(MENAFN- Qatar News Agency) Oul August 03 (QNA) - Net income of South Korean insurance firms jumped 36.2% in the first half of 2014 compared to the same period in 2013. A Yonhap news agency report attributed the rise to investment-related earnings. The combined net income of local life and nonlife insurers reached $3.26 billion (3.38 trillion won) in the January-June period compared with 2.48 trillion won the previous year according to the Financial Supervisory Service (FSS). Life insurance firms report a 23.3% on-year jump in profit to 1.94 trillion won over the six-month period while nonlife insurers net vaulted 58.7% to 1.44 Trillion won over the cited period. Their combined premium income slid 2.2% to 86.3 trillion won from 88.2 Trillion won a year ago. Increased investment returns contributed to the strong bottom lines with life insurers earning 729 billion won from investment up 7.2% from a year earlier. Nonlife insurers also posted a 12.9% on-year increase in investment returns over the same period at 310.9 billion won. (QNA)
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