South Korea's life insurers saw their combined profit dive by 24.3% for in the first nine months of this year, hit by intensifying competition and auto insurance losses, reported the Yonhap News Agency.
The aggregate net profit of life insurers operating in South Korea stood at KRW3.05tn ($2.58bn) in the January-September period, compared with a profit of KRW4.03tn for the same period last year, according to the preliminary data from the Financial Supervisory Service (FSS).
Life insurers' premium income totalled KRW78.1tn in the January-September period, up by KRW285.2bn year-on-year.
Their aggregate assets grew by 6.3% to KRW905tn at the end of September. Their return on equity declined 2.42 percentage points to 5.02% in the nine-month period.