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.