KB Life Insurance Posts Q3 Net Profit of 74.5 Billion KRW, Up 23.3% YoY

KB Life Insurance's performance increased in the third quarter of this year compared to the same period last year due to strong sales of protection insurance.

According to the management performance announced by KB Financial Group on the 24th, KB Life Insurance recorded a net profit of 74.5 billion KRW in the third quarter of this year. This is a 23.3% increase compared to the same period last year (60.4 billion KRW). The cumulative net profit for the first three quarters was 276.8 billion KRW, a 0.9% (2.6 billion KRW) decrease compared to the same period last year.

The insurance underwriting profit in the third quarter was 76.7 billion KRW, up 6.8% from 71.8 billion KRW in the same period last year. The profit from the difference between expected insurance claims and actual claims (experience variance) was 11.5 billion KRW. Investment underwriting profit was 27.0 billion KRW, a 19.5% increase from 22.6 billion KRW in the same period last year.

The insurance contract margin (CSM), a key performance indicator under the new International Financial Reporting Standards (IFRS 17) system, was 3.1653 trillion KRW as of the third quarter, a 0.7% increase from the previous quarter.

The solvency ratio (K-ICS) was 286.4%, slightly down by 12.8 percentage points from 299.2% in the previous quarter, but still maintained solid soundness.

A KB Life Insurance official said, "As a result of pursuing a channel and product diversification strategy, new contract sales (monthly premium equivalent) in the third quarter increased by 75% to 20.1 billion KRW compared to the previous quarter," adding, "The revision of protection products in major channels and the successful entry of dementia health insurance through the bancassurance channel significantly expanded the sales proportion of protection insurance to 56.4%."

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