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KOREAN NON-LIFE INSURERS PROFITS DROP 28% LAST YEAR.
SEOUL, May 3 Asia Pulse - Domestic non-life insurers saw their profits go down by an average of 28.2 per cent in fiscal 2003 ending in March this year, industry sources said Monday.
South Korea's 11 property and casualty insurance firms reported net profits amounting to 305 billion won (US$263.83 million) during the period, compared with 424.7 billion won the previous year, the sources said.
Losses from car insurance, which accounted for 40 per cent of the non-life insurance market, contributed to the decrease in profits, along with a long-term economic depression, the sources said.
Samsung Fire, the nation's No. 1 non-life insurer, gained net profits of 170.3 ...
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