News Regional10 Jun 2024

South Korea:Insurers are biggest investors in real estate abroad among FIs

| 10 Jun 2024

Insurance companies in South Korea reported investments totalling KRW31.3tn ($22.7bn) in real estate overseas at the end of December 2023, holding the largest share of 54.4% among all categories of financial institutions in the country, according to data released by the Financial Supervisory Service (FSS).

The insurers were followed by banks (20.2%), brokerages (15.2%), mutual finance companies (6.4%), specialised credit finance companies (3.6%) and savings banks (insignificant).

Overall, Korea’s financial companies had an outstanding balance of KRW57.6tn in overseas real estate investments as of the end of 2023, up by KRW1.2tn as of the end of September 2023. The December balance was 0.8% of total assets of KRW6,859.2tn of the financial sector at the end of last year.

By region, the majority of overseas real estate investments went to North America representing 60.3%. Europe accounted for 20.0% while Asia held 7.3%.

Alternative Investments in Overseas Real Estate by Region, December 2023 (KRW tn)

Financial Institutions

Total

N America

Europe

Asia

Others*

Insurers

31.3

20.3

4.6

1.1

5.3

Banks

11.6

6.5

2.5

1.6

1.0

Brokerages

8.8

4.2

3.2

1.0

0.3

Mutual finance

3.7

2.6

0.7

0.03

0.4

Specialised credit finance

2.1

1.1

0.6

0.4

0.1

Savings bank

0.1

0.02

0.02

0.04

0.0

Total

57.6

34.8

11.5

4.2

7.2

* Investments in Oceania, South America, Africa or others

   Source: FSS

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