September 21, 2020

Nonlife insurers’ 9-month profit down 24.6%

PUBLISHED : December 02, 2019 - 13:59

UPDATED : December 02, 2019 - 13:59

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • 트위터
  • sms

South Korea’s nonlife insurance firms saw their combined net profit drop 24.6 percent in the first nine months of 2019 from a year earlier, mainly due to increased losses stemming from their long-term insurance and auto insurance businesses, data showed Dec. 2.

Nonlife insurance firms operating in Korea reported a combined net profit of 2.2 trillion won ($1.8 billion) for the January-September period, compared with 2.9 trillion from a year earlier, the Financial Supervisory Service said in a statement.

The FSS said the combined losses of auto insurers widened 303.1 percent on-year to 824 billion won in the first nine months of the year, compared with 204.4 billion won a year earlier.

The combined net losses of long-term insurance businesses rose 48.1 percent on-year to 3.3 trillion won for the January-September period as operating expenses increased 11.6 percent from the previous year and the amount of loss grew 4.7 percent.

By Ram Garikipati and newswires (

  • 페이스북
  • 트위터
  • sms
Herald Corporation|CEO : Kwon Chung Won
Publisher. Editor : Kwon Chung Won
Chief Privacy Officer & Juvenile Protection Manager : Yang Sung-jin
Title : The Investor|Date of registration : 2015.04.28
Company Registration No. 104-81-06004
Mail-Order Business Registration 2016 - Seoul Yongsan - 00590
Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea
T : +82-2-727-0114|Business info
Gov’t registration No. Seoul 아04099