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Management rating downgrade complicates Woori’s insurance acquisitions

    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

    Meritz drops bid for troubled MG Non-Life Insurance; Liquidation looms

      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

      Stronger Capital Regulations to Make Subordinated Bond Issuance More Challenging for Insurers

        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

        Hanwha General Insurance Considers Selling Carrot Insurance Amid Financial Strains

          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