메리츠화재, K-ICS 비율 240%대…'보완자본 2배'에 담긴 속뜻

Meritz Fire Insurance maintains stable regulatory solvency ratios (K-ICS 241%) while revealing an unusual capital structure where subordinated capital exceeds core capital by 2x—a divergence from industry peers driven by new accounting standards (IFRS17) and the company's capital acquisition strategy. The company's conservative approach to debt provisioning and 109% interest rate sensitivity matching suggests financial stability despite the atypical leverage composition. This structural shift signals how regulatory framework changes are reshaping capital allocation patterns in Korea's insurance sector.