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Insurers' household loans grow at slower pace in Q1

A view of apartment complexes in Jamsil-dong, Seoul, on Mar. 10. (Yonhap)
A view of apartment complexes in Jamsil-dong, Seoul, on Mar. 10. (Yonhap)

South Korean insurance companies' loans to households grew at a slower pace in the first quarter of this year from three months earlier due to tougher lending rules, data showed Monday.

Insurers' outstanding loans to households totaled 128.8 trillion won ($99.77 billion) as of the end of March, up 300 billion won from the previous quarter, according to the data from the Financial Supervisory Service.

The figure was down from the on-quarter rise of 800 billion won in the fourth quarter of last year.

The slowdown came amid stricter rules for loans to households, which are aimed at curbing the country's growing household debt.

Their home-backed lending rose 700 billion won on-quarter in the first quarter. while their loans collateralized by insurance premiums shrank 300 billion won over the cited period, the data showed.

As of end-March, insurers' outstanding corporate lending stood at 140.5 trillion won, up 3.1 trillion won from the previous quarter.

Their total outstanding lending, including household and corporate loans, came to 269.5 trillion won, up 3.4 trillion won from three months earlier, the data showed. (Yonhap)

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