Prudential Life Insurance Company of Korea has generated the highest rate of return on variable life insurance products among 21 local life insurers in the country, data from the Korea Life Insurance Association show.
Prudential Life turned in a cumulative return of 52.66% on its variable insurance products over the decade to 31 December 2017, followed by MetLife Insurance of Korea with 47.66%, Kyobo Life Insurance with 47.10% and Hanwha Life Insurance with 44.43%. The local life insurers’ average rate of return on their variable life insurance policies stood at 39.35%, reported Pulse News.
Variable insurance policies were first launched in Korea in 2001 and gained popularity in the mid-2000s. Last year, they again attracted many investors with the boom in the local stock markets. Prudential Life said it could achieve the high return as it cherry-picked the best fund operator.
As for the 7-year cumulative return on variable insurance products, MetLife ranked first with a 28.66% return rate. For the five-year period, Mirae Asset Life Insurance topped the list with a 25.16% while KDB Life Insurance achieved the highest cumulative return of 17.88% for the last three years.