Korean insurers forecast to exceed 2016 performance

July 13 2017 by InsuranceAsia News Staff

Higher interest rates and improved auto insurance business are expected to propel the performance of life and non-life companies in Korea this year.

Data released by FnGuide showed that insurance companies in the country are poised to outperform their strong year in 2016 this year.

Life firms are poised to rake in more this year in a higher interest rate environment while non-life insurers are also forecast to see gains in net profit for full 2017, the data showed.

The country’s top non-life insurer, Samsung Fire & Marine, is expected to post net profit of W1.05 trillion (US$916.6 million), a record high.

The five-month accumulated net profit of other non-life insurers also surged between 40% and 50% this year from a year earlier.

For life insurers, Samsung Life Insurance is anticipated to see its net profit for this year rise by W400bn against a year ago.

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