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 David Gambrill | Canadian Underwriter | April 27, 2023
IFRS 17 will change the presentation of company results in 2023 Q1, eliminating one standard property and casualty insurance financial metric completely, and subtly affecting how combined operating ratios are presented.Read More »How IFRS 17 changed two key P&C financial metrics
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
By Yoon Young-sil | Business Korea | December 6, 2022
The Financial Supervisory Service announced on Dec. 5 that the New Korea Insurance Capital Standard (K-ICS) would be implemented next year in step with the implementation of IFRS 17.Read More »New Korea Insurance Capital Standard to Be Implemented Soon
By Anna J. Park | The Korea Times | Oct 14, 2022
Korea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale.Read More »KDB Life put up in M&A market for fifth time
By Pete Carvill | Reinsurance News | August 26, 2022
Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers.Read More »Korean Insurance Capital Standard to have limited impact: Fitch Ratings
By Matt Sheehan | Reinsurance News | August 26, 2022
Analysts at S&P Global Ratings have warned that ratings actions could be taken if insurers and reinsurers make significant changes to their risk appetite or capitalization strategies following the implementation of IFRS 17 in 2023.Read More »IFRS 17 strategy changes could affect ratings, warns S&P