Country: South Korea Page 17 / 24
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- January 3 2018
Assets held by Korean insurers top W1,000tn
The total is broken down into W782.1tn in assets controlled by life insurers and over W252tn by non-life firms.
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- December 5 2017
Eight Korean insurers tap online-only bank
K Bank has released 20 savings and protection "mobilessurance" policies through a mobile app.
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- November 20 2017
Korean insurers ask for government help on earthquake risk
Insurers say earthquake policies will not be profitable unless the government shares a bigger financial burden.
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- November 8 2017
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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- September 29 2017
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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- September 28 2017
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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- September 21 2017
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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- September 19 2017
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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- August 31 2017
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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- August 16 2017
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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- August 14 2017
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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- August 7 2017
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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- July 14 2017
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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- July 13 2017
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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- June 30 2017
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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- June 29 2017
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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- June 27 2017
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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- June 23 2017
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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- June 14 2017
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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- June 2 2017
Allianz Life names new Korea CEO
Sun Lei replaces current chief executive Joos Louwerier, who has been leading the Korean unit since February 2016.
