2022年8月外文研究报告health insurance industry in south korea

INDUSTRIES

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MARKETSHealthinsuranceinSouthKoreaCHAPTER

01MarketoverviewShareofhospitalinpatientcostscoveredbygovernmentorcompulsoryinsuranceschemesinselectcountriesworldwidein2019*Extentofhospitalcoveragebygovernmentsorcompulsoryinsurance2019,bycountryShareofhospitalcosts40%

50%0%10%20%30%60%70%80%90%100%110%SwedenNorway99%99%Iceland99%Estonia98%GermanyItaly97%96%96%95%94%94%93%FranceIsraelCzechRepublicFinlandLuxembourgUnitedKingdomPoland93%93%4Description:In2019,around97percentofhospitalinpatientcostsinGermanywerecoveredbythegovernmentorcompulsoryhealthinsurance.Thisstatisticshowstheshareofhospitalinpatientcostscoveredbygovernmentorcompulsoryinsuranceschemesinselectcountriesworldwidein2019.

ReadmoreNote(s):Worldwide;*Datafrom2019orlatestyearavailable.

ReadmoreSource(s):OECDLifeandnon-lifeinsurancedirectpremiumswrittengloballyfrom2006to2021(intrillionU.S.dollars)Lifeandnon-lifeinsurancedirectpremiumswrittenglobally2006-2021LifepremiumsNon-lifepremiums*7.06.05.04.03.02.01.00.03.43.493.273.073.22.121.972.121.952.042.061.821.781.691.741.552.872.892.82.722.612.632.552.662.542.582.522.442.442.372.262.1320062007200820092010201120122013201420152016201720182019202020215Description:Thisstatisticshowslifeandnon-lifeinsurancedirectpremiumswrittengloballyfrom2006to2021.In2021,theglobalinsuranceindustrywrotelifepremiumsworthapproximately2.26trillionU.S.dollars,andnon-lifepremiumstothevalueofaround3.2trillionU.S.dollars.ReadmoreNote(s):Worldwide;2006to2021;*Nonlifepremiumsincludeaccidentandhealthinsurance.Figureshavebeenrounded.Beforereinsurancetransactions.ValuestakenfrommultiplepublicationsReadmoreSource(s):InsuranceInformationInstitute;SwissReLeadinglifeandnon-lifedirectpremiumwritingcountriesgloballyin2021,bypremiums(inbillionU.S.dollars)Leadingpremiumwritingcountriesglobally2021,bypremiumsPremiumswritteninbillionU.S.dollarsNon-lifepremiums*1,000Lifepremiums1,50005002,0002,5002,109.05UnitedStatesPRChinaJapan609.64330.67365.45107.74114.85110.93295.85284.28UnitedKingdomFrance185.44165.81109.9691.14101.8646.4814696.3764.9130.2996.67GermanySouthKoreaItalyCanadaIndia6Description:In2021,lifeinsurancepremiumswrittenintheUnitedStateswerevaluedat609.6billionU.S.dollars.Non-lifeinsurancepremiumswrittenintheU.S.amountedto2.1trillionU.S.dollarsinthatyear,howeverunlikemostcountriesthisamountincludesbasichealthcover,meaningtheU.S.isover1.7trillionU.S.dollarshigherthansecond-placedChina,whorecordednon-lifeinsurancepremiumsof330.67billionU.S.dollars.ReadmoreNote(s):Worldwide;2021;Beforereinsurancetransactions.;*Includesaccidentandhealthinsurance.UnitedStates:Nonlifepremiumsincludeprivatemedicalinsuranceandstatefunds;lifepremiumsincludeanestimateofgrouppension[...]ReadmoreSource(s):InsuranceInformationInstitute;SwissReLeadinggloballifeandhealthinsurance(stock)companiesin2020,byrevenue(inbillionU.S.dollars)Leadinggloballifeandhealthinsurance(stock)companies2020,byrevenueRevenueinbillionU.S.dollars020406080100120140160180200220PingAnInsurance(China)ChinaLifeInsurance(China)Allianz(Germany)191.51144.59136.17128.01AXA(France)JapanPostHoldings(Japan)AssicurazioniGenerali(Italy)Dai-ichiLifeHoldings(Japan)MetLife(U.S.)110.5697.1373.8467.8463.32Legal&GeneralGroup(UK)Aviva(UK)62.5861.19ChinaPacificInsurance(Group)(China)ManulifeFinancial(Canada)Aegon(Netherlands)58.8458.217Description:PingAnInsurance,witharevenueofapproximately191.5billionU.S.dollars,wastheleadinggloballifeandhealthinsurance(stock)companyin2020.TheChineselifeandhealthinsurerChinaLifeInsurancefollowedbehind,butPingAn'srevenueswereworthapproximately47billionU.S.dollarsmore.

