Dongyang Life Insurance Reports 113.2 Billion KRW Net Profit Last Year, Up 124.5% Year-on-Year

[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 12th that its net profit for last year reached 113.2 billion KRW, an increase of 124.5% compared to the previous year.

Based on consolidated financial statements, sales and operating profit were 6.254 trillion KRW and 111.5 billion KRW, respectively, marking increases of 8.1% and 66.9%.

Dongyang Life Insurance explained that its key business indicators improved as insurance profits increased due to a protection-oriented sales strategy. Among last year's premium income of 5.472 trillion KRW, protection insurance accounted for 2.1722 trillion KRW, expanding by 6.5% compared to the previous year.

Total assets rose 6.6% year-on-year to 33.948 trillion KRW. The asset yield rate increased by 0.5 percentage points from the previous year to 3.46%, and the RBC ratio rose 10.8 percentage points year-on-year to 216.2%.

Dongyang Life Insurance stated that this year it aims to "expand the foundation for sustainable growth" by continuously improving future profits through expanding profitability based on activating sales of protection products and process innovation. Accordingly, it plans to issue up to 300 million USD in overseas hybrid capital securities.

Additionally, it recently received a rating of "Baa1/Stable" in the insurance financial strength rating from the international credit rating agency Moody’s.

A Dongyang Life Insurance official said, "Considering Moody’s downgraded the outlook for the domestic life insurance industry to 'negative' last year, this is a meaningful achievement," and added, "We will continue stable growth based on a solid financial soundness and a balanced insurance portfolio centered on profitability."

Meanwhile, Dongyang Life Insurance held a board meeting on the same day and resolved a cash dividend of 230 KRW per share.

This content was produced with the assistance of AI translation services.