South Korean insurance firms' income from their overseas operations swung to a combined net loss in the first half of this year, due mainly to an increase in insurance payouts, the financial watchdog said Wednesday.
The net losses of 23 overseas units and offices of six non-life insurers stood at US$500,000 in the January-June period, a turnaround from a net profit of $40.2 million a year earlier, according to the Financial Supervisory Service (FSS).