South Korea's life and nonlife insurance firms saw their combined net profit rise by 28.3% in the first six months of this year, due to robust gains in dividend income and a decline in the loss ratio, the country's financial regulator has said.
Life insurance firms operating in South Korea reported a combined net profit of a preliminary KRW2.97 trillion (US$2.6 billion) for the January-June period, up 31.1% compared to the first half of last year, reported Yonhap News Agency citing a statement from the Financial Supervisory Service.
Life insurers benefited from higher dividend income and gains from the sale of available-for-sale securities.
Nonlife insurers saw their combined net profit increase by 25.2% to KRW2.53 trillion, the provisional data show.
The statement says that nonlife insurers' earnings improved mostly because a better loss ratio contributed to gains in auto insurance, and because of profits on the sale of real estate.