Samsung Life Insurance Reports Q3 Net Profit of 723 Billion Won, Up 7.3% Year-on-Year

Samsung Life Insurance's performance in the third quarter of this year showed growth compared to the same period last year.

On November 13, Samsung Life Insurance announced that its cumulative consolidated net profit attributable to controlling shareholders for the third quarter of this year reached 2.1171 trillion won, marking a 3.7% increase from the same period last year (2.0421 trillion won).

Samsung Life Insurance Headquarters. Samsung Life Insurance

Net profit for the third quarter was 723 billion won, up 7.3% year-on-year. Insurance profit for the third quarter was 262 billion won, a decrease of 45% compared to the same period last year. Investment profit for the third quarter was 692 billion won, up 65.9% year-on-year.

The cumulative Contractual Service Margin (CSM) for new health insurance contracts in the third quarter was 1.7517 trillion won, an increase of 23.9% compared to the same period last year. As of the end of the third quarter, the CSM stood at 14 trillion won, up 8.9% from the end of last year (12.9 trillion won). This is attributed to the expansion of the health product lineup, which has strengthened the competitiveness of pure health-focused products. The margin for new health contracts also rose to 16.8 times, a 0.2-fold increase year-on-year, further accelerating profitability improvement.

As of the end of the third quarter, the number of exclusive agents (42,096) and the number of operating branches of corporate insurance agencies (3,939) continued to increase, supporting balanced channel growth. The capital adequacy ratio (K-ICS), which measures capital soundness, stood at 193%.

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