Friday, September 22, 2017

Korean insurers post 28.3% profit rise

Life and nonlife insurance companies in Korea posted a 28.3% combined profit rise in the first half of this year on the back of robust dividend income gain and a drop in the loss ratio.

In a statement, the Financial Supervisory Service (FSS) said life insurers posted a combined net profit increase of 31.1% in the January-June period, year-on-year, at W2.97 trillion (US$2.6 billion).

Nonlife insurers, meanwhile, posted a combined net profit gain of 25.2% on year at a provisional W2.53 trillion. The FSS did not disclose results of individual companies.

In announcing the results, the FSS said life insurers had a solid first half, thanks to robust dividend income, which grew W372.1 billion, and investment income, which was up W640.2 billion.

For nonlife insurers, the FSS said a better loss ratio contributed to expanding gains on auto insurance.

Disposition gains or real estate also grew by W201.3 billion, it added.

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