News Life and Health02 May 2019

Korea:IFRS17 may contribute to declining profits for foreign life insurers


The upcoming IFRS17 coupled with the ongoing economic slowdown in Korea has led to declining earnings for foreign life insurers operating in 2018, according to a report in The Korea Times. The combined net profit of Korea's six major foreign life insurers plunged by 34% to KRW782.9bn ($0.67bn) last year from KRW1.19bn in 2017. This contrasts with the 20% growth in net profit for Korean life insurers. Last year, equity-linked life insurance also performed poorly due to the bear market.

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