Insurance Companies' Q1 Loans Up 3.7 Trillion Won YoY... Balance 238 Trillion Won

[Asia Economy Reporter Kim Hyo-jin] The outstanding loan balance of insurance companies at the end of the first quarter of this year was 238.4 trillion won, an increase of 3.7 trillion won (1.6%) compared to the end of last year, the Financial Supervisory Service announced on the 11th.

Corporate loans increased by 3.5 trillion won to 116.5 trillion won, and household loans rose by 200 billion won to 121.3 trillion won.

The loan delinquency rate of insurance companies at the end of the first quarter (based on principal and interest overdue for more than one month) was 0.26%, the same as at the end of the previous quarter. The delinquency rates for household loans (0.57%) and corporate loans (0.11%) also remained unchanged from the previous quarter.

The non-performing loan ratio was also 0.17%, unchanged from the previous quarter. The non-performing loan ratio for household loans rose by 0.01 percentage points to 0.21% compared to the previous quarter, while the ratio for corporate loans remained at 0.13%, the same as the previous quarter.

The Financial Supervisory Service plans to continue strengthening monitoring of the soundness of insurance company loans, including delinquency rates, and to encourage the enhancement of loss absorption capacity through sufficient provisioning for loan losses in response to the COVID-19 pandemic and other situations.

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