Samsung Life Insurance Q1 Net Profit 622.1 Billion KRW... 12% Decrease YoY

Samsung Life Insurance announced on the 16th that its first-quarter consolidated net profit (net profit attributable to owners of the parent company) was 622.1 billion KRW, a 12% decrease compared to the same period last year (706.8 billion KRW).

At an investor relations (IR) briefing held on the same day, Samsung Life Insurance stated that the first-quarter consolidated net profit declined compared to the previous year. However, excluding one-time factors such as retirement pension cancellation penalty income and low-interest bond replacement trades from the first quarter of last year, net profit increased by 9.1% compared to the same period last year.

The first-quarter new contract insurance contract margin (CSM) was 857.6 billion KRW, a 1.4% increase compared to the same period last year, driven by the expansion of health insurance sales, and the health CSM continued its improvement trend for four consecutive quarters.

The proportion of health insurance within the new contract CSM also expanded for three consecutive quarters, increasing by 21.6 percentage points year-on-year to 53.5%. As of the end of March, the CSM stood at 12.5 trillion KRW, up 300 billion KRW compared to the end of last year.

Additionally, the new contract APE (annualized premium equivalent) averaged 337.9 billion KRW per month, a 32.6% increase compared to the previous year. In particular, the protection-type new contract APE averaged 283.3 billion KRW per month, a 66.4% increase compared to the same period last year.

Meanwhile, as of the end of March, total assets recorded 316 trillion KRW, and the exclusive channel organization increased by 2,118 members year-on-year to 31,470 members.

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