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Korean Life Profits Drop

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NU Online News Service, Sept. 6, 2:03 p.m. – Korea’s life insurance industry is reporting $545 billion or 699 billion won, in net profits for the first quarter of their fiscal year, down from $982 billion, or 1.26 trillion won, during the same period in 2000, according to the Korean Financial Supervisory Service.

The FSS attributes the fall to fee-related losses. Although the 21 Korean life insurers improved their asset management strategies and engaged in successful investment ventures, they were hit by insurance-related losses of $220 billion, or 289.3 billion won, the agency says.

The FSS has posted more information on its Web site, at

The site appears to be suffering from temporary, intermittent technical problems.

The agency also has an English-language site, at

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