Non-life insurers' overseas net falls in 1st half of fiscal 2009

SEOUL, Dec. 22 (Yonhap) -- South Korean non-life insurers logged a sharp decline
in their combined net profit from their overseas operations in the first half of
fiscal 2009 due to increased damage compensation, the nation's financial
regulator said Tuesday.

The combined net profit of 16 foreign operations by local non-life insurers fell
23.8 percent from a year ago to US$10.2 million in the April-September period,
the Financial Supervisory Service (FSS) said in a report.
"Damage compensation increased due to insurance-related accidents, including an
Australian forest fire," the FSS said.
Revenue, however, climbed 14.2 percent on-year to $69.4 million, with operating
profit falling 25.3 percent to $8.6 million, according to the FSS.
As of the end of September, their total assets reached $531.1 million, up 12.3
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-September.
pbr@yna.co.kr
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