韩国六家中小保险公司核心资本K-ICS低于50%监管线

Six South Korean insurers reported core capital ratios under the Korean Insurance Capital Standard (K-ICS) below the 50% threshold set by financial regulators, ahead of the rule taking effect next year. Stricter actuarial assumptions have added to capital management pressure, leaving mid-sized and smaller insurers that have relied on supplementary capital such as subordinated bonds with the task of building up core capital.
Three life insurers — Hana Life, KDB Life and iM Life — and three property and casualty insurers — Hana Insurance, Heungkuk Fire & Marine Insurance and Lotte Insurance — had core capital K-ICS ratios below 50% as of the end of June, according to financial industry sources on the 2nd.
Hana Life's ratio fell 6.63 percentage points to 14.26% in the second quarter from 20.89% in the first quarter, while Hana Insurance dropped 6.19 percentage points to 22.43% from 28.62%. KDB Life posted the steepest decline, falling 8.76 percentage points to 33.17% from 41.93%.
For Hana Life, rising insurance risk and a reclassification of capital tied to surrender values weighed on the ratio. Hana Insurance also faces heavier required capital as it expands long-term policies, while continued losses have constrained its ability to accumulate core capital.
Among the insurers below the threshold, iM Life improved to 29.51% from 14.77% and Heungkuk Fire & Marine Insurance rose to 47.6% from 40.1%. Lotte Insurance climbed to minus 5.4% from minus 21.4%.
Insurers with low core capital ratios have largely depended on building supplementary capital through instruments such as subordinated bonds. "Mid-sized and smaller insurers will have no choice but to raise capital through share issuance or by accumulating internal earnings," an insurance industry official said.