ReadmoreNote(s):Worldwide;April2020toMarch2021;FiscalyearendingMarch31,2021Source(s):FortuneDistributionoftotalmedicalexpenditureinSouthKoreain2021,bytypeofhealthinsuranceDistributionofmedicalexpensesinSouthKorea2021,byhealthinsurancetypePrivateprovider35.2%NationalHealthInsurance64.8%8Description:In2021,theSouthKoreangovernment'spublichealthinsuranceprogramNationalHealthInsuranceService(NHIS)madeuparound65percentofthetotalmedicalexpenditurethatyear.Theremaining35percentofmedicalcostsweretakenonbyprivateinsurancecompanies.TheNHIShastakenonaslowlyincreasingshareofthetotalmedicalexpenses.ReadmoreNote(s):SouthKorea;2021Source(s):MOHW(SouthKorea);OECD;StatisticsKoreaTotalannualhealthinsurancepremiumspaidinSouthKoreafrom2010to2020(intrillionSouthKoreanwon)TotalyearlyhealthinsurancepremiumspaidSouthKorea2010-20207063.1659.1605040302010053.8450.2647.444.2341.5138.2435.4933.0328.55201020112012201320142015201620172018201920209Description:In2020,atotalofaround63.2trillionSouthKoreanwonwaspaidinhealthinsurancepremiumsinSouthKorea.Premiumshavesteadilyrisenoverthepastdecade,upbyover121percentsince2010R.

eadmoreNote(s):SouthKorea;2010to2020Source(s):HIRA;KOSIS;NHISCHAPTER

02NationalHealthInsuranceService(NHIS)NumberofpersonscoveredbythenationalhealthinsuranceinSouthKoreafrom1985to2020(inmillions)NumberofnationalhealthinsuredpeopleSouthKorea1985-20206051.3951.3450.7650.9451.0750.3250.4949.9949.6649.348.6148.9148.165040302010047.3945.940.1817.991985199020002005200820092010201120122013201420152016201720182019202011Description:In2020,about51.34millionSouthKoreanswerecoveredbythenationalhealthinsurance,meaningthatbasicallyeveryoneofthemorethan51millionKoreanswaspubliclyinsured.Read

moreNote(s):SouthKorea;1985to2020Source(s):HIRA;MOHW(SouthKorea);NHISNumberofpeopleinsuredundertheNationalHealthInsuranceinSouthKoreain2020,byprovince(inmillions)NumberofNationalHealthInsurancebeneficiariesinSouthKorea2020,byprovinceNumberofinsured0246810121416GyeonggiSeoul13.69.6GyeongnamBusan3.33.26Incheon2.912.582.342.13GyeongbukDaeguChungnamJeonnamJeonbuk1.81.74ChungbukGangwonDaejeon1.591.491.4312Description:In2020,around13.6millionofSouthKoreansinsuredunderthegovernment'spublichealthinsuranceprogramNationalHealthInsurancelivedintheprovinceofGyeonggi.Afurther9.6millionlivedinthecapitalcityofSeoul.InSouthKorea,thenumberofpeoplewithpublicinsurancearenearlyidenticaltothetotalpopulation.ReadmoreNote(s):SouthKorea;2020Source(s):HIRA;KOSIS;NHISTotalnumberofannualbeneficiariesofNationalHealthInsurancepoliciesinSouthKoreafrom2010to2020(inmillions)TotalamountofNationalHealthInsurancebeneficiariesSouthKorea2010-20206051.3951.3450.7650.9451.0750.3250.4949.9949.6649.348.91504030201002010201120122013201420152016201720182019202013Description:In2020,thereover51.3millionbeneficiariesofNationalHealthInsurancepoliciesinSouthKorea.Whilethisrepresentsaslightdecreasecomparedtothepreviousyear,overallthenumberofbeneficiarieshassteadilyincreasedoverthepastdecade.ReadmoreNote(s):SouthKorea;2010to2020Source(s):HIRA;KOSIS;NHISDistributionofhouseholdssubscribedtotheNationalHealthInsuranceinSouthKoreaasofJune2021,bytypeofhouseholdNationalHealthInsurancehouseholdsubscriptionrateSouthKorea2021,byhousehold120%99.17%100%93.56%78.81%80%60%40%20%0%GeneralLow-incomehouseholdsTotal14Description:AccordingtoasurveyconductedinSouthKoreain2021,anaverageofaround93.6percentofhouseholdsinSouthKoreaweresubscribedtothegovernment'spublichealthinsuranceprogramNationalHealthInsurance.Amonglow-incomehouseholds,onlyaround78.8percentheldsubscriptions.ReadmoreNote(s):SouthKorea;March15toJune24,2021;3,816households;15yearsandolderSource(s):KIHASASatisfactionofinsuredhouseholdswiththeNationalHealthInsuranceinSouthKoreaasofJune2021HouseholdsatisfactionwithNationalHealthInsuranceSouthKorea2021Shareofrespondents20%

