The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders.

Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability."

During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and innovation" in corporate management.

"For Kyobo Life to realize 'good growth,' we must strive not only for strong performance but also evolve into a company that grows collectively with all of its stakeholders, including the employees," he said.

At the heart of Cho's "good growth" lies the company's fundamental mission as a life insurance company, which is to "help troubled people with a loving heart," Kyobo Life explained. Fulfilling this mission effectively is crucial for the company's sustainable development, according to the firm.

Cho also emphasized the significance of his role within Kyobo Life's co-CEO structure. As part of this arrangement, Cho will collaborate with CEO and Chairperson Shin Chang-jae, who is responsible for charting long-term objectives and ensuring sustainable management practices. Cho's focus will be on fortifying the company's core function as a life insurer.

In alignment with the company's dual leadership approach, Cho underscored his commitment to enhancing the insurance business under his purview.

Looking ahead, Cho pledged to foster solid trust within the organization.

"I believe (effective) communication and empathy inside the organization is the key to all businesses," he said. "I will ensure this so that all the employees and executives take part in driving innovation in the insurance business, leading Kyobo Life towards sustainable growth."

With a career at Kyobo Life spanning back to 1989, Cho brings a wealth of experience to his new role. He has held various leadership positions within the sales department, workforce training center, sales training team and the strategic planning unit. Since 2019, he has served as the vice president overseeing the company's management strategy and human resources.