South Korea insurers lift overseas profit to $197m

FSS said earnings rose by $37.9m from $159.1m a year earlier.

South Korean insurers’ overseas businesses posted higher earnings in 2025, helped by stronger results from life insurers and newly consolidated overseas operations.

The overseas businesses of domestic insurance companies reported net income of $197.0m, or KRW280.18b, in 2025. 

This was up $37.9m from $159.1m a year earlier, according to the Financial Supervisory Service.

As of the end of 2025, four life insurers and eight non-life insurers operated 46 overseas businesses in 11 countries. 

This was up from 44 overseas businesses in 2024. The total included 35 subsidiaries and 11 local branches. 

By region, there were 28 operations in Asia, including seven in Vietnam, six in Indonesia and four in China. 

There were also 14 operations in the United States, three in the United Kingdom and one in Switzerland.

Life insurers recorded net income of $109.3m in 2025, up 70.8% from $64.0m a year earlier. 

The FSS said the increase was mainly due to good performance from newly consolidated overseas businesses. 

Excluding newly added companies and a divested company, net income from life insurers’ overseas businesses fell by $13.5m from the previous year.

Non-life insurers’ overseas net income fell 7.8% to $87.7m, from $95.1m in 2024. 

The regulator said natural catastrophes weighed on results, including an earthquake in Myanmar in March 2025 and flooding in Thailand in November.

By region, Asia remained the largest contributor. 

Net income from Asian operations rose by $6.4m to $121.6m, supported by Hanwha Life’s Indonesian bank acquisition. 

US operations reported net income of $66.4m, up $32.0m, helped by the acquisition of Velocity Clearing. 

European operations recorded net income of $9.0m, down $0.5m, as insurance operating results weakened at some businesses.

The FSS said uncertainty in the overseas business environment has increased because of volatility in global financial markets, Middle East tensions and the rising risk of natural disasters linked to climate change.