The overseas branches of South Korean insurers continued to lose money, although losses have been narrowed last year, according to data released yesterday by the Financial Supervisory Service (FSS).
The data show that 42 overseas branches of 10 Korean insurers including life and non-life insurance companies reported a combined net loss of US$23.2 million last year. The figure is down from a net loss of US$47.1 million in the previous year, reports Pulse News.
By country, insurers’ overseas branches in the US, China, and Singapore reported net losses while those in Vietnam, the UK, Japan, and Indonesia generated profit.
An unnamed official from the FSS said that losses narrowed thanks to improved earnings from insurance operations and increases in investment gains.