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South Korea: Insurers consider streamlining operations to tackle falling profits

May 2, 2014 - 6:00am


Unfavorable market conditions are beginning to affect South Korea's insurers, which are considering streamlining operations, The Korea Times reported.

An official from a nonlife insurer said "if the situation does not improve soon, we may see large-scale restructuring at insurance firms in an attempt to reduce costs." The insurance market's net profit has declined from 6.5 trillion South Korean won ($5.9 billion) in fiscal year 2010 to KRW 5.83 trillion in 2011, KRW 5.58 trillion in 2012 and KRW 3.58 trillion during the April-December 2013 period.

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