Thursday, April 26, 2018

Korean insurers post higher profits in 2017

Insurers in Korea posted a combined net profit in 2017 that was higher than the previous year, driven by hefty gains on investment amid stock rallies coupled with a rise in market interest rates.

Government data showed that the aggregate net profit of insurance firms operating in Korea reached W7.83 trillion (US$7.21 billion) in 2017.

This represents a 33% increase from a year ago, according to the preliminary data from the Financial Supervisory Service (FSS).

By sector, life insurers witnessed their combined net profit surge 63.4% last year to W3.95 trillion.

As for non-life insurers, the hike was 11.8% on year to W3.87 trillion.

In a statement, the agency attributed the increase in net profit of life insurers to stock rallies and higher interest rates which led to a surge in insurance income.



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