Dongyang Life 1Q Net Profit 88.5 Billion KRW... Up 13.1% QoQ

Dongyang Life Insurance announced on the 20th that its separate basis net profit for the first quarter of this year was 88.5 billion KRW, an increase of 13.1% compared to the previous quarter. However, it decreased by 43% compared to the same period last year.

This is a figure driven by the expansion of protection-type insurance sales. The first quarter protection-type annualized premium equivalent (APE) was recorded at 232 billion KRW, an increase of 48.6% compared to the first quarter of last year. This accounts for about 96% of the total new contract APE. In particular, health product APE reached 84.5 billion KRW, a 60.6% increase compared to the first quarter of last year.

The first quarter new contract insurance contract service margin (CSM) increased by 15.9% compared to the first quarter of last year, reaching 204.3 billion KRW, due to the expansion of protection-type insurance new contract sales.

Accordingly, the CSM of held contracts at the end of the first quarter was approximately 2.7 trillion KRW, an increase of 5.9% compared to the beginning of this year. The first quarter operating asset yield maintained 3.83%, the same as the first quarter of last year.

A Dongyang Life Insurance official stated, “We will continue to focus all efforts on increasing corporate value based on boosting new contract sales centered on health insurance and strengthening sales capabilities through the expansion of exclusive organizations.”

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