Combined NP in May reached W247bn (-3.5% YoY, +6.0% MoM)The combined NP of six non-life insurers in May reached W247bn (-3.5% YoY, +6.0% MoM). The auto loss ratio inched down on the minor effects of renewed policies and premium hikes. However, the risk loss ratio went up 6.9-12.5%p YoY due to 1) two more business days and 2) a low comparison base stemming from the MERS outbreak. As such, we believe the risk loss ratio will increase YoY as the MERS effect would cover June as well.FSC aims to refo

[THE INVESTOR] Investors in South Korea will be required to disclose covered short sale positions on the homepage of the local bourse operator Korea Exchange from July 1. The Financial Services Commission will impose a new regulation obligating investors to reveal their short positions and information about their identities once the amount comes to 0.5 percent of a company’s outstanding capital. Investors will have three trade days to file their reports on the name of the short-sold stock and ot

[THE INVESTOR] Telecom operator KT and its subsidiary BC Card have partnered with Chinese bank card UnionPay International to launch UnionPay HCE mobile QuickPass in Korea, which will enable the local cardholders to pay by tapping their mobile phones, the companies said on June 29. Mobile QuickPass is UnionPay’s new mobile payment solution. It supports both offline contactless payment and online payment. It encompasses many mobile payment products, including HCE, Apple Pay and Sumsang Pay. Accor

[THE INVESTOR] South Korea‘s central bank on June 27 said the bank will expand its liquidity supply this week to minimize the market uncertainties stemming from Britain’s recent vote to leave the European Union. During an emergency meeting presided by Bank of Korea Gov. Lee Ju-yeol, the bank said it will inject short-term liquidity worth some 3 trillion won (US$2.63 billion) this week by deploying open market operations. Such strategies are used to control the amount of money in the banking syst

[THE INVESTOR] Line, the Japan-based mobile chatting app unit of Naver, has been the crown jewel of South Korea’s largest internet portal for several reasons. Line helped Naver to gain a foothold in overseas markets through its popularity in Asian countries. The firm’s revenue currently accounts for one-third of Naver’s outstanding sales. According to Line’s initial public offering filing, which aims to raise about $3 billion in a dual Tokyo-New York listing set for July, the company will look t

Britain’s departure from the European Union is drawing mixed reactions here, with local experts offering dim prospects for Korean exporters but some others viewing the historic change as an opportunity for the world’s seventh-largest exporter to outpace its rivals in the overall European market. Amid growing concerns, the Korean government said Sunday it would prepare for separate trade talks with the EU and Great Britain. In 2009, South Korea and the EU signed a bilateral free trade agreement,

[THE INVESTOR] Amid a looming crisis, Lotte Group chairman Shin Dong-bin on Saturday successfully fended off his brother’s challenge to the throne he seized last year, but he faces bigger threats at home with the prosecution’s investigation closing in on him.In support of the employees’ association that holds nearly one third of stakes in Lotte Holdings, a Tokyo-based company that controls Lotte’s operation in Korea, Shin once again cemented his leadership against repeated attempts by his elder

[THE INVESTOR] The British pound has fallen, along with the euro, Chinese yuan and not to mention the Korean won, while the dollar and Japanese yen strengthened following the U.K.’s vote to leave the European Union.The won-dollar exchange opened with a decrease of 0.2 won at 1,150 won last Friday, but climbed almost 30 won closing at 1,179.9 won as the British voted in favor of exiting the Union, while the KOSPI lost more than 3 percent.Analysts forecast the won-dollar exchange to touch as high