SOUTH KOREA INSURANCE CRACKDOWN HITS MIRAE ASSET LIFE AS LIABILITY RULES RESHAPE INDUSTRY
South Korea’s tougher actuarial standards are reshaping the country’s life insurance industry, with Mirae Asset Life reporting a 33.9 billion won third quarter net loss and a 70.1 percent decline in net income for the first nine months of 2026. Revised Financial Supervisory Service guidelines reduced the company’s cumulative insurance results by 70.7 billion won, although the quarterly loss was also driven by foreign exchange movements, alternative investment valuation losses and losses connected to its SpaceX exposure. Despite the downturn, Mirae Asset Life’s insurance profit and contractual service margin continued to grow, highlighting the complicated financial impact of South Korea’s broader effort to make insurance liabilities more transparent and conservative.