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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 http://www.fss.or.kr/