Country: Korea Page 2 / 2
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- May 15 2024
Korean insurers may face bigger corporate tax bill this year due to IFRS: report
The implementation of IFRS 17 means that the amount of cash surrender reserves recognised as expenses has surged by trillions of won per annum, according to a local report.
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- April 25 2024
Woori Finance enters race for Korea’s Lotte Insurance: report
The non-life carrier's private equity owner JKL Partners is looking to sell 77% stake in the company for a targeted US$1.45bn.
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- April 18 2024
Korea to provide US$5bn trade cover for defence exports
South Korea has emerged as a leading exporter of defence systems over the past few years with several billion-dollar export deals for fighter jets, armoured vehicles and missile interceptors.
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- April 8 2024
Samsung Fire & Marine quits bancassurance as sales flag: report
The move from savings to protection products have made the banking channel less attractive non-life carriers in Korea, especially since the introduction of IFRS17.
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- April 3 2024
APAC markets see stable renewals on ample capacity, reinsurer appetite: brokers
The supply-demand dynamics have shifted in favour of reinsurance buyers in the April renewals, leading to better pricing and easing of market conditions across Japan, India, Korea, the Philippines and China.
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- March 27 2024
Korean carriers turn around underwriting results with US$6.2bn insurance income
Even with a 70% drop in investment profit, the country’s non-life insurers posted a 51% increase in net income in 2023.
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- March 25 2024
Axa Korea appoints Hans Vranken as CEO: report
The former chief executive of Axa Japan is expected to formally take office on June 1, according to local media reports.
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- March 5 2024
Fitch cuts Construction Guarantee’s outlook to stable on member firm’s debt woes
The rating agency has maintained its "A" rating due in part to its strong underwriting performance. Its combined ratio averaged 62% during FY 2020-2022.
