Samsung Life Insurance Reports Q1 Net Profit of 1.0881 Trillion Won, Quadrupling Year-on-Year

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance announced on the 14th that it achieved a net profit of 1.0881 trillion KRW in the first quarter, marking a 373.2% increase compared to the same period last year.

This increase is attributed to improved gains from Samsung Electronics' special dividends and variable guarantee reserves. In particular, net profit excluding special dividends was 440.6 billion KRW, a 91.6% increase compared to the same period last year.

The new contract value, an indicator representing future profit flow, was 384 billion KRW in the first quarter, up 19.6% compared to the same period last year. The annualized premium equivalent (APE) of new contracts recorded 677.1 billion KRW, a 2.2% decrease from last year.

As of the end of March, total assets stood at 334.6 trillion KRW, and the Risk-Based Capital (RBC) ratio was calculated at 332%.

A Samsung Life Insurance official explained, "Despite the difficult business environment due to the prolonged COVID-19 pandemic, we achieved these results by expanding market dominance centered on health products," adding, "We maintain industry-leading financial soundness."

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