Overseas branches of Korean insurers return to black in H1
SEOUL, Sept. 20 (Yonhap) -- Overseas branches of South Korean insurance firms returned to the black in the first half, thanks to a modest decline in loss ratios, government data showed Thursday.
The overseas branches posted a combined net profit of US$38.5 million in the January-June period, compared with a net loss of $1 million a year ago, according to the data by the Financial Supervisory Service (FSS).
Korean insurers operate 35 branches in 11 nations, including nine in the United States and five in China.
At the end of June, the total assets of insurers' overseas branches stood at $4.94 billion, up 13.7 percent from a year ago, the data showed.
Their total liabilities stood at $2.69 billion, up 10 percent from a year earlier, according to the data.
kdh@yna.co.kr
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