Afternoon sunlight streamed through the panoramic window that filled one entire wall, stretching long across the carpet of the office.
With the wide-open cityscape and the deep blue Han River spread out beside him, Seok-won looked down at the approval documents laid out on his desk.
He stroked his chin with one hand, pondering for a moment, then picked up his fountain pen and signed his name in the approval section.
Just as he closed the leather folder and set it aside, Na Seong-mi knocked and stepped inside, speaking as she entered.
"Chairman. President Kim Do-hyung of Bluehole Life has arrived."
"Please send him in."
"Yes."
Na Seong-mi stepped back outside, and shortly afterward the wooden door opened. President Kim Do-hyung, slender in build and wearing gold-rimmed glasses, entered the room.
As he approached the desk and gave a polite bow, Seok-won rose from his seat and spoke.
"Welcome. Shall we move to the sofa and talk?"
"Yes. Thank you."
Seok-won stepped out from behind his desk and took a seat on the leather sofa by the window.
Dressed in a crisp white shirt with a silk tie fastened by a gold pin, he gave off an air that was both neat and refined.
As Seok-won settled into the central seat, President Kim Do-hyung followed and sat down on the sofa to his right.
"I noticed Bluehole Life's performance improved significantly last quarter."
With one leg crossed, Seok-won spoke first, a faint smile on his face.
"It's all thanks to you, Chairman."
"It was you and the employees who worked hard. What did I do?"
Seok-won gave a light laugh, but President Kim Do-hyung shook his head as if that was not the case.
"Before you acquired the company, the illegal acts committed by the former management severely damaged our public image. Existing policyholders were deeply disappointed as well."
"That's true."
"As a result, it was difficult to bring in new business, and many existing clients were canceling their policies. But thanks to you, Chairman, all of that has been resolved."
"What do you mean by that?"
Seok-won asked with a puzzled expression, and President Kim Do-hyung replied with a faint smile tugging at the corners of his mouth.
"Policyholders only cancel their insurance, even at a loss, because they're worried they won't receive the promised benefits or that they might lose the money they've paid in, wouldn't you agree?"
"That's right. If not for reasons like that, there'd be no need to terminate a policy."
Seok-won nodded in agreement.
"And just as they were feeling that anxiety, you, Chairman, known as the wealthiest man in the world, acquired the company. That alone reassured the customers and put their minds at ease."
President Kim Do-hyung added with a hearty laugh.
"On top of that, when customers saw you inject a substantial amount of additional capital into the company, they regained their trust. The wave of policy cancellations came to a halt."
"That's a relief."
"Not only that, but our efforts to recruit new policyholders, which had been struggling, quickly returned to normal. We've now fully recovered to our previous level."
President Kim Do-hyung said this with a smile.
"A significant number of these new policyholders signed up because of you, Chairman. Under those circumstances, how could we not say it's thanks to you?"
Seok-won narrowed his eyes, looking at him as if to ask what he meant by that.
"Even though we've overcome the foreign exchange crisis, the economy is still struggling. Companies are still going bankrupt from time to time, aren't they?"
"That's true."
"The insurance industry isn't immune to that uncertainty either. But when it comes to our company, the logic is simple. With you here, Chairman, there's no concern that we'll collapse due to a lack of funds."
Only then did Seok-won fully understand, and he let out a quiet chuckle.
"That's quite a heavy responsibility."
"Ha ha. All of us, myself and the employees alike, intend to trust and follow you."
President Kim Do-hyung replied with an easygoing air.
Seok-won gave a faint smile, shifted his posture, and interlaced his fingers before asking,
"By the way, what was it you wanted to discuss with me?"
President Kim leaned forward slightly, his demeanor turning noticeably serious as he got to the point.
"Would it be possible for Eldorado Fund to manage our insurance company's capital as well, as it does for WB Bank?"
Caught off guard by the unexpected request, Seok-won unclasped his hands and straightened his upper body.
"You want to entrust the insurance company's funds to the Eldorado Fund?"
Meeting his gaze, President Kim Do-hyung nodded and continued.
"That's correct. More precisely, we would like to delegate the management of the assets held in our special account."
When an insurance company collected premiums from policyholders, it would first deduct various costs and then invest the remaining funds to generate returns.
Because it could not afford to erode its reserves, it was common practice to invest primarily in stable products such as bonds.
However, this approach had its drawbacks. Returns were relatively low, and inflation could steadily chip away at real value.
To address this, variable insurance products were created, designed to prioritize profitability over stability through more aggressive investment strategies.
Instead of receiving a fixed maturity payout at a predetermined interest rate, the amount returned, whether as insurance benefits or surrender value, depended on the actual investment performance.
Given the inherent volatility, and to prevent losses from affecting other policyholders, the funds from variable insurance subscribers were separated and managed independently. That separate pool of assets was what was known as the special account.
"As you know, the Park Seok-won Fund, launched jointly by WB Bank and Bluehole Securities, posted an astonishing 150 percent return in just one year."
As President Kim Do-hyung said, the performance of the blind fund bearing Seok-won's own name had recently been disclosed. The staggering figure of 150 percent was enough to leave mouths hanging open, stirring not only the fund's investors but the entire Yeouido financial district.
