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Recently, several corporate insurance agencies (GA) under the umbrella of major life insurance companies have come under scrutiny for offering illegal rebates during the sale of insurance policies. Recently, several corporate insurance agencies (GA) under the umbrella of major life insurance companies have come under scrutiny for offering illegal rebates during the sale of insurance policies. The National Tax Service (NTS) has initiated a tax investigation into 14 GA firms, some of which are subsidiaries of large life insurers like Hanwha, Shinhan, and MetLife. This situation raises concerns about the need for stricter oversight of GA operations to restore trust in the insurance industry. The Korean insurance industry is facing a significant issue as corporate insurance agencies (GA) are embroiled in a rebate scandal. According to the National Tax Service (NTS), 14 GA firms, including subsidiaries of major life insurance companies like Hanwha Life, Shinhan Life, and MetLife, are under ...

Savings banks recorded a loss of 3.8 trillion KRW in the first half of the year, mainly due to an increase of nearly 4 trillion KRW in loan loss provisions related to real estate project financing (PF). Savings banks recorded a loss of 3.8 trillion KRW in the first half of the year, mainly due to an increase of nearly 4 trillion KRW in loan loss provisions related to real estate project financing (PF). Despite the significant drop in profits, the financial authorities have stated that the situation does not warrant artificial restructuring. Instead, they are focusing on promoting voluntary mergers and acquisitions (M&A). This blog post explores the reasons behind the losses and the regulatory responses. 1. Reasons Behind the Losses In the first half of 2024, savings banks reported a loss of 3.8 trillion KRW, a substantial increase of 2.8 trillion KRW compared to the same period last year. The main reason for this loss is the increase in loan loss provisions by approximately 4 trill...