South Koreans Cash Out Savings to Join Stock Market Rally

Koreans cash out insurance, deposits to chase stock rally

South Koreans are cashing out of insurance policies and savings deposits, chasing higher returns by piling into local stocks' breakneck rally. Policy surrender payouts at the country's three largest life insurers, Samsung Life Insurance, Hanwha Life Insurance and Kyobo Life Insurance, reached 4.9 trillion won ($3.3 billion) in the first quarter, up 16.3 percent from a year earlier, according to industry data on Monday. The increase suggests more policyholders are willing to terminate insurance c

By The Korea Herald