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Headline : Insurance firms net profit jumps over 45% on-year in 2023

Read more from the original article on here at koreatimes.co.kr.




Tags : #insurance #firms #net #profit #jumps #over #4525 #onyear #2023


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The headquarters of Financial Supervisory Service (FSS) in Yeouido, Seoul, is seen in this undated file photo. Yonhap

Insurance companies in Korea saw their net profit jump 45.5 percent from a year earlier in 2023 on increased sales, data showed Tuesday.

The combined net profit of 22 life insurers and 31 non-life insurance companies here came to 13.35 trillion won ($9.97 billion) last year, according to the preliminary data from the Financial Supervisory Service (FSS).

The financial regulator partly attributed the on-year increase to new accounting regulations that allowed insurance firms to include liability reserves as part of their earnings.

Read more from the original article on here at koreatimes.co.kr.


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