Hanwha Sonbo, Last Year's Net Profit 382.3 Billion KRW... 31.5% Increase YoY
Hanwha General Insurance announced on the 21st that its net profit for the year reached 382.3 billion KRW, a 31.5% increase compared to the previous year.
A Hanwha General Insurance official stated, "We continued a solid growth trend based on insurance profit and loss driven by robust insurance contract service margin (CSM) amortization gains and stable investment income."
Last year, new contract CSM increased by 9.4% year-on-year to 741 billion KRW. This growth was influenced by expanded sales centered on high-value products, including the 'Hanwha Signature Women’s Health Insurance' series, which secured a total of 17 exclusive licenses.
Long-term protection new contract sales amounted to 72.8 billion KRW, averaging 6.1 billion KRW per month, marking a 15% increase compared to the previous year.
A Hanwha General Insurance official added, "We will continue to actively expand high-quality contracts to secure new contract CSM and improve efficiency indicators such as loss ratio and retention rate."
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