Dongyang Life Insurance Reports 275.6 Billion KRW Net Profit Last Year... "Achieved Record High Performance"

[Asia Economy Reporter Changhwan Lee] Dongyang Life Insurance announced on the 16th that it achieved the highest ever net profit last year.

Through a preliminary earnings announcement on the same day, Dongyang Life Insurance reported a net profit of 275.6 billion KRW based on consolidated financial statements for last year. This figure represents a 129.6% increase compared to the previous year. Operating profit during the same period rose by 99.6% to 332.2 billion KRW, while sales decreased by 8.7% to 6.3476 trillion KRW.

Premium income reached 5.8221 trillion KRW, of which protection-type premium income grew by 2.4% year-on-year to 2.3907 trillion KRW, demonstrating stable business performance despite the industry downturn caused by COVID-19.

Total assets increased by 2.3% year-on-year to 37.1033 trillion KRW, and managed assets rose by 2.2% to 31.821 trillion KRW. The return on managed assets improved by 0.39 percentage points from the previous year to 3.53%, and the RBC ratio reached 220.7%, maintaining a stable solvency margin.

A Dongyang Life Insurance official stated, “Despite the prolonged COVID-19 pandemic, we achieved both quantitative and qualitative growth through stable insurance profit generation and improvement in net interest margin. Going forward, we will continue steady growth through a protection-focused sales strategy, risk management, and stable asset management.”

Meanwhile, Dongyang Life Insurance held an extraordinary general meeting of shareholders on the same day and approved the appointment of Zhou Guodan as an inside director and Sun Jen as an outside director. Zhou Guodan was officially appointed as CEO.

President Zhou Guodan earned a Ph.D. in Financial Mathematics from the University of Connecticut in the United States and has served as Chairman and CEO of Hongtai Life Insurance, Vice Chairman and CFO of Taikang Insurance Group, and Senior Advisor of Taikang Insurance Group.

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