Billionaire Profile

Global Rank

#2944

Image: Public domain | via Wikimedia Commons

Shin Chang-jae

CEO, Kyobo Life Insurance

Real-Time Net Worth

$1.1B

As of December 2025

Age

Source

insurance

Industry

finance-investments

Citizenship

Biography

Shin Chang-jae, born in 1953, is the Chairman and CEO of Kyobo Life Insurance, a leading South Korean life insurance company. With a net worth of $1.1 billion, he is a prominent figure in the finance and investments sector. Shin's wealth stems from his involvement in the insurance industry, particularly through Kyobo Life Insurance, which was founded by his father. He transitioned from a career as an obstetrician and professor at Seoul National University to take over the helm of Kyobo Life in 2000. Under his leadership, Kyobo Life has become one of South Korea's largest life insurers, recognized for its customer-centric approach and commitment to sustainability. Shin's career reflects a unique blend of medical expertise and business acumen, making him a respected leader in the industry.

Wealth Over Time

Portfolio Holdings

Kyobo Life Insurance

In-Depth Profile

Early Life

Shin Chang-jae was born in Seoul, South Korea, in 1953. He is the son of Shin Yong-ho, who founded Kyobo Life Insurance in 1958. Shin received a doctorate from Seoul National University. He initially pursued a career in medicine, working as an obstetrician and professor at Seoul National University medical school for 17 years.

Rise to Success

Shin joined Kyobo Life Insurance in 1996 as Vice Chairman. In 2000, he became the Chairman and CEO of Kyobo Life Insurance. At the time, the company was recovering from the Asian financial crisis. He implemented strategies focused on customer satisfaction and risk control, transforming Kyobo Life into a major player in the South Korean insurance market. Under his leadership, Kyobo Life has become the third-largest life insurer in South Korea.

Key Business Strategies

Shin is known for his "human-centered stakeholder relationship management," emphasizing the importance of stakeholders, including employees and customers. He has focused on ethical and transparent management, fostering mutual growth and prioritizing customer satisfaction. Shin has also been a proponent of ESG (Environmental, Social, and Governance) initiatives, integrating them into Kyobo Life's operations. Furthermore, he is pushing for the transition of Kyobo Life into a holding company structure.

Philanthropy

Shin has supported the Daesan Foundation, which promotes Korean literature. Kyobo Life has also invested in socially responsible investments.

Career Milestones

2000

CEO of Kyobo Life Insurance

Assumed the role of CEO, leading the company through the aftermath of the Asian financial crisis and focusing on customer satisfaction and risk control.

2023

Insurance Hall of Fame Laureate

Recognized by the International Insurance Society (IIS) for his leadership and contributions to the insurance industry.

2019

Humane Entrepreneurship Award

Received the Humane Entrepreneurship Award from the International Council for Small Business (ICSB).

Philanthropy & Social Impact

Education and Arts

Daesan Foundation

$Unknown

Supports Korean literature.

Socially Responsible Investments

$8.67B (2022)

Kyobo Life invested KRW 8.6744 trillion in socially responsible investments in 2022.

Business Philosophy & Leadership

Notable Quotes

""It is more effective to take an emotional approach rather than a rational conversation. This will allow employees to voluntarily engage.""

""Human beings cannot live without oxygen, but we do not live for oxygen. Likewise, a company cannot exist without profit. However, a company should not exist merely for profit.""

Leadership Principles

Human-Centered Stakeholder Relationship Management

Emphasizes the value of seeing all stakeholders – from employees to customers – as human beings first, fostering a holistic connection beyond mere transactional interactions.

Ethical Management

Focuses on ethical practices and transparency, seeking mutual growth with stakeholders rather than solely pursuing profits.

Controversies & Challenges

2018

Put Option Dispute

Faced a dispute with investors (Affinity Equity Partners) who exercised a put option, leading to legal battles. Shin refused to buy back shares at the demanded price.