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International

Competition, business challenges hit small insurers

February 11, 2019 Reprints

Small South Korean nonlife insurers' profits declined significantly in 2018, driven by a challenging business environment and increasing competition, The Korea Times reported. Meritz Fire and Marine Insurance Co. Ltd.'s net profit fell 39% year over year to nearly 235 billion South Korean won ($209 million) while Hanwha General Insurance Co. Ltd.'s profit fell 45% to KRW 82 billion.

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Competition, business challenges hit small insurers

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