Loans extended by South Korean insurance companies rose by 1.6% in the first quarter, but the loan default rate remained unchanged, the financial regulator has said.
Insurers’ outstanding loans totalled KRW238.4tn ($198bn) at the end of March, KRW3.7tn or 1.6% more from the end of December, reported Yonhap News Agency citing a statement issued by the Financial Supervisory Service (FSS).Their loans to households increased by 0.1% to KRW121.3tn in the first quarter of this year, while lending to companies climbed by 3.1% to KRW116.5tn during the same period, the FSS said.The loan delinquency rate, which measures the proportion of loan principal or unpaid interest for at least a month, stood at 0.26% as of end-March, unchanged from a quarter earlier.The delinquency rate for household loans remained unchanged at 0.57%, while that for corporate lending also remained unchanged at 0.11%.The ratio of nonperforming loans came to 0.17% in the first quarter, unchanged from a quarter earlier, the FSS said.

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