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South Korean insurance companies saw their combined earnings drop in the April-December period, as they suffered higher loss rates and a decline in policy sales, data showed Sunday.
The combined net income of 55 life and nonlife insurers came to 3.82 trillion won ($3.57 billion) in the April-December period, down 14.2 percent from 4.45 trillion won the previous year, according to the data compiled by the Financial Supervisory Service.
The weaker bottom line came as the earnings by nonlife insurers shrank during the cited period, dipping 20.2 percent to 1.58 trillion won, as their combined loss rate in auto insurance rose, the FSS said. The loss rate soared 4.4 percentage points to 87.4 percent over the cited period.
Life insurers also posted weaker results on a decrease in policy sales, with net income dropping 9.3 percent on-year to 2.24 trillion won.
Their combined premium income reached 126.68 trillion won during the cited period, down 3.7 percent from a year earlier, largely due to falling demand in deposit-term insurance products. (Yonhap)
The combined net income of 55 life and nonlife insurers came to 3.82 trillion won ($3.57 billion) in the April-December period, down 14.2 percent from 4.45 trillion won the previous year, according to the data compiled by the Financial Supervisory Service.
The weaker bottom line came as the earnings by nonlife insurers shrank during the cited period, dipping 20.2 percent to 1.58 trillion won, as their combined loss rate in auto insurance rose, the FSS said. The loss rate soared 4.4 percentage points to 87.4 percent over the cited period.
Life insurers also posted weaker results on a decrease in policy sales, with net income dropping 9.3 percent on-year to 2.24 trillion won.
Their combined premium income reached 126.68 trillion won during the cited period, down 3.7 percent from a year earlier, largely due to falling demand in deposit-term insurance products. (Yonhap)
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Articles by Korea Herald
