KB Insurance posts all-time high profits under IFRS17
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