Sunday, November 19, 2017

South Korea

Korean official warns interest rate hike could disrupt insurers

Korean official warns interest rate hike could disrupt insurers

FSC vice-chairman Kim Yong-beom made the pronouncement ahead of the Bank of Korea’s plan to raise its key rate.

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Allianz completes sale of Korean unit to Anbang

Allianz completes sale of Korean unit to Anbang

The deal completed after the Financial Services Commission finally approved the transaction earlier this week.

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Korean insurers brace for new accounting rule

Korean insurers brace for new accounting rule

Insurance providers will have to maintain a two-track record of their financial statements, beginning next year.

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AIA denies Korea exit rumours

AIA denies Korea exit rumours

Group CEO Ng Keng Hooi says the company is in fact considering additional funding to comply with IFRS 17.

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Mounting debt forces Hyundai Life to cut workforce

Mounting debt forces Hyundai Life to cut workforce

The company has reportedly placed 120 employees under a voluntary retirement programme as it faces mounting debt.

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Korea’s health insurance outlays hit US$30bn

Korea’s health insurance outlays hit US$30bn

Spending on medical examinations, hospitalisations and drug purchases in the first half of the year rose 9.2%.

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Korean insurers post 28.3% profit rise

Korean insurers post 28.3% profit rise

Results for the first half of this year reflect robust dividend income growth and a drop in the loss ratio, said the FSS.

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Samsung Life posts 26% profit growth

Samsung Life posts 26% profit growth

The insurer added that its value of new business was W598.3 billion, up 6.5% over the same period.

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Korean non-life insurers pressure to cut premiums

Korean non-life insurers pressure to cut premiums

The big non-life firms raked in higher profits, but this has led to pressure on pricing.

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Korea sees rise in sales of variable insurance policies

Korea sees rise in sales of variable insurance policies

Premiums have nearly doubled to US$477m on the back of robust gains in the local stock market.

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Korean insurers forecast to exceed 2016 performance

Korean insurers forecast to exceed 2016 performance

Higher interest rates and improved auto insurance business are expected to propel the industry.

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AGCS to open Seoul branch

AGCS to open Seoul branch

The Allianz unit is the first foreign non-life insurer in almost a decade to open in Korea.

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Korean firms must raise capital reserves by year end

Korean firms must raise capital reserves by year end

Capital reserves will be gradually raised starting this year-end, the financial regulator recently announced.

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Korean firms raising capital ahead of IFRS 17

Korean firms raising capital ahead of IFRS 17

Some insurers are planning to issue hybrid capital securities in the US dollar bond market.

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Korea wants insurers to cut medical indemnity premiums

Korea wants insurers to cut medical indemnity premiums

The move is part of the government’s efforts to help alleviate the cost burden on subscribers.

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Offline life firms dominate Korea’s online market

Offline life firms dominate Korea’s online market

Savings-type policies offered by traditional insurers are a hit with internet users in the country.

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Allianz Life names new Korea CEO

Allianz Life names new Korea CEO

Sun Lei replaces current chief executive Joos Louwerier, who has been leading the Korean unit since February 2016.

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Korea relaxes rules as IFRS implementation nears

Korea relaxes rules as IFRS implementation nears

The FSS aims to help insurers alleviate potential fallouts from changes in global accounting rules.

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