This was partly attributed to lower car accidents during the pandemic.
The combined net profit of South Korean insurers rose 13.9% YoY in 2020 partly due to fewer car accidents during the pandemic, reports Yonhap News Agency.
Data from the Financial Supervisory Service (FSS) revealed that Life and non-life insurers saw their combined net profit increase to $5.4b (KRW6.08t) last year.
"In particular, loss ratios for auto insurance and long-term insurance came to improve as the number of car accidents and hospital treatment cases decreased due to COVID-19," the FSS said.
For life insurers, insurance income expanded as guarantee reserves shrank and savings-type insurance sales increased compared with a year ago, it added.
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