Hanwha Life Insurance Reports 826 Billion KRW Net Profit Last Year, Up 1.2% YoY

Hanwha Life announced on the 21st that its consolidated net profit for last year reached 826 billion KRW, a 1.2% increase compared to the same period last year (816.4 billion KRW).

On a separate basis, net profit recorded 616.3 billion KRW, marking a 73.9% increase compared to the same period last year.

The new contract annualized premium equivalent (APE), a concept that converts insurance premiums at the time of new contract signing into annual payments on a one-year basis, reached 3.2631 trillion KRW, driven by sales expansion focused on protection products. This represents a 52% growth compared to the same period last year.

Sales of high-profitability general protection products with strong market appeal, such as the steady sellers ‘Signature Cancer Insurance 3.0’ and ‘The Worry-Free Dementia Insurance,’ led to protection APE achieving 2.4466 trillion KRW, a 114% increase compared to the same period last year.

Annual new contract Contractual Service Margin (CSM) reached 2.5412 trillion KRW as a result of expanded sales of high-profitability general protection products, a 58% increase compared to the previous year’s performance of 1.6094 trillion KRW.

In the fourth quarter of last year, the profitability of new contract CSM compared to APE recorded 98%, showing continuous improvement. At the end of the fourth quarter, the CSM of held contracts stood at 9.2385 trillion KRW.

Hanwha Life.

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