Dongyang Life Insurance Expands Protection-Type New Contracts... Last Year's Net Profit Up 14.5%

[Asia Economy Reporter Oh Hyung-gil] Dongyang Life Insurance announced on the 9th that its net profit for last year increased by 14.5% compared to the previous year, reaching 128.6 billion KRW.

Sales rose 11.1% year-on-year to 6.949 trillion KRW, and operating profit increased by 61% to 177.6 billion KRW. Dongyang Life Insurance explained that its key business indicators improved as insurance profits steadily grew due to a sales strategy focused on protection-type products.

Last year, the company recorded premium income of 5.7687 trillion KRW, of which protection-type premiums amounted to 2.3342 trillion KRW, expanding by 7.5% compared to the previous year. Total assets increased by 6.8% year-on-year to 36.253 trillion KRW.

A Dongyang Life Insurance official said, "Despite difficulties in face-to-face sales due to the prolonged COVID-19 pandemic, the results came from efforts to expand new protection-type contracts and improve investment gains and losses," adding, "Based on a stable insurance portfolio and financial soundness, we will do our best to turn the COVID-19 crisis into an opportunity and enhance value for customers, companies, and shareholders."

Meanwhile, Dongyang Life Insurance held a board meeting on the 8th and resolved to pay a cash dividend of 220 KRW per share to enhance shareholder value.

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