Four South Korean life insurance companies and five domestic non-life insurers with overseas operations posted a combined 155.2 billion won ($115 million) in net profit from global businesses in the first half of this year, according to an analysis conducted by The Korea Economic Daily (KED) on Tuesday.
For DB, overseas profits are just 5% of its total net profits.“South Korea is the world’s seventh-largest insurance market, but none of domestic insurance companies has joined the ranks of global companies,” said an insurance industry official.“Overseas businesses will be the key to their future growth.” Last year, Samsung Life acquired a 20% stake in Paris-based infrastructure investment firm Meridiam SAS to become its second-largest shareholder.
In comparison, Samsung Fire & Marine Insurance Co., South Korea’s No.1 non-life insurer, garnered a net profit of 28.6 billion won from overseas units and branches spanning Europe, Vietnam, Singapore and Indonesia.That marked a 6.3% rise on-year.They collected 292.9 billion won in premiums from overseas operations, up 35.1% on-year.
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