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| Lina Korea COO Cho Jee-eun / Courtesy of Lina Korea |
U.S. insurance group Cigna's local unit Lina Korea's Chief Operating Officer (COO) Cho Jee-eun is expected to succeed current CEO Benjamin Hong.
Hong's official term ends at the end of the year, but he will step down in October, with Cho serving as acting CEO beginning next month.
The industry view is that it is likely Cho will take the position of CEO.
Observers say that Hong is making an early departure to reduce his influence as the long-standing CEO, thus enabling his successor and members of the firm to adjust to the leadership change.
"The matter will be finalized at a board meeting that is expected to take place in December," a Lina Korea official said.
Cho as Lina Korea's COO, was promoted to vice president in December.
Lina Korea entered the local market as the first foreign life insurer in 1987. The insurer has seen a stellar performance in past years.
It is among the smallest life insurers in total assets, but ranked third in net profit out of 24 life insurers here last year, posting 350 billion won in 2019.
Lina's achievements are attributed to its strategic focus on telemarketing, and reaching out to older customers aged above 50, a market that had been relatively untapped as the segment was unpopular with insurers.
A media report on Cigna looking into selling Lina Korea caused a stir months ago. The local unit's stance on the matter remains consistent in that it has heard nothing about any such plan.
Hong has served as CEO of the company since November 2010; he is set to remain as chairman of Lina's board.
Hong was initially expected to remain with the Lina Foundation which he headed, but stepped down from the position, which was taken over by former Financial Services Commission Chairman Choi Jong-ku in August.
Meanwhile, Cigna appointed Eric Ng, a figure formerly with its headquarters, as CFO of Lina in July. The last appointment of an executive from Cigna was 10 years ago.
If Cho's appointment is made final, she will begin her official term in January.
This would make her the second female CEO in the insurance sector since Sohn Byoung-ok headed Prudential Life Insurance Company of Korea, six years ago.
Expectations come at a time when Korea has been seeing the appointment of female CEOs and executives in the finance sector.
KB Securities' Park Jeong-rim became the first female CEO of a local securities firm last year.
Local and foreign banks have increasingly been appointing female executives in recent years.
Cho joined Lina Korea in 2011, after a career with overseas firms in the life insurance sector.
