South Korean life insurance companies are reducing their headcount and branches, with their profitability on the decline due to slow economic growth, low interest rates and a low fertility rate.
The Korea Life Insurance Association announced earlier this week that the 24 life insurance companies in the country have been closing down offices and branches in and out of South Korea so that their numbers fell from 3,510 to 3,056 from November 2017 to November 2019, reported Business Korea.

Over the same period, they reduced their sales headquarters and branches from 151 to 102 and from 1,128 to 920, respectively.

The number of personnel working for the life insurance companies rose from 25,383 to 25,598 from 2017 to 2018 and fell to 25,421 in 2019.



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