Top three life insurers see net losses grow with payouts

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Top three life insurers see net losses grow with payouts

Korean life insurers saw their net losses from overseas operations widen in 2011 due mainly to a rise in payouts and costs, the financial watchdog said yesterday.

The combined net loss of eight operations managed by Samsung Life Insurance, Korea Life Insurance and Kyobo Life Insurance grew 22 percent on-year to reach $16 million last year, according to the Financial Supervisory Service.

The FSS said the weaker bottom lines were mainly attributed to increased payouts and costs. Their combined assets stood at $410 million as of end-December, up 14.7 percent from the previous year, according to the FSS. The agency said it plans to step up monitoring of overseas units’ financial health and instruct them to bolster risk management.

Big stores will have to trim opening hours or face fines

The National Assembly yesterday endorsed a bill to force large retailers to cut operating hours or shutter stores certain days as part of efforts to protect smaller businesses.

Under the revision, the government will fine retail giants 10 million won ($8,910) for the first violation and 20 million won for the second. Retailers will have to pay 30 million for each breach thereafter. Currently, a majority of such conglomerate-run stores open every day, and some operate until as late as 1 a.m. or throughout the night.

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