South Korea’s insurers saw their profits decline in the first quarter from a year earlier due to increased insurance operating losses, according to the preliminary data from the Financial Supervisory Service (FSS) released yesterday.
The combined net profit of the insurers stood at KRW1.46tn ($1.17bn) in the January-March period, down 26.1% from a year earlier, reported Yonhap News Agency.
Life insurers saw their combined net profit fall 38.4% year-on-year to KRW778.2bn in the first quarter, while the combined net profit of non-life insurers declined by 4.3% year-on-year to KRW688bn.
The fall in the combined net profit came as the insurance companies suffered increased insurance operating losses.
Insurers’ premium income totalled KRW50.37tn in the January-March period, up 6.3% from a year earlier.
Their aggregate assets grew by 5.2% to KRW1,241.8tn at the end of March 2020, compared to a year ago.