Non-life insurers' overseas net inches down in fiscal 2008

SEOUL, July 29 (Yonhap) -- Overseas earnings for South Korean non-life insurers
dropped 1.6 percent in fiscal 2008 from a year earlier on increased damage
compensation, the financial watchdog said Wednesday.

The combined net income of 16 foreign operations by local non-life insurers stood
at US$21.7 million in 2008, compared with $22.1 million a year earlier, the
Financial Supervisory Service said in a report.
Revenue, however, climbed 12.8 percent to $119.6 million, with operating profit
falling 8.9 percent to $17.7 million, the regulator said.
"The earnings decrease came after the insurers paid out more insurance claims
following a string of earthquakes in China and a typhoon in Southeast Asia," the
watchdog said.
As of the end of fiscal 2008, their total assets reached $473.1 million, up 13.6
percent from a year earlier, it said.
Samsung Fire & Marine Insurance Co. and other non-life insurers were operating
nine overseas units and seven branches as of end-March.
pbr@yna.co.kr
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