The unit is looking to gain approval for a capital reduction plan to reduce financial burden
By Kenneth Araullo | Insurance Business | May 30, 2023
Korea Development Bank (KDB) is marking a fifth attempt to sell off its life insurance unit, KDB Life Insurance, with several private equity funds submitting letters of intent for the deal.Read More »Korean bank marks fifth attempt to sell off life insurance unit
By Park Chang-young and Minu Kim | Pulse News | May 26, 2023
Korea Development Bank (KDB) has put KDB Life Insurance Co. up for sale once again, with several private equity funds submitting letters of intent (LOIs) for the deal, after failing four times in the past without success as life insurance business has become less attractive due to an aging population.Read More »Korea Development Bank makes fifth attempt to sell life insurance unit
By Yoon Young-sil | Business Korea | May 18, 2023
Global non-life insurers have been entering the Korean market one after another. The Korean insurance market ranks seventh or eighth in the world.Read More »Foreign Non-life Insurers Make Foray into Korean Market
By Jung Min-hee | Business Korea | May 12, 2023
Korean insurers’ performances have been noticeably improved in the first quarter of 2023 on the strength of the implementation of the new International Financial Reporting Standard 17 (IFRS 17), according to sources in the Korean insurance industry on May 10.Read More »Insurers’ Earnings Swell under New International Accounting Standard
New accounting standard benefits large non-life insurers
By Anna J. Park | The Korea Times | May 8, 2023
KB Insurance has posted a record-high quarterly profit of 253.8 billion won ($192 million) in the first quarter this year, a 25.7 percent jump from the same period last year. The hike is mainly attributed to the implementation of the International Financial Reporting Standard (IFRS) 17, a set of new global accounting standards, starting this year.Read More »KB Insurance posts all-time high profits under IFRS17