Hanwha Life Insurance Reports Q3 Net Profit of 59.7 Billion KRW, Up 67.2% YoY

Hanwha Life Insurance announced on the 13th that its consolidated net profit for the third quarter of this year reached 59.7 billion KRW, marking a 67.23% increase compared to the same period last year.

The cumulative net profit from the first to the third quarter of this year was 727 billion KRW, a 13.94% decrease compared to 844.8 billion KRW in the third quarter of last year.

The third quarter new contract annualized premium equivalent (APE) recorded 977 billion KRW, driven by increased sales centered on protection-type products. This represents a 35.7% growth compared to 719.5 billion KRW in the same period last year. Among these, protection-type APE accounted for 778 billion KRW, making up 80% of the total new contract APE. The APE of general protection-type products within the protection-type APE was 274.9 billion KRW.

Hanwha Life 63 Building.

This is the result of expanding the product lineup focused on high-profitability general protection-type products such as the ‘Signature Cancer Treatment Insurance,’ which strengthens coverage for major cancer treatment costs, and the ‘H10 Health Insurance’ designed for early-stage patients and healthy insurance consumers.

As a result of expanding sales of high-profitability general protection products, the third quarter new contract insurance contract margin (CSM) reached 542 billion KRW. The profitability of the third quarter new contract CSM was 56%. The CSM of held contracts at the end of the third quarter this year was 9.1297 trillion KRW.

The solvency ratio (K-ICS) recorded approximately 164.5%, reflecting steady inflows of new contract CSM, increases in available capital due to the issuance of capital securities, and interest rate declines.

Hanwha Life Insurance’s sales organization subsidiaries?Hanwha Life Financial Services, Hanwha Life Lab, and People Life?recorded 30,127 insurance planners (FPs), achieving the annual guidance of 30,000 ahead of schedule.

The 13th installment contract retention rate, an indicator of sales efficiency, increased by 8.3 percentage points year-on-year to 90.8%, and the 25th installment contract retention rate rose by 0.4% year-on-year to 61.6%.

Hanwha Life Financial Services, the number one corporate insurance agency (GA) in the industry, posted a net profit of 29.3 billion KRW in the third quarter. It enhanced mid- to long-term profit stability through channel competitiveness strengthened by organizational expansion. The cumulative net profit up to the third quarter was 83.6 billion KRW, surpassing last year’s full-year performance of 67.9 billion KRW.

A Hanwha Life Insurance official stated, “We achieved new contract growth by building a high-profitability general protection product lineup and continuously expanding our organizational scale. In response to the expanding influence of GAs, we will strengthen our sales capabilities and continuously launch new products tailored to customer needs to enhance the company’s long-term value.”

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