The head of South Korea’s third-largest life insurance company was sentenced to five years in jail for violation of currency restrictions, illegal loans and embezzlement.Choi Soon-young, chairman of Shindongah Group and of its Korea Life Insurance Co. unit, was found guilty of smuggling $165 million out of the country. After his arrest in February on […]
Allianz of Germany has acquired a 72 percent stake in Korea First Life Insurance Co. of South Korea.The company has agreed to sell the remaining 28 percent stake to Allianz in mid-August. The total sale price is expected to be 440 billion won (US $371 million), said a spokesman at Korea First Life. The sale […]
Think buying auto insurance is confusing? Buying life insurance can be as bad - or worse. While there’s no hard-and-fast rule on how much to get, the American Council of Life Insurance recommends buying coverage equal to five to seven times a person’s annual gross income. To help figure out the right amount, look at […]