South Korean life and non-life insurers operating abroad posted a combined net income of $159.1 million in 2024, marking a major turnaround from a $14.3 million loss in 2023, according to data from the Financial Supervisory Service (FSS). This represents an improvement of $173.4 million year-on-year.
As of the end of 2024, four life insurers and seven non-life insurers from South Korea operated a total of 44 overseas businesses across 11 countries.
Life insurers recorded a modest gain, with net income rising 3.5% year-on-year to $64.0 million, supported by increased insurance sales.
Non-life insurers, however, saw a sharper rebound. Their net income surged to $95.1 million—an increase of $171.2 million—mainly due to the absence of major natural catastrophes that had affected profits in 2023.
By business type, insurance-related operations reported net income of $150.7 million in 2024, an increase of $176.2 million from the previous year.
However, financial investment returns dropped slightly. Net income from this sector fell by $2.8 million to $8.4 million, largely due to weaker performance in real estate rental and leasing.
Regionally, performance varied. Asian operations posted a decline in net income of $16.3 million, totaling $115.1 million, primarily because of natural disasters in the region.
Meanwhile, U.S. operations turned profitable, recording net income of $34.5 million—an improvement of $184.3 million year-on-year, driven by a favorable base effect. European units also saw growth, with net income rising by $5.4 million to $9.5 million, thanks to lower loss ratios.
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