By Lee Seung-hoon, Kang Woo-seok and Lee Ha-yeon | Pulse | March 11, 2020
Woori Financial Group and MBK Partners are in discussion to jointly bid for midsized insurer Prudential Life Insurance Co. in a $2 billion deal and pose a formidable contender to sole plausible candidate KB Financial Group.
Read More »Woori Financial in talks with MBK Partners to jointly bid for Prudential Life
By Park Jae-hyuk | Korea Times | March 1, 2020
MBK Partners, Hahn & Company and IMM Private Equity are facing another stumbling block to their ongoing bids to take over Prudential Life Insurance Company of Korea.
By Yvonne Lau, Insurance Asia News | January 20, 2020
Three South Korean private equity firms — MBK Partners, Hahn & Company and IMM Private Equity — have submitted letters of intent for a 100% acquisition of Prudential Life Korea, according to a Korean Investors report.
Read More »PE players, KB and Fubon bid for Prudential Life Korea
The International Accounting Standards Board (IASB) has approved six changes to IFRS 17 following widespread pressure from the insurance industry.
By CHRIS SEEKINGS | December 16, 2019 | The Actuary
The changes, originally proposed in an exposure draft earlier this year, include deferring some acquisition costs for renewal business.
By Ryan Smith 13 Dec 2019 | Insurance Business
The International Accounting Standards Board (IASB) met Wednesday to deliberate some of the IFRS 17 changes proposed in the Exposure Draft (ED) based on stakeholder feedback. The IASB decided to defer discussions on the effective date of IFRS 17 until the extent and complexity of all amendments had been determined, expected at the end of February, according to a Willis Towers Watson report.
Read More »Proposed IFRS 17 changes focus on reinsurance contracts
By Tinashe Mashoko | December 10, 2019 | Zimbabwe Independent
Something big is happening in the world of insurance company reporting. International Financial Reporting Standard (IFRS) 17 is a complex new reporting standard that has been in the making for the last 20 years. The standard is an overhaul of the current IFRS 4 and comes into effect in two years’ time.
Read More »IFRS 17 providing value to insurance stakeholders
By Gabriel Olano | December 4, 2019 | Insurance Business
The Hong Kong Federation of Insurers (HKFI) has requested a two-year delay in the implementation of IFRS 17, to give its members more time to adapt to the global accounting standards regarding the reporting of accounts.
Read More »Hong Kong Federation of Insurers urges postponement of IFRS 17
By Chaeyon Kim and Hugh YH Jeong | Deember 3, 2019 | Korean Investors
Prudential Financial Inc. has put its South Korean life insurance arm on the market, as the US insurance giant is seeking to shed part of overseas assets ahead of the 2022 implementation of US life insurance accounting reforms.
Read More »Prudential seeks to sell Korean insurance arm in estimated $2 bn deal
By Jason Contant | November 21, 2019 | Canadian Underwriter
As the 2021 deadline for IFRS 17 implementation rapidly approaches, insurers would be well-advised to consider a data hub strategy to accelerate their journey to analytics, a speaker stressed last week at the Canadian Insurance Accountant Association’s Fall Technology Seminar.
Read More »How to accelerate your analytics journey in the IFRS 17 world
October 22, 2019 | GC Capital Ideas
International Financial Reporting Standard (IFRS) 17, issued by the International Accounting Standards Board, is the new financial reporting standard for insurance contracts that will replace the current rules of IFRS 4 and will become effective on January 1, 2022. IFRS 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting. Key aspects of strategic and operational management may be affected. The new rules for reinsurance may have numerous unintended consequences and some traditional reinsurance products may require modification in order to remain highly effective as capital and volatility management tools, according to Vasilka Bangeova, Managing Director, Strategic Advisory, EMEA, Guy Carpenter.
Read More »IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge