South Korean insurers post $159m overseas profit in 2024

Asian operations posted a YoY decline in net income of $16.3m.

As of end-2024, four life insurers and seven non-life insurers from South Korea operated a total of 44 overseas businesses across 11 countries, data from the Financial Supervisory Service showed. 

These operations reported a combined net income of $159.1m in 2024, a turnaround from a loss of $14.3m the previous year—an improvement of $173.4m.

Life insurers recorded net income of $64.0m, up $2.2m or 3.5% year-on-year (YoY), supported by expanded insurance sales.

Non-life insurers saw a larger gain, with net income rising $171.2m to $95.1m, mainly due to the absence of major natural catastrophes in 2024, which had impacted 2023 results.

By sector, insurance-related operations delivered net income of $150.7m in 2024, a year-on-year increase of $176.2m. 

However, net income from financial investments declined $2.8m to $8.4m, reflecting weaker performance in real estate rental and leasing.

Regionally, Asian operations posted a YoY decline in net income of $16.3m, totalling $115.1m, due to natural disasters. 

In contrast, US operations turned a profit of $34.5m in 2024, up $184.3m from the previous year, largely due to a favourable base effect. 

European operations saw net income rise $5.4m to $9.5m, driven by lower loss ratios.