The Korea Herald

피터빈트

Insurers' lending grows 8% in Q2

By Yonhap

Published : Sept. 7, 2021 - 09:25

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The logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul (Yonhap) The logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul (Yonhap)
Loans extended by insurance companies in South Korea rose 8 percent on-year in the second quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday.

Insurers' outstanding loans totaled 260.3 trillion won ($225 billion) as of end-June, compared with 240.9 trillion won the previous year, according to the Financial Supervisory Service (FSS).

Their loans to households rose 6.5 trillion won on-year to 126.6 trillion won as of end-June as the extension of home-backed lending increased amid rising housing prices.

Lending to companies amounted to 133.5 trillion won as of end-June, up 12.9 trillion won from a year earlier.

The loan delinquency rate, which measures the proportion of loan principal or unpaid interest for at least a month, came to 0.17 percent in March, down 0.05 percentage point from a year earlier.

The ratio of nonperforming loans came to 0.14 percent, up 0.02 percentage point from a year ago, the FSS said. (Yonhap)