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Kyobo Life posts 4.9% YOY decrease in Q2 net profit

South Korea's Kyobo Life Insurance Co. Ltd. reported a 4.9%year-over-year decrease in net profit for the quarter ended June 30.

The company's consolidated net profit attributable tomajority shareholders dropped to 430.94 billion won for the second quarter from453.36 billion won in the prior-year period, according to a recently acquireddocument.

Total premium for the first half rose to 5.886 trillion wonfrom 5.710 trillion won in the prior-year period, according to statisticscompiled by the Korean Life Insurance Association.

The company's operating income for the quarter fell 9.7% to550.72 billion won from 609.65 billion won.

The company's risk-based capital ratio clocked in at 266.53%at June 30, up from 262.80% at March 31 and 259.85% as of Dec. 31, 2015.

As of Sept. 2, US$1was equivalent to 1,116.02 South Korean won.