Wednesday, December 13, 2017

South Korea

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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ICIEC, K-sure agree on mutual cooperation

ICIEC, K-sure agree on mutual cooperation

The partnership comes at a time when Korean companies are increasingly investing in ICIEC member countries.

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Korean insurers post stellar earnings in Q3

Korean insurers post stellar earnings in Q3

Samsung Fire & Marine and Dongbu have profited from big-data analysis of clients’ driving habits.

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Korean life insurers cut workforce amid profit decline

Korean life insurers cut workforce amid profit decline

The layoffs are primarily geared toward cutting costs in an environment of low interest rates.

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Profits up for Korea’s non-life insurers

Profits up for Korea’s non-life insurers

A solid performance in the auto insurance segment boosts hope amid lingering low interest rate environment.

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Korean insurers urged to improve risk controls

Korean insurers urged to improve risk controls

With global uncertainties such as protracted low interest rates, new measures are needed.

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Korean pensioners try cat bonds

Korean pensioners try cat bonds

A Korean pension fund has become the first financial institution in the country to invest in catastrophe bonds.

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