Hanwha Life Insurance Reports 866 Billion KRW Net Profit Last Year, Up 4.8% YoY

Hanwha Life announced on the 20th that its consolidated net profit for last year reached 866 billion KRW, marking a 4.8% increase compared to the previous year.

On a standalone basis, net profit recorded 720.6 billion KRW, up 17% from the previous year. The company maintained steady growth for two consecutive years since the adoption of the International Financial Reporting Standards (IFRS17).

Hanwha Life explained that this strong performance was the result of strengthening its core competitiveness through enhanced sales channel capabilities and launching products that lead market trends last year.

The number of financial planners (FPs) affiliated with Hanwha Life’s subsidiary-type General Agency (GA) increased by 3,833 from the previous year to 31,005. By securing an FP organization of over 30,000 members, the company established industry-leading channel competitiveness.

Hanwha Life continuously launched protection products that meet insurance consumers’ preferences, such as ‘The Signature Cancer Insurance,’ which prepares for diagnosis, treatment, and recovery in cancer coverage, and ‘H10 Health Insurance’ for early-stage patients and healthy insurance consumers, driving sales growth.

Based on this, the annual premium equivalent (APE) of new contracts grew 18.2% year-on-year to 3.8557 trillion KRW. Of this, 81%, or 3.1232 trillion KRW, was protection APE, maintaining a stable insurance portfolio.

As a result of expanding sales of high-profit general protection products, the annual new contract insurance contract margin (CSM) reached 2.1231 trillion KRW, exceeding the guidance of 2 trillion KRW for two consecutive years. The year-end retained contract CSM stood at 9.1091 trillion KRW.

A Hanwha Life official stated, “We achieved stable new contract growth through expanding the size of our organization, which is the foundation of insurance sales, and launching products that lead market trends. We will continue to strengthen our competitiveness through digital innovation, including artificial intelligence (AI) technology, across all areas of customer service, sales, and products.”

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