Why Korean life insurers are changing hands

Low interest rates and an forthcoming new accounting standards have created increasingly tough circumstances for life insurers in South Korea. As a result, many small and medium-sized firms have been put up for sale. Some financial groups are keen to buy insurers to bolster their non-banking arms, while major private equity funds are looking for potential targets after raising trillions of won over the past few months. At the same time, Korean life insurers are reshaping their i…