25%0%5%10%15%30%35%40%45%50%55%VerysatisfiedSomewhatsatisfiedNeutral5.77%48.29%21.36%SomewhatdissatisfiedVerydissatisfied19.94%4.64%15Description:AccordingtoasurveyconductedinSouthKoreain2021,around48.3percentofrespondentsstatedthattheyweresomewhatsatisfiedwiththecoverageofferedbythegovernment'spublichealthinsuranceprogramNationalHealthInsurance.Overall,around54.1percentreportedbeingsatisfiedwhile24.6percentreportedbeingdissatisfied.ReadmoreNote(s):SouthKorea;March15toJune24,2021;3,816households;15yearsandolderSource(s):KIHASACHAPTER

03NHISfinancialoverviewShareoftotalmedicalexpenditurepaidbytheNationalHealthInsuranceinSouthKoreafrom2011to2021ShareoftotalmedicalcostspaidbyNationalHealthInsuranceSouthKorea2011-202170%64.8%62.6%61%60%60.1%59.6%59.1%59.1%58.9%58.9%59%60%50%40%30%20%10%0%2011201220132014201520162017201820192020202117Description:In2021,theSouthKoreangovernment'spublichealthinsuranceprogramNationalHealthInsurancecarriedaround65percentofallmedicalexpenditurethatyear.Therestofthemedicalcostsaretakenonbyprivatehealthinsurers.Read

moreNote(s):SouthKorea;2011to2021Source(s):MOHW(SouthKorea);OECD;StatisticsKoreaTotalexpenditureofthenationalhealthinsuranceinSouthKoreafrom2011to2020(intrillionSouthKoreanwon)NationalhealthinsurancetotalexpenditureSouthKorea2011-20208073.6272.170605040302010065.9858.0253.7448.1644.7541.2739.1537.26201120122013201420152016201720182019202018Description:In2020,totalnationalhealthinsurancespendinginSouthKoreaamountedtoabout73.6trillionSouthKoreanwon,upfromabout72trillionwoninthepreviousyear.TheoverallexpenditurehasrisensteadilyoverthepastdecadeR.

eadmoreNote(s):SouthKorea;2011to2020Source(s):MOHW(SouthKorea);NHISAnnualaveragepercapitamedicalexpensesofNationalHealthInsuranceinSouthKoreafrom2010to2020(inmillionSouthKoreanwon)AveragepercapitamedicalcostofNationalHealthInsuranceSouthKorea2010-20201.81.691.691.61.41.21.00.80.60.40.20.01.521.361.281.151.091.020.970.940.892010201120122013201420152016201720182019202019Description:In2020,theNationalHealthInsuranceinSouthKoreaspentanaverageofaround1.7millionSouthKoreanwonpercapitaonthemedicalexpensesoftheirinsurancepolicyholders.Whilethereislittlechangecomparedtothepreviousyear,overallpercapitacostshavebeensteadilyincreasingoverthepastdecade,upfromaround894.8thousandwonin2010.ReadmoreNote(s):SouthKorea;2010to2020Source(s):HIRA;KOSIS;NHISTotalrevenueofthenationalhealthinsuranceinSouthKoreafrom2011to2020(intrillionSouthKoreanwon)NationalhealthinsurancetotalrevenueSouthKorea2011-20208075.1169.1770605040302010062.7258.8256.4653.2950.5247.2142.4738.76201120122013201420152016201720182019202020Description:In2020,thetotalrevenueofpublichealthinsuranceinSouthKoreawasapproximately75trillionSouthKoreanwon,anincreaseofnearlysixtrillionSouthKoreanwonfromthepreviousyearandalmostdoublethatof2011.Totalrevenueshaverisensteadilyoverthepastdecade.

