June 2021

Launch of merged Shinhan Life to intensify health insurance competition

By Lee Min-hyung | The Korea Times | June 30, 2021

Shinhan Life, which will be launched on Thursday following the merger of Shinhan Life Insurance and Orange Life Insurance, will intensify competition with rivals Kyobo Life Insurance and Mirae Asset Life Insurance as the new insurer seeks to gain an upper hand through the use of next-generation information technology.Read More »Launch of merged Shinhan Life to intensify health insurance competition

Principal Financial to depart retail life insurance sales

Michael Chevy Castranova | The Gazette | June 30, 2021

Principal Financial will get out of the business of selling life insurance and fixed annuities to consumers, the Des Moines-based company said earlier this week.Read More »Principal Financial to depart retail life insurance sales

AIA to buy 25% stake in China Post Life Insurance for $1.9bn

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | Nikkei | June 29, 2021

Investment gives life insurer access to mass market clients in China

HONG KONG — AIA Group on Tuesday said it had agreed to buy a 24.99% stake in China Post Life Insurance for 12 billion yuan ($1.86 billion) to boost its exposure to the nation’s life insurance market.Read More »AIA to buy 25% stake in China Post Life Insurance for $1.9bn

What insurers are paying to deliver IFRS 17: Is there any bang for the buck?

By Jason Contant | Canadian Underwriter | June 9, 2021

The majority of insurers across the globe will spend US$20 million to implement the IFRS 17 insurance accounting standard into their operations, according to a new worldwide survey by Willis Towers Watson.Read More »What insurers are paying to deliver IFRS 17: Is there any bang for the buck?

Global Insurers Face Hefty Costs of $15B-$20B to Implement IFRS 17: WTW

By Insurance Journal | June 8, 2021

The total cost faced by the global insurance industry to implement IFRS 17 is estimated to be in the range of US$15 billion-$20 billion, according to a new global survey by Willis Towers Watson.Read More »Global Insurers Face Hefty Costs of $15B-$20B to Implement IFRS 17: WTW

IFRS 17 to cost global insurance industry as much as $20bn: WTW

By Luke Gallin | Reinsurance News | June 7, 2021

The implementation of IFRS 17, the International Financial Reporting Standard that was issued by the International Accounting Standards Board, is estimated to cost the global insurance industry as much as $20 billion, according to a survey by Willis Towers Watson (WTW).Read More »IFRS 17 to cost global insurance industry as much as $20bn: WTW

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