Samsung Life Insurance Reports Cumulative Q3 Net Profit of 995.1 Billion KRW..."Increase in Insurance Earnings"

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced on the 12th that its cumulative net profit for the third quarter reached 995.1 billion KRW, a 1.9% increase compared to the same period last year.

During the same period, sales increased by 3.9% year-on-year to 18.01 trillion KRW, and operating profit rose by 5.1% to 924.6 billion KRW.

Samsung Life explained that insurance profits increased by 22% due to business recovery and cost efficiency, and that the variable annuity reserve profit and loss recovered as the stock market gradually stabilized.

The new business value, an indicator representing the future profit flow, was 342 billion KRW in the third quarter, up 2.4% compared to the same period last year, and the new business annual premium equivalent (APE) also increased by 15.4% year-on-year to 724 billion KRW.

Total assets rose by 6.1% from 306.9 trillion KRW in the same period last year to 325.6 trillion KRW, and the RBC ratio, which measures capital soundness, maintained the industry's highest level at 345%.

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