Outstanding Loan Balance of Insurance Companies in Q1 Reaches 269.5 Trillion Won... Growth Trend Continues
[Asia Economy Reporter Changhwan Lee] It has been revealed that the outstanding loan balance of insurance companies increased, centered on corporate loans in the first quarter.
The Financial Supervisory Service announced on the 20th that as of the end of March, the outstanding loan balance of insurance companies stood at 269.5 trillion KRW, an increase of 3.4 trillion KRW compared to the previous quarter.
The outstanding loan balance of insurance companies has continued to rise this year following last year.
Among the total loans, household loans amounted to 128.8 trillion KRW, increasing by 300 billion KRW compared to the end of the previous quarter, while corporate loans reached 140.5 trillion KRW, up by 3.1 trillion KRW.
The delinquency rate on insurance company loans as of the end of March was 0.18%, up 0.05 percentage points (p) from the end of the previous quarter.
The non-performing loan ratio of insurance companies remained unchanged at 0.13% compared to the end of the previous quarter.
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The Financial Supervisory Service stated that it will continuously monitor loan soundness indicators such as delinquency rates in preparation for increased economic volatility, and will encourage strengthening loss absorption capacity by securing sufficient loan loss provisions (including reserves) considering the deterioration of borrowers' principal and interest repayment ability in the event of interest rate hikes.
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