Hanwha Life, Q1 Net Profit 368.3 Billion KRW... Down 36.5% YoY

Hanwha Life's first-quarter net profit decreased by 36.5% compared to the same period last year.

Hanwha Life announced on the 14th that its consolidated net profit for the first quarter was 368.3 billion KRW.

Hanwha Life explained that this was due to the recognition of a one-time insurance liability following the change in the IBNR (Incurred But Not Reported) standard after the introduction of the new accounting standard IFRS17.

The total new contract APE (Annualized Premium Equivalent) for the first quarter of this year recorded 1.1067 trillion KRW, based on sales expansion centered on protection products. Among these, protection APE was 900.2 billion KRW, showing a 133.3% growth compared to the same period last year.

Hanwha Life attributed this to the expanded sales of general protection products such as the steady sellers 'Signature Cancer Insurance 3.0' and 'The H Health Insurance.'

At the end of the first quarter, the held contract CSM (Contractual Service Margin) was 9.2436 trillion KRW, and the new contract CSM for the first quarter was 515.4 billion KRW. Among these, the new contract CSM for general protection products increased by 57.5% year-on-year to 356.1 billion KRW.

Hanwha Life Financial Service, the number one corporate insurance agency (GA) in the industry, recorded a net profit of 13.8 billion KRW in the first quarter.

A Hanwha Life official said, “Despite the increased volatility in the financial market, we successfully built a portfolio focused on protection sales and achieved stable profits and losses. We will maintain long-term company value enhancement through strengthening sales capabilities in response to the expanding influence of GA and growth in new contract sales.”

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