Monday, February 26, 2018

South Korea

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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Korea mulls revision of health insurance programme

Korea mulls revision of health insurance programme

The country’s Ministry of Health and Welfare is proposing to reduce fees by as much as half.

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Hanwha Life opens local HQ in Jiangsu province

Hanwha Life opens local HQ in Jiangsu province

The Korean company entered China in 2012, in partnership with Zhejiang International Trade Group.

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Auto market to drop 70% say Korean researchers

Auto market to drop 70% say Korean researchers

A study by the Korea Insurance Research Institute forecasts a steep decline in developed countries.

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Korea will make fourth attempt at KDB Life sale

Korea will make fourth attempt at KDB Life sale

Sources say that KDB has extended the maturities of two funds created to look for a new buyer.

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ING Life among 20 firms to go public in Korea in 2017

ING Life among 20 firms to go public in Korea in 2017

Korea’s fifth-largest insurer by assets is expected to join about 20 companies going public during the second half.

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Korea to enforce stricter monitoring on insurers

Korea to enforce stricter monitoring on insurers

Unfair and irregular sales activities will be targeted, with plans to impose sanctions against violating insurers.

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AIG loses on Fuji Life, gains on Seoul finance centre

AIG loses on Fuji Life, gains on Seoul finance centre

The expected US$30m loss on the Fuji sale will be cushioned by a deal to sell the Seoul IFC.

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Hanwha’s Vietnam strategy finally pays off

Hanwha’s Vietnam strategy finally pays off

For the first time since launching in the country, the Korean insurer has posted a profit.

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Korean authorities brace for new accounting rule

Korean authorities brace for new accounting rule

The International Accounting Standards Board is setting a schedule for the introduction of IFRS 4 Phase II.

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AXA to strengthen general insurance presence in Korea

AXA to strengthen general insurance presence in Korea

The French group says that it plans to pour in W25b (US$21.4m) into its Seoul-based subsidiary.

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Prudential sells Korean insurance business to Mirae

The UK insurer announced on its website that it has agreed to sell 100% of PCA Life for US$146m.

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Nina Klingspor, Allianz Global Corporate & Specialty

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