SEOUL, South Korea — There is great potential to grow life insurance sales in Asia, but insurers need to plot a careful strategy if they are to take advantage of that potential, two leading life insurance executives said Monday.

The massive uninsured population in Asia alone does not guarantee growth for the sector, they said.

And any growth that is achieved needs to be carefully managed as the prolonged era of low interest rates takes its toll on insurers' investment results, they said during a panel discussion at the International Insurance Society's annual seminar being held in Seoul, South Korea, this week.

The potential for increases in life insurance sales in Asia presents a significant opportunity for insurers, said Mark Tucker, group chief executive and president of AIA Group Ltd. in Hong Kong.

However, the size of the population in the region does not guarantee that life insurance sales will increase, he said.

“There needs to be investment in the economy itself and that will create demand dividends,” Mr. Tucker said.

Data shows that when incomes exceed $10,000 a year, the takeup of insurance increases exponentially, but much of the population in Asia has is yet to cross that threshold, he said.

The prospect for growth in the life insurance sector in South Korea has reduced as the market has matured, said Chang-Jae Shin, chairman and CEO of Kyobo Life Insurance Co. Ltd. in Seoul.

In addition to dealing with a maturing market, life insurers in South Korea are concentrating more on risk management of their assets and liabilities, he said, speaking through a translator.

In the low interest rate environment, “focusing on growth in assets does not necessarily lead to more profits … the life insurance industry has to grow revenue, but it also has to focus on managing risk,” Mr. Shin said.

The industry is striving to balance investment risk against liability risk, he said. Even though the South Korean life insurance market is maturing, it has a higher liability risk than more established markets so life insurers in South Korea are having to modify their mix of products to ensure that investment returns can meet the liabilities they are taking on, Mr. Shin said.