By Aaron Michael C. Sy | Business World | March 8, 2024
THE INSURANCE COMMISSION (IC) is requiring covered companies to apply a new set of accounting policies that will make financial reports more transparent and universally comparable starting Jan. 1 next year.Read More »Insurers told to make financial reports more transparent
By Kassandra Jimenez-Sanchez | Reinsurance News | February 27, 2024
Capital management of South Korea insurers are expected to continue to feel pressured due to the implementation of new standards, such as Korean-Insurance Capital Standards (K-ICS) and IFRS 17, according to a recent report by AM Best.Read More »South Korea insurers to continue to feel pressure due to new standards: AM Best
By Insurance Asia | February 22, 2024
The adoption of K-ICS drove operational strategies of Korean insurers to focus on expanding sales of protection-type products with high profitability.Read More »IFRS 17, K-ICS weakens average solvency ratio
Sale of Lotte Insurance to test market sentiment
By Anna J. Park | The Korea Times | February 16, 2024
Market attention is now on whether the insurance M&A market could be able to reverse its frozen atmosphere in this year. While some market watchers expect M&A activities in the insurance sector to be revitalized as uncertainties are resolved over the application of the new IFRS 17 global accounting standards, concerns still linger regarding the long-term forecast for the domestic insurance industry, according to industry officials, Friday.Read More »Will M&A market for insurance companies revive this year?
By Gabriel Budi Sutrisno | TechinAsia | December 22, 2023
Japan-based insurance firm Sumitomo Life is set to complete its acquisition of Singapore’s Singlife following a new commitment to purchase all shares previously held by other entities.Read More »Japan’s Sumitomo Life to fully acquire Singlife, tightening grip on SEA
By Yi Whan-woo | The Korea Times | December 22, 2023
The steeply falling population in Korea is prompting domestic insurance firms to accelerate overseas business expansion in search of new subscribers.Read More »Demographic crisis prompts more insurers to go abroad
“We remain excited about the significant potential,” says leader
By Kenneth Araullo | Insurance Business Magazine | December 21, 2023
Prudential, the life and health insurer, has announced a significant capital infusion in its joint venture (JV) with CITIC Financial Holdings. A media release said the joint venture, CITIC-Prudential Life Insurance Company (CPL), is set to increase its registered capital by RMB2.5 billion (US$351 million) following the approval from CPL’s shareholders.Read More »Prudential announces capital increase for CITIC joint venture
By Insurance Asia | December 7, 2023
New measures extend the adjustment period for insurers to adapt product and investment strategies to meet capital requirements by 2026.Read More »Recent regulatory changes to boost Taiwan’s life insurance sector: Fitch Ratings
New measures give the industry more time to adjust its strategies
By Kenneth Araullo | Insurance Business Magazine | December 6, 2023
Taiwan’s Financial Supervisory Commission (FSC) has recently introduced measures designed to assist life insurers in coping with the challenges posed by interest-rate risks, with these changes part of the transitional arrangements for the upcoming implementation of the localised Insurance Capital Standards (TW-ICS) and IFRS 17.Read More »Transitional measures to help ease risks for life insurers in Taiwan – Fitch Ratings
Sale of ABL Life Insurance falls through
By Anna J. Park | The Korea Times | November 5, 2023
ABL Life Insurance has failed to find a new owner after private equity firms (PEFs) that were pursuing the acquisition of the life insurer have all pulled out, resulting in the cancellation of the sale process.Read More »More insurance firms go up for sale after valuation adjustments