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Preliminary Earnings of Life Insurance Companies, First Half 2018

August 21, 2018

Life insurance companies posted KRW3.1487 trillion in net income for the first half of 2018. The preliminary figures increased KRW198.7 billion or 6.7% from the same period a year earlier, and the growth for the year to June was based on gains on disposition of marketable securities. The magnitude of loss in insurance operation expanded 13.1% to KRW11.3585 trillion, as claims paid increased KRW3.3 trillion with premium income derived from savings-type insurance products falling KRW4.3 trillion. Investment income rose KRW1.3584 trillion or 11.7% to KRW12.9921 trillion thanks to gains on disposition of Samsung’s marketable securities. Meanwhile, non-operating income increased KRW332.5 billion or 14.9% to KRW2.5634 trillion mainly due to greater fees and commissions boosted by rising sales of variable life insurance products.