By Asia Insurance Review | March 19, 2024
The Philippine Insurance Commission (IC) has issued a circular, mandating insurance and reinsurance companies to adopt Philippine Financial Reporting Standard 17 (PFRS17) on insurance contracts, which is aligned with IFRS17.Read More »Philippines: Insurance industry to adopt new financial reporting standards wef 1 Jan 2025
Regulator unveils plans regarding new standard
By Roxanne Libatique | Insurance Business Magazine | March 16, 2024
The Insurance Commission (IC) of the Philippines has issued a directive to insurance companies, mandating the adoption of a new accounting standard aimed at enhancing the transparency and international comparability of financial reports.Read More »Philippine insurance industry to adopt new reporting standard for enhanced transparency
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