News

By Jun Ji-hye | The Korea Times | March 17, 2025

Meritz Fire & Marine Insurance abandoned its acquisition of MG Non-Life Insurance on Thursday, after facing strong opposition from the latter’s labor union, industry officials said.Read More »Meritz abandons MG Non-Life acquisition: Liquidation ahead?

By Jun Ji-hye | The Korea Times | March 17, 2025

Woori Financial Group’s planned acquisitions of Tongyang Life Insurance and ABL Life Insurance, worth approximately 1.55 trillion won ($1 billion), have hit a snag as the Financial Supervisory Service (FSS) decided to downgrade the company’s management assessment rating from Level 2 to Level 3, industry and government officials said Monday.Read More »Management rating downgrade complicates Woori’s insurance acquisitions

By In-Soo Nam | The Korea Economic Daily | March 13, 2025

Now that the fifth sales attempt has gone awry, the state-run KDIC is looking to drastic steps such as liquidation of MG

Meritz Financial Group Inc., South Korea’s second-most valuable financial holding firm, has dropped its bid to acquire financial distressed MG Non-Life Insurance Co. after failing to reach an agreement with unionized MG workers on job security.Read More »Meritz drops bid for troubled MG Non-Life Insurance; Liquidation looms

By Park Na-eun and Minu Kim | Maeil Business News Korea | March 13, 2025

South Korea’s financial authorities are set to revise the key capital regulation for insurers, lowering the recommended solvency ratio (K-ICS) by 10 to 20 percentage points from the current 150 percent for the first time in 24 years.Read More »Korea to lower insurance solvency ratio for first time in 24 years

By Kim Eun-jin | Business Korea | March 13, 2025

Introduction of New ‘Core Capital K-ICS’

Financial regulators are tightening solvency requirements for insurance companies by lowering the Korea Insurance Capital Standard (K-ICS) ratio while introducing a new Core Capital K-ICS ratio. Since core capital refers to paid-in capital and retained earnings, the new regulation is expected to make it more difficult for insurers to meet solvency requirements by issuing subordinated bonds.Read More »Stronger Capital Regulations to Make Subordinated Bond Issuance More Challenging for Insurers

By Yonhap | March 13, 2025

Financially feeble MG Non-Life Insurance is facing a looming liquidation as a potential buyer announced the termination of a takeover deal Thursday.Read More »MG Non-Life Insurance faces looming liquidation as deal falters

By Yonhap | March 12, 2025

Korea’s financial regulator said Wednesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base.Read More »Regulator to ease capital adequacy requirement for insurers

By Song Ki-young | Chosun Biz | March 12, 2025

Financial authorities are pursuing a plan to lower the solvency ratio (K-ICS) standard that insurance companies are required to maintain from the current 150% to a maximum of 130%.Read More »South Korea to lower K-ICS solvency ratio for insurance companies from 150% to 130%

By Yoon Young-sil | Business Korea | February 13, 2025

Carrot Insurance’s Deficit Narrows in 2023 but Remains a Financial Challenge

Hanwha General Insurance is contemplating the sale of management rights for Carrot Insurance, a digital insurance company it established in 2019 in partnership with financial investors, including SK Telecom, Hyundai Motor and Altos Ventures. This decision comes amid financial concerns and a complex interplay of market dynamics. Carrot Insurance, which was launched to tap into the burgeoning digital insurance market, has been a pioneer in offering innovative products like the “Per-Mile Special Contract,” the first of its kind in Korea, which calculates premiums based on driving distance.Read More »Hanwha General Insurance Considers Selling Carrot Insurance Amid Financial Strains