Dongyang Life Insurance Reports H1 Net Profit of 85.4 Billion KRW, Up 15.1% YoY
[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 14th that its net profit for the first half of the year increased by 15.1% compared to the same period last year, reaching 85.4 billion KRW.
Sales for the first half rose 5.6% year-on-year to 3.2692 trillion KRW, and operating profit increased by 21.0% to 108.8 billion KRW.
Dongyang Life Insurance explained that key business indicators improved as insurance profits expanded steadily through a protection-focused sales strategy. The company recorded earned premiums of 2.5181 trillion KRW in the first half, of which protection premiums amounted to 1.1529 trillion KRW, a 7.7% increase compared to the same period last year.
Annualized premium equivalent (APE) totaled 460 billion KRW, with protection APE at 270.1 billion KRW, up 13.3% year-on-year.
Total assets increased by 5.2% year-on-year to 34.6731 trillion KRW, and managed assets rose 5.4% to 30.0955 trillion KRW. The RBC ratio stood at 217.3%.
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A Dongyang Life Insurance official stated, "In the second half, we will continue our protection-centered sales strategy under the principle of expanding a sustainable growth foundation, while maintaining stable growth through risk management and profitability enhancement."
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