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Jul 2020

South Korea: Insurance industry's net profit drops to lowest in 10 years

Source: Asia Insurance Review | May 2020

South Korean insurance firms’ combined net profit fell to the lowest level in a decade last year primarily due to increased auto insurance losses according to preliminary data from the Financial Supervisory Service.
 
The combined net profit of insurance firms operating in South Korea stood at KRW5.33tn ($4.3bn) in 2019 which was down 26.8% from 2018, reported Yonhap News Agency.
 
While life insurers saw their combined net profit fall 22.8% to KRW3.11tn last year, the combined net profit of non-life insurers plunged by 31.7% to KRW2.22tn.
 
However, the premium income of insurers increased by 5.4% to KRW212.76tn and their aggregate assets grew by 7.2 % to KRW1238.91tn at the end of last year. A 
 
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