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Articles by Lim Young-sin
Samsung arms to launch long-term care insurance products
Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. are launching new long-term care insurance products, leveraging their strengths under a common brand as Samsung’s financial arms. Starting Thursday, Samsung Life will offer a comprehensive long-term care insurance policy while Samsung Fire & Marine will introduce a long-term care and health insurance plan. This is the first time the two companies have simultaneously launched products in the same category under a shared brand theme.
Korean lenders brace up for competition in AI pension management
South Korean banks are accelerating efforts to engage in artificial intelligence (AI) management of retirement pensions ahead of the commercialization of robo-advisors (RAs), or automated financial advisors, in the second half of this year. According to sources from the financial industry on Monday, AI-based RAs will be introduced to the retirement pension market in Korea as early as November.
Korean pet insurance market heats up as coverage expands
South Korea’s growing pet market is driving competition within the insurance industry, leading to the introduction of specialized and expanded pet insurance coverages. According to industry sources on Sunday, non-life insurance companies have been extensively upgrading their pet insurance products in 2024. DB Insurance Co. recently revised its dog and cat insurance to cover dental treatments and specific skin medications like Apoquel that were previously excluded.
S. Korea’s top 5 financial groups achieve record half-year profit
South Korea’s five major financial groups have reported a record half-year net profit exceeding 11 trillion won ($7.96 billion), driven by unprecedented interest income surpassing 25 trillion won primarily from banks. Additionally, non-interest income has increased and the profitability of non-banking sectors has improved, contributing to these strong results.
Korean lenders’ mortgage loan balance rises by $3.7 bn in July
Commercial banks in South Korea have seen their outstanding balance in mortgage loans increase by over 5 trillion won ($3.61 billion) in July, data showed on Sunday. According to sources from the banking sector, the outstanding household loan balance at the country’s five major banks stood at 713.31 trillion won as of July 25, up 4.73 trillion won from 708.57 trillion won at the end of June. The five banks are KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup.
Samsung Life launches dementia insurance
Samsung Life Insurance Co. announced on Monday that it has launched an extensive dementia insurance policy that covers all stages from mild cognitive impairment to dementia. The product is the industry’s first policy that extends coverage to mild cognitive impairment and early-stage dementia. The policy also provides an in-kind benefit of a care robot for patients diagnosed with mild cognitive impairment or mild to moderate dementia.
Samsung selects 16 startups for Samsung C-Lab Outside
Samsung Financial Networks and Samsung Venture Investment Corp. announced on Wednesday that they selected 16 startups to compete in the ‘2024 Samsung C-Lab Outside’ finals. The start-up acceleration program encourages competent and prospective entrepreneurs outside Samsung Electronics Co. and the announcement follows a call for applications that attracted 387 startups, from which the final 16 were chosen via a rigorous evaluation process.
Forex market changes open new opportunities for banks
As South Korea's foreign exchange market is set to undergo major changes, including extended trading hours and the entry of foreign institutions, Korean commercial banks are stepping up efforts to capitalize on the emerging business prospects.
Life insurers target senior care market for future growth
South Korean life insurers are increasingly looking to the “senior care” market for the elderly as a key area for their future growth. According to sources from the insurance industry on Sunday, Shinhan Life Insurance Co. plans to open six senior care facilities over the next four years from 2024 to 2028, including four nursing homes and two senior housing. The company aims to open at least one facility each year.
Hanwha Life initiates Indonesia's Nobu Bank acquisition
Hanwha Life Insurance Co. is looking to expand into Southeast Asian as the first Korean insurer to venture into Indonesia's banking sector. The non-life insurer said on Wednesday that a provisional board meeting held the day before approved a proposal to acquire a 40 percent stake in Nobu Bank from Indonesia's multinational conglomerate Lippo Group.
Korea acts to prevent insurance fraud, but concerns remain
South Korea is stepping up its efforts to combat insurance fraud with an amendment to the law set to take effect in August 2024, but concerns remain over the lack of penalties and public disclosure for professionals involved in insurance fraud, according to industry insiders. While the amendment could be effective in detecting brokers, industry insiders question its effectiveness in uncovering cases involving professionals such as insurance industry employees or medical personnel.
Hanwha Life Financial turns profitable, pays dividends
Hanwha Life Financial Service Co., a sales subsidiary of South Korea’s Hanwha Life Insurance Co., announced on Monday that it paid its first dividend at the end of March 2024 after turning profitable in 2023. Hanwha Life Financial Service distributed approximately 1.5 billion won ($1.1 million) to Korea Investment Private Equity Co., which holds an 11.1 percent stake in the company.
Hanwha Life Financial turns profitable, pays dividends
Hanwha Life Financial Service Co., a sales subsidiary of South Korea's Hanwha Life Insurance Co., announced on Monday that it paid its first dividend at the end of March 2024 after turning profitable in 2023. Hanwha Life Financial Service distributed approximately 1.5 billion won ($1.1 million) to Korea Investment Private Equity Co., which holds an 11.1 percent stake in the company.
