Insurance companies in South Korea saw their net profit soar by 45.5% in 2023 compared to 2022 on higher sales, according to preliminary data from the Financial Supervisory Service (FSS).
The Ministry of Trade, Industry and Energy has announced that the government would inject a record amount of KRW255tn ($189.4bn) in trade insurance this year to support exports.
The capital score of one of South Korea's three biggest life insurers, Kyobo Life Insurance, as measured by the Fitch Prism Model, is estimated to have been in the 'Strong' category at end-2023 under the IFRS17 and IFRS9 accounting standards, says Fitch Ratings.
KBFG Insurance (China) has achieved positive operating profit over the last five years (2019 to 2023), with low-to-mid single digit return-on-equity ratios reported during the period, notes AM Best.
The majority of adults in South Korea are not adequately prepared for the likelihood of needing elderly care, according to the findings of a survey by the Korea Insurance Research Institute (KIRI).
The implementation of more stringent risk measurement under the Korean-Insurance Capital Standards (K-ICS) a year ago has led to a decline in the average solvency ratio for South Korea's insurance industry, according to a new AM Best special report.
The Financial Services Commission (FSC) has issued a revision proposal related to an enforcement decree pertaining to the Act on Corporate Governance of Financial Companies.
Tong Yang Life Insurance Co (TYL) is expected to maintain a stable financial performance in 2024, underpinned by strong value-added business and continued new business CSM growth, says Fitch Ratings.
Insurance policies offered by insurers operating in Hong Kong are particularly favoured by Korean high-net-worth individuals and professionals such as lawyers and doctors.
The Financial Supervisory Service (FSS) launched on-site inspections of Shinhan Life and Kyobo Life in January 2024, and is conducting written inspections for other insurance companies.