This year's net income for January through September at 22 life insurance companies and 31 non-life insurers totaled 1.12911 trillion won, down 15.2% from the same period a year earlier (201.91 billion won).
The Financial Supervisory Service said on the 19th that insurers' net income fell "due to a deterioration in insurance profit and loss caused by higher losses and insurance contract loss expense," and stated accordingly.
Life insurance companies' net income for January through September this year was 483.01 billion won, down 8.3% from the same period a year earlier (439.1 billion won). Investment profit and loss increased by 450.8 billion won, but insurance profit and loss recorded a deficit of 953.4 billion won due to factors such as higher loss-bearing expense.
Non-life insurers posted 646.1 billion won, down 19.6% from the same period a year earlier (1.58 trillion won). As with life insurance companies, investment profit and loss increased by 880.8 billion won, but insurance profit and loss fell by 2.7478 trillion won due to a higher loss ratio.
Total written premiums at life and non-life insurers for January through September this year were 183.3829 trillion won, up 8.4% from the same period a year earlier (14.1977 trillion won). Life insurance companies rose by 865.05 billion won (10.7%) to 89.417 trillion won, while non-life insurers increased by 554.72 billion won (6.3%) to 93.9659 trillion won.
Meanwhile, the return on assets (ROA) for all insurers for January through September this year was 1.16%, and the return on equity (ROE) was 10.26%, down 0.27 percentage point and 1.02 percentage points, respectively, from the same period a year earlier.
Insurers' total assets were 1,327.2 trillion won and total liabilities were 1,175.9 trillion won, up 4.6% and 4.4%, respectively, from the end of last year. Equity capital increased by 9.1 trillion won (6.4%) to 151.3 trillion won.