Fitch Ratings has revised the outlook on South Korea-based Hanwha Life Insurance's (HWL) Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating to 'Positive' from 'Stable'. HWL is among the country's top three life insurers.
Woori Financial Group (Woori FG) has signed a stock purchase agreement to acquire Tongyang Life Insurance and ABL Life Insurance for a total sum of KRW1.55tn ($1.15bn). Woori FG will acquire a 75.34% stake in Tongyang Life for KRW1.28tn and a 100% stake in ABL Life for KRW265.4bn.
Insurance companies in South Korea, comprising 22 life insurers and 31 non-life insurers, generated KRW9.37 ($7bn) in preliminary net income for the first half of 2024, up by KRW253.6bn or 2.8% from the corresponding period a year earlier, according to preliminary data released yesterday by the Financial Supervisory Service.
The combined net profit of South Korea's five major non-life insurers reached KRW4.84tn ($3.6bn) in the first half of this year, 22% higher than in the corresponding period in 2023.
The Financial Services Commission (FSC) has introduced a roadmap to bring about improvements to IT network security in the financial services industry, the regulator says in a statement.
Kyobo Life Insurance has announced that the Kyobo Life Cup Youth Athletic Competition, a nationwide sports event for young athletes, has completed its 21-day run early this month.
The results of Hyundai Marine & Fire Insurance Co's (HMF) long-term insurance lines are expected to improve from premium rate increases and the company's efforts to improve the medical indemnity loss ratio trend, while both auto and general lines remain relatively stable, said AM Best.
Korean insurers are expected to adopt a more proactive approach to managing asset allocation, although their current investment mixes are unlikely to change markedly, says Fitch Ratings.
In 2018, typhoons Jebi and Cimarron "toppled over several turbines in Japan", according to an article published by Swiss Re, Climate Change and Wind Power: The Winds of Change.
The Financial Services Commission (FSC) has announced that the Act on the Protection of Virtual Asset Users, aimed at establishing sound order in the virtual asset market and ensuring protection for users, would take effect from today (19 July).