Shinhan Financial Group has signed a stock purchase contract to acquire a 77.04% stake in Lotte Non-Life Insurance from JKL Partners for KRW693.3bn ($515m), marking a major move to expand its non-banking portfolio and elevate its standing in South Korea's non-life insurance sector.
Korean life insurers' aggregate K-ICS ratio was broadly stable quarter on quarter at end-June 2026, with the post-transitional ratio declining 0.7 percentage points to 206.8%. This is according to estimates by CreditSights, which added that the underlying ratio rose 2.5 percentage points to 193.0%. The report noted wide differences among insurers, with post-transition ratios ranging from 138.3% at Hana Life to 396.4% at NongHyup Life.
A 42% spike or KRW37.5bn ($27.9m) in unpaid health insurance premiums by foreigners and overseas Korean has triggered calls for tighter residency checks and enforcement, reported Korea JoongAng Daily.
Hanwha Life Insurance has expanded its financial services portfolio by acquiring Acuon Capital for KRW440bn ($325.4m).
AIA Life Korea has nominated Mr Leo Ng, presently CFO of AIA China, as its next CEO.
The Korea Life Insurance Association (KLIA) is increasingly adopting AI into its operational areas, including consumer complaint handling and advertising reviews for member insurers.
CreditSights has maintained its Market Perform recommendation on Kyobo Life's June 2027 bond, citing its view that the bond is trading at a fair level relative to comparable Hanwha Life Insurance debt. With less than a year remaining until the call date, CreditSights expects the bond to be refinanced in the second quarter of 2027.
Prudential plc has announced the appointment of Mr Naveed Irshad as Regional CEO for Indonesia and the Philippines, effective 26 October 2026. He will also take enterprise-wide responsibility for the health and product businesses and will join Prudential's Group Executive Committee.
South Korean life insurers have suspended new sales of the '7-year whole life insurance' products that offer returns of 100% of premiums paid upon surrender after seven years after the insurance regulator flagged concerns in the product.
The South Korean general insurers will join hands with the country's National Assembly, the government, the investigative agencies and research institutions to combat insurance fraud.