[허정수칼럼] 생명보험은 부채 비즈니스다

South Korean life insurers reported exceptionally strong Q1 2026 profits, but this success masks a critical vulnerability: investment returns from volatile capital markets, not core insurance underwriting, drove the gains. Companies like Samsung Life Insurance are increasingly dependent on asset market performance rather than sustainable operational profitability, with insurance business margins declining and expected loss variances expanding. This structural shift reveals a fundamental weakness where insurers' fate is tied more to capital markets than insurance expertise.