Fubon Hyundai Completes 700 Billion Won Capital Increase

Fubon Hyundai Life Insurance announced on December 11 that it has completed a capital increase of 700 billion won.

This capital increase was decided to respond to the expansion of risks in the financial market, strengthened capital management requirements, and to enhance financial soundness. It was made possible through the full support of the company’s major shareholders for sustainable growth.

Fubon Hyundai Life Insurance Headquarters. Fubon Hyundai

With the 700 billion won capital injection, the company expects its risk-based capital ratio (K-ICS) to exceed 230% by the end of the fourth quarter this year. As its financial soundness is strengthened, Fubon Hyundai Life Insurance plans to focus all its efforts on sustainable growth.

Fubon Hyundai Life Insurance continues to expand its insurance business and manage product profitability to improve the contractual service margin (CSM) of new contracts and insurance profit and loss.

The company has enhanced its product competitiveness by diversifying its product lineup, including restructuring the new contract portfolio with a focus on protection-type products across all sales channels. By expanding the organization of its exclusive sales channel and increasing partnerships in the corporate insurance agency (GA) channel, the company continues its growth momentum.

As a result, Fubon Hyundai Life Insurance improved its new contract CSM performance and succeeded in turning a profit in the insurance segment in the third quarter of this year, recording 2.8 billion won. The accumulated first-year premium for protection-type insurance in the third quarter of this year reached 208.7 billion won, more than 20 times higher than the same period last year (10.3 billion won).

Since becoming the largest shareholder of Fubon Hyundai Life Insurance in 2018, Taiwan’s Fubon Life has continued its support. Fubon Financial Holdings also invested in Woori Financial Group in 2019 and Hyundai Card in 2022. In July this year, Taipei Fubon Bank established a representative office in Yeouido, Seoul.

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