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Insurers' lending edges up in Q1

All Headlines 06:00 June 05, 2019

SEOUL, June 5 (Yonhap) -- Loans extended by South Korean insurance companies inched up in the first quarter, and the loan default rate also rose slightly, data showed Wednesday.

Insurers' outstanding loans totaled 224.7 trillion won (US$189 billion) as of the end of March, up 1.2 trillion won, or 0.5 percent, from the prior quarter, according to the data from the Financial Supervisory Service (FSS).

Their loans to households fell 0.6 percent on-quarter to 121 trillion won, mostly from loans backed by insurance premiums.

Lending to companies went up 1.9 percent on-quarter to 103.1 trillion won in the first quarter.

Insurers' lending edges up in Q1 - 1

The loan delinquency rate, which measures the proportion of loan principal or unpaid interest for at least a month, came to 0.3 percent as of end-March, up 0.01 percentage point from three months ago.

The figure for household loans added 0.03 percentage point to 0.61 percent, while that for corporate lending remained unchanged at 0.12 percent.

Insurers' nonperforming loans totaled 581.2 billion won in the first quarter, down 5.3 percent from three months earlier.

kdh@yna.co.kr
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