South Korea's life and nonlife insurance firms saw their combined net profit rise 28.3 percent in the first six months of this year, thanks to robust gain in dividend income and a decline in the loss ratio, the country's financial regulator said Tuesday.
Life insurance firms operating in South Korea reported a combined net profit of a preliminary 2.97 trillion won ($2.6 billion) for the January-June period, up 31.1 percent on year, the Financial Supervisory Service said in a statement.
"When it comes to life insurance companies, dividend income grew 372.1 billion won and investment income was also up 640.2 billion won based on an increase in disposition gains of available-for-sale securities," the FSS said in the statement.
Nonlife insurers saw their combined net profit gain 25.2 percent on year to a provisional 2.53 trillion won.
"Nonlife insurers' earnings improved mostly because a better loss ratio contributed to expanding gains on auto insurance, and disposition gains of real estate grew by 201.3 billion won as well," it said.
The FSS did not disclose insurance companies' individual results. (Yonhap)