Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co., the two major financial units under South Korea’s Samsung Group, are expected to replace their chief executive officers on Friday.

According to industry sources on Thursday, Samsung Group is set to carry out a reshuffle of its CEOs at Samsung Life Insurance and Samsung Fire & Marine Insurance.

The move is seen as unexpected, given that the executive reshuffle at non-financial units such as Samsung Electronics Co. and Samsung C&T Corp. focused on stability amid the uncertain business environment.

Industry insiders had predicted that Samsung Life Insurance CEO Jeon Young-muk will keep his position given that his term is until March 2026 and solid earnings.

Hong Won-hak, chief executive of Samsung Fire & Marine Insurance, may become the new chief of Samsung Life Insurance, according to industry insiders.

Born in 1964, Hong graduated from Korea University and joined Samsung Life Insurance before working as a managing director in the business strategy team at Samsung Electronics.

After returning to Samsung Life Insurance, he held various positions, including head of the human resources team, before being promoted to vice president.

In December 2020, Hong transferred to Samsung Fire & Marine Insurance, and in December 2021, he was appointed as CEO. Hong’s three-year term is set to expire in March next year.

Hong has reportedly gained positive recognition for the robust performance of Samsung Fire & Marine Insurance.

The company achieved its highest performance last year and is expected to continue its positive trajectory this year, with success in digital transformation as well.

For the top leadership at Samsung Fire & Marine, it is rumored that Samsung Life Insurance’s Vice President Lee Moon-hwa may fill the vacant position.

Another financial arm of Samsung Group, Samsung Securities Co., is anticipated to appoint Park Jong-moon, president of the asset management department at Samsung Life Insurance, as the new CEO.

By Choi Seung-jin, Yoo Joon-ho, Choi Hyun-jae, and Chang Iou-chung

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