Insurers see a jump in mortgages

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(Yonhap)

(Yonhap)

Major South Korean insurers have experienced rapid growth in mortgage loans over the past year due to growing demand, according to industry data released on Tuesday.

Mortgage lending by leading life insurance company Samsung Life Insurance grew 17.2% year-over-year to 21.3 trillion won ($ 18.6 billion) at the end of March this year. In the first quarter of the year alone, his home loans rose by more than 1 trillion won.

Hanwha Life Insurance, the second-largest company in the industry, increased mortgage lending by 17.3% year-on-year to 4.9 trillion won at the end of March.

Outstanding home-backed loans from other players including Fubon Hyundai Life Insurance and Shinhan Life Insurance also rose more than 10 percent over the same period.

In addition, non-life insurance companies reported significant increases in their mortgage lending over the year.

Industry leader Samsung Fire & Marine Insurance reported a 13.8% year-on-year increase in mortgage loans to 10.8 trillion won, while DB Insurance’s mortgage lending rose 10.7% to more than 1 trillion won.

At the end of March, outstanding mortgage loans from life insurers reached 32.5 trillion won, up 14.7 percent from a year earlier, while those issued by life insurance companies rose 6.2 percent to 18.9 trillion won.

Industry watchers say that over the past year, insurance companies have been increasing their home loans, driven by strong demand from home buyers.

Meanwhile, aggregate mortgage loans from the top five banks in South Korea increased by about 9 trillion won between January and March, according to sources. (Yonhap)



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