South Korea’s insurers bag $7b in earnings for H1 2024 | Asian Business Review
, South Korea
293 views
/Daniel Bernard from Unsplash

South Korea’s insurers bag $7b in earnings for H1 2024

This was equivalent to a 2.8% YoY rise.

South Korea's insurance companies reported a preliminary net income of $6.93b (KRW9.3663t) for the first half of 2024 (H1 2024), marking a 2.8% year-on-year (YoY) increase compared to the same period last year. This represents a rise of $187.66m (KRW253.6b), data from the Financial Supervisory Service (FSS) showed.

Life insurance companies, however, saw their net income dip by 9.4% YoY, or $276.83m (KRW374.1b), to $2.66b (KRW3.5941t).

Although insurance income improved, investment income suffered due to losses from the valuation of financial assets.

On the other hand, non-life insurance companies experienced a 12.2% YoY jump in net income, up $464.50m (KRW627.7b), driven by higher insurance income from increased sales of insurance plans and reduced liabilities for incurred claims.

Despite this, their investment income also declined compared to the previous year.

The total premium income for the first half of 2024 reached $85.63b (KRW115.6918t), a 3.9% YoY increase from the same period in 2023.

Premium income for life insurance companies grew by 3.5% YoY to $40.31b (KRW54.4738t). This growth was supported by a 13.2% rise in protection-type insurance plans and a modest 0.7% increase in savings-type plans. However, retirement pension plans fell by 16.2%, and variable life insurance also declined by 2.2%.

For non-life insurance companies, premium income increased by 4.3% YoY, reaching $45.30b (KRW61.2180t). Notable gains were seen in long-term insurance, which grew by 5.2%, and general insurance, which jumped by 8.7%. Retirement pensions also saw a 3.9% increase. Conversely, auto insurance premiums decreased by 1.2% during the period.

As of June, the combined assets of South Korea’s insurance companies stood at $918.19b (KRW1,240.8t), reflecting a 1.3% YoY increase since December 2023. Total liabilities also grew by 3.0% YoY to $806.30b (KRW1,089.6t). However, shareholders’ equity declined by 9.2% YoY to $111.89b (KRW151.2t).

Given the ongoing concerns over potential losses from real estate project financing and overseas commercial property investments, as well as increasing global financial market uncertainties, the Financial Supervisory Service (FSS) plans to closely monitor the financial stability of domestic insurance companies and conduct thorough off-site monitoring of key risk factors.

($1.00 = KRW1,342.63)

Follow the link for more news on

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

What are the must-have banking features by 2027?
Over 60% of respondents in Australia, China, and India find credit-building tools to be useful.
Charlton Media Group acquires the Marine & Industrial Report Newspaper
The company will expand readership and create an awards program and events for the marine and offshore sectors.
Four ways organisations can improve AI governance
Organisations with mature AI governance frameworks achieve nearly 5% higher revenue growth.