KB Insurance has posted a record-high quarterly profit of 253.8 billion won ($192 million) in the first quarter this year, a 25.7 percent jump from the same period last year. The hike is mainly attributed to the implementation of the International Financial Reporting Standard (IFRS) 17, a set of new global accounting standards, starting this year.
The National Insurance Commission (NAICOM) has urged underwriting firms to prepare for the adoption of the International Financial Reporting Standard (IFRS 17) as the transition date is set for June 2023.
Uncertainty may be uppermost in investment managers’ minds, but higher interest rates present opportunities, speakers told AsianInvestor’s Insurance Investment Briefing Hong Kong.