News Life and Health23 Aug 2018

South Korea:Combined net profit of life companies rises by 7% in 1H

| 23 Aug 2018

The combined net profit of life insurers in South Korea rose by 6.7% year on year for the first half of this year, boosted by higher investment returns, government data show.

Twenty-four life insurers, including eight foreign firms, saw their combined net profit increase by KRW198.7bn ($177.7m) to KRW3.14trn for the January-June period, reports Yonhap News Agency citing data from the Financial Supervisory Service (FSS).

In a statement, the FSS said, "The growth for the year to June was based on gains on disposal of marketable securities."

The combined net loss of the companies' insurance operations rose by 13.1% year on year to KRW11.3trn in the first half, hit by a decline in sales of savings-type insurance products and rising claims.

Overall, the data show that their profitability was on a steady rise with the insurers' average return on assets gaining to 0.75% for the first half, from 0.74% for the same period last year.

 

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