Review of Overseas Business Operations of Korean Insurance Companies for the First Half of 2018
The Korean insurance industry saw its overseas business operations move into the black with a combined profit of USD 38.5 million for the first half of 2018. The major driving forces behind the improvement were narrowed underwriting losses and increased investment profit. The business results remained positive in all jurisdictions except for the United States, with net income improving solidly in Singapore, Vietnam and China. Underwriting losses continued in the U.S. but to a smaller extent. As of late June 2018, the total assets held by the overseas business units of Korean insurers increased by 13.7 percent to USD 4,934 million on the back of a rise in premium income in Asian countries like China and Vietnam.
As of the end of the first half of 2018, ten insurers (3 life insurers and 7 non-life insurers) had 35 overseas business operations in 11 jurisdictions and 25 of which were subsidiaries and 10 of which were branches.
Most of the overseas business operations of Korean insurers are based in Asia with five in China, four in Indonesia and three in each of Singapore and Vietnam. Outside Asia, there are nine in the United States and four in the United Kingdom. By type of business, there are 30 insurance business operations, while five are up for running as investment businesses.
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