Thursday, November 23, 2017

South Korea

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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Anbang to invest US$2.67bn more in two Korean insurers

Anbang to invest US$2.67bn more in two Korean insurers

The Korean insurer is considering additional investments in Tongyang and Allianz ahead of tightened regulations.

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Korean insurers’ profit climbs on dividend income

Korean insurers’ profit climbs on dividend income

The country’s insurers’ posted a 24.4% on-year combined net profit rise in the first three months of the year.

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Korea urges firms to calculate contract liabilities from 2021

Korea urges firms to calculate contract liabilities from 2021

The Financial Services Commission said the new rule would encourage insurers to better cope with the IFRS 17.

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Samsung Fire & Marine buys 20% of Vietnamese insurer

Samsung Fire & Marine buys 20% of Vietnamese insurer

The Korean insurer will buy the stake in PJICO from Vietnam’s largest petrol dealer for US$23.4m.

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Korea approves Mirae’s acquisition of PCA Life

Korea approves Mirae’s acquisition of PCA Life

After the acquisition Mirae will become the country’s fifth-largest life insurer based on asset size.

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Korean life insurers face IFRS 17 challenge

Korean life insurers face IFRS 17 challenge

However, its implementation will promote structural improvement and value creation over time.

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Korea’s ING Life raises US$974m

Korea’s ING Life raises US$974m

The country’s fifth-largest life insurer priced its IPO near the lower end of its indicative range.

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Kyobo Life joins Korea’s insurance blockchain project

Kyobo Life joins Korea’s insurance blockchain project

The project will develop and implement an automatic payment system for small claims to policyholders.

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High dividends draw investors to ING Life’s US$1.2bn IPO

High dividends draw investors to ING Life’s US$1.2bn IPO

The listing, which will be Korea’s second-largest IPO so far this year, is scheduled for the second week of May.

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New reporting standards to bring more investors to Korea

New reporting standards to bring more investors to Korea

The introduction of IFRS 17 will make the country’s insurers more comparable with global peers.

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Regulator lowers punishment against CEOs of Korean insurers

Regulator lowers punishment against CEOs of Korean insurers

FSS says the penalty against the CEOs is now a precautionary warning, or a notch lower than the one previously announced.

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Korea’s insurers post net income decline in 2016

Korea’s insurers post net income decline in 2016

Results were dragged down by a lacklustre performance from life firms, according to FSS.

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ING Life Korea seeks listing approval

ING Life Korea seeks listing approval

The Korean life insurer is seeking approval for an initial public offering, according to an exchange official.

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Former KIDI chairman to lead Allianz Life Korea

Former KIDI chairman to lead Allianz Life Korea

Kim Soo-bong will make a comeback to the insurance industry as vice-president level auditor.

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ING Life Korea head secures another term

ING Life Korea head secures another term

Cheong Mun-kuk will serve for another three-year term and oversee IPO planned for May.

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S Korean insurers post 34.3% rise in online sales

S Korean insurers post 34.3% rise in online sales

Non-life firms sales had risen to a total of W1.4 trillion (US$1.19 billion) in 2016.

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Samsung Life’s 2016 net profits hit US$1.83bn

Samsung Life’s 2016 net profits hit US$1.83bn

However, excluding a one-time profit, actual net profits slightly declined from a year earlier.

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