KDB Life is about to retire after seven years.
According to the insurance industry, KDB Life Insurance is currently considering a retirement plan based on a reduction in costs in advance of the sale. In the first half of this year, it plans to carry out the retirement procedure and manage the organization with the manpower reorganized from the second half.
This hopeful retirement is only seven years since Kumho Life Insurance was acquired by KDB Industrial Bank in 2010. In the long term, KDB Life is also considering restructuring plans to integrate stores.
In the background of such personnel changes, there is a burden on IFRS 17 (new international accounting standards) introduced in 2021. KDB Life recorded a net loss of KRW10.2 billion last year, and its RBC ratio fell 52.81% p year on year to 125.68%. The life insurance industry average RBC reached 297% in the second quarter of last year.
KDB veterinarians said, "It has been suggested that the slimming of the organization is needed before the introduction of IFRS 17," he said, adding that "it is calculating the appropriate number of branches and the number of employees."
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