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ING chairman sees growth potential for insurance.
(From The Korea Herald)
By Kim Ji-ho Although Korea's insurance market is mature, there still is considerable room to explore given predictions that disposable income and savings will rise further, the visiting head of ING Groep NV said yesterday.
"We're very optimistic about the Korean market," Michel Tilmant, chairman of the Netherlands' No. 1 financial-services company, told a news conference in Seoul.
"This is a fast-growing economy. Savings will increase and disposable incomes will fuel our business." ING Life Korea, in which the group holds an 80 percent stake and Kookmin Bank owns the remaining 20 percent, is ranked fourth in the domestic life-insurance market, trailing three home-grown rivals - Samsung, Daehan and Kyobo.
During the three months which ended June 30, ING Life Korea's premium income jumped 53 percent year-on-year to 538 billion won.
Based on the ...
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