Hanwha Life Insurance Q3 Net Profit 91 Billion KRW... 77% Increase YoY

Hanwha General Insurance announced on the 11th that its net profit for the third quarter of this year reached 91 billion KRW, a 77.4% increase compared to the same period last year.

The cumulative net profit from the first to the third quarter was 345.7 billion KRW, up 36.3% from 253.7 billion KRW in the same period last year. During the same period, cumulative sales recorded 4.3507 trillion KRW, a 3% increase compared to the previous year.

Long-term protection new contract sales amounted to 53 billion KRW, achieving a monthly average of 5.9 billion KRW. This represents a 10.7% increase compared to the same period last year.

At the end of the third quarter, the insurance contract margin (CSM) for held contracts was 3.9384 trillion KRW, an increase of 11.6 billion KRW compared to 3.9269 trillion KRW at the end of last year. This is due to the stable creation of new contract CSM (547.5 billion KRW) based on the increase in long-term new contract sales and profitability improvement, as well as strengthened management of efficiency indicators such as long-term risk loss ratio and retention rate.

A Hanwha General Insurance official stated, "We have enhanced product competitiveness by acquiring exclusive usage rights for high-value products such as female insurance and pioneering new coverage areas," adding, "We will focus on expanding CSM in the fourth quarter as well."

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