Reinsurance Group of America (RGA), a leading global life and health reinsurer, today announced it has reached an agreement with Tongyang Life Insurance Company for an RGA subsidiary to reinsure a KRW200bn ($144.35m) in-force block of life policies through coinsurance.
AIA Korea has announced that the Seoul-based life insurer would come up with a new series of video clips about its marketing campaign of inviting influencers and agents to the Premier League.
Korean insurers are expected to sustain their profitability through continued growth in new contractual service margin (CSM), says Fitch Ratings.
South Korea's Kyobo Life Insurance, one of the three biggest life insurers in the country, has announced that its 'A1' (Stable) insurance financial strength rating has been affirmed again by Moody's Ratings, one of the world's top three credit rating agencies.
Insurance companies in South Korea reported investments totalling KRW31.3tn ($22.7bn) in real estate overseas at the end of December 2023, holding the largest share of 54.4% among all categories of financial institutions in the country, according to data released by the Financial Supervisory Service (FSS).
Korea's insurance market has seen a lot of growth and innovation over the past few years, but there is still work to be done to improve the underlying health of the industry. Munich Re's Messrs Roland Eckl and Michael Hauer elaborate.
Insurance companies in South Korea saw their combined net profit shrink more than 11% from a year earlier in the first three months of the year, according to data from the Financial Supervisory Service.
Life insurance companies are increasingly targeting the "senior care" market.
More insurance customers are surrendering their policies for cash due to financial burdens exacerbated by high inflation and costly borrowing rates.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.