Hanwha Life Insurance Improves Loss Ratio Despite COVID-19 Last Year... Net Profit 196.9 Billion Won

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 18th that its net profit (separate basis) last year increased by 71.8% compared to the previous year, reaching 196.9 billion KRW. This is evaluated as a result of improvements in the portfolio focused on protection-type insurance.

Hanwha Life held an investor conference on the same day and stated, "Despite the challenging business environment caused by COVID-19, we recorded favorable performance due to improvements in loss ratios."

Premium income increased by 5.4% year-on-year to 14.775 trillion KRW, supported by strong sales of retirement insurance. Protection-type premium income rose by 3.3% year-on-year to 7.0603 trillion KRW as a result of continuously pursuing a strategy to maximize new contract value.

The Risk-Based Capital (RBC) ratio maintained a solid level of 238.7%, increasing by 3.4 percentage points year-on-year due to gains in bond valuation.

Hanwha Life explained that it plans to establish the first insurance sales specialized company among life insurers in April to enhance corporate value through maximizing consolidated profit and loss based on economies of scale and strengthening market competitiveness. Additionally, it will strengthen ESG management by building an excellent sustainable management system through social value creation and fulfillment of social responsibilities.

Lee Kyung-geun, Head of Hanwha Life’s Business Division, said, "Hanwha Life plans to actively respond to the strengthening regulatory environment by continuously maintaining stable capital adequacy through mid- to long-term profit base reinforcement and channel competitiveness enhancement."

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