Dongyang Life Achieves Net Profit of 295.7 Billion KRW... Record High

204.8% Increase Compared to the Same Period Last Year

On the 27th, Dongyang Life Insurance announced that its separate basis net profit for last year, the first year of implementing the new International Financial Reporting Standard (IFRS17), reached 295.7 billion KRW. This is the highest performance since the company's founding, representing a 204.8% increase compared to the same period last year.

Due to the expansion of sales of protection products such as health and whole life insurance, the Annual Premium Equivalent (APE) for protection insurance increased by 79.4% to 630.1 billion KRW. Supported by this, the Contractual Service Margin (CSM) also rose by 34.6% to 760.2 billion KRW.

Through rebalancing of managed assets, the investment yield on managed assets recorded 3.83%, an increase of 1.17 percentage points compared to the same period last year. The new solvency ratio (K-ICS) also improved by 39.8 percentage points to 192.9%, maintaining a stable solvency ratio.

A Dongyang Life Insurance official stated, “Our strategy to expand the health insurance portfolio and strengthen product competitiveness to strategically respond to market changes was effective. This year, we will continue to secure competitiveness by expanding profit scale through enhancing product competitiveness, strengthening sales capabilities by channel, and improving customer convenience-centered processes.”

[Photo by Dongyang Life Insurance]

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