ID :
202004
Thu, 08/18/2011 - 04:58
Auther :
Shortlink :
https://oananews.org//node/202004
The shortlink copeid
Insurer loan default rate slips in Q2
SEOUL, Aug. 18 (Yonhap) -- The default rate of loans extended by South Korean insurance companies fell in the second quarter from three months earlier, the financial regulator said Thursday.
The average ratio of overdue loans came to 1.09 percent of total lending by local life and non-life insurers as of end-June, down 0.03 percentage point from the end of March, the Financial Supervisory Service (FSS) said in a report.
The June figure marked the lowest level since the onset of the 2008 global financial crisis. The default rate has been trending lower since peaking at 3.94 percent in January 2009, according to the FSS.
The default rate of household loans reached 0.8 percent, down 0.07 percentage point from three months earlier, while the reading for corporate loans gained 0.08 percentage point to 1.77 percent.
Corporate borrowers' default rate on property market-related project financing came to 7.33 percent, up 0.02 percentage point from the end of March, the FSS said.
The insurers had a combined 91.4 trillion won (US$85.3 billion) of lending to companies and households as of the end of June, the FSS said. The figure accounts for around 17 percent of their 538 trillion won assets as of end-June.
The average ratio of overdue loans came to 1.09 percent of total lending by local life and non-life insurers as of end-June, down 0.03 percentage point from the end of March, the Financial Supervisory Service (FSS) said in a report.
The June figure marked the lowest level since the onset of the 2008 global financial crisis. The default rate has been trending lower since peaking at 3.94 percent in January 2009, according to the FSS.
The default rate of household loans reached 0.8 percent, down 0.07 percentage point from three months earlier, while the reading for corporate loans gained 0.08 percentage point to 1.77 percent.
Corporate borrowers' default rate on property market-related project financing came to 7.33 percent, up 0.02 percentage point from the end of March, the FSS said.
The insurers had a combined 91.4 trillion won (US$85.3 billion) of lending to companies and households as of the end of June, the FSS said. The figure accounts for around 17 percent of their 538 trillion won assets as of end-June.
