Who Finances Energy Projects in Africa? carnegieendowment.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from carnegieendowment.org Daily Mail and Mail on Sunday newspapers.
The Drew Las Vegas (Courtesy of JW Marriott)
South Korea’s 36 insurance companies have invested a combined 70 trillion won ($63 billion) in overseas alternative investments as of the end of September last year, of which they may need to write down 1.27 trillion won ($1.1 billion) worth of assets because of loan defaults or suspended projects, the country’s top financial regulator said.
The insurers, including Mirae Asset Life Insurance Co. and KB Insurance Co., have already booked 194.4 billion won in losses from their global alternatives portfolios, mostly stemming from real estate and aircraft funds, as of the end of last September, the regulatory Financial Supervisory Service (FSS) said on Feb. 23.