Tuesday, September 26, 2017

Korean insurers’ profit climbs on dividend income

South Korea’s insurance firms posted a 24.4% on-year combined net profit rise in the first three months of the year on the back of dividend income gains, according to the Financial Supervisory Service (FSC).

The government data showed that the combined net income of life insurers gained 18.6% to W1.57 trillion (US$1.4 billion) while that of non-life insurers rose 32.8% to W1.2 trillion.

In a statement, the financial regulator said dividend income of life insurance companies grew W227.9 billion due to the Kospi rally.

Investment income was also up W274.4 billion.

The total assets of insurers stood at W1,048 trillion, up 7.7% from a year ago, at the end of March this year.

Profitability was also on a steady rise with their average return on assets gaining 1.07% for the quarter.

The General Insurance Association of Korea, however, said direct premiums written by domestic non-life insurers dropped to 14.26% last year, from a year ago, to W607.99 billion.

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