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Hanwha Life Insurance CIO Hahn Doohee
Hanwha Life Insurance Co., South Korea’s No. 2 life insurer, will make active use of derivatives and structured products to hedge against interest rate fluctuations, on which regulators are expected to ease regulations, said its chief investment officer.
Under the new accounting standard of IFRS 17 effective from 2023, insurance companies in Korea will be required to measure both assets and liabilities at market price, instead of book value. That will lead to increased value in liabilities and more spending to cover the increased risk.
“We need to use derivatives products to hedge the interest rate risk of liabilities and put the saved money into various better-yielding alternative investments,” Hanwha Life CIO Hahn Doohee told Market Insight, the capital news outlet of The Korea Economic Daily.