Samsung Life Insurance Reports 1.1646 Trillion KRW Net Profit in H1, Up 71.6% YoY

Assets of 337.3 Trillion Won, Maintaining Industry-Highest RBC Ratio at 332%

[Asia Economy Reporter Ki Ha-young] Samsung Life Insurance announced on the 13th that its consolidated net profit for the first half of this year increased by 71.6% compared to the previous year, reaching 1.1646 trillion KRW.

This was the result of improved secondary gains and losses due to Samsung Electronics' dividend in the first quarter, increased consolidated profits, and the recovery of variable guarantee reserves.

Operating profit for the first half of this year rose 47.9% year-on-year to 1.3679 trillion KRW, and sales during the same period increased by 1.1% to 18.2024 trillion KRW.

However, the second quarter performance was sluggish. Net profit in the second quarter recorded 76.6 billion KRW, down 82.9% from the previous year. This was due to setting aside a provision of 278 billion KRW following a loss in the first trial of the immediate annuity lawsuit.

The new contract value, an indicator representing the flow of future profits, increased by 28% year-on-year to 816.3 billion KRW in the first half. New contract APE (Annualized Premium Equivalent) also rose 10.2% year-on-year to 1.4511 trillion KRW. This was influenced by continuous new product launches this year, enhancing product competitiveness and strengthening non-face-to-face marketing.

As of the end of June, total assets stood at 337.3 trillion KRW, and the RBC ratio, which measures capital soundness, maintained the industry's highest level at 332%. The protection market share was 25.2%, and the number of customers increased to 8.18 million, solidifying its position as the top company.

Samsung Life Insurance stated, "The first half of 2021 continued to face a challenging management environment due to the prolonged COVID-19 situation, but we achieved favorable results with improvements in both growth and profitability compared to the previous year."

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