Top 3 Korean Non-Life Insurance Companies in 2025

Discover the top Korean non-life insurers in 2025 ranked by total assets, net income, and NPA ratios. Includes foreign insurers, performance trends, and financial growth insights.

Overview

South Korea’s non-life insurance sector comprises both domestic and foreign insurers competing across digital innovation, capital strength, and portfolio stability. This report analyzes the top performers in 2025 based on three key metrics: total assets, net income, and Non-Performing Asset (NPA) ratios.

Note: All financial figures are in millions of Korean won (₩).

1. Top 5 Korean Non-Life Insurers by Total Assets (2025)

Samsung Fire & Marine Insurance maintained its market leadership with over ₩85 trillion in assets, followed by DB Insurance and Hyundai Marine & Fire. These rankings indicate the financial capacity to underwrite policies and manage long-term obligations.

Key Insight: KakaoPay Insurance recorded a 77.2% year-over-year increase in assets—demonstrating explosive growth as a digital-first insurer.

2. Top 5 Korean Non-Life Insurers by Net Income (2025)

Meritz Fire & Marine topped the net income chart again in 2025, reporting ₩2.7 trillion in profits. DB Insurance and Samsung Fire & Marine followed, backed by prudent risk management and solid investment portfolios.

Key Insight: Swiss Re Korea showed a 4,139% surge in annual net income—signaling a turnaround from previous underperformance, though its total profit remained modest at ₩546 billion.

3. Top 5 Korean Insurers by NPA Ratio – Credit Risk (2025)

The Non-Performing Asset (NPA) ratio reveals the quality of insurers’ loan and investment portfolios. In 2025, Lotte Insurance posted the highest NPA ratio at 0.79%, suggesting heightened credit risk.

Key Insight: Carrot Insurance experienced a 1,120% spike in NPA ratio, prompting concerns over risk controls in rapidly growing tech-based insurers.

Domestic & Foreign Non-Life Insurers in Korea

Domestic Insurers (16): Samsung F&M, DB, Hyundai M&F, Meritz, KB, MG, NH, Lotte, Hana, AXA Korea, Seoul Guarantee, Carrot, KakaoPay, Hanwha, Korean Re, Shinhan EZ.

Foreign Insurers (15): AIG Korea, Chubb, Swiss Re, Munich Re, Tokio Marine, AXA (France), Mitsui Sumitomo, General Re, SCOR, Allianz GC&S, Hannover Re, Pacific Life Re, First American Title, RGA, FM Global.

Final Thoughts

As Korea’s insurance ecosystem becomes more diversified with digital challengers and global reinsurers, understanding company performance through metrics like total assets, profitability, and NPA ratios is essential. Whether you’re an investor, policyholder, or analyst, these indicators help assess the financial health and future stability of insurers.

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