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 http://www.fss.or.kr/
The site appears to be suffering from temporary, intermittent technical problems.
The agency also has an English-language site, at www.fss.or.kr/fss/english/main.html