Samsung Life 2Q Net Profit 299.8 Billion KRW... 26% Decrease YoY

As of the first half of the year, 47% UP compared to last year
Sales decreased by 11.8%

Samsung Life Insurance's net profit for the second quarter of this year stood at approximately 300 billion KRW, down 26% compared to the same period last year. However, for the entire first half of the year, it increased to about 1.5 times that of the previous year. This is attributed to the rise in new contract performance.

Samsung Life Insurance announced on the 14th that it recorded a consolidated net profit of 299.8 billion KRW and an operating profit of 318.3 billion KRW for the second quarter of this year. Compared to the same period last year, net profit decreased by 26.2% and operating profit by 42.6%.

However, for the entire first half, net profit was 1.0389 trillion KRW and operating profit was 1.2001 trillion KRW. These represent increases of 47.0% and 36.9%, respectively, compared to the same period last year. Revenue was 16.2731 trillion KRW, down 11.8% during the same period.

The new profitability indicator reflecting future profits of insurance companies, the new contract Contractual Service Margin (CSM), recorded 1.8159 trillion KRW. This is an 8.1% increase compared to the first half of last year. As of the end of the first half, the total CSM stood at 11.9 trillion KRW, up about 10.8% from the end of last year, showing the highest level in the industry.

The second quarter new contract Annualized Premium Equivalent (APE, a concept converting premiums to an annual basis) was 922.3 billion KRW, up 36.8% from the second quarter of last year. In particular, protection-type new contract APE rose 80.4% to 778.4 billion KRW. Samsung Life Insurance explained this as "actively responding to the expansion of the whole life market and continuing sales of new health insurance contracts."

Meanwhile, total assets as of the end of the first half were approximately 300.6 trillion KRW. The new capital adequacy indicator, the new Solvency Capital Requirement ratio (K-ICS), was estimated at 220?225%.

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