이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

AIA prepares to set up Korean subsidiary

Collected: 2016.09.07

Distributed: 2016.09.08

Source: Go Direct

AIA Group Ltd., independent publicly listed pan-Asian life insurance group, plans to set up a subsidiary in Korea, a move closely watched as a preparatory step to pull out of the country amid sluggishness in the insurance market and ahead of tighter capital regulations.

According to the insurance industry Tuesday, AIA Group is said to be preparing to separate Korean operations from Hong Kong branch and create an independent outlet in Korea.

Some believe the move could be preparation to pull entirely out of the Korean market.

AIA, however, denied such allegation.

According to the Korea Life Insurance Association, AIA Korea is the 14th largest life insurer by capital - 14.4 trillion won ($13.2 billion) as of the end of the first quarter - among the total 25 life insurance companies. Its net income rose 57.4 percent to 134.4 billion won last year. Its net profit in the first three months this year totaled 87 billion won, up 116.9 percent from a year ago. Its risk-based capital ratio, a barometer of insurer’s financial soundness, improved to 277.3 percent in the first quarter, from the last year’s 253.8 percent.

By Park Joon-hyung

Read in Korean

List

Previous: Volkswagen, Audi car sales plunge in Korea in August following sale ban

Next: Samsung Electronics vows to lead home appliance market