The combined insurance premium income of 14 life insurerance companies amounted to 35.2 trillion won (US$32.4 billion), up 38.7 percent from a year earlier, the sources said. Net income reached 1.3 trillion won, up 40.2 percent from a year ago.
Net profit of Samsung Life Insurance reached 501.6 billion won, jumping 56.8 percent from a year earlier, while Hanwha Life Insurance saw its net profit soar 43.6 percent to 307 billion won.
Twelve nonlife insurers, meanwhile, posted a combined operating profit of 1.55 trillion won during the April-September period, down 3.9 percent from a year earlier. Their net income decreased 2.9 percent.
Net profit of Samsung Fire & Marine Insurance reached 436.1 billion won, falling 9.7 percent from a year ago, whereas Hyundai Marine & Fire Insurance saw its net profit decrease 4.6 percent to 210 billion won.
Market sources attributed the nonlife insurers’ poor performance to the surge in insurance payouts following typhoons that battered the Korean Peninsula last summer.
reporter
Park Sae-jin
swatchsjp@ajunews.com