South Korean insurers sell office buildings to free up cash

South Korean insurers are selling off real estate and office buildings to free up cash to comply with a new capital and accounting standard and in response to the coronavirus pandemic, The Korea Times reports. Hyundai Marine and Fire Insurance Co. Ltd. plans to sell a 370 billion South Korean won ($298 million) office building in southern Seoul and Meritz Fire & Marine Insurance Co. Ltd. is selling its office buildings and other real estate holdings, as insurers prepare for the adoption of K-ICS accounting standard by 2022.

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