(Seoul=Yonhap Infomax) Yun Gu Lee – South Korea’s life insurance sector is ramping up its push into the senior care business, with KB Life Insurance Co. opening its fifth nursing facility.


KB Golden Life Care, a subsidiary of KB Life Insurance, announced on the 24th that it held an opening ceremony for its premium nursing home, “Gangdong Village,” located in Seoul’s Gangdong district.


This marks the company’s fifth facility, following locations in Wirye, Seocho, Eunpyeong, and Gwanggyo. Notably, Gangdong Village is the first premium nursing home in the Gangdong area, enabling KB Golden Life Care to establish a balanced care network across Seoul and the greater metropolitan region.


The new facility accommodates 144 residents and features a smart care system utilizing the latest Internet of Things (IoT) technology.


“Gangdong Village, our fifth nursing facility, will become a flagship premium care hub in the Gangdong area,” said Jeong Moon-cheol, CEO of KB Life Insurance. “We will continue to expand our infrastructure to provide comprehensive senior life care services.”


KB Life Insurance and KB Golden Life Care have accelerated their expansion this year, opening new facilities in Eunpyeong, Gwanggyo, and Gangdong. The companies plan to evolve into an integrated senior life care platform, connecting financial services, residential care, and education, to establish a leading business model for South Korea’s rapidly aging society.


In June, KB Life Insurance injected 50 billion won ($38.5 million) into KB Golden Life Care through a paid-in capital increase.


Other life insurers are also targeting the senior care industry as a future growth driver. In September, Shinhan Life Insurance Co. made a 25 billion won ($19.2 million) capital injection into its care business subsidiary, Shinhan Life Care.


Hana Life Insurance Co. and Samsung Life Insurance Co., South Korea’s largest life insurer by assets, have also entered the senior care market this year by establishing new subsidiaries—Hana The Next Life Care and Samsung Noble Life, respectively.


Hana Life Insurance received board approval in November last year and, after securing regulatory clearance, invested 30 billion won ($23.1 million) to set up its subsidiary.


On September 30, Samsung Life Insurance injected 31 billion won ($23.8 million) into Samsung Noble Life. The new subsidiary has accelerated its business after acquiring the operating rights to Noble County, a senior community previously run by the Samsung Life Public Welfare Foundation.


yglee2@yna.co.kr

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