Military Mutual picks ex-Lotte Non-Life CIO as investment chief
Jun-ho Cha
May 17, 2021 (Gmt+09:00)
The Military Mutual Aid Association (MMAA), an $11 billion savings fund for South Korean military officers and personnel, said on Monday it has named Lee Sang-hee, former chief investment officer of Lotte Non-Life Insurance Co., as its new investment chief.
After graduating from Yonsei University's department of sociology, the incoming CEO landed his first job as a corporate sales employee at Samsung Life Insurance Co. and worked at the insurer's New York office as a US corporate bond analyst. He also headed Samsung Life's strategic investment and equities investment divisions, before serving as the insurance firm's New York investment unit head.
In December 2014, he moved to Lotte Non-Life to spearhead its investment operations until early this year.
MMAA manages 12.7 trillion won ($11 billion) in assets as of the end of 2020, of which 8.5 trillion won is put into equities, fixed income and alternative assets.
It is targeting a 4.5% return this year, compared with last year's 6.4% and 7.8% in 2019.