South Korea

Hanwha Life sets sights on Southeast Asia with strategic stake in Indonesia's Nobu Bank

April 25 2024

If approved, Hanwha will set a precedent as the first Korean insurer to enter the overseas banking industry through 40% stake.

koreas-lotte-insurance-on-market-for-us1-5bn-and-drawing-global-interest-reports

Potential Lotte Insurance sale drawing interest, but US$1.5bn valuation faces scrutiny

April 23 2024

Stake acquisition of Korean insurer drawing local and international interest, but questions remain about valuation post-IFRS 17 implementation.

Fitch: Korean Insurers well positioned to withstand overseas CRE downturns

April 23 2024

Potential fluctuations in overseas commercial real estate investments expected to have minimal impact on credit ratings.

fitch-affirms-and-withdraws-ratings-for-kdb-life

Fitch affirms and then withdraws ratings for KDB Life

April 16 2024

KDB Life's ratings and negative outlook maintained, but Fitch said it had chosen to withdraw the ratings, citing commercial reasons.

samsung-fire-amp-marine-exits-bancassurance-business

Samsung Fire & Marine exits bancassurance business

April 6 2024

Insurer ends 21-year bancassurance operations amid sales decline, rising interest rates, and regulatory changes.

kdb-life-insurance-sales-process-halted-as-kdb-seeks-higher-valuation-report

KDB Life sales process halted as KDB seeks higher valuation - report

March 28 2024

The Korea Development Bank (KDB) will take full ownership of the life insurer, marking latest phase in ongoing sales saga.

Seven insurers among 15 institutions in Korea's first joint climate stress test

March 27 2024

The Bank of Korea and Financial Supervisory Service will conduct stress test, with findings used to steer country's low-carbon transition.

korean-insurers-profits-soar-45-5-in-first-year-under-ifrs-17

Deferred acquisition costs under IFRS 17 see Korean insurers' profits soar 45.5%

March 27 2024

Industry sees 6% fall in overall premium income, but life insurers' net profits rise 37.6% and non-life's soar 50.9%, in first year under IFRS 17.

South Korean government looks to boost exports with record US$190bn trade insurance support - report

March 26 2024

Record amount will support a range of industries as government aims to to meet ambitious $700bn export target.

korea-life-insurers-targets-hybrid-insurance-pension-and-overseas-markets-for-growth-report

Korean Life insurers target hybrid, pension, and overseas markets for growth - report

March 20 2024

KLIA Chairman says industry needs to find new growth opportunities amid declining population and market saturation,

AM Best affirms KBFG Insurance China's ratings amid claims volatility

March 15 2024

Significant 2023 fire loss had minimal impact on underwriting result, but solvency position affected due to higher reinsurance credit exposure.

south-koreas-major-non-life-insurers-break-1-trillion-won-in-overseas-premiums-for-2023-report

South Korea's major non-life insurers break 1 trillion won in overseas premiums in 2023 - report

March 12 2024

Four leading non-life insurers collect 1.04 trillion won (US$793m) in overseas premiums, but mere 1.2% of total premiums, highlights potential for further expansion.

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