Kyobo Life Insurance CEO and Chairman Shin Chang-jae, second row second from left, poses with elementary school athletes and other athletes who participated in the Kyobo Life Cup Youth Athletic Competition, at the Homecoming Day celebrating the 40th anniversary of the annual event, at the Four Seasons Hotel in downtown Seoul, Tuesday. Courtesy of Kyobo Life Insurance

Star athletes gathered to celebrate the 40th anniversary of Kyobo Life Cup Youth Athletic Competition, the largest private comprehensive youth sports event in Korea.

"Sports teach us the spirit of fair play, which is about doing one's best without cheating, a sense of community where one prioritizes the team over the individual, respect for all participants including opponents, teammates and coaches and perseverance that makes one continue to challenge with patience despite difficulties," Kyobo Life Insurance CEO and Chairman Shin Chang-jae said at the Homecoming Day for the athletes, held at the Four Seasons Hotel in downtown Seoul, Tuesday. The life insurer has been sponsoring the event for 40 years.

The chairman said fair play is what Kyobo has emphasized for its employees.

"Kyobo has stressed honesty, sincerity, respect for all stakeholders, perseverance, ethical management and compliance," he said. "That's why we continued hosting and supporting this event with great satisfaction over the past 40 years."

At the event were star athletes of the country who had participated in the Kyobo Life Cup Youth Athletic Competition as kids. They included skaters Kwak Yoon-gy, Kim A-lang and Youn Seo-jin, judokas Lee Won-hee, Song Dae-nam and Kim Seong-yeon, table tennis player Kim Taek-soo, runner Lee Jin-il and tennis player Lee Seung-hoon.

Some other star athletes sent video messages.

"I nurtured and realized the dream of joining the national team through the Kyobo Life Cup," Ryu Seung-min, a member of the International Olympic Committee (IOC) Athletes' Commission and the president of the Korea Table Tennis Association, said in a video message.

"I hope that this competition will continue to be a platform for nurturing sports leaders who will lead our society."

Since 1985, the life insurer has been holding the Kyobo Life Cup Youth Athletic Competition to promote youth physical fitness and nurture sports stars. About 4,000 elementary school students showcase their honed skills each year in seven categories of track and field, swimming, skating, gymnastics, tennis, table tennis and judo.

Over 148,000 youth athletes have participated in the competition so far, with over 450 of them joining the national team. They have won more than 200 medals in the Olympics and Asian Games. That's why the Kyobo Cup is referred to as the "cradle" of Korean sports.

The 40th Kyobo Life Cup Youth Athletic Competition will be held in Gimcheon and Yecheon in North Gyeongsang Province and Jecheon in North Chungcheong Province, starting in July.

Kyobo Life supports all participating teams with transportation and accommodation expenses and provides scholarships to outstanding athletes and schools. The amount of support provided over the years has reached 12 billion won.

The support for elementary school athletes is notable since other companies usually sponsor big stars or support professional teams. Kyobo said the practice is related to the firm's founding philosophy of promoting education. The company also launched the world's first education insurance under the belief that educating the youth holds great significance for the nation's future.