Insurance Asia | October 3, 2024
S&P notes that insurers have been preparing by investing in long-dated bonds.
Korean insurers are facing increasing pressure to manage interest-rate risks and capital adequacy due to the interplay of falling interest rates and new accounting standards, particularly IFRS 17 and IFRS 9, according to S&P Global Ratings.Read More »IFRS 17 pushes Korean insurers towards lower-risk products
Japan firm eyes expansion into Indonesia and Vietnam markets
NATSUMI IWATA | Nikkei | September 6, 2024
TOKYO — Japan’s Mitsui Sumitomo Insurance will begin marketing health insurance products in Singapore from October through an investment in local insurance company Serenity Health Partners, with plans to expand into Indonesia and Vietnam from next year on.Read More »Mitsui Sumitomo enters Singapore health insurance via local stake
The acquisition is expected to bolster Woori’s non-banking sector via synergy with Woori Investment & Securities
By Jun-Ho Cha | The Korea Economic Daily | August 28, 2024
Woori Financial Group Inc., South Korea’s fourth-largest financial services provider, said on Wednesday it has signed a deal to acquire Tongyang Life Insurance Co. and ABL Life Insurance Co. from China’s Dajia Insurance Group Co. for 1.55 trillion won ($1.16 billion) to bolster its non-banking business.Read More »Woori signs $1.16 bn deal to acquire Tongyang, ABL Life from China’s Dajia
By Jong-Kwan Park | The Korea Economic Daily | July 19, 2024
It is the third time the financially distressed insurer’s sale has been canceled amid tepid investor interest
The sale of South Korean mid-sized insurer MG Non-Life Insurance Co. has been canceled as the financially distressed insurer failed to attract any bidders on Friday.Read More »MG Non-Life Insurance deal falls through with no bidders
The Korea Times | July 12, 2024
The capital adequacy ratio of Korean insurance companies deteriorated in the first quarter of the year, data showed Friday.Read More »Capital adequacy ratio of insurance firms falls in Q1
By Jun-Ho Cha, Seok-Cheol Choi and Jae-Won Park | The Korea Economic Daily | June 26,2024
Woori to buy Tongyang, ABL, not to bid on Lotte Insurance, dampening other insurers’ hopes to sell their stakes to the group
Woori Financial Group Inc., South Korea’s fourth-largest financial services holding company, is set to acquire China’s Dajia Insurance Group Co.’s insurers in Korea for up to an estimated $2.2 billion to strengthen its non-banking businesses.Read More »Woori to buy Dajia’s insurers in Korea for up to $2.2 bn
Move aims for enhanced synergy and market growth
By Roxanne Libatique | Insurance Business | June 04, 2024
Global property and casualty (P&C) insurance company Chubb is merging its three Korean subsidiaries under the Lina brand to streamline operations and enhance brand synergy.Read More »Chubb unifies Korean insurance operations under Lina brand
By Reuters | May 16, 2024
May 16 (Reuters) – U.S. insurer American International Group (AIG.N), opens new tab said on Thursday it would sell a 20% stake in Corebridge Financial (CRBG.N), opens new tab to Japan’s Nippon Life Insurance for $3.8 billion.Read More »AIG to sell 20% stake in Corebridge to Japan’s Nippon Life for $3.8 bln
By Anna J. Park | The Korea Times | April 25, 2023
Main bidding to take place as early as June
Woori Financial Group has jumped into the bidding competition to acquire Lotte Insurance, industry sources said Thursday. Woori Financial is the only major domestic financial group that does not have an insurance affiliate, and the group has long outwardly spoken about its intention to strengthen its non-banking business through acquisitions.Read More »Woori Financial joins bid for Lotte Insurance
By Choi Ji-won | The Korea Herald | April 24, 2024
Korean life insurer secures 40% stake in Jakarta-based Nobu Bank
Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake investment.Read More »Hanwha Life taps into global banking through fresh investment in Indonesia