South Korean life insurers are retreating from savings-type products under IFRS17, even as smaller and foreign rivals use them to collect premium income and manage liquidity. Individual savings insurance in-force value fell to 359.67 trillion won as of May, down 4.77 trillion won from a year earlier and more than 77 trillion won from its end-2021 peak, while first-quarter surrender payments rose 14.4% to 4.31 trillion won. IFRS17 leaves savings insurance contributing little to contractual service margin (CSM), a key measure of future profit, and lower credited rates have also weakened consumer demand. At the same time, policy loans at five major life insurers climbed to 42.37 trillion won at end-July as tighter bank lending and demand for quick funding lifted borrowing against surrender values, reinforcing industry debate over how much savings insurance insurers still need for sustainability.