News

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

The unit is looking to gain approval for a capital reduction plan to reduce financial burden

By Kenneth Araullo | Insurance Business | May 30, 2023

Korea Development Bank (KDB) is marking a fifth attempt to sell off its life insurance unit, KDB Life Insurance, with several private equity funds submitting letters of intent for the deal.Read More »Korean bank marks fifth attempt to sell off 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

By Yoon Young-sil | Business Korea | May 18, 2023

Global non-life insurers have been entering the Korean market one after another. The Korean insurance market ranks seventh or eighth in the world.Read More »Foreign Non-life Insurers Make Foray into Korean Market

By Jung Min-hee | Business Korea | May 12, 2023

Korean insurers’ performances have been noticeably improved in the first quarter of 2023 on the strength of the implementation of the new International Financial Reporting Standard 17 (IFRS 17), according to sources in the Korean insurance industry on May 10.Read More »Insurers’ Earnings Swell under New International Accounting Standard

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

By Junsup Jung | Business Korea | March 27, 2023

The major insurers under our coverage have disclosed their simplified financial statements under new 2022 IFRS17. CSM is expected to be the core of future insurance company valuations.Read More »IFRS17 update: Expectations remain high

By Kim Eun-jin | Business Korea | March 14, 2023

A total of 19 insurance companies, more than one-third of the total, asked the Financial Supervisory Service to postpone the implementation of the Korea Insurance Capital Standard (K-ICS). The ratio is over 50 percent when it comes to life insurance companies. The standard is for soundness assessment in which both assets and liabilities are calculated on a present value basis.Read More »Multiple Insurance Companies Requesting K-ICS Grace Period

By Jung Min-hee | Business Korea | March 9, 2023

Insurance companies are supposed to submit their tenth preparedness assessment reports to the Financial Supervisory Service by this month regarding the Korea Insurance Capital Standard (K-ICS) based on IFRS 17 introduced this year.Read More »IFRS 17 Still Headache for Non-large Insurance Companies