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| AIG CEO Brad Bennett |
By Yoon Ja-young
Staff Reporter
AIG General Insurance in Korea is recording solid growth and plans to continue expanding business here, unaffected by problems at the group's headquarters in the United States, its new CEO said.
``Our general insurance operations globally are not for sale. They are very solid, very stable, very well regulated, and very liquid,'' said Brad Bennett, president & CEO of AIG General Insurance in Korea, at his first meeting with the local media held in downtown Seoul, Tuesday.
Bennett, who headed the insurer's operation in Malaysia, was appointed to lead the Korean operation from Nov. 1.
Bennett emphasized that though the group's headquarters in the United States is getting assistance from the Federal Reserve amid financial turmoil, the Korean operation, which represents its 10th largest operation outside the United States, is as solid as its other global businesses.
He said the group restructured loans with the U.S. government in a very positive way that was beneficial to shareholders. Remaining assets that have been put up for sale are more likely to get the fair market value as the group is not pressured.
The insurer marks its 54th anniversary in the country. "AIG General Insurance has been committed to the Korean market since its establishment in 1954, all the while we have been growing together sharing ups and downs of Korean economy for more than 50 years," Bennett said. As of September, the firm's total gross premiums written reached 201.2 billion won, growing 16 percent from the previous year. The total number of contracts increased to about 1.44 million from 1.15 million, growing 25 percent during the first half of the year.
He added that next year will be a spring board for further growth. ``We will exert our best efforts to bolster business capabilities through entering into new insurance markets." The insurer plans to launch its first long-term insurance product and medical reimbursement insurance product, on top of leveraging its market-leading position in overseas travel insurance. It would focus on niche markets, with products tailored to businesses in the middle market whose total sales range from 10 billion won to 100 billion won.
He said the solvency margin ratio hovers around 150 percent. ``We will keep it there and I don't anticipate doing anything with it other than keeping it right there.'' He said Korea is fortunate to be overseen by Financial Supervisory Service, a vigilant regulator.
Bennett, who has over 22 years' experience in insurance, has had an interesting career track record. Before joining the insurance industry, Bennett was a professional baseball player for four years. He played for minor-league teams affiliated with New York Yankees and St. Louis Cardinals.
He said baseball offers some lessons for management. ``It teaches how to deal with failure. It was great experience for me and I still take from it today.''
[출처 : 코리아타임스]
