South Korean insurers bag $10b in profits for 2024

The increase was mainly driven by higher investment income across life and non-life. The preliminary net income of 22 life insurance and 32 non-life insurance companies in South Korea accumulated $10.32b (KRW14.14t) for 2024, up 4.6% year-on-year (YoY), data from the Financial Supervisory Service showed. The increase was mainly driven by higher investment income across both life and non-life segments. Life insurance companies reported a net income of $4.1163b (KRW5.6374t), up 7.1% YoY. Despite a $581.4m (KRW796.4b) decline in insurance income due...