Business - The Korea Times

Insurance sector expands voluntary retirement amid digital transformation, M&As

The scale of voluntary retirements in the insurance sector during the second half of this year is expected to exceed that of previous years amid ongoing digital transformation and a series of mergers and acquisitions (M&As), industry officials said Monday. As workforce restructuring is seen as inevitable during the integration process, companies are expected to focus more on encouraging voluntary departures rather than enforcing layoffs. Hanwha General Insurance is scheduled to complete its merger with Carrot General Insurance by September, and voluntary retirements may follow. Older employees at Hanwha are expected to be the primary targets, given Carrot's relatively younger workforce. According to industry watchers, around 20 percent of employees are typically affected by workforce reductions during mergers. With labor costs largely fixed, insurers view restructuring as inevitable in their efforts to improve efficiency. Similar voluntary retirement plans are expected to be considered at Tongyang Life Insurance and ABL Life Insurance, as Woori Financial Group is set to complete its acqu

Jun 16, 2025By Jun Ji-hye

Insurance sector expands voluntary retirement amid digital transformation, M&As

Korea's first dedicated pet insurer set to launch next month

MyBrown, Korea's first insurer dedicated solely to pet insurance, is set to launch next month after securing final approval from the Financial Services Commission (FSC), according to company and industry officials, Sunday. This marks the first full license granted under the small-amount, short-term insurance system introduced in 2021, signaling a potential turning point for the insurance industry. The system allows companies with at least 2 billion won ($1.5 million) in capital to offer specialized insurance products tailored to everyday needs. MyBrown received its business license from the country's top financial regulator last Wednesday, allowing it to operate as a small-amount, short-term insurer specializing in pet insurance. Founded in March last year, the company received preliminary approval in September and has since fulfilled all necessary requirements, including capital funding, staffing and system development, over the past nine months. MyBrown said its mission is to improve standards in veterinary care and reduce the financial burden on pet owners. It sets itself apart by ope

Jun 16, 2025By Jun Ji-hye

Korea's first dedicated pet insurer set to launch next month

Will KOSPI breach 3,000 points despite escalating Middle East conflict?

With the KOSPI's climb toward 3,000 points hitting a snag amid growing geopolitical tensions in the Middle East, the benchmark index’s rise this week largely depends on whether domestic policy-driven expectations, which have supported foreign inflows, will continue, according to market analysts, Sunday. Should the KOSPI break above 3,000, it would mark the first time since October 2021. According to Korea Exchange, the KOSPI gained 8.19 percent from June 4 when the new government took office, through Thursday. However, it slipped 0.87 percent on Friday, falling below 2,900 amid the armed conflict between Israel and Iran and a wave of short-term profit-taking. Investor sentiment toward risk assets deteriorated rapidly following Israel’s airstrike on Iran. The won-dollar exchange rate jumped by more than 10 won ($0.01), and international oil prices surged nearly 10 percent. If the heightened tensions add to growing concerns over a global economic slowdown, foreign capital inflows could be negatively affected. "The KOSPI is currently in a position to target the 3,000-point level solely t

Jun 15, 2025By Lee Yeon-woo

Will KOSPI breach 3,000 points despite escalating Middle East conflict?

Not a luxury: How inclusive insurance provides stability for LGBTQ lives

Worried about your insurance after a legal gender change? Want to leave life insurance to your partner? Taking medication for depression or ADHD? Although insurance plays a vital role in financial security, these complex and deeply personal questions can make navigating the sector overwhelming for members of the LGBTQ+ community. "Insurance requires sharing sensitive health and personal information, yet many people in the LGBTQ+ community said they had no safe space to seek advice in these situations," Park Ju-hyun, an insurer who participated in Seoul Queer Culture Festival (SQCF) on Saturday, told The Korea Times. "Yet if you don’t have family or a social safety net, private systems like insurance can help fill that gap," Park added. "Insurance isn’t a luxury. It's even more essential for people like us." Park is the team leader of PRISM, a branch office affiliated with a domestic insurance company that aims to promote inclusive financial support. The branch's eight employees set up a booth at the SQCF in downtown Seoul. Park declined to identify the company’s name for this artic

Jun 15, 2025By Lee Yeon-woo

Not a luxury: How inclusive insurance provides stability for LGBTQ lives

Banks rush to attract ‘young and rich’ with tailor-made services

Commercial banks are rushing to introduce tailor-made services for “young and rich” customers, a marketing term referring to those who are in their 40s or younger and have more than 1 billion won ($730,500) in financial assets. These customers accumulated wealth at a relatively young age, with some gaining fortune through successful business ventures, while others did so with high investment returns or inherited wealth. Lenders are seeking to woo them by identifying their lifestyle, hobbies and interests, as their numbers have grown in recent years. A KB Financial Group study showed the number of these customers reached 461,000 in 2024, a more than 30 percent increase from 2020. A separate study from Hana Bank showed that wealthy people in their 30s and 40s have been accumulating wealth twice as fast as older wealthy clients over the past five years. Under these circumstances, Woori Bank is offering a range of benefits for young, high-net-worth clients related to hotels, shopping and cultural experiences. For instance, targeted customers can receive a 5 percent discount on room packag