ReadmoreNote(s):SouthKorea;2011to2020Source(s):MOHW(SouthKorea);NHISTotalannualincomeoftheNationalHealthInsuranceinSouthKoreafrom2010to2020(intrillionSouthKoreanwon)AnnualincomeofNationalHealthInsuranceSouthKorea2010-20208075.1169.1770605040302010062.7258.8256.4653.2950.5247.2142.4738.7633.952010201120122013201420152016201720182019202021Description:In2020,thetotalincomeoftheNationalHealthInsuranceinSouthKoreaamountedtoaround75.1trillionSouthKoreanwon.Theincomeofthegovernment'spublichealthinsuranceprogramhasbeensteadilyincreasingoverthepastdecade.Between2010and2020,annualincomeincreasedbyaround121percent.ReadmoreNote(s):SouthKorea;2010to2020Source(s):HIRA;KOSIS;NHISDistributionofthetotalannualincomeoftheNationalHealthInsuranceinSouthKoreain2020,bysourceofincomeDistributionofNationalHealthInsuranceincomeSouthKorea2020,byincomesourceOther3.71%Governmentsubsidies12.27%Insurancepremiums84.02%22Description:In2020,around84percentofincomegeneratedbytheSouthKoreangovernment'spublichealthinsuranceprogramNationalHealthInsurancecamefrominsurancepremiumspaidbycustomers.Afurther12.3percentwasderivedfromgovernmentsubsidies.Thatyear,insuranceprogramachievedacombinedincomeofaround75.1trillionSouthKoreanwon.ReadmoreNote(s):SouthKorea;2020Source(s):HIRA;KOSIS;NHISValueofthenationalhealthinsurancebenefitspaidinSouthKoreafrom2011to2020(intrillionSouthKoreanwon)NationalhealthinsurancebenefitspaidSouthKorea2011-20208071.176970605040302010063.1754.8951.0145.7642.8339.6737.5835.83201120122013201420152016201720182019202023Description:In2020,thetotalvalueofbenefitspaidbySouthKorea'snationalhealthinsurancewasabout71.2trillionSouthKoreanwon,upfromabout69trillionSouthKoreanwoninthepreviousyear.TotalbenefitshaverisensteadilyoverthepastdecadeR.

eadmoreNote(s):SouthKorea;2011to2020Source(s):MOHW(SouthKorea);NHISCHAPTER

04PrivatehealthinsuranceTotalmedicalexpenditureofprivatehealthinsurersinSouthKoreafrom2011to2021(intrillionSouthKoreanwon)MedicalexpensesofprivatehealthinsurersinSouthKorea2011-20217063.661.161.2605040302010057.452.949.345.341.638.336.133.42011201220132014201520162017201820192020202125Description:In2021,thetotalmedicalexpenditureofprivatehealthinsurersinSouthKoreaamountedtoaround64trillionSouthKoreanwon.Whilethisonlyrepresentsaslightincreasecomparedtothepreviousyear,ingeneralcostshavesteadilyincreasedoverthepastdecade.Between2011and2020,medicalexpenditurebyprivateinsurersincreasedbyover90.4percent.ReadmoreNote(s):SouthKorea;2011to2021Source(s):MOHW(SouthKorea);OECD;StatisticsKoreaShareoftotalmedicalexpenditurepaidbyprivatehealthinsurersinSouthKoreafrom2011to2021ShareoftotalmedicalcostspaidbyprivatehealthinsurersSouthKorea2011-202145%40.9%40.9%41.1%41.1%41%40.4%40%39.9%39%40%35%30%25%20%15%10%5%37.4%35.2%0%2011201220132014201520162017201820192020202126Description:In2021,privatehealthinsurancesborearound35percentofthetotalmedicalexpenditureinSouthKoreathatyear.Whilethepreviousdecadesawtheirshareexceed40percentmostyears,thatfigurehassincedroppedbelowitsstartingpoint.Thegovernment'spublichealthinsuranceprogramNationalHealthInsurancetakesupthemajorityofmedicalexpenditure.ReadmoreNote(s):SouthKorea;2011to2021Source(s):MOHW(SouthKorea);OECD;StatisticsKoreaOverallrateofsubscriptionofhouseholdstoprivatehealthinsurancesinSouthKoreafrom2010to2020AveragehouseholdsubscriptionratetoprivatehealthinsuranceSouthKorea2010-202090%78.19%78.04%78.61%80%70%60%50%40%30%20%10%0%75.37%74.04%72.47%72.18%72%69.82%70.1%68.2%2010201120122013201420152016201720182019202027Description:In2020,around78.6percentofhouseholdsinSouthKoreaheldsubscriptionstoprivatehealthinsurances.Whilethegovernment'spublichealthinsuranceprogramNationalHealthInsurancecoversthebasics,itispopulartopayforadditionalprivatehealthinsurancetoreceivemorecomprehensivecoverage.

