This photo shows the headquarters of MG Non-Life Insurance's in Seoul, April 13, 2022. Yonhap
Insurance companies in Korea saw their combined net profit gain 4.6 percent from a year earlier in 2024 on the back of investment returns, data showed Tuesday.
The combined net profit of 22 life insurers and 32 non-life insurance companies here came to 14.14 trillion won ($9.65 billion) last year, up from the previous year's 13.51 trillion won, according to the data from the Financial Supervisory Service.
The on-year rise was attributed to an increase in investment returns, which offset a decline in the profitability of insurance-related business, according to the financial watchdog.
Life insurance firms' net profit gained 7.1 percent on-year to 5.64 trillion won, with that of non-life insurers growing 3.1 percent to 8.51 trillion won.
The companies' insurance premium income came to 241.05 trillion won last year, up 1.4 percent from a year earlier, the data showed.
The insurance firms' return on assets stood at 1.13 percent at end-December, up 0.03 percentage point from a year earlier, with their return on equity increasing 1.08 percentage points to 9.12 percent.
Their total assets stood at 1,273.2 trillion won as of end-December, up 3.8 percent from a year earlier. (Yonhap)
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