Science, technology could be solutions for aging population
Science and technology will provide solutions to societal challenges by helping the elderly overcome age-related obstacles and engage in various economic activities, according to the president of Korea's top science institute. Korea Advanced Institute of Science and Technology (KAIST) President Lee Kwang-hyung shared this belief during a conference held as part of the Vision Korea initiative on Wednesday while emphasizing the key role of science and technology in addressing demographic issues.
Korea’s central bank to test digital currency in Q424
South Korea’s central bank will begin testing a central bank digital currency (CBDC) with the public in the fourth quarter of 2024. The Bank of Korea (BOK) announced Thursday that it has prepared a detailed plan for the CBDC usability test in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). The BOK will conduct two tests, a real-world transaction test and a technical test in a virtual environment.
Japanese yen weakens while Korean won gains value
The South Korean won per 100 yen rose to the 850 won level, the highest since the global financial crisis. The won strengthened due to the market's disappointment with the Bank of Japan's (BOJ) monetary easing policy, deepening the yen's weakness and fueling risk appetite.
Samsung, Meritz non-life insurers achieve record Q3 earnings
South Korean non-life insurance providers Samsung Fire & Marine Insurance Co. and Meritz Fire & Marine Insurance Co. on Monday posted record earnings for the third quarter despite the unfavorable business environment. On Monday, three out of the country's top five non-life insurers ? Samsung Fire & Marine Insurance, Meritz Fire & Marine Insurance, and DB Insurance Co. ? released their third-quarter earnings.
Insurance fraud hits record levels, but prevention act remains dormant
Insurance fraud is becoming more sophisticated and evolving into an organized crime in South Korea, with an increasing number of instances involving insurance agents or collusion among hospital workers. According to sources from the Financial Supervisory Service on Sunday, the amount of insurance fraud detected in the first half of 2023 totaled 623.3 billion won ($471.29 million).
Korean stocks surge after short selling ban
South Korean stocks soared Monday, after the financial authority banned short selling transactions until the end of June 2024, triggering foreign investors to buy secondary battery-related stocks, leading to a sharp increase in both the main Kospi and secondary Kosdaq markets. On Monday, the benchmark Kospi closed at 2,502.37, up 5.66 percent from the previous trading day, while the Kosdaq closed at 839.45, up 7.34 percent.
Frequent CEO changes make it difficult to invest: outgoing KB Financial chief - Pulse by Maeil Business News Korea
Companies should develop their unique governance structure and advance it, taking into consideration the situations faced by them, industry characteristics, cultural differences, and more, the outgoing chairman of KB Financial Group said on Monday.
Kakao’s travel insurance premium makes waves in Korea
Kakao Pay Insurance Corp.’s overseas travel insurance product is taking the local industry by storm. Within a mere month of its launch, the product garnered nearly 60,000 subscribers and has been showered with accolades from satisfied users. The remarkable achievement can be attributed to its innovative “reverse-thinking” approach and the flexibility it offers policyholders to tailor their coverage to their specific needs.
KB to offer low-interest loans for SK suppliers with top ESG initiatives
KB Kookmin Bank will provide low-interest loans to SK Group’s suppliers that excel in environmental, social, and governance (ESG) management, aiming to drive positive change in various industries and promote a more sustainable future. The South Korean lender said on Wednesday it signed an MOU with SK Group to support the expansion of ESG practices within SK Group suppliers.
Banks scramble for new funds ahead of maturing high-interest deposits - Pulse by Maeil Business News Korea
South Korea’s commercial banks are looking to stay ahead of the maturation of their high-interest deposits by competing for new funds. In the wake of the “Legoland” crisis that led to a money market crash in September 2022, banks aggressively attracted deposits by offering the highest interest rates since the financial crisis.
Loans for self-employed surge at Korean online banks - Pulse by Maeil Business News Korea
Self-employed individuals in South Korea are turning to loans extended by online-only banks as they offer contactless and unsecured credit loans at relatively lower interest rates of under 5 percent. According to the Korea Federation of Banks on Tuesday, the average annual interest rate for loans for the self-employed offered by KakaoBank Corp. stood at 5.84 percent in June.
KB Financial Group lists six candidates for next chairman - Pulse by Maeil Business News Korea
South Korea’s KB Financial Group Inc. on Tuesday short-listed six candidates for the position of its next chairman, including four internal nominees. According to the nomination committee on Tuesday, the four internal candidates are Park Jeong-rim, head of the capital market, corporate and investment banking business and asset management group at KB Financial, and three others that were identified earlier ? Yang Jong-hee, Lee Dong-cheol, and Hur Yin, who all serve as co-vice chairmen of the group.
Korea’s KB Financial Group to name new chairman in September - Pulse by Maeil Business News Korea
South Korea’s KB Financial Group Inc. has embarked on the procedure of selecting a new chairman. KB Financial Group’s Chairman Candidate Recommendation Committee on Thursday approved the qualification requirements for the next chairman and the detailed rules for the nomination process. The five qualifications for the chairman are work experience and expertise, leadership, integrity, shared group vision and values, and sound management efforts in the short and long term.
