Kyobo Life Insurance said yesterday that its $500m 5.9% sustainability subordinated capital securities would be listed on the Singapore Exchange's (SGX) bond market today.
Hyundai Marine & Fire Insurance (HMF) reported a favourable underwriting performance in 2021 mainly due to a material improvement in auto line results driven by rate hikes in prior years and reduced claims frequency amid the COVID-19 pandemic, says AM Best.
In response to insurance companies' declining risk-based capital (RBC) ratios following interest rate hikes causing an expanded level of losses on the valuation of bonds, the authorities have prepared a measure for providing a buffer to release a portion of surplus that insurance companies may recognise as available capital for calculating RBC ratios, says the Financial Services Commission (FSC) in a statement.
The combined net profits of insurance firms in South Korea plunged by more than 21% in the first quarter of this year amid the COVID-19 pandemic and a decline in asset value, according to data compiled by the Financial Supervisory Service (FSS).
The capital adequacy ratio of Korean insurers has been deteriorating sharply amid a tightening and depressed capital market environment.
The net profits of South Korea's non-life insurance industry soared by 72% year on year in 2021 to a record-high of KRW3.7tn ($3.0bn), thanks to markedly improved underwriting performance, especially in the automobile insurance line, notes AM Best.
Samsung Life Insurance, South Korea's top life insurer, has disclosed that its 1Q2022 net profit plunged by 72.9% due to losses in its variable life insurance business amid recent stock market volatility.
Samsung Life Insurance Co, the country's top life insurer, has reported a 72.9% plunge in its first-quarter net profit due to losses from its variable life insurance business amid recent stock market volatility.
Lotte Insurance, the insurance wing of South Korea's conglomerate Lotte Group, is working with a service robot company to release an indemnity liability insurance plan for store owners who operate delivery or service robots.
South Korea's second-largest life insurer, Hanwha Life Insurance, has posted first-quarter net profits of KRW98.8bn ($77.8m), down 70.6% from a year earlier.