South Korea Financial Supervisory Service

Regulatory changes are posing a burden on the insurers’ solvency.

Asian operations posted a YoY decline in net income of $16.3m.

Under transitional measures, the industry-wide K-ICS ratio dropped to 206.7%.

Net profits for all 53 major insurers totaled $2.45b.

The South Korean regulator said this is to reduce fraud in the industry.

FSC found the insurance firm in violation of the Insurance Business Act.