ReadmoreNote(s):SouthKorea;2010to2020Source(s):KIHASA;StatisticsKoreaDistributionofhouseholdsubscriptionstoprivatehealthinsurancesinSouthKoreaasofJune2021,bytypeofhouseholdPrivatehealthinsurancedistributionSouthKorea2021,byhouseholdtype100%91.67%90%78.61%80%70%60%50%40%30%20%10%0%44.28%GeneralAverageLow-incomehouseholds28Description:AccordingtoasurveyconductedinSouthKoreain2021,around91.7percentofhouseholdsheldsubscriptionstoprivatehealthinsurances.Whilethegovernment'spublichealthinsuranceprogramNationalHealthInsurancecoversthebasics,itispopulartopayforadditionalprivatehealthinsurancetoreceivemorecomprehensivecoverage.Amonglow-incomehouseholds,onlyaround44.3percentheldsuchsubscriptions,amountingtoanationalaverageofaround78.6percent.ReadmoreNote(s):SouthKorea;March15toJune24,2021;3,816households;15yearsandolderSource(s):KIHASAAveragenumberofprivatehealthinsurancesubscriptionsperhouseholdinSouthKoreafrom2010to2020NumberofhouseholdprivatehealthinsurancesubscriptionsSouthKorea2010-20206.04.874.895.04.03.02.01.00.03.513.443.293.253.193.153.012.92.872010201120122013201420152016201720182019202029Description:In2020,householdsinSouthKoreaheldanaverageof4.89privatehealthinsurancesubscriptions.Theaveragenumberofhouseholdsubscriptionshasbeensteadilyincreasingoverthepastdecade.Whilethegovernment'spublichealthinsuranceprogramNationalHealthInsurancecoversthebasics,itispopulartopayforadditionalprivatehealthinsurancetoreceivemorecomprehensivecoverage.ReadmoreNote(s):SouthKorea;2010to2020Source(s):KIHASA;KOSISAveragemonthlyhouseholdpremiumsforprivatehealthinsuranceinSouthKoreaasofJune2021,bytypeofhousehold(in1,000SouthKoreanwon)AveragemonthlyprivatehealthinsurancepremiumsSouthKorea2021,byhouseholdtype350326.7300.430025020015010050157.10GeneralLow-incomehouseholdsTotal30Description:AccordingtoasurveyconductedinSouthKoreain2021,householdspaidanaverageof300thousandSouthKoreanwoninmonthlypremiumsforprivatehealthinsurance.Low-incomehouseholdspaidlessonaverage,withpremiumsvaluedataround157thousandwonpermonth.ReadmoreNote(s):SouthKorea;March15toJune24,2021;3,816households;15yearsandolderSource(s):KIHASACHAPTER