Jun 14, 2025By Yi Whan-woo

Banks rush to attract ‘young and rich’ with tailor-made services

Seoul shares extend winning streak to 7th day; won sharply up

Korean stocks closed higher Thursday, extending their winning streak to a seventh session, driven by big gains in the defense and energy sectors. The local currency was trading sharply higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.99 points, or 0.45 percent, to end at 2,920.03. Foreigners briefly turned to net sellers in the middle of the day to lock in profits but ended up purchasing a net 405.7 billion won ($299 million) worth of local shares. Retail investors and institutions unloaded 175.1 billion won and 239.7 billion won, respectively. Trade volume was heavy at 695.5 million shares worth 17 trillion won, with winners outnumbering losers 518 to 374. "The KOSPI maintained its upward momentum thanks to gains in the defense and nuclear power sectors despite uncertainties that led to the mixed performance of global stock markets," Lee Kyoung-min, an analyst at Daishin Securities, said. Lee said fresh geopolitical tensions helped boost the defense and shipbuilding sectors, while the nuclear power plant shares benefited from expectations for

Jun 12, 2025By Yonhap

Seoul shares extend winning streak to 7th day; won sharply up

Kbank surpasses 14 mil. customers amid rapid growth

Kbank's total number of users has surpassed 14 million amid continued growth since beginning operations in April 2017, the bank said Thursday. The internet-only bank reported that it attracted about 4.5 million new customers over the past year and a half, up from 9.53 million at the end of 2023. In 2025 alone, more than 1.26 million users joined the bank in the first five months, with an average of over 250,000 new signups per month. This rapid expansion of its customer base has been accompanied by a significant increase in asset size. The bank’s total assets reached 30.39 trillion won ($22 billion) in the first quarter of 2025, marking a 42 percent rise from 21.42 trillion won at the end of 2023. Kbank has seen balanced growth across age groups, with its customer base expanding steadily among both younger and older generations. Since the end of 2023, the share of customers aged 20 and under grew from 22 percent to 24 percent, while those aged 50 and above rose from 22 percent to 28 percent. The proportion of users in their 30s and 40s remained steady at 24 percent each. The firm explai

Jun 12, 2025By Jun Ji-hye

Kbank surpasses 14 mil. customers amid rapid growth

Eximbank raises 750 mil. euros with newly issued green bond

The Export-Import Bank of Korea (Eximbank) has raised 750 million euros ($855 million) worldwide by selling newly-issued bonds aimed at supporting environment-friendly projects, the company said Wednesday. The green bond has a three-year maturity. It was issued by taking into account preferences of euro-denominated bond investors, as well as the new Korean government’s eco-friendly policy objectives. Eximbank said it originally planned to sell 500 million euros but scooped 750 million euros on the back of strong demand from investors. It raised 88.3 percent of the 750 million euros from Europe and the Middle East, and the remaining 11.7 percent from Asia. Institutional investors, central banks, international organizations and public entities made up some 49.2 percent of all investors. Commercial banks made up another 16.5 percent share and asset management firms took up another 34.3 percent. Eximbank said the green bond will help the company successfully return to the European bond market as an issuer of sovereign, supranational and agency (SSA) bonds. Such bonds are issued by highly cre

Jun 11, 2025

Eximbank raises 750 mil. euros with newly issued green bond

Will Kakao be biggest beneficiary of new government’s policies?

Kakao Pay's stock price surged sharply following the launch of the Lee Jae-myung administration, fueled by growing expectations for the introduction of a Korean won-based stablecoin, analysts said Tuesday. Shares of other Kakao-related companies also rallied on optimism around President Lee's policy agenda, particularly the expansion of the artificial intelligence (AI) industry. According to the Korea Exchange, Kakao Pay's stock price closed at 57,400 won ($42), Tuesday, up 15.96 percent from the previous trading day's close of 49,500 won. On Monday, the stock surged 29.92 percent. The sharp rise reflects growing expectations that discussions surrounding the introduction of a won-based stablecoin will accelerate following the appointment of Kim Yong-beom, a former first vice finance minister, as the new presidential chief of staff for policy. Stablecoins — digital assets pegged to real-world currencies such as the U.S. dollar — are designed to minimize price volatility. If a won-based stablecoin is officially introduced, it is expected to expand Korea's payments and settlement ecosys

Jun 10, 2025By Jun Ji-hye

Will Kakao be biggest beneficiary of new government’s policies?

Mirae Asset seeks further expansion into high tech-oriented China market

Mirae Asset Securities is increasingly eyeing China’s listed high-tech companies as securities firms seek to diversify their U.S.-centric investment portfolios and realize higher returns in the world's second-largest economy, according to company officials, Tuesday. The China-focused strategy comes as the country has drawn less attention than the United States from Korean stock investors despite its growth potential in the era of accelerated digital transformation. For instance, Korea Securities Depository data showed that U.S. stocks make up more than 90 percent of the outstanding account balance of Koreans who invest in overseas stocks. Under such circumstances, Mirae Asset Securities recently sent some of its private bankers to China on a field trip to Hangzhou, Guangzhou, Shenzhen and other manufacturing hubs. The companies they visited included e-commerce giant Alibaba and electric car makers BYD and XPENG. RoboSense and UBTECH, both AI-based robotics companies, and cloud software manufacturer Kingdee Software were also on the list of their destinations. A company PR official said t

Jun 10, 2025By Yi Whan-woo

Banking & Finance