South Korea's five major banks are turning their focus away from equity-linked securities (ELS) to bancassurance products, fueling a sharp uptick in commission income, Pulse News reported Wednesday.

The five banks -- Shinhan Financial Group's (KRX:055550) Shinhan Bank, Woori Financial Group's (KRX:316140) Woori Bank, KB Financial Group's (KRX:105560) KB Kookmin, Hana Financial Group's (KRX:086790) Hana Bank, and NH Nonghyup -- earned 293.2 billion won from bancassurance sales through May, up 61% from a year earlier, the report said.

The shift comes as regulators ease sales cap rules, allowing greater flexibility in partnerships with insurers. This is driving bancassurance to become a key non-interest income stream, especially among high-net-worth clients who seek tax-efficient savings products, it said.

Shares of Shinhan Financial Group fell nearly 1% while those of KB Financial Group declined over 1% in recent trade on Thursday.

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