By Chris Seekings | The Actuary | May 18, 2022
The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.
It is the first major standard adopted by the UKEB, which is responsible for the endorsement and adoption of international accounting standards following the UK’s departure from the EU.Read More »UK Endorsement Board adopts IFRS 17
By Yoon Young-sil | Business Korea | April 15, 2022
The Financial Services Commission (FSC) announced on April 13 that it has designated MG Non-Life Insurance as an insolvent financial institution.Read More »MG Non-Life Insurance Declared Insolvent
By Anna J. Park | The Korea Times | April 15, 2022
Woori Financial Group shows interest in taking over MG Non-Life Insurance
As MG Non-Life Insurance was declared insolvent this week, its ripple effects could now adversely influence the pre-arranged sale of KDB Life to JC Partners, a major shareholder of MG Non-Life.Read More »MG Non-Life Insurance’s insolvency to hamper JC Partners’ KDB Life acquisition deal
By Jason Contant | Canadian Underwriter | September 22, 2021
Learning how to “speak IFRS 17” will be an essential skill for insurers for both ongoing effective governance and communicating business performance to stakeholders, a partner at PwC Canada said.Read More »Are you ready for the changes in IFRS 17?
By Yi Whan-woo | The Korea Times | February 14, 2022
Kyobo Life Insurance faces a bumpy road on its plan to go public during the first half of 2022, due to a protracted litigation between its chairman and the firm’s second-largest shareholder Affinity Equity Partners over a dispute concerning the private equity fund exercising a put option.Read More »Kyobo faces bumpy road to IPO due to protracted legal dispute
By Alysia Cameron-Davies | International Travel & Health Insurance Journal | January 25, 2022
Direct written premiums (DWP) set to increase to KRW262.5 trillion (US$229.5 billion) in 2025, predicts GlobalData
GlobalData calculates a rise in DWP from KRW220.5 trillion ($186.8 billion) in 2020 to KRW262.5 trillion ($229.5 billion) in 2025, with a compound annual growth rate (CAGR) of 3.5 per cent.Read More »Insurance industry growth in South Korea
Canadian insurers well positioned to deal with elevated risks from IFRS 17
By James Langton | Advisor’s Edge | January 24, 2022
The global insurance industry is facing the most significant change to its accounting rules in 20 years, says DBRS Morningstar in a new report.Read More »Insurers face major change to accounting rules
By Kim Bo-eun | The Korea Times | January 20, 2022
Court rules in favor of policyholders of insurer’s immediate annuity contract
Samsung Life Insurance has been mired in a number of legal battles in the past few years, which have weighed on the insurer as a major burden.Read More »Samsung Life Insurance weighed down by legal disputes
By Fitch Ratings | January 7. 2022
IFRS 17 can enhance our insurance sector analysis, Fitch Ratings says. We expect most ratios used in our financial performance analysis to be maintained, and to adopt new ratios using additional information.Read More »IFRS 17 Could Enhance Insurance Sector Analysis
By Zainab Iwayem | Nairametrics | January 7, 2022
The National Insurance Commission (NAICOM) has insisted that there is no going back on the implementation of the International Financial Reporting Standard (IFRS 17) in 2023 following concerns over loopholes in Nigeria’s approach.Read More »IFRS 17: How new reporting standard will transform insurance sector analysis