The combined net profit of South Korea's five major non-life insurers reached KRW4.84tn ($3.6bn) in the first half of this year, 22% higher than in the corresponding period in 2023.
The 1H2024 net profits of the five insurers are:
|
Top 5 insurers
|
1H2024
Net profit
KRW bn
|
Y-o-Y
change
|
|
Samsung Fire & Marine Insurance
|
1,314
|
8%
|
|
DB Insurance
|
1,124
|
23%
|
|
Meritz Fire & Marine Insurance
|
998
|
22%
|
|
Hyundai Marine & Fire Insurance
|
833
|
68%
|
|
KB Insurance
|
572
|
9%
|
|
Total
|
4,841
|
22%
|
The jump in net profits is attributable to the insurers’s focus on selling long-term insurance. For instance, Meritz indicated that its profit from long-term insurance increased by more than KRW150bn year on year in 1H2024.