Korean non-life insurers pressure to cut premiums

August 7 2017 by InsuranceAsia News Staff

Big non-life firms in Korea raked in higher profits during the first half of the year, but the situation has also put them under pressure to cut premiums.

Based on their regulatory filings, the country’s top four non-life insurers posted a combined profit of W1.64 trillion (US$1.47 billion), representing an increase of 45.86% from a year earlier.

Samsung Fire leads the pack with a net profit of W779.8 billion, up from W515.6 billion.

Dongbu followed with W369.8 billion, an improvement from last year’s W237.6 billion.

Hyundai profited W282.2 billion, up from W198.9 billion, and KB generated W212.6 billion, up from W175.3 billion.

The strong performance was largely credited to stabilised loss ratios in the auto and long-term insurance segments.

Profits from investments also saw an increase, which also helped.

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