Hanwha Life Insurance Reports Q3 Net Profit of 307.4 Billion Won, Up 414.9% Year-on-Year

Hanwha Life Insurance announced on November 14 that its consolidated net profit for the third quarter of this year reached 307.4 billion won, marking a 414.9% increase compared to the same period last year.

The cumulative net profit for the first three quarters was 768.9 billion won, up 5.8% year-on-year.

Hanwha Life Insurance Headquarters. Hanwha Life Insurance

Through the expansion of its business areas with the newly incorporated Bank Nobu in Indonesia and Velocity Securities in the United States this year, the company secured 49.1 billion won in consolidated net profit from overseas subsidiaries.

The annualized premium equivalent (APE) for new contracts in the third quarter was approximately 1.006 trillion won. The protection-type APE recorded 879 billion won, an increase of 13% compared to the same period last year.

The contractual service margin (CSM) for new insurance contracts in the third quarter was 564.3 billion won, up 4.1% year-on-year.

The CSM for in-force contracts in the third quarter increased by approximately 226.3 billion won from the previous quarter, reaching 9.0594 trillion won.

The risk-based capital ratio (K-ICS), a key indicator of financial soundness, was recorded at 157%.

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