Overdue loans of self-employed in Korea up by nearly 80% in 2022
The amount of overdue loans of individual businesses in South Korea soared 76 percent last year and may hit 1 trillion won this year, raising concerns about default risk amid the weak economy and high interest rate environment.
Korean won rallies against U.S. dollar on chip industry rebound expectations - Pulse by Maeil Business News Korea
The Korean won, which had shown a severe decline earlier this year, has been rising on expectations for a rebound in the semiconductor industry based on a boom in the artificial intelligence (AI) and the influx of foreign buyers, prompting foreign exchange experts to raise their forecasts for the currency’s value in the second half of this year.
Mortgage rates from S. Korean banks fall along with COFIX benchmark - Pulse by Maeil Business News Korea
The minimum interest rate for mortgage loans from commercial banks in South Korea is set to decline to the 3 percent annualized range, as COFIX, or Cost of Funds Index, a benchmark lending rate for mortgage loans, fell again for the first time in a month. According to the Korea Federation of Banks (KFB) on Monday, COFIX for new mortgage loans was 3.44 percent in April, down 0.12 percentage points from 3.56 percent in March.
Korea’s Cofix down for a 3rd month in Feb. amid low bond yields - Pulse by Maeil Business News Korea
Cofix, the benchmark for short-term financing cost, has declined for the third month in February amid low bond yields after the collapse of Silicon Valley Bank (SVB) in the U.S. The fixed annual mortgage rate at Hana Bank stood at 4.149~4.749 percent on Wednesday, down 0.47 percentage point from March 2.
Korean market rates rise despite BOK’s rate freeze on higher bank bond yields - Pulse by Maeil Business News Korea
The Bank of Korea (BOK) on Thursday kept its benchmark rate unchanged at 3.50 percent but market rates for credit and mortgage-backed loans are projected to rise gradually on higher bank bond yields. The annual interest rate for credit loans at the country’s four major banks KB Kookmin, Shinhan, Hana, and Woori rose slightly to 5.357~6.59 percent on Thursday from 5.140~6.49 percent on Feb. 6. The rise comes on higher bank bond yield that is a reference for credit loan interest rates.
S. Korean lenders cut deposit rates despite higher base rate - Pulse by Maeil Business News Korea
Commercial lenders in South Korea are lowering deposit interest rates to below 4 percent despite higher base rate amid a decline in bank bond yield. According to multiple sources from the bank industry on Tuesday, the interest rate for deposit accounts with a maturity period of one year at five major lenders in Korea has declined to the upper 3 percent range.
Mortgage loan rates may approach its peak as benchmark rate falls - Pulse by Maeil Business News Korea
Interest rate of mortgage loans may be approaching its peak as the Cost of Funds Index, or COFIX, a benchmark lending rate for mortgage loans in Korea, dropped for the first time in 11 months. According to the Korea Federation of Banks (KFB) on Monday, COFIX for new loans at the end of December was 4.29 percent per year, down 0.05 percentage point from the previous month. It has been 11 months since the benchmark for new loans fell after a 0.05 percentage point decrease in January last year.
Fast rising borrowing costs causing uncertainties in debt market - Pulse by Maeil Business News Korea
South Korea‘s financial authorities have raised the level of monitoring on commercial banks’ lending rates that have risen at a faster pace than the central bank’s benchmark rate as excessive borrowing costs have caused uncertainties in the local financial market. Banks’ lending rates have increased faster than ever during a rate increase cycle since 2000, according to data on Wednesday.
Koreans flock to banks in fastest pace amid unprecedentedly strong tightening cycle
South Korean investors are decisively withdrawing from the securities and property market to park their money in safer time deposits and installment savings as rates jump to 4 to 5 percent level versus sub-1 percent a year ago. According to data released by the Bank of Korea on Thursday, the outstanding balance in bank accounts reached 2,245.4 trillion won ($1.57 trillion) as of the end of September, surging 36.4 trillion won from a month ago.
Naver to enhance internet search engine to fend off Google’s ascent in Korea - Pulse by Maeil Business News Korea
Naver to enhance internet search engine to fend off Google’s ascent in Korea Receiver Sender title message South Korean internet giant Naver Corp. will update its internet search platform that takes up more than 50 percent of its total revenue, with a deep learning-based new search feature that finds information reflecting user intent next month to defend its dominance internet search market from Google.
S Korea’s SK Telecom stands by Nanox investment - Pulse by Maeil Business News Korea
S Korea’s SK Telecom stands by Nanox investment Receiver Sender title message [Photo by SK Telecom Co.] South Korea’s SK Telecom Co., the second-largest shareholder of Nanox, defended its investment in the Israeli medical imaging startup and reaffirmed its confidence in the company`s novel invention that has claimed to replace conventional X-rays.
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