What made it even more shocking was the contrast. Although the market had seen a slight rebound in the second half of the year, the stock market had struggled throughout the previous year, with returns scraping the bottom. Against that backdrop, the fund's performance stood in stark opposition.
Naturally, major broadcasters and newspapers alike ran extensive coverage. Once again, Seok-won's name became a major topic of discussion across the country.
"Ever since the article about the fund's returns came out, our customer service center has been flooded with calls every single day asking whether their insurance premiums would be managed by Eldorado Fund. The insurance agents say they're at a loss because clients keep pressing them about it."
Seok-won immediately grasped what was going on and let out a dry laugh.
"Since they can't subscribe to the blind fund anymore, they're trying to get into a variable insurance product instead."
President Kim Do-hyung gave a small shrug.
"With a one-year return of 150 percent, growing money like a snowball, even I would want to pour money in if I could. I'd probably even consider taking out a loan to invest."
After the article was published, crowds gathered at WB Bank and Bluehole Securities branches as well, asking whether it was still possible to subscribe to the fund. For a time, the influx disrupted normal operations.
Each branch eventually posted large notices at the entrance stating that subscriptions to the Park Seok-won Fund were no longer being accepted, but the signs did little to stem the flow of inquiries.
President Kim Do-hyung glanced at Seok-won and spoke carefully.
"As you know, since variable insurance was first introduced domestically last July, competition among insurers to attract subscribers has become extremely intense."
"Given that insurance products typically run for more than ten years, variable insurance that can offset inflation would certainly be attractive from a policyholder's perspective."
"Exactly. Stable management of reserves is important, of course, but even a one percent increase in returns directly translates into higher net profit. From our standpoint, an increase in variable insurance subscribers compared to traditional policies is definitely advantageous."
Seok-won rested his arm on the sofa's armrest and spoke.
"So what you're saying is that you want to promote variable insurance by advertising that Eldorado Fund, or rather I myself, will manage the premiums."
At the pointed remark, President Kim Do-hyung forced an awkward smile, watching carefully for any sign of displeasure.
"That's correct. If we can leverage your reputation and present higher returns than other insurers, we'll be able to completely dominate the emerging variable insurance market."
"Hmm."
Seok-won tapped the sofa's armrest lightly with his fingertips as he thought it over.
The capital currently managed by Eldorado Fund already amounts to several hundred billion dollars, an immense scale by any standard. There was no real need to take on additional external funds for management.
'In fact, moving too much capital at once could shake the market. That's why we deliberately split and diversify operations across multiple vehicles. There's no need to say more.'
Although the Park Seok-won Fund had raised a total of six trillion won, that sum was barely a speck compared to the total assets under the Eldorado Fund's management.
If Eldorado Fund were to manage the entirety of Bluehole Life's special account, it would generate a considerable amount in fees. But even that would be minor compared to what the Eldorado Fund already earned.
Lifting his head, Seok-won looked at President Kim Do-hyung, who was quietly waiting for an answer, and spoke.
"Frankly, the administrative hassle of taking on entrusted assets would outweigh the fee income we'd earn."
"Ah… of course, I understand."
President Kim Do-hyung showed a flicker of disappointment, then quickly masked his regret.
"Still, Bluehole Life is one of the companies I own. If it helps expand market share, I can tolerate a bit of inconvenience."
At that, President Kim, who had been looking downcast, lifted his head sharply.
"Then?"
Seeing the anticipation in his eyes, Seok-won let out a small chuckle and replied.
"Let's have Eldorado Fund take charge of managing the special account."
The moment the words left his mouth, President Kim Do-hyung's face brightened. Still seated, he bowed deeply.
"Thank you very much!"
"There's no need for that. If Bluehole Life grows, it benefits me as well."
Seok-won waved his hand lightly.
"However, make sure to thoroughly review in advance whether there are any legal issues with Eldorado Fund, as the parent entity, being entrusted with managing the special account."
"Please rest assured. We will make certain that nothing brings any harm to you, Chairman."
President Kim Do-hyung nodded enthusiastically, his face lit with excitement.
After continuing their discussion about entrusting the special account management for some time, President Kim rose to his feet first.
"Then I'll be on my way."
"Let's have lunch together sometime."
"Yes. Please just let me know whenever you have time."
After a brief handshake, President Kim left the office. Seok-won returned to his desk and took his seat.
He reached out and pressed the intercom button, and as always, Na Seong-mi responded.
[Please go ahead, Chairman.]
"I'd like a strong Americano."
[Understood.]
Just as Seok-won reached for the top document from the stack awaiting his approval, his eyes drifted to the desk calendar set off to one side.
Seeing the date 29 circled in red, his expression hardened, and he muttered quietly,
"It's only a few days away now."
He knew what would unfold in the West Sea on the day the Korean national team, having narrowly lost to Germany in the World Cup semifinals, faced Türkiye in the third-place playoff. The thought left him unsettled.
He had an overwhelming urge to warn the President or the Minister of National Defense about the impending provocation from the North.
But even if he spoke up, it would not be easy to make them believe him. Worse, if the incident did occur, he could become the subject of suspicion or misunderstanding. Acting rashly might only invite trouble.
Leaning back into the cushioned chair, Seok-won let out a troubled murmur.
"I've done everything I can. All I can do now is pray that, unlike before the regression, our side doesn't suffer heavy casualties."