korea's insurance firms profits fall, assets hit 1 quadrillion won

[THE INVESTOR] South Korean insurance companies’ net profits for the first half of the year fell from a year ago, weighed down by life insurance companies’ plunging profits.

According to the Financial Supervisory Service, local life insurers saw first half net profits plunged 17.9 percent from the same period last year to come in at 2.29 trillion won (US$2.04 billion).

Nonlife insurers, however, saw a year-on-year increase of 21.1 percent.

The combined assets of all insurance companies increased 10.9 percent from a year ago to come in at about 1 quadrillion won.

The insurers’ ratio of return on assets fell 0.12 percentage points to come in at 0.89 percent, while return on equity fell 1.52 percentage points over the same period.

By Choi He-suk (cheesuk@heraldcorp.com)