[비즈한국] Shin Joong-hyun (43), the second son of Kyobo Life Chairman Shin Chang-jae (73) and head of the Digital Strategy Office at Kyobo Lifeplanet Life Insurance, has been appointed as the Synergy Team leader at SBI Savings Bank. Chairman Shin has two sons: the eldest, Shin Joong-ha (45), an executive at Kyobo Life, and his second son, Team Leader Shin Joong-hyun. As neither Shin Joong-ha nor Shin Joong-hyun currently holds shares in Kyobo Life, it is difficult to predict the succession landscape at this time. Financial circles are focused on whether Team Leader Shin Joong-hyun will be able to demonstrate his capabilities at SBI Savings Bank and gain ground in the succession race.
Kyobo Life completed its acquisition of SBI Savings Bank on April 6. While some in the financial industry speculated that the leadership at SBI Savings Bank might be replaced following the acquisition, it is currently operating under the system of CEO Kim Moon-seok.
However, changes are occurring at SBI Savings Bank. The bank recently established a Synergy Team under its Management Strategy Division and appointed Shin Joong-hyun, the digital strategy chief of Kyobo Lifeplanet, as its team leader. Team Leader Shin is expected to serve as a bridge between the Kyobo Life Group and SBI Savings Bank.
Team Leader Shin Joong-hyun's joining SBI Savings Bank was somewhat anticipated, as he previously worked at SBI Sumishin Net Bank and SBI Insurance, both affiliates of the Japanese SBI Group. Given his high level of understanding of the SBI Group, there were observations that he could demonstrate his capabilities at SBI Savings Bank as well.
Some interpret Shin's arrival at SBI Savings Bank as part of a medium-to-long-term management apprenticeship. It is suggested that now that he has joined, the performance of SBI Savings Bank will be reflected in his evaluations and could influence the future succession landscape of Kyobo Life. Currently, the largest shareholder of Kyobo Life is Chairman Shin Chang-jae, who holds a 33.78% stake. Neither Shin Joong-ha nor Shin Joong-hyun owns Kyobo Life shares, meaning Chairman Shin Chang-jae's intentions are expected to weigh heavily on the succession plan.
SBI Savings Bank's recent performance shows signs of improvement. According to audit reports, the bank's net profit increased by 39.93% from 80.8 billion KRW in 2024 to 113.1 billion KRW in 2025. However, it is difficult to be optimistic about the future, as the outlook for the savings bank industry is not entirely bright. Kim Yeon-soo, a senior researcher at NICE Investors Service, analyzed, "Amid the continued unfavorable operating environment (for the savings bank sector), asset quality risks remain, which could lead to an expanded burden of credit loss costs."
The performance of Kyobo Lifeplanet, where Team Leader Shin Joong-hyun previously worked, was also lackluster, recording net losses of 26 billion KRW and 18.4 billion KRW in 2024 and 2025, respectively. For Team Leader Shin, improving the performance of SBI Savings Bank is essential to proving his abilities.
The prospects for Kyobo Life, where his older brother Shin Joong-ha works, are also not entirely positive due to uncertainties in the life insurance industry. Jung Won-ha, a senior researcher at NICE Investors Service, assessed the life insurance industry, stating, "Due to intensified competition and limited growth in the insurance market, the scale of new business CSM (Contractual Service Margin) has stagnated, and there is a possibility that CSM growth will be limited." He added, "With the expansion of financial market uncertainties such as interest rates and exchange rates, and the planned introduction of capital regulations that strengthen qualitative standards, medium-to-long-term capital management burdens remain."
Kyobo Life has been pursuing an IPO and a transition to a holding company structure for several years. There is speculation that once the transition to a holding company is complete, the organization of the succession structure will gain speed. Attention is focused on whether Team Leader Shin Joong-hyun can leverage his performance at SBI Savings Bank to influence the succession map.