South Korea
KB Insurance earnings up 9.1% to $6b in FY 2024
KB Insurance earnings up 9.1% to $6b in FY 2024
Thanks to higher revenues, which increased 3.8% YoY.
South Korea’s life insurance market to bag $158b through 2029
The industry is projected to recover in 2024 after a decline in 2023.
South Korea's insurance industry to hit $191.2b by 2029
This year, the industry is expected to grow by 2.2%.
South Korea increases foreign exchange insurance to KRW1.4t
The government will provide $248b in policy financing to exporting companies.
South Korean insurers face $62m from LA wildfire losses
DB Insurance holds 37 active policies in the affected regions.
Capital adequacy ratio of S. Korean insurers increased end-September ‘24
When transitional measures were excluded, the ratio stood at 202.7%.
New reinsurers enter Korea’s property treaty market, says Gallagher Re
Competition was more intense for excess of loss placements compared to pro rata.
South Korean insurers bag $80b in premiums for H1 2024
Net income of all insurers for H1 2024 amounted to $6.49b.
Korean Re's focus on profitable lines boosts outlook
It’s operating performance remains adequate, with an ROE of 9.5%.
AM Best affirms Meritz's outlook as stable
Its balance sheet strength is bolstered by its solid financial flexibility.
Samsung Fire's Q3 net profit rises 13.7% YoY
Meanwhile, insurance profit dipped 7.7% YoY.
South Korea's insurance industry to reach $191.2b in 2029 with 3.4% CAGR
The life insurance and pension segment accounted for 84% of premiums in 2024.
NongHyup P&C Insurance benefits from NACF’s support
Its capital and surplus saw significant growth in 2023 due to IFRS 17 adoption.
Government backing ensures Korea Trade Insurance's solvency
Moody's views government support as near-certain, given K-SURE’s designation as a public institution.
South Korea’s general insurance sector to hit $33.3b by 2029
Liability insurance, the second-largest segment, is expected to expand by 12.2% in 2024.
Construction Guarantee’s focus on public projects mitigates economic risks
CG's regulatory capital ratio improved to 225% in 2023.
CI Guarantee stands strong with solid capital buffer
The return on equity rose to 3.1% in 2023, higher than the 2021-2023 average of 2.7%.
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Embrace AI or be left behind, an expert said at the Asian Banking & Finance and Insurance Asia Summit today.
Commentary
Ageing populations and rising mortality main concerns for life insurers and reinsurers