[THE INVESTOR] Tongyang Life Insurance, owned by China’s Anbang Insurance Group, said on Sept. 8 it has appointed Vice President and COO Luo Jianrong as co-CEO.
This is the first time that a Chinese has taken a leadership position at the insurer since it was acquired by Anbang in 2015.
Before joining Tongyang Life in Sep. 2015 as vice president and COO, Luo led local branches of Anbang affiliates.
Tongyang Life Insurance co-CEO Luo Jianguo
“Luo will cooperate with co-CEO Koo Han-suh and the two heads will try their best to create synergies in the long term,” a company official said.
Some critics, however, cast doubts over stability of the dual-CEO system.
“It was widely expected that Anbang would name a Chinese CEO for Tongyang Life like it did for Allianz (now ABL Life),” an industry source said on condition of anonymity. “It remains to be seen whether Koo’s contract will be extended.”
Koo has been leading the company since 2012. His contract expires in March 2018.
Anbang Life Insurance took over a 42 percent stake in Tongyang Life for 1.13 trillion won (US$1 billion) in 2015. Anbang also owns 100 percent stake in ABL Life, formerly Allianz Life Insurance.