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South Korea: Insurance industry's net profits up 27.4%

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South Korea's insurance industry recorded a 27.4% year-on-year jump in net profits to 1.51 trillion South Korean won ($1.41 billion) in the first quarter of 2014, the Financial Supervisory Service said.

The profits of the country's 31 nonlife insurers rose 23.8% during the period to KRW 571.3 billion ($536.9 million), The Korea Times reported.

Nonlife insurers registered KRW 1.39 trillion ($1.3 billion) in investment earnings, up 15.5%.

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