the first "number one" after LIG Non-Life Insurance became a core subsidiary of KB Financial Group and completed its brand upgrade. His resume shows that Kim Hyun had a long early career at KB Non-Life Insurance, i.e., the former LIG Non-Life Insurance, serving as Section Chief of the New Channel Promotion Department, Section Chief of the Innovation Business Department, Deputy Head of the Seoul Regional Business Department, Head of the Business Training Department, among other positions. He joined LIG Non-Life Insurance on January 3, 2017, and later served as its Chairman and General Manager. In April 2021, to unify the brand with its Korean parent company (KB), LIG Non-Life Insurance was officially renamed KB Insurance. In April 2022, Kim Hyun left his position, having served for about five years. Thereafter, his position as Chairman was succeeded by Lee Kwangho, who has held the role for about three and a half years to date. Kim Hyun: Male, South Korean nationality, born on October 7, 1971, in South Korea. Graduated with a bachelor's degree in Industrial Chemistry from Jeonnam National University in February 1997. Joined Korean KB Non-Life Insurance (former name: LIG Non-Life Insurance) in 2002, successively holding positions such as Section Chief of the New Channel Promotion Department, Section Chief of the Innovation Business Department, Deputy Head of the Seoul Regional Business Department, and Head of the Business Training Department. Joined KB Insurance on January 3, 2017, and later served as Chairman and General Manager of the company. During Kim Hyun's tenure as Chairman, KB Insurance experienced three individuals serving as General Manager. From June 2017 to December 2020, he himself concurrently held the General Manager position for two and a half years.

Note: From the "Corporate Governance Guidelines for Banking and Insurance Institutions" issued by the former CBIRC in June 2021. In 2021, regulators issued the "Corporate Governance Guidelines for Banking and Insurance Institutions," stipulating that the chairman of an insurance institution cannot concurrently serve as the general manager. Since then, the positions of Chairman and General Manager at KB Insurance have no longer been "combined," with the two roles being held by different leaders. From January 2021, Deputy General Manager and Chief Financial Officer Do Ho-young concurrently served as the interim responsible person of the company. In June of the same year, Ha Dongwoo was officially approved to serve as General Manager of KB Insurance, until his resignation at the end of December 2025, when Baek Seungmin became the interim responsible person. Ha Dongwoo's tenure lasted about four and a half years. Do Ho-young: Male, born in 1972, South Korean nationality. Do Ho-young was appointed as Supervisor of KB Insurance in May 2024. Previously served as Section Chief, Deputy Head, etc., in the Finance Department and Overseas Business Division of KB Non-Life Insurance Co., Ltd., held the position of Deputy General Manager and Chief Financial Officer at KB Insurance, and is currently employed in the Financial Accounting Department of KB Non-Life Insurance Co., Ltd. It is worth mentioning that Do Ho-young's appointment as Deputy General Manager and Chief Financial Officer was approved in August 2019, and he held this position for four and a half years thereafter. In May 2024, he transitioned to the role of Supervisor at KB Insurance and is currently the company's only supervisor.

Post-Major Payout, Performance Adjustments Underway KB Insurance's financial data and personnel changes are rhythmically and regularly adjusted around major payouts. Following the emergence of the major claim incident in 2023, its total assets and premiums both declined, while solvency has been continuously recovering.

Looking at KB Insurance's asset side, the company's total assets have been relatively volatile. After peaking in 2023, they have declined for two consecutive years. In the third quarter of 2025, the company's total assets had fallen to 628 million yuan, lower than the average since 2013. Compared to total assets, the company's net assets have been much more stable. Apart from slight decreases in 2010 and 2011, they have been in a state of slow growth in other years. By the third quarter of 2025, KB Insurance's net assets had risen to 330 million yuan, an increase of 65.83% compared to the initial net assets of 199 million yuan at its establishment in 2009.

The chart above shows that the company was loss-making in its first three years after establishment. Afterward, although fluctuating, it has been profitable for 13 consecutive years to date, with cumulative profits since inception amounting to 110 million yuan.

The rhythm of fluctuations in premium data and the chart of major payout expenditures also reveal the impact of major payouts on annual premium income and executive tenure. Before 2022, the company's insurance business income fluctuated upwards, with fluctuations and adjustments occurring between 2016 and 2018. Preceding this, in 2015, the company experienced the largest payout in its development history. Starting in 2019, it basically returned to steady growth, reaching a historical high of 221 million yuan in 2022, after which premiums have been continuously declining since 2023. Looking back, the major payout starting in 2023 is remarkably similar to the one in 2015.

KB Insurance's investment income situation has been very stable. It reached 10 million yuan in its fourth year of operation, rose to 11 million yuan in 2013, increased to 12 million yuan in 2015, and maintained stable investment income of 12 million yuan for 7 years, before rising to 13 million yuan in 2022. In 2023-2024, a relatively "noticeable" decline occurred, with investment income falling by 3.95% and 8.57% to 12 million yuan and 11 million yuan, respectively.

Looking at KB Insurance's expenditure side, claim payments spiked due to several major claim incidents, causing significant volatility in this indicator, with 2015 being the historical peak at 307 million yuan. In 2024, it was 116 million yuan. Additionally, the company paid a major claim of 52.5 million yuan in 2025, so claim payments for that year will also remain at a relatively high level. The company maintains strict control over手续费及佣金 (handling fees and commissions), keeping them around 30 million yuan for many years. Business and management expenses have grown slowly with fluctuations, reaching 31 million yuan in 2024. Overall, the company exercises strong control over the cost side, maintaining stable and low expense expenditures apart from claims, reflecting its management philosophy of "strict management and rigorous risk control."

The aforementioned impact is also clearly reflected in solvency. In Q2 2023, solvency plummeted, with comprehensive and core solvency adequacy ratios dropping by 303.51 percentage points and 296.66 percentage points to 146.00% and 142.80%, respectively. Subsequently, premium income was rapidly adjusted downwards, and solvency has shown significant recovery over the past two years. Personnel changes and major claim cases are now in the past, and KB Insurance's "small but beautiful" story has turned a new page. Whether the company can, as it did a decade ago, gradually recover its vitality and return to growth after experiencing executive succession and business rhythm adjustments remains to be seen.