The overseas businesses of South Korea's domestic insurance companies turned a profit in 2024. Their combined net income turned around by $173.4m from a loss of $14.3m in 2023 to $159.1m, according to a statement released by the Financial Supervisory Service (FSS).
The combined net income from the overseas operations of life insurers grew by $2.2m or 3.5% to $64.0m during the cited period based on higher insurance sales. In addition, the net income of the non-life insurance companies jumped by $171.2m to $95.1m year on year due to the base effect of the natural catastrophes.
Table: Financial performance of insurance companies’ overseas businesses, 2024
|
|
Total
|
Life
|
Non-life
|
|
Year ($ m)
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
|
Net income
|
-14.3
|
159.1
|
61.8
|
64.0
|
-76.1
|
95.1
|
|
@ 31 Dec ($ bn)
|
|
|
|
|
|
|
|
Assets
|
6.42
|
7.34
|
2.70
|
2.90
|
3.72
|
4.44
|
|
Shareholders’ equity
|
3.01
|
3.37
|
1.54
|
1.60
|
1.47
|
1.77
|
|
Source: FSS 2024 figures are preliminary as of the release date and subject to change.
|
The FSS says that four life insurance and seven non-life insurance companies operated 44 overseas businesses in 11 countries as of year-end 2024.
The regulator also says that local conditions, such as economic situations and climate changes, could increase uncertainty about overseas operations. Therefore, the FSS will closely monitor the financial stability of the insurers’ overseas businesses and developments in newly established operations.