05LifeinsurancePenetrationrateoflifeinsuranceinSouthKoreafrom2016to2020LifeinsurancepenetrationratioSouthKorea2016-20208%7.4%7%6%5%4%3%2%1%0%6.6%6.4%6.1%5.8%2016201720182019202032Description:In2020,lifeinsurancepenetrationinSouthKoreareachedabout6.4percent,whichwasanincreasecomparedtothepreviousyear.TheoverallinsurancepenetrationinSouthKoreastoodat11.6percentthatyear.ReadmoreNote(s):SouthKorea;2016to2020Source(s):KoreaInsuranceResearchInstitute;SwissReMarketshareofleadinglifeinsurancecompaniesinSouthKoreain2020MarketshareofleadinglifeinsurersSouthKorea202022.2%12.4%11.9%5.8%5.3%4.8%4.8%SamsungLifeHanwhaLifeKyoboLifeMiraeAssetLifeNongHyupLifeShinhanLifeTongYangLife33Description:In2020,thelargestshareoftheSouthKoreanlifeinsurancemarketwasheldbySamsungLifeInsurance,whichaccountedforabout22percentofthemarket.HanwhaLifeInsuranceandKyoboLifeInsurancefollowedwithabout12.4and11.9percent,respectively.Thesethreeleadinglifeinsurershadacombinedshareofaround46percentoftheSouthKoreanlifeinsurancemarket.ReadmoreNote(s):SouthKorea;2020Source(s):Kidi;KoreaInsuranceResearchInstituteLeadinglifeinsurancecompaniesinSouthKoreain2021,bygrosspremiumswritten(intrillionSouthKoreanwon)LeadinglifeinsurancecompaniesSouthKorea2021,bygrosspremiumswrittenPremiumsintrillionSouthKoreanwon051015202530SamsungLifeInsuranceKyoboLifeInsurance26.615.8114.75HanwhaLifeInsuranceMiraeAssetLifeInsuranceShinhanLifeInsuranceNonghyupLifeInsuranceTongyangLifeInsuranceHeungkukLifeInsuranceFubonHyundaiLife7.566.595.875.824.864.82MetLifeꢀInsurance3.6434Description:In2021,SamsungLifeInsurancewastheleadinginsurancecompanyinSouthKoreawithgrosswrittenpremiumsamountingtoabout26.6trillionSouthKoreanwon.KyoboLifeInsuranceandHanwhaLifeInsurancefollowedwithgrosswrittenpremiumswortharound15.8and14.7trillionSouthKoreanwonrespectively.Samsungheldthelargestmarketsharenotonlyinlifeinsurance,butalsoinnon-lifeinsurancethatyear.ReadmoreNote(s):SouthKorea;domesticandforeignlifeinsurancecompaniesSource(s):FinancialSupervisoryServiceLeadingdomesticlifeinsurancecompaniesinSouthKoreain2021,bytotalassets(intrillionSouthKoreanwon)LeadinglifeinsurancecompaniesSouthKorea2021,bytotalassetsTotalassetsintrillionSouthKoreanwon100

150050200250300350SamsungLifeInsuranceHanwhaLifeInsuranceKyoboLifeInsuranceShinhanLifeInsuranceNonghyupLifeInsuranceMiraeAssetLifeInsuranceHeungkukLifeInsuranceKDBLifeInsurance310.37129.5119.1571.364.6241.9631.2320.4912.56DBLifeInsuranceIBKInsurance10.8110.67KBLifeInsuranceDGBLifeInsurance7.045.870.77HanaLifeInsuranceKyoboLifeplanetLifeInsurance35Description:In2021,SamsungLifeInsurancewasthelargestdomesticlifeinsurancecompanyinSouthKoreawithtotalassetsamountingtoapproximately310trillionSouthKoreanwon.ThesecondandthirdlargestlifeinsurerswereHanwhaLifeInsuranceandKyoboLifeInsurancewithtotalassetsamountingtoabout129.5trillionand119trillionSouthKoreanwon,respectively.ReadmoreNote(s):SouthKorea;2021Source(s):FinancialSupervisoryServiceNationalCustomerSatisfactionIndex(NCSI)oflifeinsurancecompaniesinSouthKoreain2021LifeinsurancecompanycustomersatisfactionindexSouthKorea2021Indexscoreona0to100scale30

40010205060708090SamsungLifeInsuranceHanwhaLifeInsuranceKyoboLifeInsurance807878MiraeAssetLifeInsuranceShinhanLifeInsurance777736Description:In2021,SamsungLifeInsurance'sNationalCustomerSatisfactionIndex(NCSI)scoreinSouthKoreareached80outof100.HanwhaLifeInsuranceandMiraeAssetLifeInsurancefollowedwith78pointseachR.

eadmoreNote(s):SouthKorea;2021Source(s):KPCCHAPTER

06LeadinglifeinsuranceprovidersSamsungLifeInsurance'sannualnetprofitfrom2014to2021(intrillionSouthKoreanwon)SamsungLifeInsurance'snetprofitSouthKorea2014-20212.151.731.61.371.341.261.211.052014201520162017201820192020202138Description:In2021,SamsungLifeInsurance'snetprofitamountedtoapproximately1.6trillionSouthKoreanwon,showinganincreasefromaround1.37trillionSouthKoreanwoninthepreviousyear.SamsungLifeInsurancewastheleadinginsurancecompanyinSouthKoreathatyear,withgrosswrittenpremiumsamountingtoabout26.6trillionSouthKoreanwon.ReadmoreNote(s):SouthKorea;2014to2021Source(s):DART;SamsungLifeInsuranceHanwhaLifeInsurance'snetprofitinSouthKoreafrom2014to2020(inbillionSouthKoreanwon)HanwhaLifeInsurancenetprof