News

By Hyeong-Gyo Seo | The Korea Economic Daily | April 24, 2024

Korea’s second-largest insurer will buy a 40% stake in Nobu Bank to tap into the Southeast Asian banking industry

South Korea’s second-largest insurer Hanwha Life Insurance Co., with 109 trillion won ($79.4 billion) in total assets as of end-September 2023, said on Wednesday it will buy shares in a banking unit of Indonesian conglomerate Lippo Group to expand its business in Southeast Asia, which is experiencing strong economic growth with fast-growing middle-class populations.Read More »Hanwha Life to buy stake in Indonesia’s Lippo-owned bank

By Seok-Cheol Choi | The Korea Economic Daily | April 23, 2024

Seoul-based PE firm JKL is set to sell a 77% stake in the insurer, which turned a profit year

Lotte Group’s non-life insurance affiliate Lotte Insurance Co., has been put up for sale at around 2 trillion won ($1.5 billion), according to banking sources said on Tuesday.Read More »Korea’s Lotte Insurance put on market for around $1.5 bn

By Yi Whan-woo | The Korea Times | April 10, 2024

Life insurance companies are progressively rolling out products aimed at covering medical expenses related to cancer, diseases, and other health threats amid a rapidly changing demographic landscape, according to industry officials, Wednesday.Read More »Demographic crisis drives life insurers into non-life insurance sector

By Lee Yeon-woo | The Korea Times | April 6, 2024

Samsung Fire & Marine Insurance has stopped offering bancassurance services, after operating in the field for 21 years.Read More »Samsung Fire & Marine Insurance ends bancassurance business

By Lee Kyung-min | The Korea Times | April 3, 2024

The term of Heungkuk Life Insurance CEO Lim Hyung-joon was extended for a year at a shareholders meeting on Friday.Read More »Ex-BOK deputy governor renews term as Heungkuk Life CEO

By Anna J. Park | The Korea Times | March 28, 2024

Insurers piling up in M&A market

The Korea Development Bank (KDB) is mulling over incorporating KDB Life as a subsidiary instead of pursuing another futile attempt to sell the insurer, industry sources said.Read More »KDB mulls over halting sale of KDB Life

The state-run bank will focus on bolstering KDB Life’s financial health before searching for a new buyer

By Jong-Kwan Park | The Korea Economic Daily| March 27, 2024

The state-run Korea Development Bank (KDB) has suspended the protracted sale process of KDB Life Insurance Co. to take full control of the insurer before putting it back on the market at a higher valuation, according to people with knowledge of the matter on Wednesday.Read More »KDB halts KDB Life sale process to take full control

It will provide training in the fields of underwriting and actuarial science to the VIDI and support the insurance DB

By Mi-Hyun Jo | The Korea Economic Daily | March 22, 2024

The Korea Insurance Development Institute (KIDI) announced on Friday that it signed a business agreement with the Vietnam Insurance Development Institute (VIDI) to support the establishment of insurance infrastructure in Vietnam.Read More »KIDI to build insurance infrastructure in Vietnam