Insurance companies raked in the most profits in the financial sector last year, largely boosted by investment-related earnings and non-operating profits, industry data showed Sunday.


The combined net incomes of Korean insurers stood at 6.3 trillion won in 2015, followed by 3.5 trillion won for banks and 3.2 trillion won for securities firms, according to preliminary earnings reported to the Financial Services Commission and regulatory filings with the Financial Supervisory Service.

Banks suffered a 42.6 percent drop in their combined net incomes to mark 3.5 trillion won in 2015 from 6 trillion won in 2014, due to smaller net interest margins on low interest rates and write-offs of bad debts for some distressed conglomerates.

Net profits of securities firms almost doubled to 3.2 trillion won in 2015 from 1.7 trillion won a year earlier, on the back of increased brokerage fees on volatile stocks and a rise in derivatives trading.

Credit card companies’ net income inched down to 2 trillion won last year.

By Kim Yoon-mi (yoonmi@heraldcorp.com)