Shinhan Life Q1 Net Profit 154.2 Billion KRW... Up 15.2% YoY

CSM 7.2 trillion... Kix ratio 240%

Shinhan Life announced on the 26th that its net profit for the first quarter reached 154.2 billion KRW, an increase of 15.2% (20.4 billion KRW) compared to the same period last year.

Shinhan Life attributed this to a significant increase in insurance profit and loss due to higher sales of insurance products. They explained that this was the result of timely launching products in demand in the insurance market to secure Contractual Service Margin (CSM), and implementing a value-driven management strategy through diversified channels and product portfolios. As of the first quarter, CSM stood at 7.2 trillion KRW, up 3.6% from the same period last year, and the K-ICS ratio reached 240% (provisional figure).

Accordingly, the Annualized Premium Equivalent (APE) for the first quarter recorded 515.4 billion KRW, an increase of 128.8% (290.1 billion KRW) compared to the same period last year.

Insurance profit and loss amounted to 200.9 billion KRW, up 48.8% (65.9 billion KRW) from the same period last year, due to increased CSM amortization from new contract growth. Shinhan Life explained, "Even excluding the one-time voluntary retirement costs incurred in the same period last year, this represents a 20.1% (33.6 billion KRW) increase."

However, financial profit and loss recorded 39.8 billion KRW, down 38.5% (24.9 billion KRW) from the same period last year, due to reduced gains from securities trading and valuation.

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