April 20, 2024

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[THE INVESTOR] Korea’s non-life insurance firms saw their combined net profit fall 26.7 percent in the first-quarter of this year, according to government data on May 28.

Non-life insurance firms operating in Korea reported a combined net profit of 880.9 billion won (US$820.9 billion) for the January-March period, compared with a profit of 1.2 trillion won a year ago, the Financial Supervisory Service said in a statement.

“The magnitude of loss in insurance operation expanded by 382.3 billion won to 703.1 billion won because of higher loss ratio and expenses,” the FSS said.

Non-life insurers saw their auto insurance businesses swing to the red for the quarter with a net loss of 39.2 billion won.

The combined net losses of long-term insurance businesses stood at 928.1 billion won for the quarter, it said.

The FSS did not disclose non-life insurance companies’ individual results.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)