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Financial giants mull acquiring KDB Life, ABL Life to beef up non-banking revenues

    M&A market for insurance companies to expand in H2

    By Anna J. Park | The Korea Times | August 7, 2023

    Aiming to expand their non-banking business portfolios, major financial firms, including local financial groups, are closely examining whether to add new insurance subsidiaries, as two insurers ― KDB Life Insurance and ABL Life ― are currently looking for new owners.Read More »Financial giants mull acquiring KDB Life, ABL Life to beef up non-banking revenues

    Authorities Present IFRS 17 Guidelines to Prevent Insurance Companies from Inflating CSM

      By Jasmine Choi | Business Korea | June 1, 2023

      With the introduction of the new International Financial Reporting Standard 17 (IFRS 17), financial authorities have prepared guidelines to prevent insurance companies from inflating Contractual Service Margins (CSM) through arbitrary and optimistic actuarial assumptions.Read More »Authorities Present IFRS 17 Guidelines to Prevent Insurance Companies from Inflating CSM

      Korea Development Bank makes fifth attempt to sell life insurance unit

        By Park Chang-young and Minu Kim | Pulse News | May 26, 2023

        Korea Development Bank (KDB) has put KDB Life Insurance Co. up for sale once again, with several private equity funds submitting letters of intent (LOIs) for the deal, after failing four times in the past without success as life insurance business has become less attractive due to an aging population.Read More »Korea Development Bank makes fifth attempt to sell life insurance unit

        KB Insurance posts all-time high profits under IFRS17

          New accounting standard benefits large non-life insurers

          By Anna J. Park | The Korea Times | May 8, 2023

          KB Insurance has posted a record-high quarterly profit of 253.8 billion won ($192 million) in the first quarter this year, a 25.7 percent jump from the same period last year. The hike is mainly attributed to the implementation of the International Financial Reporting Standard (IFRS) 17, a set of new global accounting standards, starting this year.Read More »KB Insurance posts all-time high profits under IFRS17